Beneficiary principle Study guides, Revision notes & Summaries

When can a policy owner change a revocable beneficiary? - Answer-Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? - Answer-Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - Answer-If the primary beneficiary dies before the insured What is the underly...

Florida Claims Adjuster Exam 2023 1. Peril: Something that causes a loss. 2. Hazard: Something that increases the probability that a loss will occur. 3. Warranty: A policy condition, either based on information in the i nsureds appli- cation or inserted by the insurer. It is a guarantee of a fact. 4. Misrepresentation: An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 5. Concealment: Th...

Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam with Verified Solutions When can a policy owner change a revocable beneficiary? Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) po...

CRCS - ANSWER Certified Revenue Cycle Specialist AAHAM - ANSWER The American Association of Healthcare Administrative Management 1-Day Rule - ANSWER a requirement that all diagnostic or outpatient services furnished in connection with the principle admitting diagnosis within one day prior to the hospital admission are bundled with the inpatient services for Medicare billing. 3-Day Rule - ANSWER a requirement that all diagnostic or outpatient services furnished in connection with the p...

Equity and Trusts summary of key principles, types of trust, actions against third parties, duties, defences

Kansas Life & Health Insurance Final Exam Questions and Answers Already Passed When can a policy owner change a revocable beneficiary? Anytime J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? Revocable M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable Beneficiary revocable benef...

AD Banker Comprehensive 2024/ 2025 Exam| Questions and Verified Answers| 100% correct| Grade A Q: The relationship of a person who acts on behalf of a company whereby the person's actions can bind the company is known as: A. Surplus lines or excess insurance B. The law of large numbers C. The law of agency D. Brokerage business Answer: C. Q: _____________ consists of groups of underwriters called syndicates, each of which specializes in insuring a particular type of risk. A. L...

Disability Buy-Out plans feature: - ANSWER Long elimination plans up to two years (A disability buy-out plan funded with disability insurance has a long elimination period of generally two years. The elimination period begins the day of the disability. Then the disability policy will provide a lump sum to buy the disabled partner out. They want to make sure that the partner is not going to recover and come back to work) When MUST the Office of Insurance Regulation conduct a market conduct exa...

Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam When can a policy owner change a revocable beneficiary? Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable How would a contingent beneficiary receive the policy proceeds in a...

Succession Succession: - This aspect of law deals with what happens to an estate (the assets you leave behind) after you pass away. - Estate = the assets, obligations, liabilities, debts, etc. that you leave behind. - Inheritance = what is left once all the debts and liabilities have been paid. - Succession determines who qualifies to inherit. There are 2 types of succession: - 1) Testate = dealing with wills. - 2) Intestate = dealing with no wills. Terminology: - Deceased = person w...