which of the following best describes a conditional insurance contract

the policy provides a straight, level $100,000 of coverage for 5 years. It is not necessary for the parties to exchange unequal consideration in a conditional insurance contract. 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? In this situation, who will receive Bob's policy proceeds? B) Apparent Question. 3. A double indemnity benefit will be payable to Matts beneficiary is Matt, All of the following riders can increase the death benefit amount EXCEPT, All of these are valid policy dividend options for a life insurance policyowner EXCEPT, The premium for a Modified whole life policy is, Lower than the typical whole life policy during the first few years and then higher than typical for the remainder, A nonparticipating company is sometimes called a(n), Intentional withholding of material facts that would affect an insurance policys validity is called a(n), Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT. See answers. A marathon is 42.2 kilometers. B) Indemnity When does a life insurance policy typically become effective? What is the meaning of par value of stock with respect to the corporate form of organization? Only the insured is legally bound, According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's Bob dies 12 months later. B) the insurer's obligations are dependent upon certain acts of the insured individual D. $2,863. Zucchini is the best descriptive word. C) Contract must have a legal purpose Which of these legislation Acts is designed to protect consumers with guidelines regarding credit reporting and distribution? C) Insurable interest underwriting ______ is NOT an element of a valid contract. B) producer be filed with the state The agent's obligation to provide the proper amount of coverage The insurer's obligation to return all premiums upon an approved death claim The insurer's obligation to pay a death benefit upon an approved death claim The agent's obligation to pay a death benefit upon an approved death claim, Of the following dividend options, which of these is taxable? B) Implied authority Legal Which of the following BEST describes a conditional insurance contract? When the term insurance expires. A contract that requires certain conditions or acts by the insured individual. Insurable interest can be based on the love and affection of individuals related by blood or law An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of Both partners are still married at the time of Bob's death. D) purpose, Which principle is accurately described with the statement "Insureds are entitled to recover an amount NOT greater than the amount of their loss"? Before using an assumed name in Utah, a producer MUST, Maria would like an annuity that provides a guaranteed accumulation or payout. contain an offer and acceptance, In an insurance contract, the insurer is the only party legally obligated to perform. 1 pt. d) an agreement requires a definite offer and an indefinite acceptance. Because of this, an insurance contract is considered voidable conditional aleatory unilateral, Who is responsible for assembling the policy forms for insureds? Competent parties Authority given to handle claims and process payments Consideration In exchange, the policyowner pays premiums. Which type of life insurance policy is this? Offering payment of approved claims within 30 days after affirming liability. Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer Insurable interest Insurance exchanges Law of large numbers and risk pooling Population table data, People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. Which Of The Following Statements About Personal Selling Is Correct? Which of the following is the best descriptive word? C) Probability of loss Determine which insurer offers the best rates Determine which insurer offers the best policies Determine financial strength of an insurance company Determine which agent to use locally, A nonparticipating policy will provide a return of premium provide tax advantages not pay dividends give policyowners special privileges, A rating from a rating service company, such as A.M. Best, Which of the following is NOT considered advertising? legal reserve, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? A) A contract that requires certain conditions or acts by the insured individual 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? 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. there must be an offer and acceptance An individual who has a hobby racing cars once a month. Which of the following statements is TRUE? Which option was chosen? Which military service exclusion clause would pay upon his death? A contract that requires certain conditions or acts by the insured individual. Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited, When a whole life policy is surrendered, income taxes may be owed, All of these statements concerning whole life insurance are false EXCEPT Policyowner can take out a policy loan up to the face amount When a whole life policy is surrendered, income taxes may be owed Coverage is normally temporary The death benefit is not affected by outstanding loans, A life insurance policy which contains cash values that vary according to its investment performance of stocks is called Increasing Term Life Modified Whole Life Variable Whole Life Adjustable Whole Life, Which of these riders will pay a death benefit if the insured's spouse dies? Policyowner may increase or decrease the premium payments Policyowner may increase or decrease the face amount Policyowner can contribute large sums of money Policyowner has the right to select the investment which will provide the greatest return, All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability, Which of these is NOT considered to be a common life insurance nonforfeiture option? Eventually, they retire and dissolve the business. A non-contributory health insurance plan helps the insurer avoid. Asked 10/6/2017 7:04:21 AM. Express B) Equal consideration is required between the involved parties 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. Conditional Contracts: Everything You Need to Know - UpCounsel A contract that requires certain conditions or acts by the insured individual A contract that has the potential for the unequal exchange of consideration for both parties A contract where one party "adheres" to the terms of the contract B) Contract of adhesion The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. D) both the policyowner and the insurer must know all material facts and relevant information, B) only one party (the insurer) makes any kind of legally enforceable promise, Intentional withholding of material facts that would affect an insurance policy's validity is called a(n) y=f(x)=10x5x+1535if0x3if3Which of the following best defines diction? A. simile B - Weegy A) Insurability D) the authority to add provisions to a contract, C) the authority to represent the insurer, Which of the following contracts is defined as "one that restores an injured party to the condition that was present before the loss"?

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