performance is conditioned upon a future occurrence. 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? B) concealment Peril Hazard Loss factor Liability, Which of these techniques will remove the risk of losing money in the stock market by never purchasing stocks? What kind of policy is this? Which of the following best defines diction? A. simile B - Weegy In this situation, who will receive Bob's policy proceeds? 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? Premium clause 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. The present cash value of the policy equals $250,000. Flashcards - Connecticut Insurance Test 2021 - FreezingBlue Zucchini is the best descriptive word. B) Contract of adhesion A) Competent parties Key elements of Organizational Behavior - People, Structure ,Technology & External Environment | Organizational Behavior, Penology - Meaning, Types, Importance, Scope and Example | Sociology, Karmachari Sanchaya Kosh - | Employees Provident Fund Nepal, Perceptual Errors -Types of Perceptual Error | Fundamentals of Organizational Behaviour, Difference between Manufacturing and Service Operations | Operation Management. A life insurance policyowner does NOT have the right to, Fixed annuities provide each of the following EXCEPT. Which of the following are the premium payments for a universal life policy NOT used for? Provide an opinion. Sharon is the policyowner of a $500,000 life insurance policy. Consideration This legal agreement requires prior performance of another agreement or clause in order to be enforceable. It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance. 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 Which military service exclusion clause would pay upon his death? The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Which scenario would most life insurance policies exclude coverage for? When the term insurance expires. A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the. Options 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 y=f(x)=10x5x+1535if0x3if3Which of the following best describes a conditional insurance contract A contract that requires certain conditions or acts by the insured individual. D) Conditional, Which of the following is NOT a requirement of a contract? Which of the following would be an act of Unfair Discrimination by an insurer? Which of the following is true of the law of contracts? D) Utmost good faith, What does the insurance term "indemnity" refer to? The gap between the total death benefit and the policys cash value. A) there is the potential for an unequal exchange of value D) Offer and acceptance must be involved, B) Equal consideration is required between the involved parties, A contract requires Which of the following is a requirement to attain an Utah resident producer license? Bilateral Contract: Definition, How It Works, and Example - Investopedia Under a life insurance policy, what does the insuring clause state? D) A contract where only one party makes any kind of enforceable contract, A) A contract that requires certain conditions or acts by the insured individual, All of the following are elements of an insurance policy EXCEPT Principal Capacity, All of the following are elements of an insurance policy EXCEPT insured Log in for more information. C) Legal purpose weegy. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed in Ken? In most cases, the insured is. At what point may a producer sell insurance for an insurer? A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. A(n) ________ investigates, negotiates, and settles claims for a few on behalf of an insurance company. Which of the following BEST describes a conditional insurance contract? Describe the structure. A) Only the insured pays the premium Who prosecutes crimes that involve the violation of insurance laws that fall under US Code 1033? D) Business owner and business client, Under a contract of adhesion, Which contract element is insurable interest a component of? Bob and Tom start a business. which of the following best describes a conditional insurance contract? How do marketers use insights regarding the self-concept? 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. B) Implied authority 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? The death benefit paid will be what the premium would have purchased at the correct age, Converting a group plan to permanent life insurance requires, The conversion being applied for within 31 days of termination. Which of the following is a reinstatement condition? Only the insurer is legally bound 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. If Sharon MUST obtain Mikes signature in order to change the beneficiary, what kind of beneficiary designations is this? Which of the following is CORRECT regarding the death benefit amount? nonparticipating life insurance policy participating life insurance policy divisible surplus life insurance policy straight life insurance policy, Which of the following is considered to be an event or condition that increases the probability of an insured's loss? Intent, The deeds and actions of a producer indicate what kind of authority? What is this an example of? It is the means by which one or more parties bind themselves to certain promises. B) at the time of application A) when any business relationship exists Which of the following BEST describes a conditional insurance 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. B) implied authority 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? D) Evident authority, Which of the following is an example of the insured's consideration? Science Study Guide Questions. Connect the text to your own experiences. Chapter 3: Legal Concepts Flashcards | Quizlet (A) Both parties to the contract are bound to the terms. A policyowner is prohibited from making any changes to the policy without the beneficiarys written consent under which beneficiary designation? Offering payment of approved claims within 30 days after affirming liability. An example of an unfair claims settlement practice is, Turning down a claim without providing the basis of denial. C) Contract must have a legal purpose B) Apparent (D) Only one party is legally bound to the contract. Insurance contracts are unilateral contracts. D) Risk insured against, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called The terms and conditions of insurance contracts should be carefully reviewed by policyholders before signing. Which of these statements is true? C) A contract where one party "adheres" to the terms of the contract. In order for a contract to be valid, it must. Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? A) Authority given in writing to an agent in the agency agreement the insurer's obligations are dependent upon certain acts of the insured individual During periods of inflation, annuitants will experience a decrease in purchasing power of their payments. Which statement is CORRECT when describing a contract of adhesion? Which course of action is the insurer entitled to when deliberate concealment is committed by the insured? Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Which of the following BEST describes a conditional insurance contract? One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. How often must an insurance producers license in Utah be renewed? B) Indemnity Parent and children D) Tom, The deeds and actions of a producer indicate what kind of authority? Required fields are marked *. Which of the following best describes how you analyze a fiction text Which of the following best describes a symbol. Which of the following is the best descriptive word? In the case of an insurance contract, the contracting parties are the claimant and the insurer. Only the insured pays the premium B) Unequal consideration Premium clause Consideration clause Adhesion clause Contestability clause, When the principal gives the agent authority in writing, it's referred to as express authority implied authority apparent authority imposed authority, Ambiguities in an insurance policy are always resolved in favor of the insured producer insurer underwriter, ______ is NOT an element of a valid contract. Dorian exercises a nonforfeiture option by using his life policys cash value to purchase an extended term insurance option. 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? A) Tom's spouse 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 accumulated cash values higher than the IRS will allow, Doctors pooling their money to cover malpractice exposures, The free-look provision gives the policyowner, The right to return the policy for a full refund within a specified number of days. Events are those which cannot be controlled by either . AzAnswer team is here with the right answer to your question. Bob dies 12 months later. Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. C) Authority given to handle claims and process payments 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? A) Parties involved in the contract A) voidable What are conditions in an insurance policy? 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 collateral, What is implied authority defined as? Business partners Which of these features are held exclusively by variable universal life insurance? 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? C) at the time of death 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. All of these are typically sources of underwriting information for life or health insurance EXCEPT. 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? C) A contract where one party adheres to the terms of the contract LIFE INSURANCE LICENSING EXAM Flashcards | Chegg.com D) collateral, Express power given to an agent in an agency agreement is Who is responsible for assembling the policy forms for insureds? B) only one party (the insurer) makes any kind of legally enforceable promise One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. implied authority The authority granted to a licensed producer is provided via the WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. Law of Agency The above question Which of the following BEST describes a conditional insurance contract?, Was part of Insurance MCQs & Answers. The policies continue in force with no change. C) promises made Typically, bilateral contracts involve an equal obligation or. What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? D) Principal Capacity, A unilateral contract is one in which What is the advantage of adding this rider? 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? Only the insurance company has legal obligations. If she dies 15 years after the policys inception date, how much will her beneficiary receive? A) warranty B) errors and omissions C) A contract where one party "adheres" to the terms of the contract A marathon is 42.2 kilometers. 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. there is the potential for an unequal exchange of value there must be an offer and acceptance D) Consideration clause, When the principal gives the agent authority in writing, it's referred to as Only the insured can change the provisions 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. D) Consideration, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as?
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