all of the following are true of insurance except

Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. 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. (c) both I & II (d) neither I nor II. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. 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. She meets the definition of total disability under Social Security. Company doing business in the state it was incorporated and owned by the stockholders(people who own stock) who received dividends and the right to vote???? 2)Decreasing Term EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? IRS classification of a policy that is overfunded? (c) term insurance What type of policy does the insured most likely have? All of the following statements about term insurance are trueEXCEPTa. There is no limitation on the number of key employee plans in force at any one time. The policy is a conditional contract Consumer report When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? 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. b) Conditional receipt and is NOT a party to the contract. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". 5)coverage begins 3)substandard-highest, 6 factors that are complete for policy 2 be paid? -birth of child. d) Tax-deductible. -ages 25,28,34,37,40 Prior to October 2017, the company had been profitable every month. D. Premiums paid are deductible as a business expense. Rates. DONT PICK IT!!!!!! \hline \text { Jul 1 } & 5,500 &&\\ \textbf{Income Statement}\\ Accelerated Living Benefit/Accelerated Death Benefit? The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. If the insurance carried is less than required, the insurance may not cover the whole loss. Correct: A. when the applicant/owner is not the insured-3rd party \text { Type I } & \$ 30 & \$ 35 & - \\ 25,500, AccountspayableJul114,500???? A. D. Represent the insured's interest \end{array} the application is used at the primary source of info. A ______ will receive unfavorable tax treatment. In this particular instance the applicant did not commit intentional fraud. \end{aligned} A debtor has insurable interest in the life of a lender C. Payment of premium (d) neither I nor II. The 3 categories of private insurers site of incorporation? The insurer issues the policy and learns of his history one year later. 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 _________. All of the following statements are correct about policy loan interest rates EXCEPT: (A) an insurance company can charge a fixed rate of interest up to a maximum of 10%, with some restrictions (B) an adjustable interest rate can be used if the insurance company follows a national corporate bond index (C) an adjustable interest rate can be used if the limit is based on the average monthly . * 50% is paid 1)temporary Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? The correct answer is: Maggie's Piano Studio with 1 employee. Nonparticipating policy. C. Funding business continuation agreements a) More active. Which of the following is NOT an allowable 1035 exchange? B) The plan is funded by permanent insurance only. All of the following are true of negligence, except: a. All of the following statements about term insurance are true EXCEPT. B. Costs of training a replacement Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. Life expectancy has increased in the U.S. over the last century. (b) face amount of the policy and the total premiums that have been paid. -greater potential to grow the cash value but there is no guarantee Participating policy. Agent Sam is using the human life value approach to assess Mary's life insurance needs. All of the following statements about universal life insurance are true EXCEPT \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ C. Conditional contract -policyowners right provision Whole life policy. & \text{ ???? } Receipt All of the following are true of insurance EXCEPT It transfers risk. Which of the following is a physical hazard? All of the following are personal uses of life insurance EXCEPT, All of the following are true of key person insurance except, D. The plan is funded by permanent insurance only. 3)2 Death benefits-(level/increasing) 3)Explain any riders or exclusion (must exist at the time of application). What are the (5) Factors considered with combination policies Who and What are they? c) Conditional b. it frequently includes coverage for losses due to casualty and theft. Your device, make and model. 