Standard form contracts Study guides, Class notes & Summaries

What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows p...

DRAFTING THE CONTRACT AND EXCHANGE OF CONTRACTS Learning Outcomes 1. draft and / or critically review a standard-form contract for sale incorporating the Standard Commercial Property Conditions; 2. carry out the steps required for pre-exchange and exchange of contracts on the sale of land. DRAFTING You were issued with the Drafting Workbook at the beginning of your LPC. You should ensure that you are familiar with its contents and that you apply the principles in the Drafting Guide (Chap...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

National Real Estate Exam: Pearson Vue, Top exam questions & Answers, rated A+ Maria acquires a property from her uncle Alfonso. When Maria dies, the estate will pass to Alfonso's other niece Serena. The type of estate that Maria has in the property is: A. conventional life estate B. legal life estate C. fee simple defeasible estate D. tenancy by the entireties - -conventional life estate One difference between a cooperative estate and a condominium estate is that: A. a condo owner...

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...

NJ Life Producer Exam Correct answers latest update Which of the following amounts must decrease in a decreasing term? Death benefit In life insurance, insurable interest must exist at the time the.. Producer writes an on a proposed insured An applicant makes an offer to the insurer when they pay an initial premium with the application Which of the following makes Universal Life insurance different from other forms of permanent insurance? Premium Schedule An insurer that...

WARRANT BOARD PREP |COMPLETE EXAM QUESTIONS AND A+ GRADED ANSWERS What kinds of things could cause you to lose your warrant ? Upon retirement, reassignment, termination or unsatisfactory performance. Must be submitted in writing. FAR 1.603-4; AFFARS MP 5301.603 Over and above work/ clause Over and above requirements task the contractor to identify needed repairs and recommend corrective action during contract performance. The contractor submits a work request to identify the over and abo...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

PMK-EE E-4: Career Information Exam/ NETC NETPDC-PMK-EE-E4-1.0. 1. A baccalaureate degree from an accredited institution is the minimum requirement to request commissioning to which of the following officer programs? 2. A performance evaluation must be signed in what color(s) of ink? 3. A prior service member can maintain eligibility for golden ticket return to service for what period of time? 4. A sailor can extend his enlistment for what maximum number of months? 5. A Sai...

Article 2 of the Uniform Commercial Code (UCC) Applies to which types of contracts? - CORRECT ANSWER Contracts for sale of goods Does an international sales contract for the sale of goods exceeding $500 have to be in writing to be enforceable in court ? - CORRECT ANSWER No, because the 1980 U.N Convention on Contracts for the International Sale of Goods does not include a statute of frauds What is the standard measure of compensatory damages in a contract lawsuit? - CORRECT AN...