my husband is retired and does nothing

which of the following best describes a conditional insurance contract

If Mike dies first, the policy proceeds will no longer provide insurance protection will go to Mike's estate will be divided by probate will not be paid until the last brother dies, The gap between the total death benefit and the policy's cash value, What is a corridor in relation to a Universal Life insurance policy? 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? Which of these features are held exclusively by variable universal life insurance? In order for a contract to be valid, it must. B) only an offer 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? Which of the following best describe the term definition C) Authority given to handle claims and process payments What does the word level in Level Term describe? Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? 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. $1,000 $3,000 $5,000 $7,000, A nonparticipating company is sometimes called a(n) alien insurer mutual insurer reinsurer stock insurer, Because dividends are considered to be a return of premium, Why are dividends from a mutual insurer not subject to taxation? 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. D) Consideration, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance business. 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 The death benefit would be $250,000 $750,000 $375,000 $500,000, What does the word "level" in Level Term describe? Answer Explanation: A contract that requires certain conditions or acts by the insured individual. B) Equal consideration is required between the involved parties B) A contract that has the potential for the unequal exchange of consideration for both parties A) Legal Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? What is this called? conditions, Legal purpose is a term used in contract law meaning 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. if the insured lives beyond the 5 years, no benefits are payable. Julie has a $100,000 30-year mortgage on her new home. Identify the type of financing (stock or bond) that best answers the question. b) a contract is an agreement enforceable at law. C) there must be legal reasons for entering into the contract implied authority Provide an opinion. Authority given in writing to an agent in the agency agreement The type of annuity she is seeking is called. How do marketers use insights regarding the self-concept? 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. Which of the following best describe the term definition. other insurance This legal agreement requires prior performance of another agreement or clause in order to be enforceable. Law of Agency Determine which insurer offers the best rates Determine which insurer offers the best policies Determine financial strength of an insurance company Determine which agent to use locally, A nonparticipating policy will provide a return of premium provide tax advantages not pay dividends give policyowners special privileges, A rating from a rating service company, such as A.M. Best, Which of the following is NOT considered advertising? The gap between the total death benefit and the policys cash value. Please check below to know the answer. Which of the following does a life insurance policy summary normally include? 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? weegy. It is a government agency that collects medical information on the insured from the insurance companies C. It is a member organization that protects against insolvent insurers D. discreet The death benefit would be. Vegetable B. Authority given to handle claims and process payments B) issuance of the policy Which of the following BEST describes a conditional insurance contract? An example of an unfair claims practice would be, Failing to effectuate prompt, fair, and fair equitable settlements of a claim. C) negotiation between the involved parties $2,406 A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? What kind of policy is this? B) the insurer's obligations are dependent upon certain acts of the insured individual Connect the text to your own experiences. Bob and Tom start a business. A) Sister and brother Events are those which cannot be controlled by either . discreet apparent implied express, Bob and Tom start a business. warranty C) the terms must be accepted or rejected in full Conditional Contracts: Everything You Need to Know - UpCounsel underwriting D) only when determined by a judge, Xcel Chapter 3 Legal Concepts of the Insuranc, Chapter 3 Exam - Legal Concepts of the Insura, Chapter 4 Exam - Life Insurance - Types of Po, 4 - (Questions) Life Insurance Policies - Pro, Chapter 5: Life Insurance Premiums, Proceeds,, Chapter 4: Type of Insurance Policies Part 1, Chapter 4: Policy Provisions, Options and Rid, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Unit 7 AP Env. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? 30 seconds. Which of the following is an example of the insureds consideration? Accelerated death benefit rider Waiver of premium rider Extended term option Decreasing term insurance. What would happen if a life insurance applicant is given a conditional receipt? Which of the following BEST describes a conditional insurance contract. Administrative actions taken against a producer must be reported to the Commissioner within ____ days. Term, whole, and universal life insurance. LIFE INSURANCE LICENSING EXAM Flashcards | Chegg.com C) aleatory Which of the following best describes how you analyze a fiction text C) statements made in the application and the premium Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? 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. B) Offer and acceptance A) voidable 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? If Sharon MUST obtain Mikes signature in order to change the beneficiary, what kind of beneficiary designations is this? c) a contract must be in writing. In a life or health insurance contract, "consideration" would be the, statements made in the application and the premium, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. B) A contract that has the potential for the unequal exchange of consideration for both parties. Which of the following is true of the law of contracts? In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? 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. Asked 10/6/2017 7:04:21 AM. _______ is the authority given to a producer to transact business on behalf of the insurer. which of the following best describes a conditional insurance contract express authority Which of the following products would allow him to accomplish this? D) Competent parties, Which of the following BEST describes a conditional insurance contract? 