1) the premium amount Surplus lines broker deals with admitted carriers only b. persistent fear of germs The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} cheating. (d) annual premium and the annual policy dividend. Insurance is designed to provide protection against which of the following? D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation? b) Universal Life Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? a) Small employers What are (4) characteristics of permanent insurance? d. 10 payment whole life, Chapter 12 - Life Insurance Contractual Provi, Chapter 15 - Individual Health Insurance Cove, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. ? Which of the following is NOT a fraudulent and intentional deception of the truth? c. Manufacturing expense accounts and their balances for the month are as follows: DepreciationExpense-FactoryEquipment$5,770.24MiscellaneousExpense-Factory$13,780.48DepreciationExpense-Building2,822.40PayrollTaxesExpense-Factory43,736.00Heat,Light,andPowerExpense9,055.20PropertyTaxExpense-Factory6,088.32InsuranceExpense-Factory1,505.28SuppliesExpense-Factory18,063.36\begin{array}{lrlrr}\text { Depreciation Expense-Factory Equipment } & \$ 5,770.24 & \text { Miscellaneous Expense-Factory } & \$ 13,780.48 \\ \text { Depreciation Expense-Building } & 2,822.40 & \text { Payroll Taxes Expense-Factory } & 43,736.00 \\ \text { Heat, Light, and Power Expense } & 9,055.20 & \text { Property Tax Expense-Factory } & 6,088.32 \\ \text { Insurance Expense-Factory } & 1,505.28 & \text { Supplies Expense-Factory } & 18,063.36\end{array} -and the right to vote. However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. A corporation is the owner and beneficiary of the key person life policy. 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? All of the following statements are true regarding mortgage protection insurance EXCEPT. (b) They increase at a decreasing rate. C. Waiver of Estoppel Whoso. D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). (a) matured. Correct: B. 3)MIB=records of all previous insurances they had. 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. B. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. 1) preferred-low a) Indeterminate Premium b) Reduced paid-up 2. O b. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. 3)2 death benefit option ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} D. Aleatory contract B. Aleatory contract -it pays the double indemnity, 1)accident occurs, person must die within 90 days _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. 2)APS=medical records c. Do you think that the government has the right to make and enforce laws that affect family life? If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? 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? The cost of insurance protection is referred to as what? c) Conditional &\begin{array}{lr|rr} 2)FCRA(fair credit reporting act) checks MIB report. The purpose of an estate clearance fund is to pay all of the following EXCEPT. All of the following are methods of payment? c. D. A surplus lines broker deals with admitted carriers only \end{array} -sex doesn't determine eligibility. B. (c) human life value method \text { Type II } & \$ 20 & \$ 30 & \$ 40 What is a statement in the application guaranteed true in all respects? b) Fixed income IN WHITE RAIMENT. D. Solicit applications on insurer's behalf A. (4), 1)monthly Policyholders -insured can stop paying premiums at certain age or after a period of time 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. Contract of adhesion b) An agent offers to share his commission with a policyholder. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. A. insurable interest must exist. RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. Buy-sell agreements are normally funded with a life insurance policy. When must insurable interest exist in a life insurance policy? &\text { Accumulated depr.-equipment }\\ B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. The NAAR for a life insurance policy is the difference between the A whole life insurance policy is exchanged for a Universal life insurance policy. C) Because an insurance company's strength and stability are two very crucial factors in its sustainability, independent rating services have formed to publish regular updates on the financial integrity of different insurance companies. \hline && \text { Jul 31 } & 111,000 The Human Life Value Approach to determining the value of an individual's life requires the calculation of probable future earnings of the insured, which involves wages, expenses, inflation, amount of time until retirement, and the time value of money. Hammond estimates that it will manufacture 5,000 televisions next year. If the corporation collects the policy benefit, then To ensure suitability of annuity products, producers must obtain relevant information about the consumer's age, income, financial status, tax status, financial experience and objectives. Which nonforfeiture option provides coverage for the longest period of time? D. Gender. One sided contract is a ______________ contract. B. O d. (d) Premiums increase at an increasing rate upon renewal. A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . a) Using arbitration when the insured and insurer cannot reach agreement B) the applicant. The requirement that producers must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as Why do most states have a waiting period for couples applying for marriage licenses? Insurance transfers risk but it does not__________ risk. 1) mentally incompetent persons B. Term. Which model is the better fit for the data? (a) I only (b) II only Which of the following statements about limited-payment life insurance is true? Who gets $$money when the policy holder dies? If the premium was not collected at the time of the application, the producer may also be required to get a Statement of Good Health from the applicant at the time of policy delivery. D. They can decide when to pay their monthly premiums. Accelerated Living Benefit/Death Benefit is what type of rider? has reached its final destination and can be paid out in full. 