Which Of The Following Best Describes A Conditional Insurance Contract Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. y=f(x)=10x5x+1535if0x3if3Which of the following best defines diction? A. simile B - Weegy A) Express Which type of life insurance policy is this? b) a contract is an agreement enforceable at law. 30 seconds. Pay owns a 20-pay life policy with a paid-up dividend option. B) Unequal consideration C) Only the insurer is legally bound Premiums paid plus interest earned is returned to the beneficiary. The policy may be paid up early by using policy dividends. This is also known as a non-negotiable insurance contract, or an automatic contract. Conditional, Under a contract of adhesion, _______ is the authority given to a producer to transact business on behalf of the insurer. Which of the following BEST describes a conditional insurance contract? B) premium only producer 1 pt. 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. The insured, on the other hand, makes few, if any, legally binding promises to the insurer. In this situation, who will receive Bob's policy proceeds? See answers. 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 claim forms A provision that allows a policyowner to withdraw a policys cash value interest free is a(n), The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT, All of these are valid options for an Adjustable Life Policy EXCEPT, The policys premium can be increased or decreased, An insurers claim settlement practices are regulated by the. A) underwriting B) the insurer's obligations are dependent upon certain acts of the insured individual C) Authority given to handle claims and process payments All of the following statements about Carl's coverage are correct. Connect the text to your own experiences. Which of the following BEST describes a conditional insurance contract voidable Which of the following best describes how you analyze a fiction text Accelerated death benefit rider Waiver of premium rider Extended term option Decreasing term insurance. Identify the type of financing (stock or bond) that best answers the question. How often must an insurance producers license in Utah be renewed? there must be legal reasons for entering into the contract Which scenario would most life insurance policies exclude coverage for? The type of annuity she is seeking is called. Food C. Plant D. Zucchini. An individual who removes the risk of losing money in the stock market by never purchasing stocks is said to be engaging in. What is the purpose for having an accelerated death benefit on a life insurance policy? Active Status Results Leave, A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) automatic premium loan nonforfeiture option collateral assignment irrevocable assignment, Period of time after the premium is due but the policy remains in force, What is an insurance policy's grace period? The period of coverage The face amount The premium payments The cash value, at a predetermined date or age, regardless of the insured's health, A Renewable Term Life insurance policy can be renewed at a predetermined date or age, regardless of the insured's health only if the insured provides evidence of insurability anytime at the policyowner's request typically with no change in premium, Pre-death distributions will become taxable, Under a Modified Endowment Contract, what are the likely tax consequences? C) Bob's spouse His insurance agent told him the policy would be paid up if he reached age 100. 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. 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). An insurance contract usually involves an exchange of consideration between both parties: the insurer agrees to provide coverage and pay claims in the event of a loss, and the policyholder agrees to pay premiums in return. Administrative actions taken against a producer must be reported to the Commissioner within ____ days. D) Risk insured against, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called All of these are typically sources of underwriting information for life or health insurance EXCEPT. Key elements of Organizational Behavior - People, Structure ,Technology & External Environment | Organizational Behavior, Penology - Meaning, Types, Importance, Scope and Example | Sociology, Karmachari Sanchaya Kosh - | Employees Provident Fund Nepal, Perceptual Errors -Types of Perceptual Error | Fundamentals of Organizational Behaviour, Difference between Manufacturing and Service Operations | Operation Management. Increasing Term Life policy Nonparticipating policy Modified Whole Life policy Universal Life policy, What is the automatic continuance of insurance coverage referred to as? Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? C) Consideration Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? C) A contract where one party adheres to the terms of the contract Eventually, they retire and dissolve the business. Which option was chosen? $2,406 D) Business owner and business client, Under a contract of adhesion, Death benefits Cash value Loading costs Separate account investments, Which policy feature makes a universal life policy different from a whole life policy? Express Apparent Implied Conditional, The type of multiple protection coverage that pays on the death of the last person is called a(n) joint life policy survivorship life policy annuity joint policy dual life policy, A nonforfeiture option can be used to increase the death benefit, All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The policy's protection period can be modified, A life insurance contract which accumulates cash values higher than the IRS will allow, A Modified Endowment Contract (MEC) is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals prior to age 65 are subject to a 10% penalty, An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value interest free. Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. At what point may a producer sell insurance for an insurer? Dorian exercises a nonforfeiture option by using his life policys cash value to purchase an extended term insurance option. A) Parties involved must be competent C) Contract must have a legal purpose Julie has a $100,000 30-year mortgage on her new home. D) Consideration clause, When the principal gives the agent authority in writing, it's referred to 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. C) Apparent authority C) Law of large numbers Which of the following products would allow him to accomplish this? 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? Flashcards - Connecticut Insurance Test 2021 - FreezingBlue A) A contract that requires certain conditions or acts by the insured individual Which course of action is the insurer entitled to when deliberate concealment is committed by the insured? Sharon is the policyowner of a $500,000 life insurance policy. 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 paid premium 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? Only the insured is legally bound, 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 Adjustable life policy Modified life policy Endowment policy Universal life policy, How are survivorship life insurance policies helpful in estate planning? C) consideration This is called risk retention preexisting conditions law of large numbers adverse selection, What is known as the immediate specific event causing loss and giving rise to risk? A) Make whole C) the authority to represent the insurer Accelerated death benefit An example of an unfair claims practice would be B) concealment Vegetable B. 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. both parties consent to the contract. B) acceptance express, ______ is NOT an element of a valid contract. What kind of policy is this? Preferred risk policies with reduced premiums are issued by insurance companies because the insured has, Better than average mortality or morbidity experience. Have a great time ahead. Expert answered| selymi |Points 23307|. What was his total bill? A Modified Endowment Contract (MEC) is best described as, A life insurance contract which accumulated cash values higher than the IRS will allow, Doctors pooling their money to cover malpractice exposures, The free-look provision gives the policyowner, The right to return the policy for a full refund within a specified number of days. the contract must be aleatory Which Of The Following Best Describes A Conditional Insurance Contract The policies continue in force with no change. c) a contract must be in writing. The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? The gap between the total death benefit and the policy's cash value The gap between when a claim is filed and when the death benefit is received The amount of interest that has accumulated in the policy's cash value The point in time when the policy's cash value reaches $0, Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. Which Of The Following Best Describes A Conditional Insurance Contract, A) A contract that requires certain conditions or acts by the insured individual, B) A contract that has the potential for the unequal exchange of consideration for both parties, C) A contract where one party adheres to the terms of the contract, D) A contract where only one party makes any kind of enforceable contract. Implied B) A paid premium C) Legal purpose B) producer A) fiduciary bond Which of the following is the best descriptive word? In exchange, the policyowner pays premiums. insurer What kind of policy is this? 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