Terminating the insurance - Study guides, Class notes & Summaries

If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis - answer-Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion - an

OKLAHOMA INSURANCE LIFE ONLY EXAM 2024 WITH 100% CORRECT ANSWERS What type of insurer operates for proft and has no capital stock? - correct answer mutual Which is true regarding an insurer examination order by the Oklahoma insurance department - correct answer It must be ordered every five years and the insurance pays for the exam All of the following is true regarding an Oklahoma life and health guarantee association except - correct answer Life policies are covered up to the amount...

Alabama Property and Casualty Exam Questions and Answers Graded A+ If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion Nonrenewal Which is the best example of an indirect loss ? a. sequential lo...

Alabama Property and Casualty UPDATED Exam Questions and CORRECT Answers If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis - CORRECT ANSWER- Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal

AL P&C University of Alabama Study Guide (2023/2024) 100% Pass If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion B. Nonrenewal Which is the best example of an indirect loss? A. Sequential loss B. Liabi...

TELEPERFORMANCE PRE TEST QUESTIONS AND ANSWERS WITH COMPLETE SOLUTION A commission for selling insurance may not be paid to a person other than a licensed insurance: A) Broker. B) Consultant. C) Advisor. D) Producer. Ans- D) Producer. Insured risk classification may be based upon which one of the following criteria? A) Creed or national origin. B) Race or color. C) Age or health. D) Religion. Ans- C) Age or health. A producer may not be compensated for controlled business u...

Any of the following transactions will be subject to federal income tax consequences in a modified endowment contract (MEC), EXCEPT: Select one: a. Policy loans b. Policy withdrawals c. Partial withdrawals d. Death proceeds - ANSWER Death proceeds Death benefits are the only payment not affected by the federal law regarding modified endowment contracts. What are the rules for genetic testing and health insurance? Select one: a. Genetic testing can never be used for any reason. b. G...

Life & Health License Test Texas Exam FX, Questions & Answers. 100% Accurate. What is the main purpose of the Seven-pay Test? - -It determines if the insurance policy is an MEC. Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? - -Third-party ownership Which of the following best defines the "owner" as it pertains to life settlement contracts? - -The policyowner of the life in...

If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis - Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion - Nonrenewal Which is the best example of an indirect loss ? a. sequential loss b. liability loss c. employee theft d. loss of use - Loss of Use

1. The adjustment that insurers make to the cash value account in a universal life policy each time a payment is made includes all of the following EXCEPT- ANS Subtract the policy surrender changes 2. The cost of employer-provided group life insurance above $50,000 is ANS Tax- able as income to the employee 3. The conversion privilege allows a terminating employee to convert ANS Term insurance into permanent insurance 4. The accidental death benefit rider is also known as ANS Double ind...