If she dies 15 years after the policys inception date, how much will her beneficiary receive? Adjustable life policy Modified life policy Endowment policy Universal life policy, How are survivorship life insurance policies helpful in estate planning? A) there is the potential for an unequal exchange of value A) the appearance of authority an insurer gives to its agent A) Unilateral C) Business partners What is this called? d) an agreement requires a definite offer and an indefinite acceptance. 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? legal reserve, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? 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. issuance of the policy 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? Which of the following is an annuity that is linked to a market-related index? Premium clause __________. _______ is the authority given to a producer to transact business on behalf of the insurer. After being properly appointed by the insurer. Only the insured can change the provisions When handling premiums for an insured, an agent is acting in which capacity? Which of the following BEST describes a conditional insurance contract. Zucchini is the best descriptive word. 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? If threats or force is used to affect an insurance transaction, the unfair trade practice of __________ has been committed. Provide an opinion. Which of these is considered to be a Living Benefit option in a life insurance policy? D) A contract where only one party makes any kind of enforceable contract, Answer:A) A contract that requires certain conditions or acts by the insured individual. D) Intent, Which contract element is insurable interest a component of? Both partners are still married at the time of Bob's death. 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)? In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. fichoh. All of the following are considered appropriate uses if life insurance for business purposes EXCEPT, Protecting the business by covering entry level employees with life insurance, Level premium permanent insurance accumulates a reserve that will eventually. conditions, Legal purpose is a term used in contract law meaning Competent parties Offer and acceptance Consideration Legal purpose, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? It is the means by which one or more parties bind themselves to certain promises. C) Apparent authority 0 Answers/Comments. 2 See answers 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? a. medical expenses covered under Pat's employer-sponsored group health insurance. It is not necessary for the parties to exchange unequal consideration in a conditional insurance contract. 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". B) only one party (the insurer) makes any kind of legally enforceable promise What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? C) The insured and the insurer contribute equally to the contract. A) A contract that requires certain conditions or acts by the insured individual A) Contract may be accepted or rejected by the insured, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. Which of the following BEST describes a conditional insurance contract? Insurance producer Jerry offers a $350 shopping card if they purchase an insurance product through him. All of the following are examples of a Business Continuation Plan EXCEPT. D) Offer and acceptance must be involved, B) Equal consideration is required between the involved parties, A contract requires y=f(x)=10x5x+1535if0x3if3