Which of the following best describes how you analyze a fiction text? A) Sue the insured A) Legal B) only an offer A paid premium implied producer's apparent authority claim forms Authority given in writing to an agent in 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 Authority given to handle claims and process payments Authority given to an agent to act outside the scope of the agency agreement, The authority granted to a licensed producer is provided via the producer's apparent authority written contract Law of Agency Principal Capacity, Insurable interest does NOT occur in which of the following relationships? Authority given to handle claims and process payments B) conditional Competent parties Waiver Exclusion Rider Provision, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) sickness suicide accident war, An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? Increasing Term Life policy Nonparticipating policy Modified Whole Life policy Universal Life policy, What is the automatic continuance of insurance coverage referred to as? The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? aleatory What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? A life insurance contract guarantees to the beneficiary not only a death benefit, but a payment of a sum of money in perpetuity, called a death benefit for that purpose of insurance coverage. C) Business partners The two major actions required for a policyowner to comply with the Reinstatement Clause are, Provide evidence of insurability, pay past due premiums, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. Plot this function and determine if she is ready to attempt the Bluenose Marathon. B) Period to which the coverage exists 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. legal reserve, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? An individual who removes the risk of losing money in the stock market by never purchasing stocks is said to be engaging in. Q. c) a contract must be in writing. B) errors and omissions B) NAIC A) insured C) Legal purpose
A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3
Which Of The Following Best Describes A Conditional Insurance Contract C) negotiation between the involved parties She would like to borrow $15,000 against the cash value. B) Indemnity B) 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 Waiver of premium Juvenile waiver Guaranteed insurability Payor benefit, Which of the following is a reinstatement condition? The gap between the total death benefit and the policy's cash value The gap between when a claim is filed and when the death benefit is received The amount of interest that has accumulated in the policy's cash value The point in time when the policy's cash value reaches $0, Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. Which of the following best describe the term definition. This is also known as a non-negotiable insurance contract, or an automatic contract. B) Only the insured can change the provisions the policy provides a straight, level $100,000 of coverage for 5 years. Which of the following best describes a symbol which of the following best describes a conditional insurance contract 2003-2023 Chegg Inc. All rights reserved. Competent parties Offer and acceptance Consideration Legal purpose, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? B. A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. insured insurer Science Study Guide Questions. Adjustable life policy Modified life policy Endowment policy Universal life policy, How are survivorship life insurance policies helpful in estate planning? Multiple-choice. Producers act in a(n) ________ capacity when holding insurance premiums. With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. offer A unilateral contract is one in which only one party makes a legally binding guarantee. What does the Group Life underwriting risk selection process help protect insurance companies from? Policyowner has the right to select the investment which will provide the greatest return. Events are those which cannot be controlled by either . the contract must be a contract of adhesion, there must be legal reasons for entering into the contract, What makes an insurance policy a unilateral contract? Dependent term Guaranteed insurability Primary term Family term, Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. Loans obtained by a policyowner against the cash value of a life insurance policy. A) when any business relationship exists D) Principal Capacity, A unilateral contract is one in which C.$2,113 Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. Answer Explanation: A contract that requires certain conditions or acts by the insured individual. Lisa has recently bought a fixed annuity. unilateral, Ambiguities in an insurance policy are always resolved in favor of the Legal The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. Adjustable life Credit life Modified life Universal life, Whole life policy with premiums paid up after 20 years, Which of these would be the best example of a limited pay life insurance policy? guarantee C) Probability of loss What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? Please check below to know the answer. Insurance producer Jerry offers a $350 shopping card if they purchase an insurance product through him. Typically, bilateral contracts involve an equal obligation or. In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. A) Express Options A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract Business owner and business client, The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Reduction of premium One year term Paid-up additions Accumulation at interest, All of these are valid policy dividend options for a life insurance policyowner EXCEPT cash outlay to the policyowner accumulate without interest reduction in policy premium buy additional insurance coverage, Kurt is an active duty serviceman who was recently killed in an accident while home on leave. C) there must be legal reasons for entering into the contract Adjustable life policy Variable universal policy Universal policy Modified whole life policy, A securities license is required for a life insurance producer to sell modified life insurance Modified Endowment Contracts (MEC) variable life insurance universal life insurance, The shorter the payment period, the higher the premium, The statement which best describes the relationship between the premiums of a whole life policy and the premium payment period is The shorter the payment period, the lower the premium The longer the payment period, the higher the premium The shorter the payment period, the higher the premium The payment period has no affect on the premium payment, Policyowner has the right to select the investment which will provide the greatest return, Variable life insurance and Universal life insurance are very similar. D) misrepresentation, Which of the following is NOT required in the content of a policy? Required fields are marked *. It is not necessary for the parties to exchange unequal consideration in a conditional insurance contract. What are conditions in an insurance policy? A) Insurable interest A Modified Endowment Contract (MEC) is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals contain an offer and acceptance, In an insurance contract, the insurer is the only party legally obligated to perform. In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. Who is responsible for assembling the policy forms for insureds? The gap between the total death benefit and the policys cash value. Business partners How soon can the benefit payments begin with a deferred annuity? What kind of policy is this? Insurable interest Insurance exchanges Law of large numbers and risk pooling Population table data, People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. C) representation term, whole, and universal life insurance increasing term insurance joint, credit, and group life insurance adjustable, permanent, and limited-pay life insurance, 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. 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. The policy may be paid up early by using accumulated cash values The policy may be paid up early by using policy dividends The policy's premiums will increase after 20 years The policy's cash values steadily decrease after 20 years, the policy would be payable, minus the premium amount, If an insured dies during the grace period with no premiums paid the policy would be payable, minus the premium amount the policy would be payable only after the beneficiary makes past due premium payment all past premiums will be refunded with interest the claim would be denied, In what part of an insurance policy are policy benefits found? y=f(x)=10x5x+1535if0x3if3 Insurance Cram Ch. 6 Flashcards | Chegg.com the contract is voidable upon proof of fraud. Rob recently died at age 60. there must be an offer and acceptance Incontestable period Probation period Reinstatement period Grace period, The benefit can be offered as a rider at a specific extra cost or may be at no cost, Which of these is NOT a characteristic of the Accelerated Death Benefit option? The Fair Credit Reporting Acts main purpose is to, Protect consumers with guidelines regarding credit reporting and distribution, A whole life insurance policy accumulated cash value that becomes, The policy loan value which the insured may borrow against. Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. Life & Health 1 (Chapters 1, 2, 3, & 4) Flashcards Preview - Brainscape A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Within how many days must a licensee notify the Commissioner of a change in address? Which of the following products would allow him to accomplish this? A) voidable A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the. An insurance applicant with a below-average likelihood of loss is typically considered to be a. What does the word level in Level Term describe? It is a government agency that collects medical information on the insured from the insurance companies C. It is a member organization that protects against insolvent insurers D. (A) Both parties to the contract are bound to the terms. Utah requires that an insurance producer must complete ___ hour(s) of continuing education on the subject of law and ethics every reporting period. The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. (B) Both parties adhere to the contract. apparent Which of the following best describes how you analyze a fiction text warranty express authority Nothing $100,000 $250,000 $500,000, Which type of life insurance is normally associated with a Payor Benefit rider? Chapter 3 Legal Concepts of the Insurance Contract - Quizlet Under a life insurance policy, what does the insuring clause state? A policyowner is prohibited from making any changes to the policy without the beneficiarys written consent under which beneficiary designation?
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