S1: Life insurance policies purchased many years ago are cheaper than current policies because the insured is older. S2: The cause or consideration of the contract is called the premium. a.) S1 and S2 are true b.) S1 and S2 are false
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S1: Life insurance policies purchased many years ago are cheaper than current policies because the insured is older. S2: The cause or consideration of the contract is called the premium.
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- Kindly help Which of the following statements about life insurance is NOT accurate? a) permanent insurance puts a portion of the premium paid into investment which the insured then has the potential to cash in and recoup, whereas the premium paid for term insurance is simply a sunk cost for the insured . b) permanent insurance guarantees that the policy will pay out the face value to the beneficiary upon the death of the insured , whereas term insurance won't pay out anything at all once the term has finished. c) Term insurance is almost always less expensive than permanent insurance- both the monthly premium amount as well as the amount typically spent on insurance overall. d) Term insurance is simple life insurance policy that involves a less complicated contract with fewer provisions and exemptions , whereas permanent is the type of insurance that you must take care in reading the detailed fine print in the policyIf a term life insurance policy isconvertible, it can be: Question38 options: a) revised as neededby the insurer. b) transferred tothe life of another person in thefuture. c) changed to health ordisability protection. d)exchanged for cash in the future.e) changed to a comparablewhole life policy in the future.(Based on Appendix 12A) Whole-life insurance policies typically can be surrendered while the insured is stillalive in exchange for a determinable amount of money called the cash surrender value. When a company buysa life insurance policy on the life of a key officer to protect the company against the untimely loss of a valuableresource in the event the officer dies, how should the company account for the cash surrender value?
- The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows. Use the expected collision payment to determine the collision insurance premium that would enable the company to break even. The insurance company charges an annual rate of $520 for the collision coverage. What is the expected value of the collision policy for a policyholder? (Hint: It is the expected payments from the company minus the cost of coverage.) Why does the policyholder purchase a collision policy with this expected value?3326 J requests insurance on a neighbor's home in his own name. The insurance producer explains that such a policy also would violate the principle of: a. subrogation b. assignment c. warranty d. insurable interest 3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policyStatement 1: If an insured outlived his policy and received from the insurance company an amount equivalent to the total premiums paid, such amount is taxable. Statement 2: If the insured dies and the beneficiary receives payment from the insurance company, the amount received in excess of the total premiums paid shall be taxable. A. Both statements are true B. Both statements are false C. Only statement 1 is true D. Only statement 2 is true
- Under a deferred annuity owned by a nongrantor trust, how does the annuity's death benefit operate?(Search Chapter 6) a. The death of the trust grantor triggers payout of the contract's death benefit and termination of the contract. b. The death of the primary annuitant triggers payout of the contract's death benefit and termination of the contract. c. The death of the trust beneficiary triggers payout of the contract's death benefit and termination of the contract. d. Annuities owned by a trust can continue in perpetuity; since trusts do not die, there is no death benefit payable from an annuity owned by a trust.32. Which one of the following statements correctly identifies a purpose or characteristic of a second-to-die life insurance policy? A) The premium will cost more than the combined premiums for separate policies on all of the insured parties. B) When the insured parties are a husband and wife, a purpose may be to allow the first-to-die spouse to leave everything to the surviving spouse. C) This policy is also known as a split dollar policy. D) This is a type of policy that will pay benefits at the death of the first insured to die.Suppose Mylan could write an insurance contract whereby it is insured against all penalties resulting from misclassification. Would this affect their need to disclose? Group of answer choices No, because if they are fully covered, investors would find the loss contingency misleading since there is no receivable for the insurance Yes, because they would offset the loss contingency with a receivable which would net to zero No, because purchasing insurance does not relieve the purchaser of its obligation to make payments related to losses that result from risk. Yes, because it is impossible to insure loss contingencies
- Which of the following stalements is required by Long- Term care insurers when referring lo inflation proleclion in qualified Long-Term Care policies? A.All policies must include inflation protection. B.It is mandatory for the insurance companies lo offer consumers the option of inflation protection. C.The insurance companies have the choice if hey want to offer inflation protection. D.The purchaser must requesl inflation protection after lhe policy is issued.If an insured fails to pay the premium when due, the insured's heallh policy will remain in force for a specified period of lime under which of lhe following provisions? A.Grace Period B.Waiver of Premium C.Guaranteed Insurability D.Entire ContractPolicyholder dividends from a whole life insurance policy are generally tax exempt. In which of the following situations would the policyholder dividend be tax exempt? A) The dividend is from a MEC and is received in cash. B) The policyholder dividends exceed premiums paid. C) The policyholder receives dividends that are less than the investment in the contract. D) The policyholder receives dividends greater than the investment in the contract.
