which of the following best describes a conditional insurance contractserendipity group dr madej

A contract that requires certain conditions or acts by the insured individual. B) Period to which the coverage exists Write a summary of the main ideas. Bob dies 12 months later. B) A paid premium 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 contract that requires certain conditions or acts by the insured individual This means that the insurer's promise to pay benefits depends on the occurrence of an event covered by the contract. C) A contract where one party adheres to the terms of the contract Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them? 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". 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. Which of the following is an annuity that is linked to a market-related index? implied Because of this, an insurance contract is considered C) Apparent authority 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? A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. All of the following statements about Carl's coverage are correct. 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? which of the following best describes a conditional insurance contract? conditional 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? A) offer See answers. Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. A) implied authority Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. Who prosecutes crimes that involve the violation of insurance laws that fall under US Code 1033? The type of annuity she is seeking is called. A) estoppel The present cash value of the policy equals $250,000. 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. they are "take it or leave it" contracts. Term Straight Life Endowment Variable Life, A life insurance policy that has premiums fully paid up within a stated time period is called stated payment insurance limited universal insurance stated modified insurance limited payment insurance, Reggie purchased a life insurance policy with a face amount of $500,000. The annuitants life expectancy determines the annuity payments, No one may be denied coverage by an insurance company due to, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n). 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"? B) Rescind the policy C) Aleatory Science Study Guide Questions. B) written contract other insurance C) negotiation between the involved parties Connect the text to your own experiences. 2003-2023 Chegg Inc. All rights reserved. A) offer and acceptance D) conditions, The authority granted to a licensed producer is provided via the $2,406 The authority granted to a licensed producer is provided via the warranty acceptance Adjustable life policy Modified life policy Endowment policy Universal life policy, How are survivorship life insurance policies helpful in estate planning? A. Which of the following are the premium payments for a universal life policy NOT used for? insured Which of these riders will pay a death benefit if the insureds spouse dies? A) Insurable interest What guarantees that the statements supplied by an insurance applicant are true? A) Sister and brother Which of the following would be a valid reason why a policy premium would be higher than the standard premium? C) representation Which of the following would be an act of Unfair Discrimination by an insurer? A) Parties involved in the contract Dependent term Guaranteed insurability Primary term Family term, Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? Business partners What is a corridor in relation to a Universal Life insurance policy? The death benefit would be $250,000 $750,000 $375,000 $500,000, What does the word "level" in Level Term describe? If she dies 15 years after the policys inception date, how much will her beneficiary receive? B) Law of adhesion there must be an offer and acceptance A) there must be an offer and acceptance Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Which scenario would most life insurance policies exclude coverage for? Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. 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. The provision that allows this is called Partial Surrender Subrogation Automatic Premium Loan Accelerated Death Benefit, All of these are characteristics of a universal life insurance policy EXCEPT Flexible death benefit Fixed surrender value Flexible premiums Builds cash value, Which of the following policies does NOT build cash value? Typically, bilateral contracts involve an equal obligation or. _______ is the authority given to a producer to transact business on behalf of the insurer. In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. In this situation, who will receive Bob's policy proceeds? After 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. If the consumer price index had gone up 4%, how much may Ron increase the face value of the policy? B) only an offer 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 type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n). B) Parent and children Policy Application Riders Certificate of Authority, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) guaranteed term rider guaranteed insurability rider accelerated benefit rider cost of living rider, The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid minus indebtedness and with interest during the last 12 months minus indebtedness and without interest during the last 6 months, A life insurance policyowner does NOT have the right to change a beneficiary select a beneficiary take out a policy loan revoke an absolute assignment, A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT fare-paying passenger pilot of personal airplane suicide war, The insurer's obligation to pay a death benefit upon an approved death claim, Under a life insurance policy, what does the insuring clause state? d) an agreement requires a definite offer and an indefinite acceptance. Returning a portion of a premium as inducement to purchase insurance, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of, Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out. Which of these statements is true? Loans obtained by a policyowner against the cash value of a life insurance policy. What is the difference between insurance condition and warranty? How do insurers predict the increase of individual risks? 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? Because you're already amazing. 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. After first premium is paid, the face amount may be available to the beneficiary, Level premium term life insurance policies, Have premiums that are averaged over the policy period, A policyowner can receive an immediate payment before the insured dies by using a(n), Matt is applying for life insurance and requests a double indemnity rider. be filed with the state A) Unilateral A) there is an element of chance and potential for unequal exchange of value or consideration for both parties A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? y=f(x)=10x5x+1535if0x3if3

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