Beneficiary principle Study guides, Revision notes & Summaries

A producer who is acting as an agent is representing: A The insured, the applicant and the beneficiary B Always the insured C The insured and the insurer D Always the insurer - correct answerD In order to be valid, a contract must be between individuals considered legally able to enter into an agreement. This principle is known as: A Restricted persons B Considerations C Competent parties D Agreement - correct answerC A company t

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...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

When can a policy owner change a revocable beneficiary? - correct 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? - correct answer Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - correct answer If the primary beneficiary dies before the insu...

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

Which of these is NOT considered to be a common life insurance nonforfeiture option? a. Cash surrender b. Extended term insurance c. Reduced paid-up insurance d. Life income annuity - correct answer -d. Life income annuity Which of these would NOT be considered a presumptive disability? a. Loss of vision and speech b. Loss of hearing c. Loss of a leg or arm d. Loss of a leg and arm - correct answer -c. Loss of a leg or arm A business will typically use which type of lif...

RMIN 4000 UGA Brown Exam 3 Latest Version Graded A+ principle of indemnity The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash...

3-Day Rule - ANSWER a requirement that all diagnostic or outpatient services furnished in connection with the principle admitting diagnosis within three days prior to the hospital admission are bundled with the inpatient services for Medicare billing 837I - ANSWER the American National Standards Institute transaction for an institutional claim; as a result of HIPAA, it is replacing the electronic UB-04. 837P - ANSWER a former American National Standards Institute transaction for a professi...

A producer who is acting as an agent is representing: A The insured, the applicant and the beneficiary B Always the insured C The insured and the insurer D Always the insurer - CORRECT ANSWER-D In order to be valid, a contract must be between individuals considered legally able to enter into an agreement. This principle is known as: A Restricted persons B Considerations C Competent partie

Which of the following is a true characteristic of a variable universal life policy? - correct answerAs long as there is sufficient cash value to cover policy expenses when due, the insured is not required to pay the planned premium Fred purchased a $100,000 policy naming his wife, Wilma, as primary beneficiary, and his only child, Pebbles, to receive any proceeds if Wilma dies before Fred, or if she dies after Fred, but before receiving all the policy proceeds. Fred elected the interest sett...