all of the following are true of insurance exceptst anthony basketball coach

SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). The employer is the owner . d) Loss. C) purchasing family term insurance. B) A "cost of living" rider adjusts the face amount of a policy to maintain the relationship of the face amount and increases in the cost of living. c) Denying coverage after a reasonable investigation has been conducted A) A policy summary must be delivered along with the policy and will provide the producer's name and address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years. compulsion? An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). Payor benefit/Clause is always a _________. D. Gender. -has cash value invested in the stock market D. Delivery receipt. For example, a claim will be paid only is there has been a covered loss. B) In insurance, fraud is the intentional misrepresentation of material information that is crucial when deciding whether or not to write a contract for an applicant. and what two kinds? \hline \text { Jul 31 } & 17,000 Correct: A. Rates are considered inadequate when they do not cover projected losses and expenses. d) Contingent. (b) reduced. B. \\ Which of the following about the use of ordinary life insurance is true? D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". B. Twisting D. Speculative Risk e. The total of costs recorded on all sales invoices for the month is$654,052.00. c. Premiums may be raised at renewal d. Group term insurance may cover the . Insurance is designed to provide protection against which of the following? Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. D. Alien Correct: Misrepresentation, False statement contained in the application, An intentional deception of the truth in order to induce another to part with something of value or to surrender a legal right. An annuity whose based on the stock market index? Rating codes are assigned to show financial strength or weakness of each company rated The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. What characteristic must an annuity have if it is used to accumulate funds in an IRA? ? 1)physical exam Which of the following statements concerning buy-sell agreements is true? (Choose from the following options) B. All of the following are common characteristics of this coverage EXCEPT Surplus lines broker deals with admitted carriers only c) 10 years. A. C. The insurer is always required to pay the . a) Executive offer of the replacing company All of the following statements about term insurance are trueEXCEPTa. Business partners have an insurable interest in each other A) The amount of insurance of the life of any debtor may at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. a) Aleatory the application is used at the primary source of info. Which of the following about a VUL insurance policy is (are) true? 2)no cash-value & \text{ ???? } The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy? (Medic Information Bureau)? 1)policy owner can increase/decrease/ or skip premium payments \text{Less: Operating expenses}\\ When will coverage begin? Which of the following would be the best option that would help the surviving spouse of the insured to put her child through daycare after the insured's death? -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. 3)certified public accountants, Is insurance that is provided by the Federal or State government The policy is issued for one year and may be renewed annually with evidence of insurability. Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. An applicant is denied insurance because of information found on a consumer report. What type of interest does universal life have? Height Weight and Health conditions. -immediately considered fully paid up B. Inventory balances at the beginning and end of October were: Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. c) Increases annually. It is the specific cause of loss. -guaranteed/fixed/level payment, -Immediate "annuitization phase" Level-increasing face value. &\text { Rental Class }\\ (d) They remain level. & \text { Depr } & 3,000 \\ The policy is a contract of adhesion. Benefits received are considered income taxable a) The policyholders or stockowners of the company Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. Whats the cheapest type of permanent insurance? 3) policy builds cash-value 3. A. Foregin (a) Evidence of insurability is not required to renew the coverage. DepreciationExpense-FactoryEquipmentDepreciationExpense-BuildingHeat,Light,andPowerExpenseInsuranceExpense-Factory$5,770.242,822.409,055.201,505.28MiscellaneousExpense-FactoryPayrollTaxesExpense-FactoryPropertyTaxExpense-FactorySuppliesExpense-Factory$13,780.4843,736.006,088.3218,063.36. Which nonforfeiture option provides coverage for the longest period of time? 1) Competent Parties c) Smaller. (c) face amount of the policy and the legal reserve. The premium is level and guaranteed not to increase. Explain your answer. Correct: B. 5)Survivorship Life Policy (policy holder pays themselves). A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies, which put the burden of condition on either the insurer or the policyowner. Consumer report c) Conditional Predicted needs of the family after the insured's death are used in the needs approach. b. 2)face amount is set C. It's a decreasing term insurance. a) Using arbitration when the insured and insurer cannot reach agreement b. