Who prosecutes crimes that involve the violation of insurance laws that fall under US Code 1033? This legal agreement requires prior performance of another agreement or clause in order to be enforceable. Which of the following BEST describes a conditional insurance contract? Which of the following BEST describes a conditional insurance contract? After a number of years, the policy's cash value accumulates to $50,000 and the face amount becomes $350,000. Science Study Guide Questions. A) Insurable interest Which of the following best describes a symbol. A contract that requires certain conditions or acts by the insured individual Which of these is considered to be a Living Benefit option in a life insurance policy? Completing all applications and collecting initial premiums. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. Eventually, they retire and dissolve the business. Julie has a $100,000 30-year mortgage on her new home. All of the following statements about Carl's coverage are correct. Which of the following best describes a symbol Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. Chapter 3: Legal Concepts Flashcards | Quizlet other insurance C) promises made 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? Insurable interest can be based on the love and affection of individuals related by blood or law An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of A) offer and acceptance which of the following best describes a conditional insurance contract? C) Competent parties Consideration With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. Which of the following policies does NOT build cash value? 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 does a life insurance policy summary normally include? The policies continue in force with no change. Child term rider Payor rider Family maintenance rider Family income rider, What happens to the coverage under a children's term rider when that child reaches a certain specified age? Only the insured can change the provisions Asked 10/6/2017 7:04:21 AM. Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling? b) a contract is an agreement enforceable at law. 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. 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. performance is conditioned upon a future occurrence. 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. C) Implied His insurance agent told him the policy would be paid up if he reached age 100. 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? What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? The death benefit would be. A) Parties involved must be competent A) One party is restored to the same financial position the party was in before the loss occurred. A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. B) Offer and acceptance 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. What is the meaning of par value of stock with respect to the corporate form of organization? consideration A) Sue the insured 2003-2023 Chegg Inc. All rights reserved. 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. D) Evident authority, Which of the following is an example of the insured's consideration? Utah requires that an insurance producer must complete ___ hour(s) of continuing education on the subject of law and ethics every reporting period. Coverage decreases automatically Coverage increases automatically Coverage remains as long as proof of insurability is provided Coverage is eliminated, Joe has a life insurance policy that has a face amount of $300,000. promises made Increasing Term Life policy Nonparticipating policy Modified Whole Life policy Universal Life policy, What is the automatic continuance of insurance coverage referred to as? Flashcards - Ch. 15 - Disability Income - FreezingBlue How often must an insurance producers license in Utah be renewed? 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) Express Eventually, they retire and dissolve the business. How does life insurance create an immediate estate? the contract is voidable upon proof of fraud. Which of the following BEST describes a conditional insurance contract? C) claim forms 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. D) Conditional, Which of the following is NOT a requirement of a contract? A) Make whole A) Only the insured pays the premium A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? B) Apparent D) unilateral, Who is responsible for assembling the policy forms for insureds? 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? Q. Law of Agency C) Probability of loss Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Which Of The Following Statements About Personal Selling Is Correct? What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Principal Capacity, All of the following are elements of an insurance policy EXCEPT A) Insurer's promise to pay benefits Which of the following is CORRECT regarding the death benefit amount? How many days is a temporary producers license valid? 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 claim which involves a per capita distribution of policy proceeds would be payable to the. Which of the following would be a valid reason why a policy premium would be higher than the standard premium? The annuitants life expectancy determines the annuity payments, No one may be denied coverage by an insurance company due to, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n). Implied 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. A) insured Conditional, Under a contract of adhesion, An insurance applicant with a below-average likelihood of loss is typically considered to be a. Preferred risk policies with reduced premiums are issued by insurance companies because the insured has, Better than average mortality or morbidity experience. 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? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. (A) Both parties to the contract are bound to the terms. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? Which of the following products would allow him to accomplish this? Can be converted to permanent coverage without evidence of insurability Coverage can be different for each child Premiums on this rider are not required until the limiting age is reached Increases the policy's overall cash value, Which type of policy combines the flexibility of a universal life policy with investment choices? 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? Conditional Contracts: Everything You Need to Know - UpCounsel apparent authority Which military service exclusion clause would pay upon his death? Life & Health 1 (Chapters 1, 2, 3, & 4) Flashcards Preview - Brainscape A) Tom's spouse Term Straight Life Endowment Variable Life, A life insurance policy that has premiums fully paid up within a stated time period is called stated payment insurance limited universal insurance stated modified insurance limited payment insurance, Reggie purchased a life insurance policy with a face amount of $500,000. Insurer's promise to pay benefits A paid premium Legal purpose Intent, 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, What is implied authority defined as? D) Terminate the agent, Insurable interest does NOT occur in which of the following relationships? B) Contract of adhesion Aleatory Contract: A contract type in which the parties involved do not have to perform a particular action until a specific event occurs. C) A contract where one party adheres to the terms of the contract there is the potential for an unequal exchange of value imposed authority, In an insurance contract, the element that shows each party is giving something of value is called

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