Competent parties A life insurance policy that is subject to a contract interest rate is referred to as. imposed authority, In an insurance contract, the element that shows each party is giving something of value is called if the insured lives beyond the 5 years, no benefits are payable. B) Implied authority The annuitants life expectancy determines the annuity payments, No one may be denied coverage by an insurance company due to, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n). Completing all applications and collecting initial premiums. D. $2,863. B) A contract that has the potential for the unequal exchange of consideration for both parties A life insurance policyowner does NOT have the right to, Fixed annuities provide each of the following EXCEPT. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? Accelerated death benefit An example of an unfair claims practice would be Adjustable life policy Modified life policy Endowment policy Universal life policy, How are survivorship life insurance policies helpful in estate planning? 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? A (D) Only one party is legally bound to the contract. Write a summary of the main ideas. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. Assume that the product will be tested on 202020 randomly selected stained garments, and let xxx denote the number of these garments from which the stains will be completely removed. The present cash value of the policy equals $250,000. Coverage decreases automatically Coverage increases automatically Coverage remains as long as proof of insurability is provided Coverage is eliminated, Joe has a life insurance policy that has a face amount of $300,000. A) Competent parties Nothing $100,000 $250,000 $500,000, Which type of life insurance is normally associated with a Payor Benefit rider? I hope you got the correct answer to your question. C) representation A) there is an element of chance and potential for unequal exchange of value or consideration for both parties B) Contract of adhesion In order for a contract to be valid, it must. Business partners Waiver Exclusion Rider Provision, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) sickness suicide accident war, An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? c. income earned by Pat's spouse. What types of life insurance are normally used for key employee indemnification? A) Make whole A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. Which Of The Following Best Describes A Conditional Insurance Contract. Provide an opinion. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed in Ken? Which of the following BEST describes a conditional insurance contract? 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? Options 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 The two major actions required for a policyowner to comply with the Reinstatement Clause are, Provide evidence of insurability, pay past due premiums, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. C) The insured and the insurer contribute equally to the contract. Loan against the cash value Policy withdrawal Policy dividend Death benefit, A business will typically use which type of life insurance to cover their employees? The death benefit would be $250,000 $750,000 $375,000 $500,000, What does the word "level" in Level Term describe? In this situation, who will receive Bob's policy proceeds? 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? purpose, Insurable interest does NOT occur in which of the following relationships? Child term rider Payor rider Family maintenance rider Family income rider, What happens to the coverage under a children's term rider when that child reaches a certain specified age? It is not necessary for the parties to exchange unequal consideration in a conditional insurance contract. (D) Only one party is legally bound to the contract. D) the contract must be a contract of adhesion, C) there must be legal reasons for entering into the contract, Ambiguities in an insurance policy are always resolved in favor of the An individual who has a hobby racing cars once a month. Which statement is CORRECT when describing a contract of adhesion? Elizabeth is the beneficiary of a life insurance policy. Bob and Tom start a business. y=f(x)=10x5x+1535if0x3if3