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Which of the following would be a valid reason why a policy premium would be higher than the standard premium? When does a life insurance policy typically become effective? B) Contract of adhesion Restoring an insured to the same condition as before a loss is an example of the principle of. Both partners are still married at the time of Bob's death. C) A contract where one party adheres to the terms of the contract 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). A) Insurability Orissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. A policyowner can receive a percentage payment of the death benefits prior to death by using what kind of contract? 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? Eventually, they retire and dissolve the business. A) there is the potential for an unequal exchange of value Conditional insurance contracts are insurance policies that require the insured person to satisfy certain conditions in order to become effective and/or to be paid out by the insurer. A. What is a corridor in relation to a Universal Life insurance policy? the insurer's obligations are dependent upon certain acts of the insured individual Under a life insurance policy, what does the insuring clause state? producer's apparent authority Which of the following is a TRUE statement? This rider is called a(n). When the term insurance expires. d. a deductible stated in the policy's provision. 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? AzAnswer team is here with the right answer to your question. A.$1,656 D) Insurance producers, If a material warranty violation on the part of the insured is found, what recourse does an insurer have? A life insurance policy that is subject to a contract interest rate is referred to as. C) insurer A contract that requires certain conditions or acts by the insured individual. Which Of The Following Best Describes A Conditional Insurance Contract. Insurers must maintain files of all documents used for solicitation for ____ year(s) after the last authorizes date of use. What does the Group Life underwriting risk selection process help protect insurance companies from? Pay owns a 20-pay life policy with a paid-up dividend option. Which of the following is the best descriptive word? Authority given to an agent to act outside the scope of 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, When the principal gives the agent authority in writing, it's referred to as Question and answer. Identify the type of financing (stock or bond) that best answers the question. D) misrepresentation, Which of the following is NOT required in the content of a policy? 30 seconds. The death benefit would be. 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) warranty offer How does life insurance create an immediate estate? In the case of an insurance contract, the contracting parties are the claimant and the insurer. The policies continue in force with no change. 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. A) Tom's spouse A new stain removal product claims to completely remove the stains on 909090 percent of all stained garments. 2003-2023 Chegg Inc. All rights reserved. D) both the policyowner and the insurer must know all material facts and relevant information, B) only one party (the insurer) makes any kind of legally enforceable promise, Intentional withholding of material facts that would affect an insurance policy's validity is called a(n) Which of the following does a life insurance policy summary normally include? 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. 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 B) Law of adhesion The terms of the policy typically outline these conditions . Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. Which option was chosen? B) guarantee B) producer C) adhesion How do insurers predict the increase of individual risks? What is the meaning of par value of stock with respect to the corporate form of organization? A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3