Viatical settlements - Study guides, Class notes & Summaries

Insurance: - ANSWER A contract in which the insurance company agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Insurance Transfers: - ANSWER The risk of loss from an individual or business entity to an insurance company, which in turn spreads costs of unexpected losses to many individuals. Direct response marketing: - ANSWER A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone...

Which contract element is insurable interest a component of? - Legal purpose When calculating the amount of life insurance needed for an income earner, what has to be determined when using the Needs Approach? - The family's financial objectives if the income earner were to die or become disabled Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called - Viatical settlements ______ is NOT an element of a valid...

What is the purpose of the Pennsylvania Life and Health Insurance Guaranty Association? 1) Assist an applicant choose the best insurer 2) Assist an applicant choose the right amount of coverage 3) Provide each policyowner a buyer's guide and policy summary 4) Provide policyowner protection if an insurer becomes insolvent Provide policyowner protection if an insurer becomes insolvent Viatical settlement brokers send packets of information to potential viatees. These information packets normal...

What license or licenses are required to sell variable annuities? -Only a securities license -No license is required -Both a life insurance license and a securities license -Only a life insurance license ☑: Agents are required to have both a life insurance license and a securities license to sell variable annuities. Which of the following programs expands individual public assistance programs for people with insufficient income and resources? -Medicare -Social Security -Unemploymen...

A premium is paid at the time of application and a conditional receipt is issued. If the policy is issued as applied for, and assuming a medical exam has already been completed, coverage becomes effective: A-At the date of application B-Upon policy delivery C-After the free look expires D-At the time the policy is issued - ANSWA premium is paid at the time of application and a conditional receipt is issued. If the policy is issued as applied for, and assuming a medical exam has already been ...

Which of the following is an eligibility requirement for all social security disability income benefits correct answers Have attained fully insured status If the Commissioner denies an initial application for an agent, how long does the applicant have to request a review after receiving notification of the denial? correct answers 30 days Traditional IRA contributions are tax deductible based on which of the following? correct answers Owners income Which of the following will NOT be con...

HEALTH CH. 8 LOUISIANA LAWS AND RULES QUESTIONS AND ANSWERS RATED A A Louisiana insurance producer solicits a life insurance policy. In the event of a controversy between the insured and the company, the producer is considered to represent the insured beneficiary company policyholder company When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the following actions EXCEPT give the applicant a Notice Regarding Replacement of Life Insurance ...

NC Life Insurance State Exam 2024/2025 Questions & Answers with Complete Solution A contractual agreement under which the owner of a life insurance policy sells the policy to another person in exchange for a bargained-for payment, generally less than the expected benefit - Answer Viatical settlement contract A delivery receipt is - Answer a signed document that initiates the free-look period A licensee may not transact insurance business in North Carolina until they are: - Answer...

Which of these is NOT an Unfair Claims Settlement Practice? - ANSWER-Denying unsubstantiated claims on a timely basis A statement MUST be signed by the ________ for any illustrations used in the sale of a life insurance policy. - ANSWER-Agent Which of these would likely be considered an Unfair Claims Settlement Practice? - ANSWER-Offering settlements that are less than the fair value to offset insurer expenses The State Corporation Commission is empowered to perform each of the followin...

CCM PRACTICE ABI 36 QUESTIONS with Verified Answers Answer: A) Care coordination The case manager links clients with appropriate providers and resources throughout the continuum of health and human services and care settings, while ensuring that the care provided is safe, effective, client-centered, timely, efficient, and equitable. This approach achieves optimum value and desirable outcomes for all—the clients, their support systems, the providers, and the payers. All four are case mana...