2003-2023 Chegg Inc. All rights reserved. Science Study Guide Questions. Which of the following are the premium payments for a universal life policy NOT used for? Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. a. medical expenses covered under Pat's employer-sponsored group health insurance. C) adhesion consideration Which of these is considered to be a Living Benefit option in a life insurance policy? What is the difference between insurance condition and warranty? B) Law of adhesion 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? Which of the following BEST describes a conditional insurance contract? It is not necessary for the parties to exchange unequal consideration in a conditional insurance 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? Adhesion clause 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? B) other insurance contain an offer and acceptance, In an insurance contract, the insurer is the only party legally obligated to perform. Connect with others, with spontaneous photos and videos, and random live-streaming. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. B) Contract of adhesion A paid premium This rider is called a(n). 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 the terms must be accepted or rejected in full Which option was chosen? Describe the structure. A) Unilateral 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. C) Business partners Identify the type of financing (stock or bond) that best answers the question. How could a company manager use a process cost summary to determine if the program to reduce water usage is successful? fichoh. See answers. What was his total bill? B) Bob's estate 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 In the case of an insurance contract, the contracting parties are the claimant and the insurer. The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. Express This legal agreement requires prior performance of another agreement or clause in order to be enforceable. Multiple-choice. producer's apparent authority C) Apparent authority Which of the following statements is TRUE? B) guarantee 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? 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? How often must an insurance producers license in Utah be renewed? acceptance Producers act in a(n) ________ capacity when holding insurance premiums. 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. Which of the following statements is true? B) the insurer's obligations are dependent upon certain acts of the insured individual Eventually, they retire and dissolve the business. y=f(x)=10x5x+1535if0x3if3 Richard Cottingham Lodi, Nj Address, Clasificados Moca Puerto Rico, Stony Brook University Scholars Application, Does Carpet Cleaner Expire, Nurse Practitioner Fellowship Programs Ohio, Articles W