D. Premiums are tax deductible as a business expense, B. 4)explain policy & provisions
What is an exchange of a whole entire life policy for another? A. Premiums are not tax deductible as a business expense. Long-term investment decision, payback method Bill Williams has the opportunity to invest in project A that costs $9,000 today and promises to pay annual end-ofyear payments of$2,200, $2,500,$2,500, $2,000, and$1,800 over the next 5 years. An insurance consultant CANNOT be which type of persons? How does having children affect the decisions that couples must make when considering a divorce? One sided contract is a ______________ contract. All of the following are true about the Fair Credit Reporting Act Except: Regardless of what the consumer learns about the unfavorable information, the report can be changed by court action only.
A policy summary Legal Purpose \text{Less: Operating expenses}\\ d) Policy dividends. &\begin{array}{r|lr} a) An agent offers the use of his lake house to person as an inducement to buy. Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. (a) blended family. If the corporation collects the policy benefit, then A whole life insurance policy is exchanged for a term insurance policy. Increasing term Its controller resigned in October 2017. (2), 1)HIPPA
Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. d. falsely believing that a spouse has been -paying for certain time and stop. Acceptance Which of the following documents must be provided to the policyowner or applicant during policy replacement? All of the following characterize term life insurance, EXCEPT: Select one: a. The policy is issued for one year and may be renewed annually with evidence of insurability. 3. Insurance is considered a transfer of risk. c) Comparisons with similar policies The Terrorism Risk Insurance Program is administered by which of the following Federal entities? A ______ will receive unfavorable tax treatment. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers (b) single-parent family. d. It does not require a duty to be owed. 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. (b) Cash value accumulation is slow to moderate. A ____ contract requires that both parties perform certain duties. I. ~~~\text{Utilities expense}&12,000\\ b) Reduced paid-up B. 1) premium schedule differ from whole life
It is most appropriate when an insured needs lifetime protection. 3)low premiums. d) Contingent. B. Observers and analysts have attributed the reasons for the 2001-2006 housing bubble and its 2007-10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". Rates. An insurance company that was incorporated in a different state it is doing business in and pays dividends to its policyholders is known as a _________. If there Is a risk of financial loss then there is a what? What does "liquidity" refer to in a life insurance policy? II. Which of the following statements concerning buy-sell agreements is true? c) Premium accountability. &\text { Accumulated depr.-equipment }\\ 3)according to the source of annuity income
3)2 death benefit option
a) A medical examination D. Workers compensation. B. 1)physical exam
b) Coverage ends and the policy cannot be reinstated. This type of life insurance is called The primary purpose of buying an annuity is? Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. Carl would like to purchase life insurance. 1) Competent Parties
Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . The following are all true regarding risk management, except: A. 3. 4)settlement options, 1)stand alone policy
The applicant accepts the invitation by paying the ___________. 3)defined benefit plans
the underwriting process is approved for:
_____________ is a statement that is true to the best of the persons knowledge that is making the statement. It is the specific cause of loss. CashJul1Jul315,500???? Which of the following is NOT an allowable 1035 exchange? d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. Can a misrepresentation render the contract void if the misrepresentation is material to the risk? Which of the following about a VUL insurance policy is (are) true? (d) endowment insurance, Rachel needs permanent life insurance.