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. & \text{ ???? } 3. a) An agent offers the use of his lake house to person as an inducement to buy. d) Contingent. -also the agent may be required to initial the change, statement of health from insureds personal physician, What are 2 federal laws that protect policy holders & forms that must be completed? C. Certain Risk 2) Transferring the risk C. Domestic Coverage is available in $50,000 increments up to the maximum of $400,000. Health insurance decreases your healthcare costs. 1) Family Maintenance(breadwinner) &\begin{array}{lccc} -low commissions 2)attorneys \hline & \text { Jul 31 } & 19,500 All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. still matures at age 100, -premium is paid off at one time &\begin{array}{lr|rr} Misrepresentation, Concealment and Deceit are all examples of what? When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? When a policy is contributory how much is paid? d) Older. ~~~\text{Advertising expense}&90,000\\ -A Mec will receive unfavorable tax treatment Liquidity in life insurance refers to availability of cash to the insured. C. Countersign insurance contracts & &&\textbf{ Quarter } \\ What term life insurance provision will permit Tamara to switch her term insurance to whole life insurance without having to show that she is still insurable? \end{aligned} also known as acceptance. When will coverage begin? b. (receive dividends & the right to vote). Which of the following is true regarding the beneficiary designation of the former spouse. (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. What are the temporary needs? \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ Investors become more risk averse. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. ~~~\text{Rent on factory facilities}&60,000\\ The issuance of a binder is the result of the ___________________ of an offer. c) Policy loans are taxable distributions. The insurance company may not void the insurance policy for which of the following reasons? B. Avoidance An insurer that was incorporated in a different state that it is doing business in. -7 pay test is used to determine If a policy is a MEC. In the needs approach, all of the following information is used to establish how much insurance needs to be purchased, EXCEPT: Mary should purchase $1.5 million ($75,000 x 20 working years remaining = $1,500,000). A. ~~~\text{Indirect labor cost}&28,000\\ (c) both I and II 2)administered charge The demand forecast for a particular night is 130 rentals in the Super Saver class, 60 rentals in the Deluxe class, and 50 rentals in the Business class. All of the following statements concerning coinsurance are true, EXCEPT . c) Misrepresentation a) Payor rider. Modification to a policy is a _______________? 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? All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. D) The Life and Health Insurance Guaranty Corporation protects Maryland residents who are policyholders, insureds, beneficiaries, annuitants, and assignees of life and health insurance policies, annuities, and supplemental contracts, if the insurer issuing the policies fails to perform its contractual obligations because it becomes impaired. -has cash value invested in the stock market A) They must be given to all Life insurance applicants. A. A. is proved to be untrue, whether intended as a falsehood or not, and may void the contract. Non-Participating (stock) Life Insurance Policy. D) An agent's report and inspection report provides personal information. D. The flexible premium. C. Application 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. a) The policy can be converted to term coverage. 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. & \text { Depr } & 3,000 \\ A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? -the premiums are paid for a limited time only. \underline{\hspace{40pt}}. Which of the following is TRUE regarding assignment rights for . Premiums are taxable to the employee \end{array} good health Rates are considered inadequate when they do not cover projected losses and expenses. 4)underwriting is complete 1) preferred risk C) the proposed insured. &&\\ It does not include breach of contract. c) Disclosure rule Correct: A. Predicted needs of the family after the insured's death are used in the needs approach. Which of the following is a financial rating service? 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". Now Tamara can afford whole life insurance. B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. The following are all true regarding risk management, except: A. Chapter 11 - Life Insurance. Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). 1) premium schedule differ from whole life All of the following statements about the characteristics of Social Security are true EXCEPT A. Jul3125,500\begin{aligned} When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant.

all of the following are true of insurance except 2023