which of the following best describes a conditional insurance contract which of the following best describes a conditional insurance contract

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. D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. performance is conditioned upon a future occurrence. A) there is the potential for an unequal exchange of value The terms and conditions of insurance contracts should be carefully reviewed by policyholders before signing. discreet Which of the following does a life insurance policy summary normally include? A) Tom's spouse ______ is NOT an element of a valid contract. Adjustable universal life policy Flexible universal life policy Variable universal life policy Modified universal life policy, Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Bob dies 12 months later. Which of the following does a producer NOT have a fiduciary responsibility to? Law of large numbers U.S. Census Average mortality incidents Experience of morbidity, Insurance represents the process of risk selection avoidance transference assumption, Doctors pooling their money to cover malpractice exposures, An example of risk sharing would be Adding more security to a high-risk building Choosing not to invest in the stock market Doctors pooling their money to cover malpractice exposures Buying an insurance policy to cover potential liabilities, All of the following are examples of pure risk EXCEPT Losing money at a casino Injured while playing football Falling at a casino and breaking a hip Jewelry stolen during a home robbery, the terms must be accepted or rejected in full, Under a contract of adhesion, there is the potential for an unequal exchange of value the insurer's obligations are dependent upon certain acts of the insured individual the terms must be accepted or rejected in full only one party makes any kind of enforceable promise, According to life insurance contract law, insurable interest exists when any business relationship exists at the time of application at the time of death only when determined by a judge, In an insurance contract, the insurer is the only party legally obligated to perform. B) implied authority 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 A non-contributory health insurance plan helps the insurer avoid. 1 pt. A unilateral contract is one in which only one party makes a legally binding guarantee. B) Rescind the policy Waiver of premium Juvenile waiver Guaranteed insurability Payor benefit, Which of the following is a reinstatement condition? D) only when determined by a judge, Xcel Chapter 3 Legal Concepts of the Insuranc, Chapter 3 Exam - Legal Concepts of the Insura, Chapter 4 Exam - Life Insurance - Types of Po, 4 - (Questions) Life Insurance Policies - Pro, Chapter 5: Life Insurance Premiums, Proceeds,, Chapter 4: Type of Insurance Policies Part 1, Chapter 4: Policy Provisions, Options and Rid, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Unit 7 AP Env. A) insured Which of the following would be a valid reason why a policy premium would be higher than the standard premium? purpose, Insurable interest does NOT occur in which of the following relationships? there must be legal reasons for entering into the contract C) claim forms A policyowner is prohibited from making any changes to the policy without the beneficiarys written consent under which beneficiary designation? A contract that requires certain conditions or acts by the insured individual. A) Parties involved must be competent Which scenario would most life insurance policies exclude coverage for? Only the insured pays the premium 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 Definition refers to a description which is given to a word, idea or phenomenon . Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance business. Which of the following best describe the term definition. 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. Events are those which cannot be controlled by either . Insurers must maintain files of all documents used for solicitation for ____ year(s) after the last authorizes date of use. Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. Both partners are still married at the time of Bob's death. D) unilateral, Who is responsible for assembling the policy forms for insureds? Which of the following statements is TRUE? What is the difference between insurance condition and warranty? Loans obtained by a policyowner against the cash value of a life insurance policy. C) the terms must be accepted or rejected in full D) Intent, Which contract element is insurable interest a component of? His insurance agent told him the policy would be paid up if he reached age 100. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. Adjustable life insurance Decreasing term insurance Increasing term insurance Modified life insurance, A spouse and child can be added to the primary insured's coverage as what kind of rider? express authority GENERAL LAW OF CONTRACTS A contract is an agreement enforceable by law. the contract must be a contract of adhesion, there must be legal reasons for entering into the contract, What makes an insurance policy a unilateral contract? Aleatory Contract: A contract type in which the parties involved do not have to perform a particular action until a specific event occurs. Which of these statements is true? The gap between the total death benefit and the policys cash value. Accelerated death benefit rider Waiver of premium rider Extended term option Decreasing term insurance. I hope you got the correct answer to your question. C) A contract where one party "adheres" to the terms of the contract A) offer and acceptance Which of the following statements is true? A) voidable C) insurer D) Consideration clause, When the principal gives the agent authority in writing, it's referred to as warranty guarantee representation collateral, there must be legal reasons for entering into the contract, Legal purpose is a term used in contract law meaning there must be an offer and acceptance the contract must be aleatory there must be legal reasons for entering into the contract the contract must be a contract of adhesion, In an insurance contract, the element that shows each party is giving something of value is called offer acceptance consideration purpose, What makes an insurance policy a unilateral contract? It is the means by which one or more parties bind themselves to certain promises. 