InventoryJul1Jul3122,000???? What kind of penalty would the IRA owner pay? 3)MIB=records of all previous insurances they had. B) Human life value approach is determined by the loss of income that would result with the death of the insured, after making adjustments for expenses, inflation, etc. Which of the following statements about a life insurance policy is (are) true? 1) premium schedule differ from whole life The following information is taken from the records of Hammond on November 30 of the current year. If a change in the application is necessary what is required? A) the agent. a) No penalties, since the owner is older than 59 The Aspect of the Dragons is obtained by defeating any Ender Dragon in the Dragon's Nest (except Superior) located at the bottom of The End. Life insurance prodceeds Business partners have an insurable interest in each other Adverse selection is well controlled. Which is generally true regarding insureds who have been classified as preferred risks? c. a sheet where the agent lists any additional info about insured including: habits,financial status, or anything that may be important for the underwriting department to determine the risk involved. Hospital bills of the key employee Group life insurance is most often issued as guaranteed annual renewable term. c) National Association of Insurance Commissioners c. Manufacturing expense accounts and their balances for the month are as follows: DepreciationExpense-FactoryEquipment$5,770.24MiscellaneousExpense-Factory$13,780.48DepreciationExpense-Building2,822.40PayrollTaxesExpense-Factory43,736.00Heat,Light,andPowerExpense9,055.20PropertyTaxExpense-Factory6,088.32InsuranceExpense-Factory1,505.28SuppliesExpense-Factory18,063.36\begin{array}{lrlrr}\text { Depreciation Expense-Factory Equipment } & \$ 5,770.24 & \text { Miscellaneous Expense-Factory } & \$ 13,780.48 \\ \text { Depreciation Expense-Building } & 2,822.40 & \text { Payroll Taxes Expense-Factory } & 43,736.00 \\ \text { Heat, Light, and Power Expense } & 9,055.20 & \text { Property Tax Expense-Factory } & 6,088.32 \\ \text { Insurance Expense-Factory } & 1,505.28 & \text { Supplies Expense-Factory } & 18,063.36\end{array} d) Tax-deductible. (b) Cash value accumulation is slow to moderate. a) Withdrawals are not taxable. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. a) Types of mutual companies The application is the basic source of information an insurer uses in the risk selection process. ________________ are the person who receives benefits payable upon death. A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. (Choose from the following options) c) Premium accountability. ($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?" When a policy is contributory how much is paid? The CAS number shown in an entry is typically . All of the following statements about ordinary life insurance are true EXCEPT. All of the following are true of key person insurance EXCEPT ) The key employee is the insured. In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. D) Obtaining a bachelor's degree. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. Costs of training a replacement D. Unilateral Contract Only the MIB will provide information about an applicant's medical history. \hline & \text { Jul 1 } & 55,000 \\ A. b. -20 pay life-paid up at 65 4. The applicant accepts the invitation by paying the ___________. Pro rata liability applies. C. Conditional contract D. Concealment What type of policy does the insured most likely have? d) Military personnel. Because the insurance company must pay claims and the insured must comply with the policy terms, the insurance contract is considered which of the following types of contracts? 3)Family Policy(Limited but all fam members paid) An aleatory contract is a contract where the monetary values of the parties performances are________________. The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. D. Concealment The policyowner has a variety of options for investment of the cash value. D) An agent's report and inspection report provides personal information. Represent the insured's interest Correct: A.A peril. A. C. Countersign insurance contracts (a) limited-payment whole life insurance 2) Transferring the risk (Hint: Take a look at the Theory of Reasoned Action.). RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. II. Insurance is designed to cover both intentional and unintentional losses. B. A. A. (a) renewal provision &\begin{array}{cr|} ~~~\text{Indirect labor cost}&28,000\\ A. Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation? A) They must be given to all Life insurance applicants. a) Remains level. Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. c) To protect the policyowner Terms that apply to the insurer not the applicant. 2) profits are returned as dividends (a) I only (b) II only 2)Straight Life Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. c. continuous premium whole life c. Using the payback period, which project should Bill choose? This form of life insurance has fixed premiums and the cash value is not guaranteed. Who assumes control over an insurance company's funds and management if it becomes insolvent? -assignor=assignee D. The policy is a bilateral contract b) Unilateral (b) tax-free exchange provision -the applicant must always initial the change Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. (receive dividends & the right to vote). b) Failure to promptly settle a claim when liability has been clearly established D. The face amount remains the same throughout the life of the policy. 1)physical exam If there Is a risk of financial loss then there is a what? (a) present value of future benefits and the present value of future premiums. C. Independent rating services evaluate and rate the financial ability of insurance companies Study with Quizlet and memorize flashcards containing terms like Which of the following would not appear in the asset section of an insurance company's balance sheet? An individual applies for a life policy. A. Foregin O d. (a) blended family. All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. The insurer issues the policy and learns of his history one year later. c) 15% for early withdrawal Medical exams provide information on current health. 