Buy-sell plans are typically funded by which two types of insurance?

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Buy-sell plans are typically funded by which two types of insurance?

A) Life insurance and disability insurance
B) Annuities and disability insurance
C) Modified endowment contracts and Long-term care insurance
D) Life insurance and Long-term care insurance

Answer: A) Life insurance and disability insurance

Health and Accident Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

In insurance,

In insurance, A) contracts made by the agent are considered to be contracts of the producer B) contracts made by the principal are considered to be contracts of the agent C) the insurer is the principal and the producer is the agent D) the producer is the principal and the insurer is the agent Answer: the insurer is the principal and the producer is the agent

Which is generally true regarding insureds who have been classified as preferred risks

Which is generally true regarding insureds who have been classified as preferred risks A) They can borrow higher amounts off of their policies. B) They can decide when to pay their monthly premiums. C) They keep a higher percentage of any interest earned on their policies. D) Their premiums are lower. Answer: Their premiums are lower

All of the following are general requirements of a qualified plan EXCEPT
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The pro rata liability clause is designed to protect the principle of
What does the Group Life underwriting risk selection process help protect insurance companies from?
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A domestic insurer issuing variable contracts must establish one or more
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The pro rata liability clause is designed to protect the principle of
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In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
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The voluntary relinquishment of a legal right is called
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All of the following statements are true regarding installments for a fixed amount EXCEPT
Fraternal Benefit Society has each of the following characteristics EXCEPT
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A securities license is required for a life insurance producer to sell
Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
All of the following statements are correct regarding Credit Life Insurace EXCEPT:
All of the following are true regarding a decreasing term policy EXCEPT
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
Health insurance will typically cover which of the following perils?
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Insurable interest does NOT occur in which of the following relationships?
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The authority granted to a licensed producer is provided via the
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When the principal gives the agent authority in writing, it's referred to as
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All of the following are true regarding rebates EXCEPT
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All of the following are true of key person insurance EXCEPT
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Items stipulated in the contract that the insurer will not provide coverage for are found in the
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The paid-up addition option uses the dividend
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The paid-up addition option uses the dividend
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Insurance represents the process of risk
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What documentation grants express authority to an agent?

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