The insured does not meet established underwriting requirements, The type of multiple protection coverage that pays on the death of the last person is called a(n). Risk Hazard Indemnity Peril, Insurance companies determine risk exposure by which of the following? Because you're already amazing. A new stain removal product claims to completely remove the stains on 909090 percent of all stained garments. C) Only the insurer is legally bound Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties C) Indemnity contract A) Competent parties Preferred risk policies with reduced premiums are issued by insurance companies because the insured has, Better than average mortality or morbidity experience. Which of the following is an example of the insureds consideration? Intent, The deeds and actions of a producer indicate what kind of authority? B) only an offer Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. Required fields are marked *. Events are those which cannot be controlled by either . What is the meaning of par value of stock with respect to the corporate form of organization? Only the insured pays the premium Only the insured can change the provisions Only the insurer is legally bound Only the insured is legally bound, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called fiduciary bond errors and omissions fiduciary trust errors and oversights, In order for a contract to be valid, it must be filed with the state be signed and witnessed by an attorney be in writing contain an offer and acceptance, Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". How do insurers predict the increase of individual risks? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Adjustable life insurance Decreasing term insurance Increasing term insurance Modified life insurance, A spouse and child can be added to the primary insured's coverage as what kind of rider? All of the following are examples of pure risk EXCEPT. Which of these statements is true? Waiver Exclusion Rider Provision, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) sickness suicide accident war, An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? if the insured lives beyond the 5 years, no benefits are payable. Policy Summary Buyer's Guide Entire Contract Entire Policy, It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill, What is the purpose for having an accelerated death benefit on a life insurance policy? D) Principal Capacity, A unilateral contract is one in which A) definitions C) insurer c. income earned by Pat's spouse. Naming a contingent beneficiary as all surviving children is described as which term? A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3