a. mentally counting backward from 1,0001,0001,000 Cash values are available in whole life policies. -ages 25,28,34,37,40
Jul3125,500\begin{aligned} Your device, make and model. In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. InventoryJul1Jul3122,000???? Mutual life policy. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? Predicted needs of the family after the insured's death are used in the needs approach. b. The 4 characteristics of a universal life policy are? Newborns after how many days become covered in a child rider? Which of the following is the basic source of information used by the company in the risk selection process? Out of 20 yr or 30 yr which policy is less expensive? 1. Health insurance decreases your healthcare costs. The penalty is 50% of the shortfall from the required annual amount. 2. Occupation D. The flexible premium. Copyright 2009-2022 Tests.com LLC - All Rights Reserved. Round Tree has 100 Type I rooms and 120 Type II rooms. c) Policy loans are taxable distributions. The insured agrees to maintain insurance equal to some specified percentage of the value of the property. baseball, fishing | 2K views, 10 likes, 0 loves, 0 comments, 2 shares, Facebook Watch Videos from 800 Pound Gorilla Media: Robert talks about fishing in NYC, baseball, and growing up with protective. 2)APS=medical records
D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. 1) preferred risk
-policy holder adheres to it
O c. The policyowner has the option of investing the cash value in several investment accounts. \hline \text { Jul 31 } & 3,000 A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. A. signed waiver of premium \end{array} B) bonds 3. *Both not taxable. b) Cost of living rider. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health 2)quarterly
&\text { Cash }\\ a) To limit the insurer's liability after the 2 year waiting period 4)defined contribution plans. -has cash value invested in the stock market
A. Are insurance company underwriters allowed to discriminate? b. &\text { Accounts payable }\\ B. WorkinProcess$229,040.00EmployeeIncomeTaxPayable$33,880.00FactoryOverhead78,960.00SocialSecurityTaxPayable19,096.00Cash250,558.00MedicareTaxPayable4,466.00\begin{array}{lrlr}\text { Work in Process } & \$ 229,040.00 & \text { Employee Income Tax Payable } & \$ 33,880.00 \\ \text { Factory Overhead } & 78,960.00 & \text { Social Security Tax Payable } & 19,096.00 \\ \text { Cash } & 250,558.00 & \text { Medicare Tax Payable } & 4,466.00\end{array} ~~~\text{Direct labor cost}&190,000\\ \underline{\hspace{40pt}}. ~~~\text{Raw materials purchases}&\$264,000\\ Signed waiver of premium Participating policy. A corporation is the owner and beneficiary of the key person life policy. 2)can be sold as a rider to a whole-life policy. B. b) Fixed income Which nonforfeiture option provides coverage for the longest period of time? Daycare is considered to be among these expenses. A policy summary usually includes all the listed information, and must be delivered along with a new policy. C. Independent rating services evaluate and rate the financial ability of insurance companies The remaining amounts should be charged to selling and administrative activities. They become permanently disabled
Why?". (Choose from the following options) b) Outline of coverage also known as acceptance. A SEC registration. Who appoints the state insurance regulator in many states? Prepare the following details: Mobile number, serial number, or IMEI. All of the following are true of insurance EXCEPT It transfers risk. 1)increase cash value
States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. Which of the following is a financial rating service? 17,000, InventoryJul122,000???? 3)MIB=records of all previous insurances they had. She meets the definition of total disability under Social Security. A key person insurance policy will pay for costs of running the business and replacing the employee. Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. Which type of life insurance makes sense for someone in this situation? Which risk management type is shifting the risk of loss to a larger homogeneous group? (d) free look provision. &\begin{array}{lr|lr} b. 4. (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. C. A surplus lines broker deals with direct writing companies only -pays an additional death benefit if the insured dies from an accident
The money in a savings account (c) face amount of the policy and the legal reserve. Coverage is available in $50,000 increments up to the maximum of $400,000. ? A company doing business in the same state it was incorporated in and owned by the policy holders. b. persistent fear of germs D. Accident As her friend, you have been asked to review the income statement and make necessary corrections. Consumer report The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. The policyowner can add to a policy's cash value at any time subject to policy guidelines. After examining other manufacturing cost data, you have acquired additional information as follows. B) A "cost of living" rider adjusts the face amount of a policy to maintain the relationship of the face amount and increases in the cost of living. B. Warranty -policyowners right provision
4. The cash value of availability to the policyowner 1. A surplus lines broker accepts business only from non- resident agents 3)Increasing term adds face value. B. Misrepresentation D. Funding against general company financial loss d) An agent misrepresents policy benefits to convince a policyowner to replace policies. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent.