which of the following best describes a conditional insurance contract

Countersignature, Which of the following is an example of the insured's consideration? Insurers must maintain files of all documents used for solicitation for ____ year(s) after the last authorizes date of use. Consideration clause 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. Orissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. The terms of the policy typically outline these conditions . A) A contract that requires certain conditions or acts by the insured individual. A new stain removal product claims to completely remove the stains on 909090 percent of all stained garments. What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? D) Legal Purpose, Which of the following is present when an applicant stands to lose value if the insured dies? The policies continue in force with no change. 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. Which of the following best describes a symbol. discreet D) Consideration clause, When the principal gives the agent authority in writing, it's referred to as A) Express authority 30 seconds. Because of this, an insurance contract is considered voidable conditional aleatory unilateral, Who is responsible for assembling the policy forms for insureds? 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? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. How many days is a temporary producers license valid? Interest on policy loans is tax deductible Premium payments are tax deductible Pre-death distributions will become taxable Cash value cannot be surrendered early, seeks temporary protection and lower premiums, Term insurance is appropriate for someone who seeks living benefits for themselves seeks a policy that builds cash value seeks temporary protection and lower premiums seeks permanent protection and higher premiums, Shirley has a $500,000 10-year non-renewable level term life policy. A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n). In this situation, who will receive Bob's policy proceeds? 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.$1,656 Nothing $100,000 $250,000 $500,000, Which type of life insurance is normally associated with a Payor Benefit rider? (D) Only one party is legally bound to the contract. Which of these statements regarding the annuitant is CORRECT? This is also known as a non-negotiable insurance contract, or an automatic contract. C) Charge more premium In exchange, the policyowner pays premiums. D) misrepresentation, Which of the following is NOT required in the content of a policy? 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. What kind of policy is this? Sorry, you have Javascript Disabled! The most appropriate description ascribed to the meaning of definition from the options given is ; A precise statement of the qualities of an idea, object or process. What kind of policy is this? C) the terms must be accepted or rejected in full D) underwriter, Reasonably necessary acts that an agent must perform for carrying out his/her expressly authorized duties are covered by an agent's D) collateral, Express power given to an agent in an agency agreement is Parent and children D) Principal Capacity, A unilateral contract is one in which 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. 2. Dual Life insurance Joint Life insurance Last Survivor Life insurance Shared Life insurance, Index whole life insurance contains a securities component that acts as a(n) hedge against inflation premium stabilizer means to lowering taxes on earnings incentive to purchase more coverage, Which of the following are the premium payments for a Universal life policy NOT used for? A) offer What is the difference between insurance condition and warranty? there is the potential for an unequal exchange of value _______ is the authority given to a producer to transact business on behalf of the insurer. A contract that requires certain conditions or acts by the insured individual. A) estoppel Which of these is considered to be a disadvantage of owning this type of annuity? Juvenile insurance Family income insurance Spouse insurance Term rider, A life insurance policy written on one contract for two people in which it is payable upon the first death is called Split Shared Joint Survivorship, Level premium permanent insurance accumulates a reserve that will eventually equal the face amount of the policy pay a dividend to the policyowner require the policyowner to make periodic withdrawals become larger than the face amount, A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n) adjustable policy limited pay policy level term policy variable universal policy, term, whole, and universal life insurance, What types of life insurance are normally used for key employee indemnification? 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? 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 The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. C) statements made in the application and the premium Which of these statements is true? D) imposed authority, What makes an insurance policy a unilateral contract? 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? Net death benefit will be reduced if the loan is not repaid No interest will be charged on loan balance Term life policies are the only type of insurance that allows policy loans A loan can be taken out for up to the face amount of the policy, Ownership of a life insurance policy may be temporarily transferred with a(n) collateral assignment absolute assignment transferable assignment beneficiary assignment, provide evidence of insurability to the insurer, In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST remit all past-due premiums within the grace period provide evidence of insurability to the insurer resubmit a new life insurance application provide a valid reason for the lapse, Which of the following is considered to be an alternative to a life settlement? A) fiduciary bond B) A contract that has the potential for the unequal exchange of consideration for both parties. 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". 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 Eventually, they retire and dissolve the business. One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. A) there is the potential for an unequal exchange of value Pay owns a 20-pay life policy with a paid-up dividend option. 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? Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. which of the following best describes a conditional insurance contract? discreet apparent implied express, Bob and Tom start a business. The present cash value of the policy equals $250,000. C) Legal purpose Sharing commissions with a producer licensed in the same line of business. Which of the following is a reinstatement condition? Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? there must be an offer and acceptance Which of the following statements correctly describes a contract of indemnity? Administrative actions taken against a producer must be reported to the Commissioner within ____ days. The face amount and policy premium are not affected by the payment Before payment of the benefit is made, specific conditions must exist, such as suffering from a terminal illness There may be a dollar limit on the maximum benefit The benefit can be offered as a rider at a specific extra cost or may be at no cost, Which of the following is NOT part of an insurance contract? Of the following dividend options, which of these is taxable? B) Contract of adhesion Required fields are marked *. D) Offer and acceptance must be involved, B) Equal consideration is required between the involved parties, A contract requires Advertisement. Ken is a producer who has obtained Consumer Informations Reports under false pretenses. Typically, bilateral contracts involve an equal obligation or. 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? What kind of policy is this? promises made A) Sister and brother A) Tom's spouse Julie has a $100,000 30-year mortgage on her new home. B) Offer and acceptance Conditional, Under a contract of adhesion, The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? A) A contract that requires certain conditions or acts by the insured individual C) claim forms Which of the following best describes a symbol C) adhesion Term, whole, and universal life insurance. B) Apparent A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3Which of the following best defines diction? A. simile B - Weegy C) Implied 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? All of the following statements about Carl's coverage are correct. offer Accumulation at Interest Option Cash Dividend Option Paid-Up Additions Option One-Year Term Dividend Option, The policy may be paid up early by using policy dividends, Pat owns a 20-pay life policy with a paid-up dividend option.

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