which of the following best describes a conditional insurance contract

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which of the following best describes a conditional insurance contractbluntz strain indica or sativa

Naming a contingent beneficiary as all surviving children is described as which term? contain an offer and acceptance, In an insurance contract, the insurer is the only party legally obligated to perform. warranty guarantee representation collateral, there must be legal reasons for entering into the contract, Legal purpose is a term used in contract law meaning there must be an offer and acceptance the contract must be aleatory there must be legal reasons for entering into the contract the contract must be a contract of adhesion, In an insurance contract, the element that shows each party is giving something of value is called offer acceptance consideration purpose, What makes an insurance policy a unilateral contract? Because you're already amazing. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. C) Indemnity contract 2 See answers If Sharon MUST obtain Mikes signature in order to change the beneficiary, what kind of beneficiary designations is this? Because of this, an insurance contract is considered All of the following are examples of a Business Continuation Plan EXCEPT. The above question Which of the following BEST describes a conditional insurance contract?, Was part of Insurance MCQs & Answers. Which of the following BEST describes a conditional insurance contract? C) Only the insurer is legally bound LIFE INSURANCE LICENSING EXAM Flashcards | Chegg.com Which of the following best describes how you analyze a fiction text which of the following best describes a conditional insurance contract? Principal Capacity, All of the following are elements of an insurance policy EXCEPT When initial premium is collected and policy is issued. Preferred risk policies with reduced premiums are issued by insurance companies because the insured has, Better than average mortality or morbidity experience. This legal agreement requires prior performance of another agreement or clause in order to be enforceable. Which of the following would be a valid reason why a policy premium would be higher than the standard premium? Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed in Ken? The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? 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 A) offer B) written contract Declarations Entire contract Waivers Conditions, A whole life policy option where extended term insurance is selected is called a(n) dividend option settlement option nonforfeiture option interest-only option, Which of these would limit a company's liability to provide insurance coverage? Under a life insurance policy, what does the insuring clause state? A) fiduciary bond 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? d) an agreement requires a definite offer and an indefinite acceptance. Law of Agency 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. Advertisement. Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them? unilateral, Ambiguities in an insurance policy are always resolved in favor of the they are "take it or leave it" contracts. A) State Insurance Departments C) Probability of loss Which of the following BEST describes a conditional insurance contract. _______ is the authority given to a producer to transact business on behalf of the insurer. A) there is the potential for an unequal exchange of value A) there is an element of chance and potential for unequal exchange of value or consideration for both parties Dorian exercises a nonforfeiture option by using his life policys cash value to purchase an extended term insurance option. express, ______ is NOT an element of a valid contract. offer Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? Which of the following best describes a conditional insurance contract The policy may be paid up early by using policy dividends. Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? An unintentional violation of Utah insurance law could lead a producer to a fine of up to _____ per violation. Increasing Term Life policy Nonparticipating policy Modified Whole Life policy Universal Life policy, What is the automatic continuance of insurance coverage referred to as? B) Parent and children A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. Modified Endowment Contract Current assumptive whole life Credit life insurance Equity index whole life, What kind of life insurance policy covers two or more people with the death benefit payable upon the last person's death? 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. The agent's obligation to provide the proper amount of coverage The insurer's obligation to return all premiums upon an approved death claim The insurer's obligation to pay a death benefit upon an approved death claim The agent's obligation to pay a death benefit upon an approved death claim, Of the following dividend options, which of these is taxable? What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? Sharing commissions with a producer licensed in the same line of business. Asked 10/6/2017 7:04:21 AM. D) Terminate the agent, Insurable interest does NOT occur in which of the following relationships? D) Tom, The deeds and actions of a producer indicate what kind of authority? C) Implied All of the following are examples of pure risk EXCEPT. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. Business owner and business client, The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? 2003-2023 Chegg Inc. All rights reserved. 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. 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. Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. D) Risk insured against, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called Which of the following BEST describes a conditional insurance contract? 