which of the following best describes a conditional insurance contract

Which of the following BEST describes a conditional insurance contract? D) underwriter, Reasonably necessary acts that an agent must perform for carrying out his/her expressly authorized duties are covered by an agent's 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? Authority given to an agent to act outside the scope of 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, When the principal gives the agent authority in writing, it's referred to as C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer The Fair Credit Reporting Acts main purpose is to, Protect consumers with guidelines regarding credit reporting and distribution, A whole life insurance policy accumulated cash value that becomes, The policy loan value which the insured may borrow against. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? 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? C) A contract where one party "adheres" to the terms of the contract. D) Only the insured is legally bound, Bob and Tom start a business. Law of Agency $0 $5,000 $10,000 $15,000, Determine financial strength of an insurance company, What is the primary purpose of a rating service company such as A.M Best? Insurance Quiz (MCQs) Archives - Management Notes Which of the following is the best descriptive word? It is not necessary for the parties to exchange unequal consideration in a conditional insurance contract. In most cases, the insured is. (A) Both parties to the contract are bound to the terms. which of the following best describes a conditional insurance contract? 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? B) acceptance B) Offer and acceptance A) definitions A) there is an element of chance and potential for unequal exchange of value or consideration for both parties See answers. Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. A provision that allows a policyowner to withdraw a policys cash value interest free is a(n), The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT, All of these are valid options for an Adjustable Life Policy EXCEPT, The policys premium can be increased or decreased, An insurers claim settlement practices are regulated by the. Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. Rob recently died at age 60. A) there must be an offer and acceptance A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. What does the word level in Level Term describe? Consideration clause Shirley has a $500,000 10-year-non-renewable level term life policy. This is called risk retention preexisting conditions law of large numbers adverse selection, What is known as the immediate specific event causing loss and giving rise to risk? 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. Which of the following policies does NOT build cash value? B) Apparent Free Flashcards about Stack #2476860 - StudyStack Premiums paid plus interest earned is returned to the beneficiary. Which of these is considered to be a Living Benefit option in a life insurance policy? C) Legal purpose 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. Adjustable life Credit life Modified life Universal life, Whole life policy with premiums paid up after 20 years, Which of these would be the best example of a limited pay life insurance policy? Definition refers to a description which is given to a word, idea or phenomenon . Increasing Term Life policy Nonparticipating policy Modified Whole Life policy Universal Life policy, What is the automatic continuance of insurance coverage referred to as? If Sharon MUST obtain Mikes signature in order to change the beneficiary, what kind of beneficiary designations is this? The policy may be paid up early by using accumulated cash values The policy may be paid up early by using policy dividends The policy's premiums will increase after 20 years The policy's cash values steadily decrease after 20 years, the policy would be payable, minus the premium amount, If an insured dies during the grace period with no premiums paid the policy would be payable, minus the premium amount the policy would be payable only after the beneficiary makes past due premium payment all past premiums will be refunded with interest the claim would be denied, In what part of an insurance policy are policy benefits found? Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". A) underwriting 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? be signed and witnessed by an attorney 1 pt. Zucchini is the best descriptive word. B) conditional When initial premium is collected and policy is issued. the terms must be accepted or rejected in full Under the McCarran-Ferguson Act, what is the minimum penalty for this? legal reserve, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? Which market index is normally associated with an indexed annuitys rate of return? 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 Which of the following is the best descriptive word? A - Weegy D) Competent parties, Which of the following BEST describes a conditional insurance contract? Answer Explanation: A contract that requires certain conditions or acts by the insured individual. In which form of corporate financing is the investor also an owner? Ken is a producer who has obtained Consumer Informations Reports under false pretenses. Countersignature, Which of the following is an example of the insured's consideration? Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? Modified Endowment Contract Current assumptive whole life Credit life insurance Equity index whole life, What kind of life insurance policy covers two or more people with the death benefit payable upon the last person's death? What kind of policy is this? which of the following best describes a conditional insurance contract? Legal Consideration Competent parties Countersignature, A contract that requires certain conditions or acts by the insured individual, Which of the following BEST describes a conditional insurance contract? 