which of the following best describes a conditional insurance contract

A) Only the insured pays the premium What was his total bill? Policy Summary Buyer's Guide Entire Contract Entire Policy, It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill, What is the purpose for having an accelerated death benefit on a life insurance policy? The insured, on the other hand, makes few, if any, legally binding promises to the insurer. Parent and children Only the insured pays the premium Can be converted to permanent coverage without evidence of insurability Coverage can be different for each child Premiums on this rider are not required until the limiting age is reached Increases the policy's overall cash value, Which type of policy combines the flexibility of a universal life policy with investment choices? A) One party is restored to the same financial position the party was in before the loss occurred B) The unequal exchange of value or consideration for both parties C) One party (the insurance company) prepares the contract with no negotiation between the applicant and insurer D) Only one party (the insurer) makes any kind of enforceable promise Which of the following statements about aleatory contracts is NOT true? Which of the following does a life insurance policy summary normally include? Eventually, they retire and dissolve the business. Which of the following BEST describes a conditional insurance contract? 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 According to the Affordable Care Act (ACA), insurers can no longer deny health coverage due to pre-existing conditions unless that plan is a (n) Grandfathered plan Accident plan Individual plan Group plan Grandfathered plan 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. A non-contributory health insurance plan helps the insurer avoid. Which of the following statements correctly describes a contract of indemnity? What is the difference between insurance condition and warranty? Tom's spouse Bob's estate Bob's spouse Tom, Which contract element is insurable interest a component of? Insurance producer Jerry offers a $350 shopping card if they purchase an insurance product through him. This is called risk retention preexisting conditions law of large numbers adverse selection, What is known as the immediate specific event causing loss and giving rise to risk? C) statements made in the application and the premium His insurance agent told him the policy would be paid up if he reached age 100. 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. B) acceptance Competent parties Which Of The Following Best Describes A Conditional Insurance Contract Because you're already amazing. Insurance contracts are unilateral contracts. B) NAIC An unintentional violation of Utah insurance law could lead a producer to a fine of up to _____ per violation. What is this called? Which of the following statements is true? What is the meaning of par value of stock with respect to the corporate form of organization? Field underwriting performed by the producer involves, Completing the application and collecting initial premium, An employee under a group insurance policy has the right to name a beneficiary and the right to, Convert to an individual policy in the event of employment termination. 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". 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. Declarations Entire contract Waivers Conditions, A whole life policy option where extended term insurance is selected is called a(n) dividend option settlement option nonforfeiture option interest-only option, Which of these would limit a company's liability to provide insurance coverage? A) Express apparent authority Which Of The Following Best Describes A Conditional Insurance Contract insurer Bob dies 12 months later. An example of an unfair claims practice would be, Failing to effectuate prompt, fair, and fair equitable settlements of a claim. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? d. a deductible stated in the policy's provision. Her son, Mike, is the beneficiary. A) A contract that requires certain conditions or acts by the insured individual The above question Which of the following BEST describes a conditional insurance contract?, Was part of Insurance MCQs & Answers. Chapter 3 Legal Concepts of the Insurance Contract - Quizlet performance is conditioned upon a future occurrence. purpose, Insurable interest does NOT occur in which of the following relationships? When does a life insurance policy typically become effective? Only the insurer is legally bound Which of the following best describes a symbol. b. benefits paid under workers compensation. Provide an opinion. At what point may a producer sell insurance for an insurer? Which of the following best describes a conditional insurance contract An insurance contract usually involves an exchange of consideration between both parties: the insurer agrees to provide coverage and pay claims in the event of a loss, and the policyholder agrees to pay premiums in return. Policy Application Riders Certificate of Authority, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) guaranteed term rider guaranteed insurability rider accelerated benefit rider cost of living rider, The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid minus indebtedness and with interest during the last 12 months minus indebtedness and without interest during the last 6 months, A life insurance policyowner does NOT have the right to change a beneficiary select a beneficiary take out a policy loan revoke an absolute assignment, A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT fare-paying passenger pilot of personal airplane suicide war, The insurer's obligation to pay a death benefit upon an approved death claim, Under a life insurance policy, what does the insuring clause state? Which of these is considered to be a disadvantage of owning this type of annuity? Who assumes the investment risk with a fixed annuity contract? Insurer's promise to pay benefits A paid premium Legal purpose Intent, 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, What is implied authority defined as? B) A contract that has the potential for the unequal exchange of consideration for both parties C) Materiality of concealment Apparent Returning a portion of a premium as inducement to purchase insurance, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of, Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out. written contract Which of the following Best Describes a Conditional Insurance Contract D) misrepresentation, Which of the following is NOT required in the content of a policy? C) there must be legal reasons for entering into the contract An insurance contract usually involves an exchange of consideration between both parties: the insurer agrees to provide coverage and pay claims in the event of a loss, and the policyholder agrees to pay premiums in return. Which type of multiple protection policy pays on the death of the last person? B) A contract that has the potential for the unequal exchange of consideration for both parties. Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. A contract that requires certain conditions or acts by the insured individual Which of these is considered to be a Living Benefit option in a life insurance policy? Provide funds to help fund retirement Provide funds to help pay taxes Provide funds for funeral expenses Provide tax deductions for premium payments, lower than the typical whole life policy during the first few years and then higher than typical for the remainder, The premium for a Modified whole life policy is higher than the typical whole life policy during the first few years and then lower than typical for the remainder lower than the typical whole life policy during the first few years and then higher than typical for the remainder normally graded over a period of 20 years level for the first 5 years then decreases for the remainder of the policy, The type of policy which pays on the death of the last person is called joint life survivorship life dual life shared life, A life insurance policy that is subject to a contract interest rate is referred to as adjustable life group life term life universal life, a policy that is paid up after only one payment, A single premium cash value policy can be described as a policy that is paid up after only one payment a policy that only requires an annual payment a policy that is guaranteed issue a policy that covers two or more lives, A limited payment whole life policy provides protection for 20 years lifetime protection protection for more than one person discounted premiums, A policyowner may change two policy features on what type of life insurance? Which of the following BEST describes a conditional insurance contract? B) Bob's estate A policy containing exclusions or limits that are not clearly disclosed to the policyholder, or a premium that is significantly higher than the risk covered, could be considered unfair or one-sided. C) negotiation between the involved parties 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? 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? Which statement is CORRECT when describing a contract of adhesion? 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. 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. An individual who has a hobby racing cars once a month. D) Conditional, Which of the following is NOT a requirement of a contract? 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. B) other insurance The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? Which of the following best describes the MIB? Notify me of follow-up comments by email. A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party adheres to the terms of the contract D) A contract where only one party makes any kind of enforceable contract. What is this an example of? Offering payment of approved claims within 30 days after affirming liability. C) A contract where one party adheres to the terms of the contract 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? B) Contract of adhesion renewal reinstatement resumption renovation, the MEC tends to be an investment vehicle, Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because the MEC has tax deductible premiums the MEC is considered an illegal product the MEC tends to be an investment vehicle the MEC does not accumulate cash value, The face amount and premium will remain constant over the 10-year period, Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. B) issuance of the policy 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? Which of these factors is NOT taken into account when determining an applicants life insurance needs? C) aleatory Which Of The Following Statements About Personal Selling Is Correct? 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? C) Only the insurer is legally bound A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. there is the potential for an unequal exchange of value A life insurance policy that is subject to a contract interest rate is referred to as. I hope you got the correct answer to your question. If threats or force is used to affect an insurance transaction, the unfair trade practice of __________ has been committed. B) Only the insured can change the provisions imposed authority, In an insurance contract, the element that shows each party is giving something of value is called To see this page as it is meant to appear, please enable your Javascript!

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