Study guides, Class notes & Summaries

Insured Contingent Beneficiary correct answers If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the uniform Simultaneous Death Act? Reimbursement correct answers Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy? $25,000 correct answers J has an Accidental Death and Dismemberment policy with a principal sum of $50,000. While tri...

When Linda suffered a broken hip, she notified her agent, in writing, within 12 days of the loss. However, her agent did not notify the insurance company until 60 days after the loss. Which of the following statements correctly explains how this claim would be handled? A. The insurer is considered to be notified since the notification to agent equals notification to the insurer B. The insurer may delay the payment of this claim for up to 6 months C. The insurer may settle this claim for less ...

All of the following are true regarding Key Employee Disability Income insurance EXCEPT A) Premiums are not tax deductible for the employer. B) Benefits are taxable to the employer. C) The employer owns the policy. D) Benefits are paid to the employer to retrain a new person. - B) Benefits are taxable to the employer. Key person disability income premiums are not deductible to the business, but the benefits are received income tax free by the business. How is emergency care covered for a...

Insured Contingent Beneficiary - If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the uniform Simultaneous Death Act? Reimbursement - Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy? $25,000 - J has an Accidental Death and Dismemberment policy with a principal sum of $50,000. While trimming the hedges, J cuts off one of his fi...

All of the following are true regarding Key Employee Disability Income insurance EXCEPT A) Premiums are not tax deductible for the employer. B) Benefits are taxable to the employer. C) The employer owns the policy. D) Benefits are paid to the employer to retrain a new person. - B) Benefits are taxable to the employer. Key person disability income premiums are not deductible to the business, but the benefits are received income tax free by the business. How is emergency care covered for a...

Insured Contingent Beneficiary - Answer- If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the uniform Simultaneous Death Act? Reimbursement - Answer- Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy? $25,000 - Answer- J has an Accidental Death and Dismemberment policy with a principal sum of $50,000. While trimming the hedges, ...