insured voluntarily gives up the life insurance contract, the policy is A) Foreclosed B) Lapsed C) on extended warranty D) reinstated
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If an insured voluntarily gives up the life insurance contract, the policy is
A) Foreclosed
B) Lapsed
C) on extended warranty
D) reinstated
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- In order to prevent an insured from recovering more than his actual loss, insurance policies contain which of the following clauses? Pro Rata liability Coinsurance Elimination DeductibleS 2 the uncertain nature of health status gives rise to the demand for insurance coverage among persons who afe risk averse true falsewhy and how can guaranteed issue (cannot be denied insurance due to pre-existing conditions)
- Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur ture items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant © A) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite O B Nothing. The loss is not covered © C The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis limit © D That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal propertyJanelle acquires a used seven-year class asset on November 3, 2020, for $40,000. She does not elect to expense any of the asset under § 179 or straight-line cost recovery. No election for additional depreciation is made. She sells the asset on December 4, 2021. This is the only asset she acquires in 2019. Determine Janelle’s cost recovery depreciation in 2020 and 2021.On January 1, 2020 Alan made an interest-free loan of $200,000 to his son who used the loan to buy a house. Alan’s son has made no payments on the loan during the year. What are the income and gift tax consequences if the applicable federal rate is 5% and if Alan’s son had no investment income during the year? Which of the following is eligible for the annual exclusion? 1. Frank designates his daughter, Holly, beneficiary of his 401(k) plan. 2. Frank designates his wife, Betty, as beneficiary of his life insurance policy. 3. Frank funds an irrevocable trust with $1,100,000 for the benefit of his son. The terms of the trust allows a payout at the discretion of the trustee. 4. Frank funds an irrevocable life insurance trust with the amount necessary to pay the premiums of the policy. The beneficiaries can take a distribution equal to the contribution each year.
- true or false 1. Captive insurer may be used to insure loss exposures that the parent firm finds it difficult to insure with private insurers. 2. Ali incorporated his business so that he has unlimited liability to shield him against personal liability claim by the creditors 3. For the safety of the residents of the apartment, a barrier is installed at the entrance of the apartment. Only the vehicles belong to the residents are allowed to pass through. This physical barrier system is a risk management technique called loss prevention 4. Applying first-aids to an injured worker while waiting for an ambulance to send him to hospital is a risk management technique called salvage.Which item of personal property is not excluded under Coverage C of the Dwelling Program? A: Credit card or fund transfer card loss in any amount when stolen. B: Manuscripts. C: Animals, birds or fish owned by the insured. D: Mausoleums owned by the insured.You have been appointed as a claims underwriter responsible for settlement of losses with clients. Below are details of events that you require to make a decision. Assume that both vehicles are insured by your insurance company. A passenger bus was travelling from point A to Point B when it collided with a parked saloon vehicle. The accident occurred on a road that is not authorized as a passenger route. The bus swerved to avoid hitting into a wall fence but ended up destroying part of a fence of a neighbor to the owner of a parked car.The car was parked partly on the gravel road. The car will definitely require panel beating. Four kids that live at the house whose fence was partly destroyed had strayed into the road while playing football causing the driver to swerve and hit into the car. The bus owner does not accept any responsibility what so ever claiming that he did not expect the bus to operate on that as it was taken to the garage for service. All passengers escape unhurt but…
- Meaning of underwriting in insurance1. X borrows money from a bank memorialized by a written loan agreement. Z orally promises the banker he will guarantee the loan. a) Z's promise is probably unenforceable in court, a collateral promise must be in writing. b) Z will have to pay the loan if X defaults. c) Collateral agreements need not be in writing to be enforceable in court. d) All of the aboveEric and Susan just purchased their first home, which cost $140,000. They purchased a homeowner’s policy to insure the home for $130,000 and personal property for $80,000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $19,500. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $420. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance company pay for the damages to the roof?