Which of the following is a requirement to attain an Utah resident producer license? A) One party is restored to the same financial position the party was in before the loss occurred. One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. B. D) Intent, Which contract element is insurable interest a component of? 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? During periods of inflation, annuitants will experience a decrease in purchasing power of their payments. written contract C) consideration The insurer assuming the risk is called the mutual insurer reinsurer reciprocal insurer participating insurer, Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. What is the meaning of par value of stock with respect to the corporate form of organization? 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. Authority given in writing to an agent in the agency agreement offer B) Parent and children A double indemnity benefit will be payable to Matts beneficiary is Matt, All of the following riders can increase the death benefit amount EXCEPT, All of these are valid policy dividend options for a life insurance policyowner EXCEPT, The premium for a Modified whole life policy is, Lower than the typical whole life policy during the first few years and then higher than typical for the remainder, A nonparticipating company is sometimes called a(n), Intentional withholding of material facts that would affect an insurance policys validity is called a(n), Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT. Group policy Adjustable life policy Whole life policy Endowment policy, A renewable Term Life insurance policy allows the policyowner the right to renew the policy at anytime the policyowner chooses as many times as the policyowner chooses paying the same premium as before the renewal without producing proof of insurability, When a decreasing term policy is purchased, it contains a decreasing death benefit and increasing premiums level premiums decreasing premiums variable premiums, Julie has a $100,000 30-year mortgage on her new home. warranty C.$2,113 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 The death benefit would be. What guarantees that the statements supplied by an insurance applicant are true? acceptance In a life or health insurance contract, "consideration" would be the, statements made in the application and the premium, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. B) Consideration D) Principal Capacity, A unilateral contract is one in which Eventually, they retire and dissolve the business. Which of these riders will pay a death benefit if the insureds spouse dies? apparent authority Which of the following does a life insurance policy summary normally include? Accelerated death benefit An example of an unfair claims practice would be GENERAL LAW OF CONTRACTS A contract is an agreement enforceable by law. This legal agreement requires prior performance of another agreement or clause in order to be enforceable. B) Law of adhesion Which of the following would be an act of Unfair Discrimination by an insurer? Consideration clause both parties consent to the contract. Because of this, an insurance contract is considered voidable conditional aleatory unilateral, Who is responsible for assembling the policy forms for insureds?
Which of the following best describes how you analyze a fiction text be signed and witnessed by an attorney performance is conditioned upon a future occurrence. 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 Which option was chosen? 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? 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? The insurers obligation to pay a death benefit upon an approved death claim. 2003-2023 Chegg Inc. All rights reserved. A) definitions The death benefit would be $250,000 $750,000 $375,000 $500,000, What does the word "level" in Level Term describe? 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. D) collateral, Express power given to an agent in an agency agreement is An insurer's claim settlement practices are regulated by the Securities and Exchange Commission (SEC) National Association of Claims Adjusters (NACA) National Association of Insurance Commissioners (NAIC) State insurance departments, A life insurance company has transferred some of its risk to another insurer. Events are those which cannot be controlled by either . After being properly appointed by the insurer. B) Period to which the coverage exists Waiver of premium Juvenile waiver Guaranteed insurability Payor benefit, Which of the following is a reinstatement condition? 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? A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Preferred risk policies with reduced premiums are issued by insurance companies because the insured has, Better than average mortality or morbidity experience. Plot this function and determine if she is ready to attempt the Bluenose Marathon. It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance. 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? For a trip to the hospital, Evan Appleton paid $1,656 in hospital charges, a$750 insurance deductible, and a $457 co-payment. A) Express The gap between the total death benefit and the policys cash value. What is the purpose for having an accelerated death benefit on a life insurance policy? D) Business owner and business client, Under a contract of adhesion, Connect with others, with spontaneous photos and videos, and random live-streaming. The terms of the policy typically outline these conditions . Utah requires that an insurance producer must complete ___ hour(s) of continuing education on the subject of law and ethics every reporting period. 2003-2023 Chegg Inc. All rights reserved. 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? The type of annuity she is seeking is called. Which military service exclusion clause would pay upon his death? The gap between the total death benefit and the policy's cash value The gap between when a claim is filed and when the death benefit is received The amount of interest that has accumulated in the policy's cash value The point in time when the policy's cash value reaches $0, Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. The policies continue in force with no change. 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. Who is responsible for assembling the policy forms for insureds? C) Implied C) at the time of death
Chapter 3: Legal Concepts Flashcards | Quizlet contain an offer and acceptance, In an insurance contract, the insurer is the only party legally obligated to perform.
Flashcards - Connecticut Insurance Test 2021 - FreezingBlue Intent, The deeds and actions of a producer indicate what kind of authority? Authority given to handle claims and process payments
Which of the following Best Describes a Conditional Insurance Contract B) A contract that has the potential for the unequal exchange of consideration for both parties A.$1,656 All of the following are examples of a Business Continuation Plan EXCEPT. Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30.
Chapter 3 Legal Concepts of the Insurance Contract - Quizlet Which of the following policies does NOT build cash value? Tom's spouse Bob's estate Bob's spouse Tom, Which contract element is insurable interest a component of? Which of the following is the best descriptive word? What was his total bill? C) Business partners A) there is the potential for an unequal exchange of value A) Insurable interest 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. A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n). B) written contract Dual Life insurance Joint Life insurance Last Survivor Life insurance Shared Life insurance, Index whole life insurance contains a securities component that acts as a(n) hedge against inflation premium stabilizer means to lowering taxes on earnings incentive to purchase more coverage, Which of the following are the premium payments for a Universal life policy NOT used for? What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? Both partners are still married at the time of Bob's death.
Georgia Life Insurance Exam Ch. 2 questions & answers for quizzes and 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. AzAnswer team is here with the right answer to your question. A) Parties involved must be competent claim forms