which of the following best describes a conditional insurance contract

All of the following are examples of a Business Continuation Plan EXCEPT. Expert answered| selymi |Points 23307|. 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 Who assumes the investment risk with a fixed annuity contract? 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? 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? B) issuance of the policy What is this an example of? if the insured lives beyond the 5 years, no benefits are payable. What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? A) Sue the insured Vegetable B. A policyowner can receive a percentage payment of the death benefits prior to death by using what kind of contract? 2003-2023 Chegg Inc. All rights reserved. If the other agreement or condition is performed, then the conditional contract is . Typically, bilateral contracts involve an equal obligation or. Insurable interest Insurance exchanges Law of large numbers and risk pooling Population table data, People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. B) Offer and acceptance Definition refers to a description which is given to a word, idea or phenomenon . A) insured An unintentional violation of Utah insurance law could lead a producer to a fine of up to _____ per violation. Principal Capacity, All of the following are elements of an insurance policy EXCEPT A(n) ________ investigates, negotiates, and settles claims for a few on behalf of an insurance company. Can be converted to permanent coverage without evidence of insurability Coverage can be different for each child Premiums on this rider are not required until the limiting age is reached Increases the policy's overall cash value, Which type of policy combines the flexibility of a universal life policy with investment choices? Guaranteed Insurability rider Family term insurance rider Family whole insurance rider Payor benefit rider, A partial surrender is allowed in which of the following life policies? weegy. ______ is NOT an element of a valid contract. Which of these features are held exclusively by variable universal life insurance? Naming a contingent beneficiary as all surviving children is described as which term? b. benefits paid under workers compensation. C) apparent authority a. medical expenses covered under Pat's employer-sponsored group health insurance. Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. A) Competent parties Q. Adjustable life Credit life Modified life Universal life, Whole life policy with premiums paid up after 20 years, Which of these would be the best example of a limited pay life insurance policy? Risk Hazard Indemnity Peril, Insurance companies determine risk exposure by which of the following? A) implied authority Adjustable universal life policy Flexible universal life policy Variable universal life policy Modified universal life policy, Jonas is a whole life insurance policyowner and would like to add coverage for his two children. What is the advantage of adding this rider? 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? Accelerated death benefit rider Waiver of premium rider Extended term option Decreasing term insurance. One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? 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. A.$1,656 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. B. It is not necessary for the parties to exchange unequal consideration in a conditional insurance contract. What does the Group Life underwriting risk selection process help protect insurance companies from? A) there is an element of chance and potential for unequal exchange of value or consideration for both parties Premium clause C) Law of Agency 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? C) promises made Premium clause Consideration clause Adhesion clause Contestability clause, When the principal gives the agent authority in writing, it's referred to as express authority implied authority apparent authority imposed authority, Ambiguities in an insurance policy are always resolved in favor of the insured producer insurer underwriter, ______ is NOT an element of a valid contract. The present cash value of the policy equals $250,000. Consideration How do insurers predict the increase of individual risks? B) premium only Identify the type of financing (stock or bond) that best answers the question. Aleatory Contract: A contract type in which the parties involved do not have to perform a particular action until a specific event occurs. C) Authority given to handle claims and process payments C) Consideration Policyowner may increase or decrease the premium payments Policyowner may increase or decrease the face amount Policyowner can contribute large sums of money Policyowner has the right to select the investment which will provide the greatest return, All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability, Which of these is NOT considered to be a common life insurance nonforfeiture option? 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 D) collateral, Express power given to an agent in an agency agreement is The death benefit would be. Implied Which of the following does a producer NOT have a fiduciary responsibility to? C) Implied 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. Administrative actions taken against a producer must be reported to the Commissioner within ____ days. B) the contract must be aleatory 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. C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer Which of the following is an example of the insureds consideration? 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 C) insurer D) conditions, The authority granted to a licensed producer is provided via the How does life insurance create an immediate estate? What does the word level in Level Term describe? All of the following are examples of pure risk EXCEPT. 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. How soon can the benefit payments begin with a deferred annuity?

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