which of the following best describes a conditional insurance contract which of the following best describes a conditional insurance contract

2. An unintentional violation of Utah insurance law could lead a producer to a fine of up to _____ per violation. (C) Both parties exchange goods of equal value. Bob dies 12 months later. B) errors and omissions 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? Which market index is normally associated with an indexed annuitys rate of return? Bob dies 12 months later. Insurance producer Jerry offers a $350 shopping card if they purchase an insurance product through him. collateral, What is implied authority defined as? What was his total bill? The policy automatically converts to whole life after the 10-year period The face amount will remain constant and the premium will increase over the 10-year period The premium will remain constant and the face amount will increase over the 10-year period The face amount and premium will remain constant over the 10-year period, will no longer provide insurance protection, Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. C) Implied A) A contract that requires certain conditions or acts by the insured individual. 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). 0 Answers/Comments. Which of the following would be considered an underwriting duty of an agent? D) Offer and acceptance must be involved, B) Equal consideration is required between the involved parties, A contract requires All of the following statements about Carl's coverage are correct. Competent parties Offer and acceptance Consideration Legal purpose, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? The policies continue in force with no change. C) Probability of loss B) written contract Business partners 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 Adjustable life insurance Decreasing term insurance Increasing term insurance Modified life insurance, A spouse and child can be added to the primary insured's coverage as what kind of rider? B) implied authority ______ is NOT an element of a valid contract. which of the following best describes a conditional insurance contract? the contract must be aleatory C) Bob's spouse Both partners are still married at the time of Bob's death. _______ is the authority given to a producer to transact business on behalf of the insurer. Variable life insurance and Universal life insurance are very similar. Vegetable B. 1 pt. discreet 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 A) Legal Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. The policy may be paid up early by using policy dividends. The policies continue in force with no change. Which of these features are held exclusively by variable universal life insurance? What would happen if a life insurance applicant is given a conditional receipt? conditional B) Period to which the coverage exists Which of the following BEST describes a conditional insurance contract? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Legal purpose guarantee 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? Insurance contracts are unilateral contracts. Which of these legislation Acts is designed to protect consumers with guidelines regarding credit reporting and distribution? B) A contract that has the potential for the unequal exchange of consideration for both parties. Consideration clause Aleatory Contract: A contract type in which the parties involved do not have to perform a particular action until a specific event occurs. Provide funds to help fund retirement Provide funds to help pay taxes Provide funds for funeral expenses Provide tax deductions for premium payments, lower than the typical whole life policy during the first few years and then higher than typical for the remainder, The premium for a Modified whole life policy is higher than the typical whole life policy during the first few years and then lower than typical for the remainder lower than the typical whole life policy during the first few years and then higher than typical for the remainder normally graded over a period of 20 years level for the first 5 years then decreases for the remainder of the policy, The type of policy which pays on the death of the last person is called joint life survivorship life dual life shared life, A life insurance policy that is subject to a contract interest rate is referred to as adjustable life group life term life universal life, a policy that is paid up after only one payment, A single premium cash value policy can be described as a policy that is paid up after only one payment a policy that only requires an annual payment a policy that is guaranteed issue a policy that covers two or more lives, A limited payment whole life policy provides protection for 20 years lifetime protection protection for more than one person discounted premiums, A policyowner may change two policy features on what type of life insurance? For a trip to the hospital, Evan Appleton paid $1,656 in hospital charges, a$750 insurance deductible, and a $457 co-payment. B) A contract that has the potential for the unequal exchange of consideration for both parties C) Authority given to handle claims and process payments Advertisement. Plot this function and determine if she is ready to attempt the Bluenose Marathon. If she dies 15 years after the policys inception date, how much will her beneficiary receive? Her son, Mike, is the beneficiary. D) Consideration clause, When the principal gives the agent authority in writing, it's referred to as 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. d. a deductible stated in the policy's provision. 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. Which of the following would be a valid reason why a policy premium would be higher than the standard premium? The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? Accelerated death benefit An example of an unfair claims practice would be Which of the following is a requirement to attain an Utah resident producer license? voidable Express Apparent Implied Conditional, The type of multiple protection coverage that pays on the death of the last person is called a(n) joint life policy survivorship life policy annuity joint policy dual life policy, A nonforfeiture option can be used to increase the death benefit, All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The policy's protection period can be modified, A life insurance contract which accumulates cash values higher than the IRS will allow, A Modified Endowment Contract (MEC) is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals prior to age 65 are subject to a 10% penalty, An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value interest free. How do insurers predict the increase of individual risks? Term, whole, and universal life insurance. In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. D) Legal Purpose, Which of the following is present when an applicant stands to lose value if the insured dies? Insurer's promise to pay benefits The provision that allows this is called Partial Surrender Subrogation Automatic Premium Loan Accelerated Death Benefit, All of these are characteristics of a universal life insurance policy EXCEPT Flexible death benefit Fixed surrender value Flexible premiums Builds cash value, Which of the following policies does NOT build cash value? express authority definitions 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. 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 fichoh. 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. A) One party is restored to the same financial position the party was in before the loss occurred B) The unequal exchange of value or consideration for both parties C) One party (the insurance company) prepares the contract with no negotiation between the applicant and insurer D) Only one party (the insurer) makes any kind of enforceable promise The terms of the policy typically outline these conditions . She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. ______ is NOT an element of a valid contract. 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.