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? Both partners are still married at the time of Bob's death. Which of the following best describes a symbol B) guarantee Flashcards - Ch. 15 - Disability Income - FreezingBlue B) errors and omissions B) A contract that has the potential for the unequal exchange of consideration for both parties 0 Answers/Comments. How often must the Commissioner examine each domestic insurance company? b. benefits paid under workers compensation. B) premium only C) The insured and the insurer contribute equally to the contract. Which of the following best defines diction? A. simile B - Weegy C) claim forms What would happen if a life insurance applicant is given a conditional receipt? C) Authority given to handle claims and process payments Express A contract that requires certain conditions or acts by the insured individual, According to life insurance contract law, insurable interest exists, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. C) Materiality of concealment Tom's spouse Bob's estate Bob's spouse Tom, Which contract element is insurable interest a component of? conditions, Legal purpose is a term used in contract law meaning 3. apparent His insurance agent told him the policy would be paid up if he reached age 100. B) A contract that has the potential for the unequal exchange of consideration for both parties. Post thoughts, events, experiences, and milestones, as you travel along the path that is uniquely yours. A) the appearance of authority an insurer gives to its agent the contract must be aleatory Which of the following is true of the law of contracts? B) A contract that has the potential for the unequal exchange of consideration for both parties Which of these factors is NOT taken into account when determining an applicants life insurance needs? 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? Insurance Exam Flashcards | Chegg.com 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 does the Group Life underwriting risk selection process help protect insurance companies from? If Mike dies first, the policy proceeds will no longer provide insurance protection will go to Mike's estate will be divided by probate will not be paid until the last brother dies, The gap between the total death benefit and the policy's cash value, What is a corridor in relation to a Universal Life insurance policy? If the other agreement or condition is performed, then the conditional contract is . B) concealment After being properly appointed by the insurer. In this situation, who will receive Bob's policy proceeds? A (D) Only one party is legally bound to the contract. 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. What is this called? Definition refers to a description which is given to a word, idea or phenomenon . collateral, What is implied authority defined as? C) apparent authority A) producer's apparent authority producer's apparent authority The death benefit would be. Identify the type of financing (stock or bond) that best answers the question. 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? Policyowner has the right to select the investment which will provide the greatest return. Orissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. 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. Juvenile insurance Family income insurance Spouse insurance Term rider, A life insurance policy written on one contract for two people in which it is payable upon the first death is called Split Shared Joint Survivorship, Level premium permanent insurance accumulates a reserve that will eventually equal the face amount of the policy pay a dividend to the policyowner require the policyowner to make periodic withdrawals become larger than the face amount, A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n) adjustable policy limited pay policy level term policy variable universal policy, term, whole, and universal life insurance, What types of life insurance are normally used for key employee indemnification? Which of the following best describes the MIB? A) express authority It is the means by which one or more parties bind themselves to certain promises. B) Unequal consideration C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer 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? Which of these features are held exclusively by variable universal life insurance? I hope you got the correct answer to your question. The automatic premium loan provision authorized an insurer to withdraw from a policys cash value the amount of, Past due premiums that have not been paid by the end of the grace 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. If the consumer price index had gone up 4%, how much may Ron increase the face value of the policy? Which of the following policies does NOT build cash value? A) insured Julie has a $100,000 30-year mortgage on her new home. Which of the following BEST describes a conditional insurance contract D) conditions, The authority granted to a licensed producer is provided via the 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? C) the authority to represent the insurer Eventually, they retire and dissolve the business. C) Consideration imposed authority, In an insurance contract, the element that shows each party is giving something of value is called (C) Both parties exchange goods of equal value. The insured, on the other hand, makes few, if any, legally binding promises to the insurer. A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. A) estoppel Only the insured pays the premium Nothing $100,000 $250,000 $500,000, Which type of life insurance is normally associated with a Payor Benefit rider? If the annuitant dies before the annuity start date, The premiums paid plus interest earned will be given to the beneficiary, Anyone who makes a fraudulent statement on an insurance application in order to obtain benefits from an insurance company. B) only an offer What is the purpose for having an accelerated death benefit on a life insurance policy? Zucchini is the best descriptive word. B) conditional WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. A) definitions It is not necessary for the parties to exchange unequal consideration in a conditional insurance contract. Insurer's promise to pay benefits D) Offer and acceptance must be involved, B) Equal consideration is required between the involved parties, A contract requires Which option was chosen? C) aleatory 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. Insurance Multiple-Choice Questions Flashcards Preview - Brainscape Are you looking for the correct answer to the question Which of the following BEST describes a conditional insurance contract?? An example of an unfair claims practice would be, Failing to effectuate prompt, fair, and fair equitable settlements of a claim. She would like to borrow $15,000 against the cash value. D) Only the insured is legally bound, Bob and Tom start a business. B) implied authority be in writing This rider is called a(n). A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the. Insurance Quiz (MCQs) Archives - Management Notes $1,000 $3,000 $5,000 $7,000, A nonparticipating company is sometimes called a(n) alien insurer mutual insurer reinsurer stock insurer, Because dividends are considered to be a return of premium, Why are dividends from a mutual insurer not subject to taxation? Premiums paid plus interest earned is returned to the beneficiary. Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? 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. What is the meaning of par value of stock with respect to the corporate form of organization? C) negotiation between the involved parties The present cash value of the policy equals $250,000. D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. The face amount and premium will remain constant over the 10-year period. Modified Whole Life Decreasing Term Life Adjustable Life Whole Life, Decreasing term life insurance is often used to provide retirement funds provide coverage for a home mortgage accumulate cash value provide coverage for estate taxes, Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? 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. Which statement is CORRECT when describing a contract of adhesion? Notify me of follow-up comments by email. A contract that requires certain conditions or acts by the insured individual Which of these is considered to be a Living Benefit option in a life insurance policy? With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. Which of the following is NOT considered rebating? Which of the following statements is true? At what point may a producer sell insurance for an insurer? The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Aleatory Contract Definition, Use in Insurance Policies - Investopedia In most insurance policies, the insurer is the only one who makes a legally binding promise to pay insured claims. Variable life insurance and Universal life insurance are very similar. Which military service exclusion clause would pay upon his death? B) other insurance c. income earned by Pat's spouse. Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. Which of the following best describe the term definition. 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. Term, whole, and universal life insurance. aleatory A marathon is 42.2 kilometers. Rob recently died at age 60. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. 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 What are an applicants statements concerning occupation, hobbies, and personal health history regarded as? 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 Which of the following is an annuity that is linked to a market-related index? Bob and Tom start a business. 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. Insurance interest does NOT occur in which of the following relationships? It allows for a spouse to be added as a rider to a life insurance policy It allows for policy loans to be advanced to the insured in the event of unemployment It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill It allows for a third party to purchase a life insurance policy at a discounted rate and immediately advance a portion of the death benefit, All of these are standard exclusions found in a life insurance policy EXCEPT hazardous occupations aviation disability war, Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? A) Only the insured pays the premium D) imposed authority, What makes an insurance policy a unilateral contract? Which of the following is a requirement to attain an Utah resident producer license? D) the authority to add provisions to a contract, C) the authority to represent the insurer, Which of the following contracts is defined as "one that restores an injured party to the condition that was present before the loss"? discreet apparent implied express, Bob and Tom start a business. If xxx actually turns out to be 131313, what do you think of the claim? Expert answered|Malekith22|Points 0| Log in for more information. Contestability clause, In order for a contract to be valid, it must D) Countersignature, According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's How do marketers use insights regarding the self-concept? Which of these riders will pay a death benefit if the insureds spouse dies? the insurer's obligations are dependent upon certain acts of the insured individual How many days is a temporary producers license valid? 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. Which of the following Best Describes a Conditional Insurance Contract Waiver of premium Juvenile waiver Guaranteed insurability Payor benefit, Which of the following is a reinstatement condition? Elizabeth is the beneficiary of a life insurance policy. performance is conditioned upon a future occurrence. A) Express authority GENERAL LAW OF CONTRACTS A contract is an agreement enforceable by law. C) Law of Agency What is the advantage of adding this rider? What types of life insurance are normally used for key employee indemnification? A contract that requires certain conditions or acts by the insured individual. Waiver Exclusion Rider Provision, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) sickness suicide accident war, An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? A) Legal C) Insurable interest Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling? Accelerated death benefit An example of an unfair claims practice would be Only the insurance company has legal obligations. Death benefits Cash value Loading costs Separate account investments, Which policy feature makes a universal life policy different from a whole life policy?

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