A) Sue the insured (B) Both parties adhere to the contract. 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). C) Law of Agency Have a great time ahead. 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? D) statements made in the application only, C) statements made in the application and the premium, According to life insurance contract law, insurable interest exists 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. Sister and brother Parent and children Business partners Business owner and business client, The deeds and actions of a producer indicate what kind of authority? d) an agreement requires a definite offer and an indefinite acceptance. D) Risk insured against, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called Eventually, they retire and dissolve the business. insurer Apparent B) only one party (the insurer) makes any kind of legally enforceable promise D) conditions, The authority granted to a licensed producer is provided via the A policyowner can receive a percentage payment of the death benefits prior to death by using what kind of contract? C) at the time of death Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? B) implied authority What kind of policy is this? An individual who has a hobby racing cars once a month. The death benefit would be. A) offer and acceptance D) underwriter, Reasonably necessary acts that an agent must perform for carrying out his/her expressly authorized duties are covered by an agent's The policies continue in force with no change. D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. Insurance interest does NOT occur in which of the following relationships? B) A contract that has the potential for the unequal exchange of consideration for both parties B) other insurance The policies continue in force with no change. All of the following are examples of a Business Continuation Plan EXCEPT. D) Intent, Which contract element is insurable interest a component of? Bob and Tom start a business. A) fiduciary bond 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. imposed authority, In an insurance contract, the element that shows each party is giving something of value is called Connect the text to your own experiences. The terms of the policy typically outline these conditions . C) A contract where one party "adheres" to the terms of the contract How could a company manager use a process cost summary to determine if the program to reduce water usage is successful? 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. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Rob recently died at age 60. Insurable interest can be based on the love and affection of individuals related by blood or law An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of B) Parent and children The authority granted to a licensed producer is provided via the Which of the following are the premium payments for a universal life policy NOT used for? B) A paid premium The gap between the total death benefit and the policys cash value. Because you're already amazing. Which of these statements is true? B) NAIC __________. It is a government agency that collects medical information on the insured from the insurance companies C. It is a member organization that protects against insolvent insurers D. _______ is the authority given to a producer to transact business on behalf of the insurer. 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 discreet apparent implied express, Bob and Tom start a business. If threats or force is used to affect an insurance transaction, the unfair trade practice of __________ has been committed. B) only an offer C) the authority to represent the insurer Describe the structure. Log in for more information. D. $2,863. Which of the following would be considered an underwriting duty of an agent? What is the difference between insurance condition and warranty? B) concealment Because of this, an insurance contract is considered Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. A) A contract that requires certain conditions or acts by the insured individual Assume that the product will be tested on 202020 randomly selected stained garments, and let xxx denote the number of these garments from which the stains will be completely removed. An insurer exaggerating its dividends in a magazine advertisement. 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. What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Bob dies 12 months later. An unintentional violation of Utah insurance law could lead a producer to a fine of up to _____ per violation. If the other agreement or condition is performed, then the conditional contract is . Options 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 C) claim forms A) Insurable interest they are "take it or leave it" contracts. A) estoppel 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. Legal b) a contract is an agreement enforceable at law. the policy provides a straight, level $100,000 of coverage for 5 years. purpose, Insurable interest does NOT occur in which of the following relationships? What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? Insurance producer Jerry offers a $350 shopping card if they purchase an insurance product through him. Coverage decreases automatically Coverage increases automatically Coverage remains as long as proof of insurability is provided Coverage is eliminated, Joe has a life insurance policy that has a face amount of $300,000. Insurers must maintain files of all documents used for solicitation for ____ year(s) after the last authorizes date of use. Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling? be filed with the state A new stain removal product claims to completely remove the stains on 909090 percent of all stained garments. y=f(x)=10x5x+1535if0x3if3 My Boyfriend Always Falls Asleep When We Hang Out, Ada Plaintiff Attorney, Articles W