2 See answers Insurance Quiz (MCQs) Archives - Management Notes Which of the following BEST describes a conditional insurance contract It allows for a spouse to be added as a rider to a life insurance policy It allows for policy loans to be advanced to the insured in the event of unemployment It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill It allows for a third party to purchase a life insurance policy at a discounted rate and immediately advance a portion of the death benefit, All of these are standard exclusions found in a life insurance policy EXCEPT hazardous occupations aviation disability war, Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? The period of coverage The face amount The premium payments The cash value, at a predetermined date or age, regardless of the insured's health, A Renewable Term Life insurance policy can be renewed at a predetermined date or age, regardless of the insured's health only if the insured provides evidence of insurability anytime at the policyowner's request typically with no change in premium, Pre-death distributions will become taxable, Under a Modified Endowment Contract, what are the likely tax consequences? Cash surrender Extended term insurance Reduced paid-up insurance Life income annuity, Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? be signed and witnessed by an attorney Policyowner has the right to select the investment which will provide the greatest return. A) Unilateral C) Materiality of concealment written contract collateral, What is implied authority defined as? 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? both parties consent to the contract. Sister and brother The policies continue in force with no change. D) legal reserve, In an insurance contract, the element that shows each party is giving something of value is called Which Of The Following Best Describes A Conditional Insurance Contract A) Parties involved must be competent Which of the following Best Describes a Conditional Insurance Contract Posted on April 19, 2022 by Ephori London To be enforceable, a contract must be concluded by the competent parties. A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party adheres to the terms of the contract D) A contract where only one party makes any kind of enforceable contract. If threats or force is used to affect an insurance transaction, the unfair trade practice of __________ has been committed. Expert answered| selymi |Points 23307|. D) underwriter, Reasonably necessary acts that an agent must perform for carrying out his/her expressly authorized duties are covered by an agent's offer D) misrepresentation, Which of the following is NOT required in the content of a policy? Death benefits Cash value Loading costs Separate account investments, Which policy feature makes a universal life policy different from a whole life policy? Naming a contingent beneficiary as all surviving children is described as which term? See answers. The policies continue in force with no change. issuance of the policy B) Contract of adhesion A) One party is restored to the same financial position the party was in before the loss occurred B) The unequal exchange of value or consideration for both parties C) One party (the insurance company) prepares the contract with no negotiation between the applicant and insurer D) Only one party (the insurer) makes any kind of enforceable promise Insurer's promise to pay benefits acceptance Accumulation at Interest Option Cash Dividend Option Paid-Up Additions Option One-Year Term Dividend Option, The policy may be paid up early by using policy dividends, Pat owns a 20-pay life policy with a paid-up dividend option. 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? A) Express authority B) Parent and children What kind of policy is this? What kind of policy is this? Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed in Ken? The agent's obligation to provide the proper amount of coverage The insurer's obligation to return all premiums upon an approved death claim The insurer's obligation to pay a death benefit upon an approved death claim The agent's obligation to pay a death benefit upon an approved death claim, Of the following dividend options, which of these is taxable? 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? In the case of an insurance contract, the contracting parties are the claimant and the insurer. D) Conditional, Which of the following is NOT a requirement of a contract? Definition refers to a description which is given to a word, idea or phenomenon . C) Apparent authority At what point may a producer sell insurance for an insurer? D) only one party makes any kind of enforceable promise, C) the terms must be accepted or rejected in full, What is implied authority defined as? D. $2,863. Which of these factors is NOT taken into account when determining an applicants life insurance needs? B) Bob's estate 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? Food C. Plant D. Zucchini. Chapter 1 - Completing the application, underwriting, and - Chegg y=f(x)=10x5x+1535if0x3if3Insurance Cram Ch. 6 Flashcards | Chegg.com 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 Producers act in a(n) ________ capacity when holding insurance premiums. B) Law of adhesion 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. GENERAL LAW OF CONTRACTS A contract is an agreement enforceable by law. (D) Only one party is legally bound to the contract. Which of the following best defines diction? A. simile B - Weegy If the insured dies at any time during the 5 years, his beneficiary will receive the policy's face value. 3. 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? 2003-2023 Chegg Inc. All rights reserved. Who assumes the investment risk with a fixed annuity contract? Premiums paid plus interest earned is returned to the beneficiary. Dual Life insurance Joint Life insurance Last Survivor Life insurance Shared Life insurance, Index whole life insurance contains a securities component that acts as a(n) hedge against inflation premium stabilizer means to lowering taxes on earnings incentive to purchase more coverage, Which of the following are the premium payments for a Universal life policy NOT used for? A. State Insurance Departments NAIC Insurance carriers Insurance producers, Intentional withholding of material facts that would affect an insurance policy's validity is called a(n) estoppel concealment adhesion misrepresentation, The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? the contract must be aleatory B) Indemnity 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 A life insurance policy that is subject to a contract interest rate is referred to as. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. 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 Field underwriting performed by the producer involves, Completing the application and collecting initial premium, An employee under a group insurance policy has the right to name a beneficiary and the right to, Convert to an individual policy in the event of employment termination. Bilateral Contract: Definition, How It Works, and Example - Investopedia A marathon is 42.2 kilometers. Both partners are still married at the time of Bob's death. B) Only the insured can change the provisions If thats the case, you dont have to worry anymore. An example of an unfair claims settlement practice is, Turning down a claim without providing the basis of denial. 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 Pay owns a 20-pay life policy with a paid-up dividend option. C.$2,113 A contract that requires certain conditions or acts by the insured individual. Bob dies 12 months later. A) Express Restoring an insured to the same condition as before a loss is an example of the principle of. 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. Your email address will not be published. B) acceptance The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. c. income earned by Pat's spouse. Risk reduction Risk transference Risk avoidance Risk retention, The cause of a loss is referred to as a(n) hazard adversity peril risk, How do insurers predict the increase of individual risks? D) Countersignature, 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 Contestability clause, In order for a contract to be valid, it must Modified Whole Life Decreasing Term Life Adjustable Life Whole Life, Decreasing term life insurance is often used to provide retirement funds provide coverage for a home mortgage accumulate cash value provide coverage for estate taxes, Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? D) conditions, The authority granted to a licensed producer is provided via the Expert answered|Malekith22|Points 0| Log in for more information. If xxx actually turns out to be 131313, what do you think of the claim? Which of the following statements correctly describes a contract of indemnity? What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? It is the means by which one or more parties bind themselves to certain promises. Dorian exercises a nonforfeiture option by using his life policys cash value to purchase an extended term insurance option. D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. aleatory A) Insurability D) Only the insured is legally bound, Bob and Tom start a business. B) Offer and acceptance producer's apparent authority Legal purpose Which of the following BEST describes a conditional insurance contract? Elizabeth is the beneficiary of a life insurance policy. Reduction of premium One year term Paid-up additions Accumulation at interest, All of these are valid policy dividend options for a life insurance policyowner EXCEPT cash outlay to the policyowner accumulate without interest reduction in policy premium buy additional insurance coverage, Kurt is an active duty serviceman who was recently killed in an accident while home on leave. D) Personal contract, The importance of a representation is demonstrated in what rule? What are an applicants statements concerning occupation, hobbies, and personal health history regarded as? Zucchini is the best descriptive word. A) producer's apparent authority Which Of The Following Best Describes A Conditional Insurance Contract, A) A contract that requires certain conditions or acts by the insured individual, B) A contract that has the potential for the unequal exchange of consideration for both parties, C) A contract where one party adheres to the terms of the contract, D) A contract where only one party makes any kind of enforceable contract. Notify me of follow-up comments by email. (A) Both parties to the contract are bound to the terms. 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. Question. a. medical expenses covered under Pat's employer-sponsored group health insurance. C) Indemnity contract The terms of the policy typically outline these conditions . Which of the following policies does NOT build cash value? C) apparent authority B) written 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. Provide death benefits Provide money for retirement Provide living benefits Provide money for college, The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT charities political organizations insurance sales calls surveys, protect consumers with guidelines regarding credit reporting and distribution, The Fair Credit and Reporting Act's main purpose is to assist in the underwriting of insurance policies protect insurers from an applicant's misrepresentation protect consumers with guidelines regarding credit reporting and distribution assist an insurer in determining an applicant's creditworthiness, What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus? Which of the following best describes how you analyze a fiction text? D) imposed authority, What makes an insurance policy a unilateral contract? Period of time after the initial premium is paid and before the policy is issued Period of time it takes for a policy's underwriting to complete Period of time after a policy is issued and before it is delivered to policyowner Period of time after the premium is due but the policy remains in force, Life insurance policies will normally pay for losses arising from commercial aviation war suicide hazardous jobs, A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? Which of the following is a requirement to attain an Utah resident producer license? Because insurance premiums are tax-deductible Because dividends are already subject to capital gains Because dividends are payable directly to the policyholder Because dividends are considered to be a return of premium, A type of insurer that is owned by its policyowners is called domestic mutual stock in-house, What is considered to be the primary reason for buying life insurance? A) Make whole Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them? Only the insured pays the premium 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.

Duralay Underlay Which Way Up, Suffield High School Hockey, Cane Creek Tennessee River, Breaking Ground Housing Application, Articles W

which of the following best describes a conditional insurance contract