Insurer vs insured - Study guides, Class notes & Summaries

PA Life Insurance Exam – Latest 2024 Graded A+ Risk Uncertainty or chance of loss. When you buy or purchase insurance, you transfer the risk of Financial Liability to the Insurer (Risk Transferred). Self Insured You are considered to be Self-Insured if you do not purchase insurance. Risk Retention Not transferring the risk to the insurer. If you are Self Insured, then you are practicing Risk Retention. Pure Risk Chance of LOSS with NO chance of gain. Insurance is based upon th...

401(k) plan - a. Must have taxable income b. Must be under age 72 c. Annual contributions to a 401K plan are income-tax deductible, investment income accumulates tax free, and distributions are taxed upon withdrawal d. Withdraw without penalty at age 59 ½ e. Certain hardship exceptions prior to age 59 ½ f. 2021 Maximum annual contribution- $19,500 g. 2021 over 50 catch up- $6,500 per year for a total of $26,000 h. Any employer match that you receive does not count toward this limit! a...

C12 - Insurance on Property – Midterm Latest Update Graded A+ Defining Property Insurance -Protection against loss/damage to property -First party insurance -Premium exchanged for protection -Fortuitous losses (sudden and accidental) -Insurable interest -Intangible product Real vs Personal Property R: buildings or land (can't be moved) P: office desk or machinery (can be transported) Promise that Property Insurance is based on -Insured promise to pay a premium -Insurers p...

Insurance (General concept) - ANSWER - transfers the risk of loss from an individual to an insurer - based on the principle of indemnity - based on the principle of risk (risk pooling) insurable interest (General Concept) - ANSWER - must exist at the time of the application - insuring one's own life, family member, or a business partner Solicitation and sales presentation - ANSWER - illustration- presentation of nonguaranteed elements - buyer's guide is generic information abo...

401K Plan - A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollards Absolute Assigment vs. Collateral Asssigment - Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - Policy provision that allows full or partial payment of the policy's death benefit before the insured's death if he/she i...

In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - Answer Was not interstate Commerce. In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that insurance? - Answer Was interstate commerce and was subject to Federal regulation. The McCarran-Ferguson Act of 1945 states that individual states are subject to the authority of the? - Answer Federal Government Activities performed to have a Producer's Lice...

Types of Licenses - ANSWER--Producers -Business entity producers -Nonresident producers -Temporary -Special Brokers -Advisers -Public insurance adjusters -Reinsurance Adjusters -Life settlement broker portable electronics insurance limited lines insurance Producers - ANSWER-is a general term applied to anyone who engages in the sale of insurance products. Producers must be licensed by the state in which they wish to sell insurance. Business entity producer - ANSWER-A requirement f...

NJ Title Insurance Exam 2022 Reloaded Questions And Answers. In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? Was not interstate Commerce. In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that insurance? Was interstate commerce and was subject to Federal regulation. The McCarran-Ferguson Act of 1945 states that individual states are subject to the authority of the? Federal Government Activities performed to ...

A business offers a group disability income plan and pays the premiums. If an employee suffers a disabling injury, the benefits paid to the employee will be: - Answer-axable income to the business deductible income to the employee a deductible business expense for the business taxable income to the employee A business overhead expense policy does NOT provide: - Answer-tax-free benefits a Medicare SELECT plan is - Answer-a managed care policy. A Medicare SELECT plan is a - Answer-managed c...

401k plan - income-tax deductible, investment income accumulates tax free, distributions taxed upon withdrawal, and any employer match that is received does not count towards contribution limit additional insureds - person or party added to the policy by an endorsement (lenders and mortgagors) advantages of group insurance - may be less expensive, tax benefits to employees (costs are usually pre tax), employer may pay all/part of premium, no evidence of insurability-no physical exam, and m...