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. A) A contract that requires certain conditions or acts by the insured individual Within how many days must a licensee notify the Commissioner of a change in address? Identify the type of financing (stock or bond) that best answers the question. Authority given to handle claims and process payments Adhesion clause 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? the contract must be a contract of adhesion, there must be legal reasons for entering into the contract, What makes an insurance policy a unilateral contract? 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? Which of these legislation Acts is designed to protect consumers with guidelines regarding credit reporting and distribution? ______ is NOT an element of a valid contract. only one party makes any kind of enforceable promise, the terms must be accepted or rejected in full, Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? 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? Reduction of premium dividend option Extended term option Paid-up option Cash dividend option, Net death benefit will be reduced if the loan is not repaid, Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. Only the insurance company has legal obligations. The policy may be paid up early by using policy dividends. discreet The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. In most cases, the insured is. 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. B) acceptance D) Offer and acceptance must be involved, B) Equal consideration is required between the involved parties, A contract requires Zucchini is the best descriptive word. Who assumes the investment risk with a fixed annuity contract? Consideration An insurer exaggerating its dividends in a magazine advertisement. D. $2,863. In a life or health insurance contract, "consideration" would be the, statements made in the application and the premium, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. When does a life insurance policy typically become effective? 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. D) Risk insured against, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called A(n) ________ investigates, negotiates, and settles claims for a few on behalf of an insurance company. D) Evident authority, Which of the following is an example of the insured's consideration? What is created after policy proceeds are obtained in a lump sum and then immediately invested? Which of the following BEST describes a conditional insurance contract? Bob dies 12 months later. Log in for more information. the terms must be accepted or rejected in full C) representation A unilateral contract is one in which only one party makes a legally binding guarantee. which of the following best describes a conditional insurance contract? Which of the following BEST describes a conditional insurance contract. Insurance contracts are unilateral contracts. 2 See answers If threats or force is used to affect an insurance transaction, the unfair trade practice of __________ has been committed. renewal reinstatement resumption renovation, the MEC tends to be an investment vehicle, Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because the MEC has tax deductible premiums the MEC is considered an illegal product the MEC tends to be an investment vehicle the MEC does not accumulate cash value, The face amount and premium will remain constant over the 10-year period, Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. B) A contract that has the potential for the unequal exchange of consideration for both parties A) Make whole The amount of his disability income payments for an on-the-job injury may be reduced by. Adjustable life insurance Decreasing term insurance Increasing term insurance Modified life insurance, A spouse and child can be added to the primary insured's coverage as what kind of rider? C) fiduciary trust B) A paid premium Which of the following would be considered an underwriting duty of an agent? Competent parties Offer and acceptance Consideration Legal purpose, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? B) NAIC 2. Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling? A) when any business relationship exists A) Tom's spouse Provide an opinion. Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. C) Contract must have a legal purpose A contract that requires certain conditions or acts by the insured individual A contract that has the potential for the unequal exchange of consideration for both parties A contract where one party "adheres" to the terms of the contract A contract where only one party makes any kind of enforceable contract, statements made in the application and the premium, In a life or health insurance contract, "consideration" would be the offer and acceptance premium only statements made in the application and the premium statements made in the application only, 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 underwriting issuance of the policy promises made legal reserve, All of the following are elements of an insurance policy EXCEPT definitions other insurance claim forms conditions, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as Apparent Estoppel Aleatory Unilateral, Which of the following is an example of the insured's consideration? Apparent Vegetable B. Law of large numbers U.S. Census Average mortality incidents Experience of morbidity, Insurance represents the process of risk selection avoidance transference assumption, Doctors pooling their money to cover malpractice exposures, An example of risk sharing would be Adding more security to a high-risk building Choosing not to invest in the stock market Doctors pooling their money to cover malpractice exposures Buying an insurance policy to cover potential liabilities, All of the following are examples of pure risk EXCEPT Losing money at a casino Injured while playing football Falling at a casino and breaking a hip Jewelry stolen during a home robbery, the terms must be accepted or rejected in full, Under a contract of adhesion, there is the potential for an unequal exchange of value the insurer's obligations are dependent upon certain acts of the insured individual the terms must be accepted or rejected in full only one party makes any kind of enforceable promise, According to life insurance contract law, insurable interest exists when any business relationship exists at the time of application at the time of death only when determined by a judge, In an insurance contract, the insurer is the only party legally obligated to perform. 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? B) only one party (the insurer) makes any kind of legally enforceable promise D) unilateral, Who is responsible for assembling the policy forms for insureds? 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? When handling premiums for an insured, an agent is acting in which capacity? A) A contract that requires certain conditions or acts by the insured individual Because you're already amazing. Law of Agency C) Probability of loss What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. The face amount and policy premium are not affected by the payment Before payment of the benefit is made, specific conditions must exist, such as suffering from a terminal illness There may be a dollar limit on the maximum benefit The benefit can be offered as a rider at a specific extra cost or may be at no cost, Which of the following is NOT part of an insurance contract? Under the McCarran-Ferguson Act, what is the minimum penalty for this? Which of the following BEST describes a conditional insurance contract? Her son, Mike, is the beneficiary. The policies continue in force with no change. Expert answered| selymi |Points 23307|. Are you looking for the correct answer to the question Which of the following BEST describes a conditional insurance contract?? Corporations, like all firms, can raise money by borrowing from banks and other lending institutions. issuance of the policy What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? If the insured dies at any time during the 5 years, his beneficiary will receive the policy's face value. Policyowner has the right to select the investment which will provide the greatest return. 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+15if3
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