Net worth requirement - Study guides, Class notes & Summaries

Attained Age correct answer: the insured age at the time the policy is issues or renewed cash value correct answer: a policy's savings element or living benefit face amount correct answer: the amount of benefit stated in the life insurance policy fixed life insurance correct answer: contracts that offer guaranteed minimum or fixed benefits deferred correct answer: withheld or postponed until a specified time or event in the future endow correct answer: the cash value of a w...

Naslca Virginia Exam Practice Questions with Certified Solutions What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? $500 fine per day for each day of violation plus penalties for a misdemeanor. All Class A contractor licensure applications MUST include information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? Protect the health and welfare of the public. When a claimant is pa...

How long does Self-Insurance Plans have to notify you that your application for self-insurance is deficient? 14 days SOLVENCY REQUIREMENT PRE 2017: Prior to 2017 the solvency requirement in &1503.2 for private self-insurers was: - $5 million net worth - Average net profits of $500,000 - For the past 5 years Also known as "The Five, Five and Five Rule." You are applying for a master certificate after July 1, 1994. What is the amount of net worth and net income needed to qualify for self-ins...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? - correct answer $500 fine. Which of the following is a requirement for a joint venture? - correct answer Either the joint venture or each contracting party of the joint venture must be licensed. The application for licensure MUST include - correct answer the business address of the proposed designated employee. All Class A contractor licensure applications MUST include - correct...

"Capitalization" is a process to correct answers Convert income into value. If an apartment house valued at $100,000 had an annual net return of 16% what was its net monthly income? correct answers $1,333.33 Ted Franklin has $85,000 to invest and wants a 12% return on his investment. If he invests his money in a real estate project, what net income must the property generate in order for him to satisfy his return requirement? correct answers $10,200 Using the cost approach, if the sit...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? Ans: $500 fine per day for each day of violation plus penalties for a misdemeanor. All Class A contractor licensure applications MUST include Ans: information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? Ans: Protect the health and welfare of the public. When a claimant is paid funds from the Contractors Recovery Trust Fund Ans: the...

A "COE" generally IS NOT available to - Dishonorably discharged persons A "COE" generally IS NOT available to: - Dishonorably discharged persons A "direct endorsement" lender has the authority to: - Perform underwriting of the loan on their own a $20,000 5-year loan with 5% simple interest will add how much to the loan each year - $1,000 A contract deed is also called a: - Land Contract A conventional rate and term refinance generally DOES NOT offer an opportunity to: - Take out cas...

Solutions Manual For FINANCIAL AND MANAGERIAL ACCOUNTING Fifth Edition Complete All Chapters 2024. What is accounting? Accounting is the information system that measures business activities, processes the information into reports, and communicates the results to decision makers. Accounting is the language of business. 2. Briefly describe the two major fields of accounting. Financial accounting provides information for external decision makers, such as outside investors, lenders, customers,...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? -ANSWER $500 fine per day for each day of violation plus penalties for a misdemeanor. All Class A contractor licensure applications MUST include -ANSWER information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? -ANSWER Protect the health and welfare of the public. When a claimant is paid funds from the Contractors Recovery Trust Fund...

e registry form that must be used for branch office is the: MU3 The registry that must be used for a non-licensed control person is the: MU2 When would a person convicted of arson not be eligible for licensure? For a least 15 years from the trigger date. A mortgage lender without a servicing endorsement requires a net worth of: 63,000.00 A mortgage lender without a servicing endorsement may only service a loan for: 6 months A branch manager of a mortgage b...