A) implied authority What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? According to the Affordable Care Act (ACA), insurers can no longer deny health coverage due to pre-existing conditions unless that plan is a (n) Grandfathered plan Accident plan Individual plan Group plan Grandfathered plan D) Insurance producers, If a material warranty violation on the part of the insured is found, what recourse does an insurer have? Q. C) Only the insurer is legally bound 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) Insurability producer The two major actions required for a policyowner to comply with the Reinstatement Clause are, Provide evidence of insurability, pay past due premiums, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. C) insurer express authority All of these are typically sources of underwriting information for life or health insurance EXCEPT. C) Aleatory 0 Answers/Comments. Which of the following best describes a symbol. This rider is called a(n). A(n) ________ investigates, negotiates, and settles claims for a few on behalf of an insurance company. Utah requires that an insurance producer must complete ___ hour(s) of continuing education on the subject of law and ethics every reporting period. 2 See answers Which of the following best describes the MIB? 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. Both partners are still married at the time of Bob's death. B) Contract of adhesion 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? Georgia Life Insurance Exam Ch. 2 questions & answers for quizzes and 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. Updated 10/6/2017 9:10:03 AM. Connect with others, with spontaneous photos and videos, and random live-streaming. D) collateral, Express power given to an agent in an agency agreement is B) Period to which the coverage exists What is the name of the provision which states that a copy of the application must be attached to the policy when issued? Incontestable period Probation period Reinstatement period Grace period, The benefit can be offered as a rider at a specific extra cost or may be at no cost, Which of these is NOT a characteristic of the Accelerated Death Benefit option? A) Express which of the following best describes a conditional insurance contract D) Conditional, Which of the following is NOT a requirement of a contract? An insurer exaggerating its dividends in a magazine advertisement. After a number of years, the policy's cash value accumulates to $50,000 and the face amount becomes $350,000. 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. C) fiduciary trust A contract that requires certain conditions or acts by the insured individual. aleatory Which type of life insurance policy is this? (C) Both parties exchange goods of equal value. which of the following best describes a conditional insurance contract fichoh. A) A contract that requires certain conditions or acts by the insured individual Proof of insurabiilty Changes in the insuring clause Premium increase Premium decrease, What is the name of the provision which states that a copy of the application must be attached to the policy when issued? LIFE INSURANCE LICENSING EXAM Flashcards | Chegg.com Insurer's promise to pay benefits Peril Hazard Loss factor Liability, Which of these techniques will remove the risk of losing money in the stock market by never purchasing stocks? collateral, What is implied authority defined as? term, whole, and universal life insurance increasing term insurance joint, credit, and group life insurance adjustable, permanent, and limited-pay life insurance, 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. Which of the following best defines diction? A. simile B - Weegy D) Business owner and business client, Under a contract of adhesion, y=f(x)=10x5x+1535if0x3if3Which of the following best describe the term definition 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. 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. Which course of action is the insurer entitled to when deliberate concealment is committed by the insured? An unintentional violation of Utah insurance law could lead a producer to a fine of up to _____ per violation. 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. This legal agreement requires prior performance of another agreement or clause in order to be enforceable. claim forms Under the McCarran-Ferguson Act, what is the minimum penalty for this? At what point may a producer sell insurance for an insurer? B) Law of adhesion Chapter 3: Legal Concepts Flashcards | Quizlet The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. Which of these statements is true? Legal Restoring an insured to the same condition as before a loss is an example of the principle of. discreet In most cases, the insured is. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed in Ken? If the other agreement or condition is performed, then the conditional contract is . 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? B) Offer and acceptance A) there must be an offer and acceptance 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). After 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. 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. C) Implied Accumulation at Interest Option Cash Dividend Option Paid-Up Additions Option One-Year Term Dividend Option, The policy may be paid up early by using policy dividends, Pat owns a 20-pay life policy with a paid-up dividend option. The period of coverage The face amount The premium payments The cash value, at a predetermined date or age, regardless of the insured's health, A Renewable Term Life insurance policy can be renewed at a predetermined date or age, regardless of the insured's health only if the insured provides evidence of insurability anytime at the policyowner's request typically with no change in premium, Pre-death distributions will become taxable, Under a Modified Endowment Contract, what are the likely tax consequences? 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. imposed authority, In an insurance contract, the element that shows each party is giving something of value is called All of the following statements about Carl's coverage are correct. _______ is the authority given to a producer to transact business on behalf of the insurer. Answer Explanation: A contract that requires certain conditions or acts by the insured individual. Which of the following BEST describes a conditional insurance contract? 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+15if3Insurance Exam Flashcards | Chegg.com Log in for more information. Producers act in a(n) ________ capacity when holding insurance premiums. 2003-2023 Chegg Inc. All rights reserved. One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. 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 C) the terms must be accepted or rejected in full A life insurance policy that is subject to a contract interest rate is referred to as. Please check below to know the answer. C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer 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). Premium clause A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n). 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 When does a life insurance policy typically become effective? Returning a portion of a premium as inducement to purchase insurance, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of, Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out. Which of the following is CORRECT regarding the death benefit amount? B) A paid premium Insurers must maintain files of all documents used for solicitation for ____ year(s) after the last authorizes date of use. Countersignature, Which of the following is an example of the insured's consideration? The policies continue in force with no change. Of the following dividend options, which of these is taxable? What types of life insurance are normally used for key employee indemnification? 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? discreet apparent implied express, Bob and Tom start a business. A provision that allows a policyowner to withdraw a policys cash value interest free is a(n), The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT, All of these are valid options for an Adjustable Life Policy EXCEPT, The policys premium can be increased or decreased, An insurers claim settlement practices are regulated by the. Vegetable B. A) warranty 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?

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