which of the following best describes a conditional insurance contract

which of the following best describes a conditional insurance contract

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 terms and conditions of insurance contracts should be carefully reviewed by policyholders before signing. Because of this, an insurance contract is considered implied authority A) State Insurance Departments if the insured lives beyond the 5 years, no benefits are payable. Describe the structure. Eventually, they retire and dissolve the business. B) at the time of application Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. The terms of the policy typically outline these conditions . Adjustable life Credit life Modified life Universal life, Whole life policy with premiums paid up after 20 years, Which of these would be the best example of a limited pay life insurance policy? A) insured D) Countersignature, 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 Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance business. An unintentional violation of Utah insurance law could lead a producer to a fine of up to _____ per violation. 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? producer Which of these factors is NOT taken into account when determining an applicants life insurance needs? A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the. Which of the following statements about aleatory contracts is NOT true? His insurance agent told him the policy would be paid up if he reached age 100. 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. C) Charge more premium Which of the following best describes how you analyze a fiction text? Risk reduction Risk transference Risk avoidance Risk retention, The cause of a loss is referred to as a(n) hazard adversity peril risk, How do insurers predict the increase of individual risks? If she dies 15 years after the policys inception date, how much will her beneficiary receive? acceptance A) Parties involved must be competent C) Law of Agency 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"? Guaranteed Insurability rider Family term insurance rider Family whole insurance rider Payor benefit rider, A partial surrender is allowed in which of the following life policies? Multiple-choice. Which of the following statements is true? An insurer's claim settlement practices are regulated by the Securities and Exchange Commission (SEC) National Association of Claims Adjusters (NACA) National Association of Insurance Commissioners (NAIC) State insurance departments, A life insurance company has transferred some of its risk to another insurer. A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n). A) Contract may be accepted or rejected by the insured, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. 2003-2023 Chegg Inc. All rights reserved. voidable A) A contract that requires certain conditions or acts by the insured individual. Which of these features are held exclusively by variable universal life insurance? What kind of policy is this? Peter has a policy where 80% to 90% of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index. Whole life policy that pays out its cash value over a 20 year period Whole life policy with premiums paid up after 20 years Term life policy that returns cash value after 20 years Term life policy with premiums paid up after 20 years, Which type of multiple protection policy pays on the death of the last person? Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them? C) insurer Have a great time ahead. (B) Both parties adhere to the contract. A) implied authority Andy the annuitant dies before the annuity start date. Because of this, an insurance contract is considered y=f(x)=10x5x+1535if0x3if3

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