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- What does the insurer agree to pay for in addition to covering losses in an insurance policy? Services such as investigating claims and defending the insured The entire policy limit Premium costs for the policy period Only losses below the deductibleIn case of life insurance policies with profits, policy holders are given the right to participate in the profits of the business and for this purpose insurance company will pay: a. Claims to policy holders b. Bonus to policy holders c. Consideration to policy holders d. Annuity to policy holdersPlacing the insured in the same position financially as he or she or it was in immediately before the loss or damage took place. For this purpose, the insurance companies are: a. Paying compensation to the insured b. Paying commission to the insured c. Paying salaries to employees d. Paying commission to the agents
- A trust account journal does not need to include which of the following information? A social security or tax ID number of the beneficiary A running balance after each receipt or disbursement The date name of the payee check number reference to vendor document and amount for each disbursement The date name of the payor name of the principal and amount for each receipt PLEASE EXPLAIN WHY THE OPTION IS CORRECT AND REMAINING INCORRECT NEED ANSWER IN DETAILLife insurance premiums shall be reported as a deductible expense for financial reporting purposes if the company paying it is the beneficiary. Required: True or FalseA "waiver-of-premium” clause: Select one: a. allows the person to purchase additional insurance at no extra cost means the insured will receive the cash value immediately allows an insurance agent to pay your premiums b. C. O d. waives the suicide clause e. pays premiums in the event of illness or disability Clear my choice
- For the following definitions, indicate the type of trust being described by selecting the correct answer from the dropdown. option for answer - blind trust, life insurance trust, living (revocable) trust, divorce trust, trust for minors a. Holds life insurance policies on the insured. b. Provides funds for a college education or other needs, shifts income to other taxpayers, and transfers accumulated income without permanently parting with the underlying assets. c. Manages assets, reduces probate costs, provides privacy for asset disposition, protects against medical or other emergencies. d. Manages the assets of an ex-spouse.Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B cedes the insurance contract with Entity A to Entity C, another insurance company. How should Entity B account for the insurance contract with Entity C?A. using the modified version of the general model applicable for onerous insurance contractsB. using the general modelC. using a modified version of (a) or (b) applicable to reinsurance contracts heldD. using the premium allocation approachWhich of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information form
- Which of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Short Term Loans b. Fixed Deposit c. Insurance d. InvestmentAn insurance broker whose registration is "restricted to oftine following activities? Acting Under Supervision" may NOT perform which one (1)•Sign letters to members of the public recommending insurance coverage.•Solicit insurance except in the presence of their supervisor.•Deposit insurance premiums in their own trust bank account.•Collect premiums on behalf of the insurance broker by whom they are employed.21. Which statement about rebates is correct? a. Agents can only give rebates that are shown on the rebate schedule they file with an insurer. Ob. Insurers must allow agents to give rebates to customers. OC. Agents can give rebates to some customers only based on place of residence. Od. Agents must give rebates upon request.
