Which of the following is NOT true?

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Which of the following is NOT true?

a. the Life and Health Guaranty Association is comprised of representatives from the DOIs of every state
b. the Association's liability is generally limited to that of the impaired instance company
c. the Life and Health Guaranty Association's maximum coverage is $500,000
d. the Life and Health Guaranty Association was created to protect policy owners financially if their insurers become insolvent

Answer: a

Life 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

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The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
Life insurance policies will normally pay for losses arising from
Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
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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?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
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The authority granted to a licensed producer is provided via the
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The pro rata liability clause is designed to protect the principle of
When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
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