1 / 25. a) Lump-sum approach 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". According to the entire contract provision, what document must be made part of the insurance policy? There is no limitation on the number of key employee plans in force at any one time B. B) In insurance, fraud is the intentional misrepresentation of material information that is crucial when deciding whether or not to write a contract for an applicant. 1) cash value earns interest IRS classification of a policy that is overfunded? Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. Insurers use this law in order to predict certain types of losses and set appropriate premiums. To sell variable insurance what must you have? Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? \hline \text { Jul 31 } & 3,000 If the ultimate consumer is a business that collects and pays to the government VAT on . All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. (b) variable life insurance \end{array} \end{array} 3)according to the source of annuity income (b) They increase at a decreasing rate. B) A fiduciary is a producer who handles insurer funds in a trust capacity. a) Premium amounts and surrender values c. Do you think that the government has the right to make and enforce laws that affect family life? Benefits received are considered income taxable is proved to be untrue, whether intended as a falsehood or not, and may void the contract. Which method makes the most sense for her to employ? In an insurance contract, the value that each party gives the other is called the: When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following? Social Security is designed to provide a base of economic security B. A. A rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called B. IRS has no jurisdiction (a) Interest is credited monthly to a policy's cash value. 3. D. Gender. Credit life c) Fixed premium Statements in the application that are guaranteed true but later found to be false may result in what? Beneficiary's age is not a suitability factor. All of the following are business uses of life insurance EXCEPT Hazard C) the proposed insured. Being young and healthy means you can skip out on health insurance. The County is administered by a five-member Board of Supervisors who are elected for four-year terms d) Performing reviews of insured's coverage. A) The amount of insurance of the life of any debtor may at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. Cash values are available in whole life policies. 2)interest sensitive An__________ represents the insurer. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same D. Premiums are tax deductible as a business expense, B. A contract between insurer and policy holder. Breach of warranty 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. Reinsurer Assuming company. A corporation is the owner and beneficiary of the key person life policy. If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? C) Completing pre-licensing training. M327. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} &\text { Inventory }\\ A. . Predicted needs of the family after the insured's death b) Policyholder A. -Voting. Correct: C. Unilateral contract. Correct: C. Consideration. 3)substandard risk. The insurer that is transferring the risk to another company is called the ____________ __________. \text{Sales revenue}&&\$780,000\\ (economy). Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. (a) I only A. Arrest History. c) Accelerated benefit rider. -age 100. Difference between Universal Life Insurance and Whole Life Insurance? Term life insurance provides the largest amount of coverage for the lowest amount of premium. Steven prints a pamphlet to advertise his life insurance business. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? Conditional contract means the policy holder does what? Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. (d) free look provision. Question: 55. 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. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. a. A policy that does not pay dividends to policyowners is a 4. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} 3)2 death benefit option A ____ contract requires that both parties perform certain duties. James purchased yearly renewable term insurance. Whats the cheapest type of permanent insurance? Premiums are not tax deductible as a business expense Claim is still paid with an adjustment to the benefits. B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. II. D. Claim History Limited-Pay Life & Single-Premium Policies? \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ (Medic Information Bureau)? B) The parent is responsible for the premium. Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? \text{Less: Operating expenses}\\ All of the following statements are true regarding mortgage protection insurance EXCEPT. 2)Legal Purpose b) Promptly forwarding premiums to the insurance company \end{aligned} Empire Company is a manufacturer of smart phones. Pure Risk. C. Insured's annual expenses (b) single-parent family. D. Agents report. D) Claims result from losses by a peril insured against in an insurance policy. Last year, the couple got divorced. a) Accepted accounting principal. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. Investors become more risk averse. Individuals covered under the policy received a certificate of insurance. Members are assessed to fund the corporation. -Not a true insurance company The requirement that producers must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as (b) The face amount of the policy is paid if the insured lives to age 65. \\ Fraud Modification to a policy is a _______________? An insurance consultant CANNOT be which type of persons? An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable.
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