Nonparticipating policy - Study guides, Class notes & Summaries

NJ Health Insurance Exam (XCEL Solutions) Questions and Answers Graded A+ Why are dividends from a mutual insurer not subject to taxation? - Correct Answer ️️ - because dividends are considered to be a return of premium ABC insurance company transfers part of their risk to XYZ insurance company. This situation is called - Correct Answer ️️ -reinsurance A nonparticipating company is sometimes called a(n) - Correct Answer ️️ -stock insurer What is considered to be the primary r...

Iowa Life Insurance Exam Questions and Answers Already Passed purpose of life insurance pay a death benefit to beneficiaries when the insured dies life insurance for personal use death benefit serves to replace the insured's future loss income and pay expenses that occur upon death, living benefits Group insurance vs. individual -covers many non-related people -less expensive per person group insurance eligibility -group cannot be formed for the express purpose of purchasing it -employers -l...

Maryland life and health general exam simulator questions and answers with verified solutions The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called? A) non-cancelable B) conditionally renewable C) optionally renewable D) cancelable D)cancelable The cause of a loss is referred to as a(n) A) hazard B) adversity C) peril D) risk C) peril Maria is a Preferred Provider Organization (PPO) subscriber and rec...

NJ Health Insurance Exam (XCEL Solutions) Questions and Answers Graded A+ Why are dividends from a mutual insurer not subject to taxation? - Correct Answer ️️ - because dividends are considered to be a return of premium ABC insurance company transfers part of their risk to XYZ insurance company. This situation is called - Correct Answer ️️ -reinsurance A nonparticipating company is sometimes called a(n) - Correct Answer ️️ -stock insurer What is considered to be the primary r...

NJ Health Insurance Exam (XCEL Solutions) Questions and Answers Graded A+ Why are dividends from a mutual insurer not subject to taxation? - Correct Answer ️️ - because dividends are considered to be a return of premium ABC insurance company transfers part of their risk to XYZ insurance company. This situation is called - Correct Answer ️️ -reinsurance A nonparticipating company is sometimes called a(n) - Correct Answer ️️ -stock insurer What is considered to be the primary r...

Louisiana Property and Casualty Insurance Exam 104. Coverage for loss by some perils under a building and personal property form is suspended if (Choose from the following options) 1. An uninsured peril causes a partial loss. 2. The insured building is vacant for over 60 days. 3. A loss occurs while a hazard beyond the insured's control is increased. 4. The insured fails to satisfy the coinsurance provision ️2. The insured building is vacant for over 60 days 107. In contrastin...

Group Life Insurance - life insurance that provides a master policy for a group; each eligible group member receives a certificate of insurance Individual Life Insurance - purchased by individuals; usually greater face value Permanent Life vs. Term Life - Perm Life: whole life insurance that is effective for the entire life of the insured up to age 100. Term Life: insurance that is effective for a temporary time period, designated by the policy. Participating Life vs. Nonparticipating Life...

Who is protected with the "other insurance with this insurer" provision? - Answer Insurance company A nonparticipating whole life insurance policy was surrendered for its $20,000 cash value. The total premiums paid had totaled $16,000. What were the federal income tax consequences to the policyowner on receipt of the cash value? - Answer $16,000 was received tax-free and $4,000 as ordinary income After the extended term life nonforfeiture option is chosen, the available insurance wil...

The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called? A) non-cancelable B) conditionally renewable C) optionally renewable D) cancelable Answer- D)cancelable The cause of a loss is referred to as a(n) A) hazard B) adversity C) peril D) risk Answer- C) peril Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Which of the following is the...

Xcel Solutions Pennsylvania Insurance Test Questions and Answers Already Passed A nonparticipating company is sometimes called a Stock Insurer The Do Not Call Registry offers exemptions for calls placed from all the following EXCEPT Insurance Sales Calls Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? $5,000 A plan in which an employer pays insura...