An individual who has a hobby racing cars once a month. A) Parties involved must be competent Options A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract Group policy Adjustable life policy Whole life policy Endowment policy, A renewable Term Life insurance policy allows the policyowner the right to renew the policy at anytime the policyowner chooses as many times as the policyowner chooses paying the same premium as before the renewal without producing proof of insurability, When a decreasing term policy is purchased, it contains a decreasing death benefit and increasing premiums level premiums decreasing premiums variable premiums, Julie has a $100,000 30-year mortgage on her new home. The provision that allows this is called Partial Surrender Subrogation Automatic Premium Loan Accelerated Death Benefit, All of these are characteristics of a universal life insurance policy EXCEPT Flexible death benefit Fixed surrender value Flexible premiums Builds cash value, Which of the following policies does NOT build cash value? collateral, What is implied authority defined as? D) Offer and acceptance must be involved, B) Equal consideration is required between the involved parties, A contract requires Which statement is CORRECT when describing a contract of adhesion? Whole life policy that pays out its cash value over a 20 year period Whole life policy with premiums paid up after 20 years Term life policy that returns cash value after 20 years Term life policy with premiums paid up after 20 years, Which type of multiple protection policy pays on the death of the last person? Food C. Plant D. Zucchini. C) Authority given to handle claims and process payments Dependent term Guaranteed insurability Primary term Family term, Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? A(n) ________ investigates, negotiates, and settles claims for a few on behalf of an insurance company. other insurance In a life or health insurance contract, "consideration" would be the, statements made in the application and the premium, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. B) guarantee B) Unequal consideration Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? ______ is NOT an element of a valid contract. This is an example of: An example of unfair discrimination would be, When an insurer charges a higher rate for insurance based on an insureds race, religion, or national origin, Fixed period settlement options are considered to be a form of a(n). Naming a contingent beneficiary as all surviving children is described as which term? Intentional withholding of material facts that would affect an insurance policy's validity is called a(n). Which Of The Following Best Describes A Conditional Insurance Contract, A) A contract that requires certain conditions or acts by the insured individual, B) A contract that has the potential for the unequal exchange of consideration for both parties, C) A contract where one party adheres to the terms of the contract, D) A contract where only one party makes any kind of enforceable contract. D) Consideration clause, When the principal gives the agent authority in writing, it's referred to as $1,000 $3,000 $5,000 $7,000, A nonparticipating company is sometimes called a(n) alien insurer mutual insurer reinsurer stock insurer, Because dividends are considered to be a return of premium, Why are dividends from a mutual insurer not subject to taxation? Andy the annuitant dies before the annuity start date. The policy may be paid up early by using policy dividends. 1 pt. The authority granted to a licensed producer is provided via the A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Are you looking for the correct answer to the question Which of the following BEST describes a conditional insurance contract?? To see this page as it is meant to appear, please enable your Javascript! Question and answer. D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. Field underwriting performed by the producer involves, Completing the application and collecting initial premium, An employee under a group insurance policy has the right to name a beneficiary and the right to, Convert to an individual policy in the event of employment termination. B) written contract C) A contract where one party "adheres" to the terms of the contract. What kind of policy is this? Legal purpose 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
which of the following best describes a conditional insurance contract
which of the following best describes a conditional insurance contractExhibition
