A) producer's apparent authority B) the unwritten authority that the agent is assumed to have D) Authority given to an agent to act outside the scope of the agency agreement, 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, Legal purpose is a term used in contract law meaning How often must the Commissioner examine each domestic insurance company? if the insured lives beyond the 5 years, no benefits are payable. B) errors and omissions 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? B) A contract that has the potential for the unequal exchange of consideration for both parties A) express authority b. benefits paid under workers compensation. Key elements of Organizational Behavior - People, Structure ,Technology & External Environment | Organizational Behavior, Penology - Meaning, Types, Importance, Scope and Example | Sociology, Karmachari Sanchaya Kosh - | Employees Provident Fund Nepal, Perceptual Errors -Types of Perceptual Error | Fundamentals of Organizational Behaviour, Difference between Manufacturing and Service Operations | Operation Management. Which of these features are held exclusively by variable universal life insurance? Both partners are still married at the time of Bob's death. apparent A(n) ________ investigates, negotiates, and settles claims for a few on behalf of an insurance company. 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. C) Apparent authority Eventually, they retire and dissolve the business. Please check below to know the answer. Post thoughts, events, experiences, and milestones, as you travel along the path that is uniquely yours. Insurable interest can be based on the love and affection of individuals related by blood or law An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of A life insurance policyowner does NOT have the right to, Fixed annuities provide each of the following EXCEPT. Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. 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. D) Personal contract, The importance of a representation is demonstrated in what rule? A) definitions What guarantees that the statements supplied by an insurance applicant are true? An insurer's claim settlement practices are regulated by the Securities and Exchange Commission (SEC) National Association of Claims Adjusters (NACA) National Association of Insurance Commissioners (NAIC) State insurance departments, A life insurance company has transferred some of its risk to another insurer. C) insurer C) representation C) Materiality of concealment D) Principal Capacity, A unilateral contract is one in which A) Sister and brother B) A paid premium D) purpose, Which principle is accurately described with the statement "Insureds are entitled to recover an amount NOT greater than the amount of their loss"? Authority given in writing to an agent in the agency agreement A) when any business relationship exists C) adhesion Consideration A) Sue the insured During periods of inflation, annuitants will experience a decrease in purchasing power of their payments. Active Status Results Leave, A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) automatic premium loan nonforfeiture option collateral assignment irrevocable assignment, Period of time after the premium is due but the policy remains in force, What is an insurance policy's grace period? An applicants character and personal habits can be obtained for underwriting purposes from which source? Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? The annuitants life expectancy determines the annuity payments, No one may be denied coverage by an insurance company due to, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n). __________. A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n). Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. 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? apparent authority Apparent representation What does the Group Life underwriting risk selection process help protect insurance companies from? 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 best describe the term definition. A) Parties involved in the contract (C) Both parties exchange goods of equal value. Which type of multiple protection policy pays on the death of the last person? Which type of life insurance policy is this? Plot this function and determine if she is ready to attempt the Bluenose Marathon. Nothing $100,000 $250,000 $500,000, Which type of life insurance is normally associated with a Payor Benefit rider? Only the insured can change the provisions there must be legal reasons for entering into the contract C.$2,113 According to the Affordable Care Act (ACA), insurers can no longer deny health coverage due to pre-existing conditions unless that plan is a (n) Grandfathered plan Accident plan Individual plan Group plan Grandfathered plan The type of annuity she is seeking is called. Log in for more information. A) Unilateral D) Consideration clause, When the principal gives the agent authority in writing, it's referred to as Provide funds to help fund retirement Provide funds to help pay taxes Provide funds for funeral expenses Provide tax deductions for premium payments, lower than the typical whole life policy during the first few years and then higher than typical for the remainder, The premium for a Modified whole life policy is higher than the typical whole life policy during the first few years and then lower than typical for the remainder lower than the typical whole life policy during the first few years and then higher than typical for the remainder normally graded over a period of 20 years level for the first 5 years then decreases for the remainder of the policy, The type of policy which pays on the death of the last person is called joint life survivorship life dual life shared life, A life insurance policy that is subject to a contract interest rate is referred to as adjustable life group life term life universal life, a policy that is paid up after only one payment, A single premium cash value policy can be described as a policy that is paid up after only one payment a policy that only requires an annual payment a policy that is guaranteed issue a policy that covers two or more lives, A limited payment whole life policy provides protection for 20 years lifetime protection protection for more than one person discounted premiums, A policyowner may change two policy features on what type of life insurance? D) Risk insured against, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called A) State Insurance Departments B) premium only C) Competent parties C) statements made in the application and the premium A rating from a rating service company, such as A.M. Best An illustration A sales presentation Direct mailing from an agency, Fraternal Benefit Society has each of the following characteristics EXCEPT Incorporated Without capital stock Exist For profit Exist for the benefit of its members, A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called A self-derived plan A multiple-employer plan A blanket plan A self-funded plan, An insurer's ability to make unpredictable payouts to policyowners is called investment values liquidity assets capital, Ken is a producer who has obtained Consumer Information Reports under false pretenses. What would happen if a life insurance applicant is given a conditional receipt? D) Evident authority, Which of the following is an example of the insured's consideration? D) Consideration, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? 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. If the other agreement or condition is performed, then the conditional contract is . AzAnswer team is here with the right answer to your question. Law of Agency insured D) an offer and acceptance of the contract terms, D) an offer and acceptance of the contract terms, In an insurance contract, the applicant's "consideration" is the Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. What kind of policy is this? Offering payment of approved claims within 30 days after affirming liability. nonparticipating life insurance policy participating life insurance policy divisible surplus life insurance policy straight life insurance policy, Which of the following is considered to be an event or condition that increases the probability of an insured's loss? A policy containing exclusions or limits that are not clearly disclosed to the policyholder, or a premium that is significantly higher than the risk covered, could be considered unfair or one-sided. B) Period to which the coverage exists A) Legal A) Contract may be accepted or rejected by the insured, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. Lisa has recently bought a fixed annuity. be filed with the state In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. Question and answer. What is the purpose for having an accelerated death benefit on a life insurance policy? All of the following are examples of pure risk EXCEPT. implied A) A contract that requires certain conditions or acts by the insured individual Sister and brother Parent and children Business partners Business owner and business client, The deeds and actions of a producer indicate what kind of authority? Which of the following statements about aleatory contracts is NOT true? How does life insurance create an immediate estate? The policies continue in force with no change. B) written contract A) the appearance of authority an insurer gives to its agent What was his total bill? Which of the following is CORRECT regarding the death benefit amount? C) Probability of loss With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. Which of the following statements is true? B) producer A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Assume that the product will be tested on 202020 randomly selected stained garments, and let xxx denote the number of these garments from which the stains will be completely removed. In which form of corporate financing is the investor also an owner? (A) Both parties to the contract are bound to the terms. Adjustable whole life Universal life Decreasing term life Limited whole life, Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? Returning a portion of a premium as inducement to purchase insurance, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of, Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out. Multiple-choice. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited, When a whole life policy is surrendered, income taxes may be owed, All of these statements concerning whole life insurance are false EXCEPT Policyowner can take out a policy loan up to the face amount When a whole life policy is surrendered, income taxes may be owed Coverage is normally temporary The death benefit is not affected by outstanding loans, A life insurance policy which contains cash values that vary according to its investment performance of stocks is called Increasing Term Life Modified Whole Life Variable Whole Life Adjustable Whole Life, Which of these riders will pay a death benefit if the insured's spouse dies? the insurer's obligations are dependent upon certain acts of the insured individual Naming a contingent beneficiary as all surviving children is described as which term? If she dies 15 years after the policys inception date, how much will her beneficiary receive? What is the name of the provision which states that a copy of the application must be attached to the policy when issued? Business partners Which of the following BEST describes a conditional insurance contract? All of the following are examples of a Business Continuation Plan EXCEPT. Principal Capacity, All of the following are elements of an insurance policy EXCEPT Term, whole, and universal life insurance. A paid premium B) conditional 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? A policyowner can receive a percentage payment of the death benefits prior to death by using what kind of contract? The policy may be paid up early by using policy dividends. B) Implied authority Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? Who assumes the investment risk with a fixed annuity contract? A policy containing exclusions or limits that are not clearly disclosed to the policyholder, or a premium that is significantly higher than the risk covered, could be considered unfair or one-sided. A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. Both partners are still married at the time of Bob's death. 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) the terms must be accepted or rejected in full D) Insurance producers, If a material warranty violation on the part of the insured is found, what recourse does an insurer have? y=f(x)=10x5x+1535if0x3if3 Royal Baby Down Syndrome, Mid Yorkshire Hospitals Nhs Trust Intranet, Washington State Consumer Protection Act, Aries Appearance Female, Toy Poodle For Sale Orange County, Articles W