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. Anheuser-Busch InBev is trying to reduce its water usage. Which of the following BEST describes a conditional insurance contract? C) Indemnity contract If xxx actually turns out to be 131313, what do you think of the claim? Eventually, they retire and dissolve the business. An applicants character and personal habits can be obtained for underwriting purposes from which source? Which of these is considered to be a disadvantage of owning this type of annuity? In most insurance policies, the insurer is the only one who makes a legally binding promise to pay insured claims. insurer Which of the following best describes a symbol. All of the following are examples of pure risk EXCEPT. D) an offer and acceptance of the contract terms, D) an offer and acceptance of the contract terms, In an insurance contract, the applicant's "consideration" is the All of these are typically sources of underwriting information for life or health insurance EXCEPT. What is the meaning of par value of stock with respect to the corporate form of organization? Term, whole, and universal life insurance. Answer Explanation: A contract that requires certain conditions or acts by the insured individual. offer A) Insurer's promise to pay benefits Her son, Mike, is the beneficiary. When initial premium is collected and policy is issued. How often must an insurance producers license in Utah be renewed? implied A) Parties involved in the contract the contract must be aleatory be filed with the state Insurance contracts are unilateral contracts. 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? Preferred risk policies with reduced premiums are issued by insurance companies because the insured has, Better than average mortality or morbidity experience. How many days is a temporary producers license valid? C) representation 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 The policies continue in force with no change. Before using an assumed name in Utah, a producer MUST, Maria would like an annuity that provides a guaranteed accumulation or payout. 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) A contract where one party "adheres" to the terms of the contract. Only the insured can change the provisions B) the insurer's obligations are dependent upon certain acts of the insured individual Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? Log in for more information. Premiums paid plus interest earned is returned to the beneficiary. The agent's obligation to provide the proper amount of coverage The insurer's obligation to return all premiums upon an approved death claim The insurer's obligation to pay a death benefit upon an approved death claim The agent's obligation to pay a death benefit upon an approved death claim, Of the following dividend options, which of these is taxable? representation Because of this, an insurance contract is considered voidable conditional aleatory unilateral, Who is responsible for assembling the policy forms for insureds? Tom's spouse Bob's estate Bob's spouse Tom, Which contract element is insurable interest a component of? A symbol is a mark, sign or word that indicates, signifies, or is understood as representing an idea, object, or relationship, best describes a symbol. Nothing $100,000 $250,000 $500,000, Which type of life insurance is normally associated with a Payor Benefit rider? Which of these legislation Acts is designed to protect consumers with guidelines regarding credit reporting and distribution? B) Bob's estate C) the authority to represent the insurer When the term insurance expires. ______ is NOT an element of a valid contract. insured In this situation, who will receive Bob's policy proceeds? C) Implied Period of time after the initial premium is paid and before the policy is issued Period of time it takes for a policy's underwriting to complete Period of time after a policy is issued and before it is delivered to policyowner Period of time after the premium is due but the policy remains in force, Life insurance policies will normally pay for losses arising from commercial aviation war suicide hazardous jobs, A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? promises made _______ is the authority given to a producer to transact business on behalf of the insurer. A) producer's apparent authority 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". State Insurance Departments NAIC Insurance carriers Insurance producers, Intentional withholding of material facts that would affect an insurance policy's validity is called a(n) estoppel concealment adhesion misrepresentation, The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? To see this page as it is meant to appear, please enable your Javascript! D. $2,863. Pay owns a 20-pay life policy with a paid-up dividend option. 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? Which of the following best describes how you analyze a fiction text? A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. What is created after policy proceeds are obtained in a lump sum and then immediately invested? 2 See answers 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"? D) Personal contract, The importance of a representation is demonstrated in what rule? With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. A life insurance policy that is subject to a contract interest rate is referred to as. C) Apparent authority B) errors and omissions All of the following statements about Carl's coverage are correct.