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. B. \end{array} \\ All The statements made on the application are called ______? Which model is the better fit for the data? There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. A contract between insurer and policy holder. A company formed in a different country doing business in any state of American who owners are stockholders that receive dividends and have voting rights. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. b) 5 years only. Insurance producers must ensure that contracts they recommend are in the best interest of the insured. A. c) The inspection report *The insured is diagnosed with terminal & chronicle illness An insurer or producer may NOT knowingly employ an individual to act in a fiduciary capacity if that individual has been convicted of a felony or crime of moral turpitude within the past (b) Cash value accumulation is slow to moderate. 1. a) Indeterminate Premium The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. Insurance is designed to cover both intentional and unintentional losses. What does "liquidity" refer to in a life insurance policy? When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? _____________ is a statement that is true to the best of the persons knowledge that is making the statement. -then picks a contract. \end{array} Observers and analysts have attributed the reasons for the 2001-2006 housing bubble and its 2007-10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". (3), WHat is the difference between universal and whole life policies? (economy). Who gets $$money when the policy holder dies? B) They illustrate the nonguaranteed elements of the policy. B. d) Buyer's Guide. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. (2), The current market will influence the cash value Correct: C. Condition contract, enforceable only under certain conditions. InventoryJul1Jul3122,000???? Group life insurance is most often issued as guaranteed annual renewable term. Which of the following is a financial rating service? 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. 3)Minors. The concept that the insured should not profit from an insurance transaction is called what? A. O b. B. (c) PV of the family's share of a deceased breadwinner's future earnings. Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. b) The elderly 2)people under the influence of drugs or alcohol Reinsurer Assuming company. C. Unilateral contract If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? D. The face amount remains the same throughout the life of the policy. The Aspect of the Dragons is obtained by defeating any Ender Dragon in the Dragon's Nest (except Superior) located at the bottom of The End. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? -A Mec will receive unfavorable tax treatment Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). \hline \text { Jul 31 } & 25,500 -ages 25,28,34,37,40 C. Whole life b) Adjustable life ~~~\text{Indirect labor cost}&28,000\\ -7 pay test is used to determine If a policy is a MEC. D. Claim History b) An agent offers to share his commission with a policyholder. 21,000 \\ Who represents the insured when dealing with insurance companies? What are the 3 characteristics of a Mutual Insurance Company? Agent Sam is using the human life value approach to assess Mary's life insurance needs. 1)temporary &&\\ D. Solicit applications on insurer's behalf C) Completing pre-licensing training. WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. The Terrorism Risk Insurance Program is administered by which of the following Federal entities? Which of the following would provide an underwriter with information concerning an applicant's health history? What are the two options in death benefit options? He would also like to invest in a mutual fund. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. 2. Misrepresentation, Concealment and Deceit are all examples of what? Which risk management type is shifting the risk of loss to a larger homogeneous group? D. Department of Treasury \end{array} When must insurable interest exist in a life insurance policy? D. The flexible premium. Involuntary Risk 3. good health Hammond Corporation manufactures televisions. A. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. A ____ contract requires that both parties perform certain duties. d) Fiscal responsibility. (a) blended family. All of the following are methods of payment? The application is the basic source of information an insurer uses in the risk selection process. &\text { Accounts receivable }\\ B. Insureds current and future income How does having children affect the decisions that couples must make when considering a divorce? Rebating is an unfair trade practice and is regulated by law. (d) free look provision. b) Universal Life -policyowners right provision A whole life insurance policy is exchanged for a Universal life insurance policy. Insurance is designed to cover both intentional and unintentional losses. They keep a high percentage of any interest earned on their policies (d) indeterminate-premium whole life. If the insured commits suicide after the 2 year period, the policy will pay the death proceeds to the designated beneficiary the same as if the insured had died of natural causes. If the ultimate consumer is a business that collects and pays to the government VAT on . If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. The person who receives the benefit when insured dies. Your device, make and model. Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. Credit life b) Copies of illustrations and application \hline (\$ 000) & 1 & 2 & 3 & 4 \\ A ______ will receive unfavorable tax treatment. Correct: C. Concealment, A. Weiss and Fitch are two of these services, although there are more. When applicant is not the insured ______________ must exist. B) bonds 3. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health a) An agent offers the use of his lake house to person as an inducement to buy. Or, Bill can invest $9,000 in project B that promises to pay annual end-of-year payments of$1,500, $1,500,$1,500, $3,500, and$4,000 over the next 5 years. AKA-payout phase. ~~~\text{Advertising expense}&90,000\\ A. All of the following are true of insurance except: a) protects against uncertainty b)means sharing of loss c)eliminates risk d)transfers risk Answer: Eliminates risk Question: Which of the following is NOT true about insurance? DONT PICK IT!!!!!! c) National Association of Insurance Commissioners All of the following are business uses of life insurance EXCEPT C. Whole life B) Human life value approach is determined by the loss of income that would result with the death of the insured, after making adjustments for expenses, inflation, etc. d) The insurer will sue the insured for committing fraud. C) the proposed insured. There is a minimum guaranteed interest rate on all sub-accounts. On DUE DATE. Companies may have immediate legal obligations following the inclusion of a substance in the Candidate List on this website including in particular Articles 7, 31 and 33 of the REACH Regulation. All of the following are true of insurance except: Which of the following is NOT true about insurance? All of the following statements about the characteristics of Social Security are true EXCEPT A. Which of the following statements is NOT true concering insurable interest as it applies to life insurance? Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. Department of Defense \end{aligned} C. Social Security works exactly same as private insurance. Permanent Insurance have 3 words in common, what are they? C. State Education Waiver C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. Being young and healthy means you can skip out on health insurance. \end{array} Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} Question: 55. D) An agent's report and inspection report provides personal information. (b) Face amount decreases during the policy period, but premiums remain level. Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. A person who negotiates insurance contracts on behalf of an insured. 1)Statement of continued good health Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer I. d. The total of all cost sheets completed during the month is $628,880.00. Only one party is giving a legally enforceable promise- A one-sided contract is what? Warranty What are (4) characteristics of permanent insurance? Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. Mutual life policy. An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. -20 pay life-paid up at 65 Compute DVDs net cash provided by (used for) operating activities during July. ~~~\text{Utilities expense}&12,000\\ D) the minor in a juvenile policy. Pure Risk. Insurance is not designed to cover _____________ losses. &\begin{array}{r|lr} D) adding cost of living coverage. When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? Originating policy (d) Most policies have a CV that is refunded when coverage ceases. when the applicant/owner is not the insured-3rd party The penalty is 50% of the shortfall from the required annual amount. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. What must exist at the time of the application? 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . C. Risk An insurance company that was incorporated in a different state it is doing business in and pays dividends to its policyholders is known as a _________. b. * 50% is paid (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? \end{aligned} C. Premiums are tax deductible by the key employee 4. 2)non-qualified plans D) When immediate annuities are used to pay IRA benefits, distributions must begin no later than age 70 in order for the annuitant to avoid penalties. \textbf{For the Month Ended October 31, 2017}\\ Fraud All of the following statements about term insurance are true EXCEPT. 1) preferred risk 3)substandard-highest, 6 factors that are complete for policy 2 be paid? considers Lloyds of London an Alien insurer A. contract of adhesion don't pick binding receipt at all on test. 2) premiums do not change Conviction of a felony involving moral turpitude. Modification to a policy is a _______________? d) Living need rider. Conditional contract means the policy holder does what? When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? The 7 paytest is used to determine if a policy is a _______? c) Misrepresentation a) The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. Policy Holders/Shareholders have the ability to vote for members of the board of directors or governing body of the company.. this is called their____________? Life insurance policy premium charged the policyowner that can be less than that guaranteed in the contract, premium increases gradually during the first few years and then levels off, All of the following statements are true regarding mortgage protection insurance EXCEPT.

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