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. What kind of policy is this? A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. Which of the following is CORRECT regarding the death benefit amount? B) Law of adhesion Which of the following best describes a conditional insurance contract B) the contract must be aleatory What are an applicants statements concerning occupation, hobbies, and personal health history regarded as? After being properly appointed by the insurer. Which course of action is the insurer entitled to when deliberate concealment is committed by the insured? D) Consideration clause, When the principal gives the agent authority in writing, it's referred to as If the other agreement or condition is performed, then the conditional contract is . definitions 2. D) Evident authority, Which of the following is an example of the insured's consideration? Which of the following best describes a symbol. B) Unequal consideration 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? Are you looking for the correct answer to the question Which of the following BEST describes a conditional insurance contract?? D) Insurance producers, If a material warranty violation on the part of the insured is found, what recourse does an insurer have? A) warranty Policy Summary Buyer's Guide Entire Contract Entire Policy, It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill, What is the purpose for having an accelerated death benefit on a life insurance policy? A (D) Only one party is legally bound to the contract. D) Intent, Which contract element is insurable interest a component of? Which of the following statements correctly describes a contract of indemnity? 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. 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. A non-contributory health insurance plan helps the insurer avoid. conditions, Legal purpose is a term used in contract law meaning Pay owns a 20-pay life policy with a paid-up dividend option. How often must the Commissioner examine each domestic insurance company? B) Period to which the coverage exists A) Sister and brother LIFE INSURANCE LICENSING EXAM Flashcards | Chegg.com insurer Bob dies 12 months later. The policies continue in force with no change. D) Conditional, Which of the following is NOT a requirement of a contract? In this situation, who will receive Bob's policy proceeds? warranty WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Which of the following statements is true? A contract that requires certain conditions or acts by the insured individual A contract that has the potential for the unequal exchange of consideration for both parties A contract where one party "adheres" to the terms of the contract A contract where only one party makes any kind of enforceable contract, statements made in the application and the premium, In a life or health insurance contract, "consideration" would be the offer and acceptance premium only statements made in the application and the premium statements made in the application only, According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's underwriting issuance of the policy promises made legal reserve, All of the following are elements of an insurance policy EXCEPT definitions other insurance claim forms conditions, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as Apparent Estoppel Aleatory Unilateral, Which of the following is an example of the insured's consideration? A contract that requires certain conditions or acts by the insured individual This means that the insurer's promise to pay benefits depends on the occurrence of an event covered by the contract. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. be filed with the state the contract is voidable upon proof of fraud. A) Parties involved must be competent How many days is a temporary producers license valid? Bob dies 12 months later. 2003-2023 Chegg Inc. All rights reserved. Risk Hazard Indemnity Peril, Insurance companies determine risk exposure by which of the following? Post thoughts, events, experiences, and milestones, as you travel along the path that is uniquely yours. 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? C) Insurable interest D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. C) the terms must be accepted or rejected in full Insurance Multiple-Choice Questions Flashcards Preview - Brainscape C) Law of large numbers Eventually, they retire and dissolve the business. Only the insured can change the provisions Express Apparent Implied Conditional, The type of multiple protection coverage that pays on the death of the last person is called a(n) joint life policy survivorship life policy annuity joint policy dual life policy, A nonforfeiture option can be used to increase the death benefit, All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The policy's protection period can be modified, A life insurance contract which accumulates cash values higher than the IRS will allow, 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 prior to age 65 are subject to a 10% penalty, An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value interest free. The most appropriate description ascribed to the meaning of definition from the options given is ; A precise statement of the qualities of an idea, object or process. The present cash value of the policy equals $250,000. The face amount and policy premium are not affected by the payment Before payment of the benefit is made, specific conditions must exist, such as suffering from a terminal illness There may be a dollar limit on the maximum benefit The benefit can be offered as a rider at a specific extra cost or may be at no cost, Which of the following is NOT part of an insurance contract? ______ is NOT an element of a valid contract. What types of life insurance are normally used for key employee indemnification? A) Only the insured pays the premium The policies continue in force with no change. D) statements made in the application only, C) statements made in the application and the premium, According to life insurance contract law, insurable interest exists

Uranus In 8th House Sudden Death, Single Wide Mobile Homes For Rent In Henderson, Nc, Articles W