If thats the case, you dont have to worry anymore. A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. The policy may be paid up early by using accumulated cash values The policy may be paid up early by using policy dividends The policy's premiums will increase after 20 years The policy's cash values steadily decrease after 20 years, the policy would be payable, minus the premium amount, If an insured dies during the grace period with no premiums paid the policy would be payable, minus the premium amount the policy would be payable only after the beneficiary makes past due premium payment all past premiums will be refunded with interest the claim would be denied, In what part of an insurance policy are policy benefits found? Sister and brother insurer 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. C) fiduciary trust An insurance contract usually involves an exchange of consideration between both parties: the insurer agrees to provide coverage and pay claims in the event of a loss, and the policyholder agrees to pay premiums in return. Insurer's promise to pay benefits conditional How could a company manager use a process cost summary to determine if the program to reduce water usage is successful? Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? implied 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) B) the contract must be aleatory C) claim forms 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? D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. Authority given in writing to an agent in the agency agreement B) Consideration What guarantees that the statements supplied by an insurance applicant are true? An example of an unfair claims practice would be, Failing to effectuate prompt, fair, and fair equitable settlements of a claim. Which type of multiple protection policy pays on the death of the last person? The policy may be paid up early by using policy dividends. 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? B) Offer and acceptance B) other insurance $2,406 Which of the following BEST describes a conditional insurance contract? Which of the following BEST describes a conditional insurance contract? B) Contract of adhesion C) Bob's spouse An insurer exaggerating its dividends in a magazine advertisement. D) legal reserve, In an insurance contract, the element that shows each party is giving something of value is called Which of the following Best Describes a Conditional Insurance Contract Posted on April 19, 2022 by Ephori London To be enforceable, a contract must be concluded by the competent parties. C) apparent authority A) Insurability
Insurance Exam Flashcards | Chegg.com Chapter 3: Legal Concepts Flashcards | Quizlet Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? The face amount and premium will remain constant over the 10-year period. 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. This rider is called a(n). Net death benefit will be reduced if the loan is not repaid No interest will be charged on loan balance Term life policies are the only type of insurance that allows policy loans A loan can be taken out for up to the face amount of the policy, Ownership of a life insurance policy may be temporarily transferred with a(n) collateral assignment absolute assignment transferable assignment beneficiary assignment, provide evidence of insurability to the insurer, In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST remit all past-due premiums within the grace period provide evidence of insurability to the insurer resubmit a new life insurance application provide a valid reason for the lapse, Which of the following is considered to be an alternative to a life settlement? An applicants character and personal habits can be obtained for underwriting purposes from which source? It is not necessary for the parties to exchange unequal consideration in a conditional insurance contract.
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Flashcards - Connecticut Insurance Test 2021 - FreezingBlue Intent, The deeds and actions of a producer indicate what kind of authority? When the principal gives the agent authority in writing, its referred to as, The terms must be accepted or rejected in full. C) adhesion An individual who removes the risk of losing money in the stock market by never purchasing stocks is said to be engaging in. A rating from a rating service company, such as A.M. Best An illustration A sales presentation Direct mailing from an agency, Fraternal Benefit Society has each of the following characteristics EXCEPT Incorporated Without capital stock Exist For profit Exist for the benefit of its members, A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called A self-derived plan A multiple-employer plan A blanket plan A self-funded plan, An insurer's ability to make unpredictable payouts to policyowners is called investment values liquidity assets capital, Ken is a producer who has obtained Consumer Information Reports under false pretenses. Legal B) implied authority What would happen if a life insurance applicant is given a conditional receipt? Who is responsible for assembling the policy forms for insureds? A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n). In this situation, who will receive Bob's policy proceeds? A) producer's apparent authority The amount of his disability income payments for an on-the-job injury may be reduced by. Eventually, they retire and dissolve the business. If the consumer price index had gone up 4%, how much may Ron increase the face value of the policy? A(n) ________ investigates, negotiates, and settles claims for a few on behalf of an insurance company. Whole life policy that pays out its cash value over a 20 year period Whole life policy with premiums paid up after 20 years Term life policy that returns cash value after 20 years Term life policy with premiums paid up after 20 years, Which type of multiple protection policy pays on the death of the last person? Which of these factors is NOT taken into account when determining an applicants life insurance needs? If the other agreement or condition is performed, then the conditional contract is . Who assumes the investment risk with a fixed annuity contract? This is also known as a non-negotiable insurance contract, or an automatic contract. Write a summary of the main ideas. A) there must be an offer and acceptance D) Tom, The deeds and actions of a producer indicate what kind of authority? Interest on policy loans is tax deductible Premium payments are tax deductible Pre-death distributions will become taxable Cash value cannot be surrendered early, seeks temporary protection and lower premiums, Term insurance is appropriate for someone who seeks living benefits for themselves seeks a policy that builds cash value seeks temporary protection and lower premiums seeks permanent protection and higher premiums, Shirley has a $500,000 10-year non-renewable level term life policy. Under the McCarran-Ferguson Act, what is the minimum penalty for this? Eventually, they retire and dissolve the business. producer's apparent authority 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? See answers. Risk reduction Risk transference Risk avoidance Risk retention, The cause of a loss is referred to as a(n) hazard adversity peril risk, How do insurers predict the increase of individual risks? D) only when determined by a judge, Xcel Chapter 3 Legal Concepts of the Insuranc, Chapter 3 Exam - Legal Concepts of the Insura, Chapter 4 Exam - Life Insurance - Types of Po, 4 - (Questions) Life Insurance Policies - Pro, Chapter 5: Life Insurance Premiums, Proceeds,, Chapter 4: Type of Insurance Policies Part 1, Chapter 4: Policy Provisions, Options and Rid, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Unit 7 AP Env. Which of the following BEST describes a conditional insurance contract? underwriting 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 BEST describes a conditional insurance contract?
