Insurable receipt - Study guides, Class notes & Summaries

RMIN 4000 UGA Brown Exam 3 Latest Version Graded A+ principle of indemnity The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash...

H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value - answer-C: relation of earning to insurance The insured should be aware of the issue date upon delivery a policy and the date should be listed on: A: the...

Who is considered a field underwriter? - ANSWER An agent When must insurable interest exist in life insurance? - ANSWER Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? - ANSWER Policy delivery The Medical Information Bureau is?(MIB) - ANSWER a source of medical information to alert insurers to adverse medical history A substandard risk compared to a standard risk would pay? - ...

Who is considered a field underwriter? - correct answer An agent When must insurable interest exist in life insurance? - correct answer Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? - correct answer Policy delivery The Medical Information Bureau is?(MIB) - correct answer a source of medical information to alert insurers to adverse medical history A substandard risk compared to a sta...

Who is considered a field underwriter? - An agent When must insurable interest exist in life insurance? - Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? - Policy delivery The Medical Information Bureau is?(MIB) - a source of medical information to alert insurers to adverse medical history A substandard risk compared to a standard risk would pay? - a higher premium Which document describes specifi...

primerica exam review Questions and Answers 2023 If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered to be Authorized A participating insurance policy may do which of the following? Pay dividends to the policy owner An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charge...

The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - Answer-Insuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? - Answer-Conditional A life insurance arrangement which circumvents insurable interest statutes is called: - A...

ACCIDENT, LIFE, AND HEALTH INSURANCE EXAM 2024. ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS /A+ GRADE Premiums paid by self-employed sole proprietors or partners for medical expense insurance are – answer a) Not tax deductible b) Partially tax deductible c) Totally tax deductible d) Taxable c) Totally tax deductible - answerc) What is the purpose of a conditional receipt - answera) It is given by the agent only to applicants who fully prepay all scheduled prem...

Texas Life Insurance Exam Questions with Correct Answers Graded A+ 2023/2024 ACTUAL SOLUTION Which of the following is considered a field underwriter? - CORRECT ANSWER-An agent When must insurable interest exist in life insurance? - CORRECT ANSWER-Application or issues date If no receipt is issued at the time application, a statement of good health is usually required at the time of - CORRECT ANSWER-Policy Delivery The Medical Information Bureau is - CORRECT ANSWER-A source of medi...

The purpose of the 'No loss No Gain' provision is to avoid duplication of _____ and _____ when an individual is covered under multiple group health insurance plans: - ANS Benfit payments and overinsurance A life insurance policy can usually be contested by the insurer only during the first ____ years of the contract - ANS 2 years After an annuity has been in force for ____ years, it becomes incontestable - ANS 2 years In long term care insurance, what is the length of time for w...