C) Contract must have a legal purpose B) Offer and acceptance purpose, Insurable interest does NOT occur in which of the following relationships? A) A contract that requires certain conditions or acts by the insured individual Which military service exclusion clause would pay upon his death? producer Naming a contingent beneficiary as all surviving children is described as which term? What does the word level in Level Term describe? C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer Both partners are still married at the time of Bob'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. 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". It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. James is the insured on a life insurance policy where his age was misstated on the application. Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. Definition refers to a description which is given to a word, idea or phenomenon . 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 Which of the following does a producer NOT have a fiduciary responsibility to? The death benefit would be $250,000 $750,000 $375,000 $500,000, What does the word "level" in Level Term describe? Sharon is the policyowner of a $500,000 life insurance policy. What are an applicants statements concerning occupation, hobbies, and personal health history regarded as? When handling premiums for an insured, an agent is acting in which capacity? See answers. Which of the following best describes the MIB? Which of the following BEST describes a conditional insurance contract? b) a contract is an agreement enforceable at law. Which of the following is NOT considered rebating? apparent C) Competent parties Premiums paid plus interest earned is returned to the beneficiary. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? Which type of life insurance policy is this? A) Sister and brother If the insured dies at any time during the 5 years, his beneficiary will receive the policy's face value. 0 Answers/Comments. Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. She would like to borrow $15,000 against the cash value. C) adhesion What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? A policyowner is prohibited from making any changes to the policy without the beneficiarys written consent under which beneficiary designation? D) Principal Capacity, A unilateral contract is one in which 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 B) issuance of the policy B. consideration C) A contract where one party "adheres" to the terms of the contract Which of the following BEST describes a conditional insurance contract? A) estoppel D) Tom, The deeds and actions of a producer indicate what kind of authority? B) A contract that has the potential for the unequal exchange of consideration for both parties D) purpose, Which principle is accurately described with the statement "Insureds are entitled to recover an amount NOT greater than the amount of their loss"? Are you looking for the correct answer to the question Which of the following BEST describes a conditional insurance contract?? Which of these statements regarding the annuitant is CORRECT? underwriting When does a life insurance policy typically become effective? A) A contract that requires certain conditions or acts by the insured individual A contract that requires certain conditions or acts by the insured individual. c. income earned by Pat's spouse. _______ is the authority given to a producer to transact business on behalf of the insurer. ______ is NOT an element of a valid contract. Zucchini is the best descriptive word. 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. Lisa has recently bought a fixed annuity. Consideration clause Which market index is normally associated with an indexed annuitys rate of return? Corporations, like all firms, can raise money by borrowing from banks and other lending institutions. 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"? Which type of multiple protection policy pays on the death of the last person? Because insurance premiums are tax-deductible Because dividends are already subject to capital gains Because dividends are payable directly to the policyholder Because dividends are considered to be a return of premium, A type of insurer that is owned by its policyowners is called domestic mutual stock in-house, What is considered to be the primary reason for buying life insurance? If the annuitant dies before the annuity start date, The premiums paid plus interest earned will be given to the beneficiary, Anyone who makes a fraudulent statement on an insurance application in order to obtain benefits from an insurance company. weegy. A) producer's apparent authority I hope you got the correct answer to your question. Legal Consideration Competent parties Countersignature, A contract that requires certain conditions or acts by the insured individual, Which of the following BEST describes a conditional insurance contract? D) Authority given to an agent to act outside the scope of the agency agreement, B) 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, Legal purpose is a term used in contract law meaning D) Consideration, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? insurer Restoring an insured to the same condition as before a loss is an example of the principle of. Peril Hazard Loss factor Liability, Which of these techniques will remove the risk of losing money in the stock market by never purchasing stocks? B) Offer and acceptance C) Insurance carriers 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. 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. Completing all applications and collecting initial premiums. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. Advertisement. Which of the following BEST describes a conditional insurance contract? C) statements made in the application and the premium According to the Affordable Care Act (ACA), insurers can no longer deny health coverage due to pre-existing conditions unless that plan is a (n) Grandfathered plan Accident plan Individual plan Group plan Grandfathered plan Law of Agency Eventually, they retire and dissolve the business. definitions Declarations Entire contract Waivers Conditions, A whole life policy option where extended term insurance is selected is called a(n) dividend option settlement option nonforfeiture option interest-only option, Which of these would limit a company's liability to provide insurance coverage? Which of the following best describes a symbol. Expert answered|Malekith22|Points 0| Log in for more information. An individual who has a hobby racing cars once a month. performance is conditioned upon a future occurrence. A policyowner can receive a percentage payment of the death benefits prior to death by using what kind of contract? Loan against the cash value Policy withdrawal Policy dividend Death benefit, A business will typically use which type of life insurance to cover their employees? C) promises made What is the name of the provision which states that a copy of the application must be attached to the policy when issued? b. benefits paid under workers compensation. A policy containing exclusions or limits that are not clearly disclosed to the policyholder, or a premium that is significantly higher than the risk covered, could be considered unfair or one-sided. Which of the following are the premium payments for a universal life policy NOT used for? B) only an offer The policies continue in force with no change. The terms and conditions of insurance contracts should be carefully reviewed by policyholders before signing. Apparent Asked 10/6/2017 7:04:21 AM. collateral, What is implied authority defined as? 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. C) fiduciary trust Which of the following is a requirement to attain an Utah resident producer license? Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited, When a whole life policy is surrendered, income taxes may be owed, All of these statements concerning whole life insurance are false EXCEPT Policyowner can take out a policy loan up to the face amount When a whole life policy is surrendered, income taxes may be owed Coverage is normally temporary The death benefit is not affected by outstanding loans, A life insurance policy which contains cash values that vary according to its investment performance of stocks is called Increasing Term Life Modified Whole Life Variable Whole Life Adjustable Whole Life, Which of these riders will pay a death benefit if the insured's spouse dies?

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