OHANANCIETA

A branch office registration is necessary to use a: I. Model unit, available for sale, in a subdivision for promotion of interest in the development. II. Temporary structure for dissemination of information. - ANSWER Neither I nor II A person can work as a secretary in a real estate office without obtaining a real estate license. That secretary can legally perform which of the following functions? - ANSWER II only Verify the accuracy of listing information supplied by a broker by checki...

What type of report provides information about an applicant's hobbies, habits, and financial status? - ANSWER Investigative consumer report What are the three factors that determine the premium for a particular life insurance policy? - ANSWER Mortality, interest, expense How does the premium mode affect the total premium paid for insurance for the year? - ANSWER Higher frequency of payments will result in higher overall premium Can insurers advertise the existence of the guaranty assoc...

According to the law of large numbers, how would losses be affected if the number of similar insured units increases? - ANSWER Predictability of losses will be improved Which of the following can be defined as "the potential for loss"? - ANSWER Risk An insurer has a contractual agreement which transfers a portion of its risk exposure to another insurer. What type of contractual arrangement is this? - ANSWER Reinsurance contract Which of these statements regarding insurance is false? -...

What is the name of the provision which states that a copy of the application must be attached to the policy when issued? - ANSWER Entire Contract Which of the following is INELIGIBLE to participate in a Section 125 Plan? - ANSWER An S-Corp Owner with a greater than 2% share The reinstatement provision in a health insurance policy is - ANSWER mandatory A nonparticipating policy will - ANSWER not pay dividends Erica is 35 years old and owns an IRA. At what age can she begin to receive...

Absolute Assignment - ANSWER The assignment by the policy owner of all control and rights to a third party. This differs from collateral assignment, which allows all the rights and control to revert to the owner once a loan is paid off Accident - ANSWER A fortuitous event; unforeseen and unintended Accidental Death Insurance - ANSWER A form of health insurance that provides payment if death of the insured results from accident. Accidental death insurance is often combined with dismembermen...

Which of the following is usually the owner of the annuity? - ANSWER The annuitant Which of the following is not true of the straight life income option for annuities? - ANSWER A beneficiary will receive any balance of the annuity upon the annuitant's death. When an insurance policy is taken out, if the owner of the policy is someone other than the actual insured, the owner must be able to prove: - ANSWER That he/she has an insurable interest Tax-sheltered annuities (TSA) provide retir...

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...

Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans? - ANSWER Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - ANSWER long-term care An attending physician's statement would be appropriate for which life insurance purpose? - ANSWER At the request of the insurer to assist in the underwriting decision Craig submits a $500 claim for medical expenses. With a past due prem...

Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans? - ANSWER Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - ANSWER long-term care An attending physician's statement would be appropriate for which life insurance purpose? - ANSWER At the request of the insurer to assist in the underwriting decision Craig submits a $500 claim for medical expenses. With a past due prem...

A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - ANSWER all of the following are examples of business continuation plan except - ANSWER Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The policy's ...