B) guarantee C) Probability of loss It allows for a spouse to be added as a rider to a life insurance policy It allows for policy loans to be advanced to the insured in the event of unemployment It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill It allows for a third party to purchase a life insurance policy at a discounted rate and immediately advance a portion of the death benefit, All of these are standard exclusions found in a life insurance policy EXCEPT hazardous occupations aviation disability war, Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? Only the insurer is legally bound Utah requires that an insurance producer must complete ___ hour(s) of continuing education on the subject of law and ethics every reporting period. Increasing Term Life policy Nonparticipating policy Modified Whole Life policy Universal Life policy, What is the automatic continuance of insurance coverage referred to as? B) Offer and acceptance C) Insurance carriers Policyowner has the right to select the investment which will provide the greatest return. Business owner and business client, The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? A fixed cash value A flexible premium schedule A fixed death benefit The ability to take out a policy loan, The least expensive option to pay off a 30-year mortgage balance would be convertible term life decreasing term life adjustable term life increasing term life, Pre-death distributions are typically taxable, Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? (A) Both parties to the contract are bound to the terms. The present cash value of the policy equals $250,000. What is this an example of? Competent parties B) implied authority D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. Premiums paid plus interest earned is returned to the beneficiary. Express Which military service exclusion clause would pay upon his death? Zucchini is the best descriptive word. With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. A) express authority B) acceptance Intentional withholding of material facts that would affect an insurance policy's validity is called a(n). A life insurance policyowner does NOT have the right to, Fixed annuities provide each of the following EXCEPT. A) One party is restored to the same financial position the party was in before the loss occurred. All of the following are examples of pure risk EXCEPT. Administrative actions taken against a producer must be reported to the Commissioner within ____ days. 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. promises made Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. Authority given in writing to an agent in the agency agreement 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 GENERAL LAW OF CONTRACTS A contract is an agreement enforceable by law. Producers act in a(n) ________ capacity when holding insurance premiums. which of the following best describes a conditional insurance contract? When handling premiums for an insured, an agent is acting in which capacity? Sorry, you have Javascript Disabled! Rob recently died at age 60. What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? A) Make whole y=f(x)=10x5x+1535if0x3if3
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