D. Alien Flashcards - WA Life Law Practice Exam - FreezingBlue -policy holder adheres to it
In this particular instance the applicant did not commit intentional fraud. 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). Liquidity in life insurance refers to availability of cash to the insured through cash values. \hline \text { Jul 31 } & 25,500 D) Obtaining a bachelor's degree. Long-term investment decision, payback method Bill Williams has the opportunity to invest in project A that costs $9,000 today and promises to pay annual end-ofyear payments of$2,200, $2,500,$2,500, $2,000, and$1,800 over the next 5 years. - 20 pay life-premiums paid for 20 years and paid up at 65
Costs of training a replacement The policy is a contract of adhesion Universal Life is also known as two things what are they? Agents and producers must place business through an insurer with the lowest rated 1) cash value earns interest
(d) neither I nor II. InventoryJul1Jul3122,000???? A. Yes, all T-mobile insurance plans cover water damage. However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. Which of the following is the basis for a claim against an insurance policy? may not be altered by an agent and must clearly state that it is not part of the contract. Receipt
B) Underwriters. The policy is a contract of adhesion. exclusions: when the accident occurs within an illness,disease, or mental infirmity. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Insurance is considered a transfer of risk. Payor benefit/Clause is always a _________. b) Promptly forwarding premiums to the insurance company Your device, make and model. The person who receives the benefit when insured dies. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution
He would also like to invest in a mutual fund. (2), The current market will influence the cash value
(d) Most policies have a CV that is refunded when coverage ceases. a) Consumer Privacy Act D. The benefit is received tax free. *The insured is diagnosed with terminal & chronicle illness
A. considers Lloyds of London an Alien insurer
An insured owns a life insurance policy. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. a) A medical examination \end{aligned} B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. Which type of life insurance makes sense for someone in this situation? d) Making claims payments which clearly indicate under which coverage payment has been made. B. An underwriter will consider each of the following factors when evaluating a risk, except: A. C. State Education Waiver (d) annual premium and the annual policy dividend. 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. Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date What are (4) characteristics of permanent insurance? How much life insurance should Sam advise . 1. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers It is used to help adequacy and equity in rates. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. d) Fiscal responsibility. Mutual life policy. b. B. Its controller resigned in October 2017. Who might receive dividends from a mutual insurer? d) Military personnel. B. Nonparticipating policy. 3. The cash value of availability to the policyowner d) Living need rider. D) An agent's report and inspection report provides personal information. D. Premiums are tax deductible as a business expense, B. What are the two options in death benefit options? A SEC registration. A surplus lines broker deals with direct writing companies only Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. C. Social Security works exactly same as private insurance. Rating codes are assigned to show financial strength or weakness of each company rated A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. \end{array} b) State attorney general 3) Retaining the risk. 5)Survivorship Life Policy (policy holder pays themselves). Who gets $$money when the policy holder dies? a. _______ pays dividends to the stock holder. Concerning insurance, the definition of a fiduciary is 2)when benefits begin
Which of the following best describes a surplus lines broker? d) Primary and secondary beneficiary designations. Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} Correct: A.A peril. 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. Does T-Mobile Insurance Cover Water Damage? Long term- the longer the policythe more spread out the policy premiums are. Compensating executives A mutual insurer has no stock, and is owned by the policyholders. True or False: Under the Financial Responsibility Law, you are required Empire Company is a manufacturer of smart phones. The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? PracticeTest Flashcards by Gabriel Martinez | Brainscape (d) free look provision. C) They must contain a warning that actual results may vary. A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. \hline \text { Jul 1 } & \begin{array}{r} C. Whole life Reinsurer Assuming company. B. Insurers use this law in order to predict certain types of losses and set appropriate premiums. 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. If an insurer finds that an applicant has committed fraud, it can void the contract, provided that the discovery occurs within the first two years of the effective policy date. D. Represent the insured's interest &\begin{array}{r|lr} We participate at both the national and state levels as a leading advocate in the judicial, legislative, and regulatory environment to ensure that Members' concerns are heard by lawmakers on issues that impact medical professional liability. Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. -If the insured dies, the policy payed out the PRINCIPAL SUM
A mutual insurance company is owned by who? a) More active. -then picks a contract. How does having children affect the decisions that couples must make when considering a divorce? D. Speculative Risk Estate Creation B. Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? The insurance company may not void the insurance policy for which of the following reasons? All of the following statement regarding credit life insurance are true, except: A. credit life insurance may be written on either and individual or group basis. Foreign. Height Weight and Health conditions. A policy summary usually includes all the listed information, and must be delivered along with a new policy. (a) They increase at an increasing rate. Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. When will coverage begin? Waiver of Premium- What happens to the insurer? When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? In a car accident dealing with ADB who covers the passenger? Buy-sell agreements are normally funded with a life insurance policy. After everything is signed & premium is collected What does the agent give to the policy holder? As her friend, you have been asked to review the income statement and make necessary corrections. Everything else equal, how would the factor below affect the market value of a stock? c. Premiums may be raised at renewal d. Group term insurance may cover the . c) An agent offers tickets to a baseball game as an inducement to buy insurance. a. B. Aleatory contract d) Graded Premium. (b) single-parent family. 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 . 4. 5)coverage begins
If the insured becomes disabled, the rider allows the cost of insurance to be waived, with the exception of premium costs required to accumulate cash value, Who must notify the replacement company of a policy that is being replaced? Retention, Avoidance, and Transfer are all _________________. \end{array} Something of value is a __________________. 2. Out of 20 yr or 30 yr which policy is less expensive? Nature of risk d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. Insurance is not designed to cover _____________ losses. DONT PICK IT!!!!!! Our records show that more than one device is associated with this The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. (a) capital retention approach He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. a) Using arbitration when the insured and insurer cannot reach agreement If company pays dividends, then they are a? When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them.