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EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} Costs of training a replacement You should now have gotten the answer to your question "All of the following statements are true of liability insurance, EXCEPT:", which was part of Insurance MCQs & Answers. 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. The benefit is subject to the exclusionary rule A whole life insurance policy is exchanged for a Universal life insurance policy. The concept that the insured should not profit from an insurance transaction is called what? The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. 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. Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. b) The policy will not be affected. Concerning insurance, the definition of a fiduciary is 2)APS=medical records e. The total of costs recorded on all sales invoices for the month is$654,052.00. C. Countersign insurance contracts -policyowners right provision 1)temporary 5)Explain when coverage begins -then picks a contract. An underwriter will consider each of the following factors when evaluating a risk, except: A. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. After everything is signed & premium is collected What does the agent give to the policy holder? What (5) Factors for GIO & GIB. whose covered? - 20 pay life-premiums paid for 20 years and paid up at 65 c) Needs approach If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? c) National Association of Insurance Commissioners ($000)CashAccountsReceivableInventoryAccountsPayable1$1001992011042$1009650595Quarter3$10099905954$1006045297, Describe Cream Silk's promotion within the context of the multi-attribute model: Which attribute(s) were central to the promotion and how does the model explain what the company was trying to accomplish with the "Human Hair Quartet?" D. A surplus lines broker deals with admitted carriers only 1)Whole Life 1)physical exam (b) face amount of the policy and the total premiums that have been paid. What insurance concept is associated with the names Weiss and Fitch? Who gets $$money when the policy holder dies? Who is responsible for making sure the application is completed properly and all necessary info is obtained? 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____________? 2. A) They must be given to all Life insurance applicants. Are insurance company underwriters allowed to discriminate? Cash value is the same as ___________ when the policy matures. 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. 2)Foreign Insurer C) An insurance contract must contain a copy of the original application. Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers All of the following are true regarding health insurance policies, EXCEPT: A) An agent or producer may not make changes to the policy B) Once issued, a policy may only be changed with the approval of a company officer C) An agent may change an application with the verbal consent of the applicant 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. Pro rata liability applies. (b) The face amount of the policy is paid if the insured lives to age 65. He would also like to invest in a mutual fund. When will coverage begin? A Contract that binds only one party to future performance, is a (n): A. Misrepresentation, Concealment and Deceit are all examples of what? Conditional Contract B. The 4 characteristics of a universal life policy are? D. The face amount remains the same throughout the life of the policy. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. -has cash value invested in the stock market (a) capital retention approach Which of the families below is likely to have the least need for a large life insurance policy? c. -7 pay test is used to determine If a policy is a MEC. (4), 1)monthly All of the following statements concerning coinsurance are true, EXCEPT . 4)settlement options, 1)stand alone policy Life expectancy has increased in the U.S. over the last century. Cash values are available in whole life policies. ____________ insurer is not a type of insurer. 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. Why?". Which of the following best illustrates a -policy holder adheres to it d) 50% tax on the amount not distributed as required. Beneficiary's age is not a suitability factor. Signed waiver of premium (c) Most policies can be converted to a permanent life insurance policy. (d) Premiums increase at an increasing rate upon renewal. 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. B. The companys president is concerned about the accuracy of the income statement. 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. -sex doesn't determine eligibility. D. Speculative Risk 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. How has the Aswan High Dam affected the lives of Egyptians? (c) both I & II (d) neither I or II. The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. b. Daycare is considered to be among these expenses. A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. D. An individual has an insurable interest in her or her own life. The insurance company may not void the insurance policy for which of the following reasons? The purpose of an estate clearance fund is to pay all of the following EXCEPT. Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? * 50% is paid Jul3125,500\begin{aligned} RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. 1) insured gets higher amount The death benefit varies according to investment experience. & &&\textbf{ Quarter } \\ B. c. thoughts of harming a neighbor 4) 3 components to the premium, The owner and the insured are different people. The premium is level and guaranteed not to increase. All of the following are business uses of life insurance EXCEPT See Page 1. A person cannot buy insurance unless that person is in a position to suffer a financial loss. b. it frequently includes coverage for losses due to casualty and theft. These individuals qualify for lower premiums than those in the other categories. All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights The cash value available to the policyowner \textbf{For the Month Ended October 31, 2017}\\ -usually mutual fund security C. The insured may retain part of a risk through deductibles. The cost of insurance protection is referred to as what? Out of 20 yr or 30 yr which policy is less expensive? &\text { Accounts receivable }\\ Various life insurance programs for people who served in the military are called ______________? D) Obtaining a bachelor's degree. C. Premiums are tax deductible by the key employee a) Juvenile Life c. It is the failure to use ordinary care. D. Claim History Pertaining to insurance, what is the definition of a fiduciary responsibility? b. Which risk management type is shifting the risk of loss to a larger homogeneous group? 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. Which nonforfeiture option provides coverage for the longest period of time? B. A. 2)Family Income(decreasing term-policy) For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become database of previously life and health insurance applications. Use the indirect method. -birth of child. B. Buy-Sell Agreements pay in the event of a medical emergency (b) Cash value accumulation is slow to moderate. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. Life insurance proceeds b) Policyholder A. Legal Purpose What are (4) characteristics of permanent insurance? a) Payor rider. a) Universal life a) The policyholders or stockowners of the company A. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health Health insurance decreases your healthcare costs. 4. The 7 paytest is used to determine if a policy is a _______? D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. All of the following are restricted persons concerning the formulation of an insurance contract except: A producer has __________ authority when he accepts premium on a lapsed policy, and the insurer reinstates the policy. a) Executive offer of the replacing company C) purchasing family term insurance. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? Joe, Larry, and Curly own a small business. Accidental Death Benefit Costs of training a replacement \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ d) Blackout approach. c) Accelerated benefit rider. B) They illustrate the nonguaranteed elements of the policy. b) An agent offers to share his commission with a policyholder. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. 1) Family Maintenance(breadwinner) 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? B) Passing examination with 75% or higher score.