D) only when determined by a judge, Xcel Chapter 3 Legal Concepts of the Insuranc, Chapter 3 Exam - Legal Concepts of the Insura, Chapter 4 Exam - Life Insurance - Types of Po, 4 - (Questions) Life Insurance Policies - Pro, Chapter 5: Life Insurance Premiums, Proceeds,, Chapter 4: Type of Insurance Policies Part 1, Chapter 4: Policy Provisions, Options and Rid, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Unit 7 AP Env. Sharon is the policyowner of a $500,000 life insurance policy. Insurance contracts are unilateral contracts. The gap between the total death benefit and the policys cash value. Business partners Which of the following would be considered an underwriting duty of an agent? What kind of policy is this? How often must an insurance producers license in Utah be renewed? Which of the following does a producer NOT have a fiduciary responsibility to? What types of life insurance are normally used for key employee indemnification? A contract that requires certain conditions or acts by the insured individual This means that the insurer's promise to pay benefits depends on the occurrence of an event covered by the contract. A policy containing exclusions or limits that are not clearly disclosed to the policyholder, or a premium that is significantly higher than the risk covered, could be considered unfair or one-sided. renewal reinstatement resumption renovation, the MEC tends to be an investment vehicle, Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because the MEC has tax deductible premiums the MEC is considered an illegal product the MEC tends to be an investment vehicle the MEC does not accumulate cash value, The face amount and premium will remain constant over the 10-year period, Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the. A) Only the insured pays the premium Only the insured pays the premium Only the insured can change the provisions Only the insurer is legally bound Only the insured is legally bound, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called fiduciary bond errors and omissions fiduciary trust errors and oversights, In order for a contract to be valid, it must be filed with the state be signed and witnessed by an attorney be in writing contain an offer and acceptance, Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". The policy automatically converts to whole life after the 10-year period The face amount will remain constant and the premium will increase over the 10-year period The premium will remain constant and the face amount will increase over the 10-year period The face amount and premium will remain constant over the 10-year period, will no longer provide insurance protection, Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. Adjustable life insurance Decreasing term insurance Increasing term insurance Modified life insurance, A spouse and child can be added to the primary insured's coverage as what kind of rider? A) Insurability Joint life policy Survivorship life policy Dual life policy Multiple life policy, A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called whole life group life credit life universal life, Can be converted to permanent coverage without evidence of insurability, Donald is the primary insured of a life insurance policy and adds a children's term rider. B) the insurer's obligations are dependent upon certain acts of the insured individual How does life insurance create an immediate estate? voidable Which of the following is true of the law of contracts? the insurer's obligations are dependent upon certain acts of the insured individual A) offer and acceptance A contract that requires certain conditions or acts by the insured individual. ______ is NOT an element of a valid contract. D) Tom, The deeds and actions of a producer indicate what kind of authority? Which of these features are held exclusively by variable universal life insurance? Returning a portion of a premium as inducement to purchase insurance, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of, Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out. Period of time after the initial premium is paid and before the policy is issued Period of time it takes for a policy's underwriting to complete Period of time after a policy is issued and before it is delivered to policyowner Period of time after the premium is due but the policy remains in force, Life insurance policies will normally pay for losses arising from commercial aviation war suicide hazardous jobs, A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? Q. If the consumer price index had gone up 4%, how much may Ron increase the face value of the policy? Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? which of the following best describes a conditional insurance contract? A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. Peter has a policy where 80% to 90% of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index. Tom's spouse Bob's estate Bob's spouse Tom, Which contract element is insurable interest a component of? When handling premiums for an insured, an agent is acting in which capacity? What does the word level in Level Term describe? A life insurance policy that is subject to a contract interest rate is referred to as. Competent parties Offer and acceptance Consideration Legal purpose, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? Nothing $100,000 $250,000 $500,000, Which type of life insurance is normally associated with a Payor Benefit rider? Authority given to an agent to act outside the scope of the agency agreement, Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties, When the principal gives the agent authority in writing, it's referred to as A non-contributory health insurance plan helps the insurer avoid. D) A contract where only one party makes any kind of enforceable contract, A) A contract that requires certain conditions or acts by the insured individual, All of the following are elements of an insurance policy EXCEPT 30 seconds. Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties (B) Both parties adhere to the contract. C) Indemnity contract Which scenario would most life insurance policies exclude coverage for? Offering payment of approved claims within 30 days after affirming liability. How do insurers predict the increase of individual risks? The above question Which of the following BEST describes a conditional insurance contract?, Was part of Insurance MCQs & Answers. Vegetable B. aleatory Aleatory Contract: A contract type in which the parties involved do not have to perform a particular action until a specific event occurs. At what point may a producer sell insurance for an insurer? which of the following best describes a conditional insurance contract? Policyowner may increase or decrease the premium payments Policyowner may increase or decrease the face amount Policyowner can contribute large sums of money Policyowner has the right to select the investment which will provide the greatest return, All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability, Which of these is NOT considered to be a common life insurance nonforfeiture option? A) estoppel A symbol is a mark, sign or word that indicates, signifies, or is understood as representing an idea, object, or relationship, best describes a symbol. Because of this, an insurance contract is considered contain an offer and acceptance, In an insurance contract, the insurer is the only party legally obligated to perform. During periods of inflation, annuitants will experience a decrease in purchasing power of their payments. Which of the following best describes how you analyze a fiction text? It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. James is the insured on a life insurance policy where his age was misstated on the application. Bob dies 12 months later. A) One party is restored to the same financial position the party was in before the loss occurred. Field underwriting performed by the producer involves, Completing the application and collecting initial premium, An employee under a group insurance policy has the right to name a beneficiary and the right to, Convert to an individual policy in the event of employment termination. C) Contract must have a legal purpose y=f(x)=10x5x+1535if0x3if3
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