which of the following best describes a conditional insurance contract Which of the following BEST describes a conditional insurance contract This legal agreement requires prior performance of another agreement or clause in order to be enforceable. underwriter, Life Insurance Policies - Provisions, Options, Fundamentals of Financial Management, Concise Edition, Micro Oneliners: Urinary Tract Infections (UT. D) Consideration, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? A) A contract that requires certain conditions or acts by the insured individual B) only one party (the insurer) makes any kind of legally enforceable promise Policyowner has the right to select the investment which will provide the greatest return. guarantee A) Insurable interest Which of these statements is true? acceptance In this situation, who will receive Bob's policy proceeds? Which of the following would be an act of Unfair Discrimination by an insurer? Are you looking for the correct answer to the question Which of the following BEST describes a conditional insurance contract?? Log in for more information. Which of the following is an annuity that is linked to a market-related index? Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". The policies continue in force with no change. Provide an opinion. Asked 10/6/2017 7:04:21 AM. Authority given to handle claims and process payments 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? Period of time after the initial premium is paid and before the policy is issued Period of time it takes for a policy's underwriting to complete Period of time after a policy is issued and before it is delivered to policyowner Period of time after the premium is due but the policy remains in force, Life insurance policies will normally pay for losses arising from commercial aviation war suicide hazardous jobs, A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due?
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Bilateral Contract: Definition, How It Works, and Example - Investopedia Which of these features are held exclusively by variable universal life insurance? B) conditional B) Period to which the coverage exists Because of this, an insurance contract is considered Adjustable whole life Universal life Decreasing term life Limited whole life, Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited, When a whole life policy is surrendered, income taxes may be owed, All of these statements concerning whole life insurance are false EXCEPT Policyowner can take out a policy loan up to the face amount When a whole life policy is surrendered, income taxes may be owed Coverage is normally temporary The death benefit is not affected by outstanding loans, A life insurance policy which contains cash values that vary according to its investment performance of stocks is called Increasing Term Life Modified Whole Life Variable Whole Life Adjustable Whole Life, Which of these riders will pay a death benefit if the insured's spouse dies? Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. D) Authority given to an agent to act outside the scope of the agency agreement, 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, Legal purpose is a term used in contract law meaning 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. What is this an example of? Peril Hazard Loss factor Liability, Which of these techniques will remove the risk of losing money in the stock market by never purchasing stocks? Sharon is the policyowner of a $500,000 life insurance policy. The insured, on the other hand, makes few, if any, legally binding promises to the insurer. D) an offer and acceptance of the contract terms, D) an offer and acceptance of the contract terms, In an insurance contract, the applicant's "consideration" is the The insured does not meet established underwriting requirements, The type of multiple protection coverage that pays on the death of the last person is called a(n). 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 life insurance policy that is subject to a contract interest rate is referred to as. Premiums paid plus interest earned is returned to the beneficiary. definitions A) Unilateral A) estoppel
Which of the following best describes how you analyze a fiction text Which of these legislation Acts is designed to protect consumers with guidelines regarding credit reporting and distribution? 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? Which of the following is a reinstatement condition? A) Authority given in writing to an agent in the agency agreement d) an agreement requires a definite offer and an indefinite acceptance. AzAnswer team is here with the right answer to your question. Utah requires that an insurance producer must complete ___ hour(s) of continuing education on the subject of law and ethics every reporting period. D) A contract where only one party makes any kind of enforceable contract, Answer:A) A contract that requires certain conditions or acts by the insured individual. A) there is an element of chance and potential for unequal exchange of value or consideration for both parties Producers act in a(n) ________ capacity when holding insurance premiums. Sharing commissions with a producer licensed in the same line of business. Only the insured can change the provisions What is the purpose for having an accelerated death benefit on a life insurance policy? How do insurers predict the increase of individual risks? What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". Both partners are still married at the time of Bob's death. Which of these features are held exclusively by variable universal life insurance? D) the contract must be a contract of adhesion, C) there must be legal reasons for entering into the contract, Ambiguities in an insurance policy are always resolved in favor of the C) Competent parties A.$1,656 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?
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