Corporations, like all firms, can raise money by borrowing from banks and other lending institutions. Adjustable universal life policy Flexible universal life policy Variable universal life policy Modified universal life policy, Jonas is a whole life insurance policyowner and would like to add coverage for his two children. A) Tom's spouse What is this called? issuance of the policy Which of the following BEST describes a conditional insurance contract? What kind of policy is this? Adhesion clause A) Parties involved in the contract A fixed cash value A flexible premium schedule A fixed death benefit The ability to take out a policy loan, The least expensive option to pay off a 30-year mortgage balance would be convertible term life decreasing term life adjustable term life increasing term life, Pre-death distributions are typically taxable, Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? d) an agreement requires a definite offer and an indefinite acceptance. 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 B) the insurer's obligations are dependent upon certain acts of the insured individual Which of the following BEST describes a conditional insurance contract. A) implied authority Julie has a $100,000 30-year mortgage on her new home. B) Equal consideration is required between the involved parties Restoring an insured to the same condition as before a loss is an example of the principle of. When initial premium is collected and policy is issued. A) warranty Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. 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. His insurance agent told him the policy would be paid up if he reached age 100. guarantee 0 Answers/Comments. Completing all applications and collecting initial premiums. c) a contract must be in writing. 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? D) Competent parties, Which of the following BEST describes a conditional insurance contract? there must be an offer and acceptance Eventually, they retire and dissolve the business. How do marketers use insights regarding the self-concept? D) Terminate the agent, Insurable interest does NOT occur in which of the following relationships? Which of the following would be a valid reason why a policy premium would be higher than the standard premium? Under the McCarran-Ferguson Act, what is the minimum penalty for this? 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. Write a summary of the main ideas. Insurance producer Jerry offers a $350 shopping card if they purchase an insurance product through him. Rob recently died at age 60. A.$1,656 Which of the following is NOT considered rebating? Intent, The deeds and actions of a producer indicate what kind of authority? The insured, on the other hand, makes few, if any, legally binding promises to the insurer. 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? The gap between the total death benefit and the policys cash value. 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? Which of the following does a life insurance policy summary normally include? Producers act in a(n) ________ capacity when holding insurance premiums. What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? representation Insurer's promise to pay benefits An applicants character and personal habits can be obtained for underwriting purposes from which source? Authority given to handle claims and process payments implied authority This is also known as a non-negotiable insurance contract, or an automatic contract. A) offer and acceptance C) Law of large numbers A non-contributory health insurance plan helps the insurer avoid. Which of the following products would allow him to accomplish this? B) Bob's estate 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 Policyowner has the right to select the investment which will provide the greatest return. discreet Shirley has a $500,000 10-year-non-renewable level term life policy. The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. Which of the following is a requirement to attain an Utah resident producer license? Accelerated death benefit rider Waiver of premium rider Extended term option Decreasing term insurance. Which of the following best describes how you analyze a fiction text? Andy the annuitant dies before the annuity start date. Who prosecutes crimes that involve the violation of insurance laws that fall under US Code 1033? conditions, Legal purpose is a term used in contract law meaning Both partners are still married at the time of Bob's death. Conditional insurance contracts are insurance policies that require the insured person to satisfy certain conditions in order to become effective and/or to be paid out by the insurer. Policy Application Riders Certificate of Authority, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) guaranteed term rider guaranteed insurability rider accelerated benefit rider cost of living rider, The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid minus indebtedness and with interest during the last 12 months minus indebtedness and without interest during the last 6 months, A life insurance policyowner does NOT have the right to change a beneficiary select a beneficiary take out a policy loan revoke an absolute assignment, A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT fare-paying passenger pilot of personal airplane suicide war, The insurer's obligation to pay a death benefit upon an approved death claim, Under a life insurance policy, what does the insuring clause state? Which of the following statements correctly describes a contract of indemnity? ______ is NOT an element of a valid contract. Insurance interest does NOT occur in which of the following relationships? A) Make whole If threats or force is used to affect an insurance transaction, the unfair trade practice of __________ has been committed. (C) Both parties exchange goods of equal value. Bob dies 12 months later. D) Personal contract, The importance of a representation is demonstrated in what rule? be filed with the state collateral, What is implied authority defined as? C) Only the insurer is legally bound D) the authority to add provisions to a contract, C) the authority to represent the insurer, Which of the following contracts is defined as "one that restores an injured party to the condition that was present before the loss"? other insurance be signed and witnessed by an attorney D) the contract must be a contract of adhesion, C) there must be legal reasons for entering into the contract, Ambiguities in an insurance policy are always resolved in favor of the How could a company manager use a process cost summary to determine if the program to reduce water usage is successful? discreet apparent implied express, Bob and Tom start a business. 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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. Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. 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? B) Offer and acceptance B) errors and omissions implied The policies continue in force with no change. 2 See answers One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. Log in for more information. A double indemnity benefit will be payable to Matts beneficiary is Matt, All of the following riders can increase the death benefit amount EXCEPT, All of these are valid policy dividend options for a life insurance policyowner EXCEPT, The premium for a Modified whole life policy is, Lower than the typical whole life policy during the first few years and then higher than typical for the remainder, A nonparticipating company is sometimes called a(n), Intentional withholding of material facts that would affect an insurance policys validity is called a(n), Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT. A) Insurability B) Unequal consideration Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance business. A) Insurable interest Only the insurer is legally bound Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them? Loans obtained by a policyowner against the cash value of a life insurance policy. All of the following are considered appropriate uses if life insurance for business purposes EXCEPT, Protecting the business by covering entry level employees with life insurance, Level premium permanent insurance accumulates a reserve that will eventually. This rider is called a(n). 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 terms of the policy typically outline these conditions . The authority granted to a licensed producer is provided via the A) underwriting The policy may be paid up early by using policy dividends. After 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. A marathon is 42.2 kilometers. C) at the time of death A) voidable warranty Guaranteed Insurability rider Family term insurance rider Family whole insurance rider Payor benefit rider, A partial surrender is allowed in which of the following life policies? offer Which of these features are held exclusively by variable universal life insurance? An insurance contract usually involves an exchange of consideration between both parties: the insurer agrees to provide coverage and pay claims in the event of a loss, and the policyholder agrees to pay premiums in return. A) Unilateral 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? 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