Q: Which of the following is NOT a business of life/non-life insurance firm? a. Property/casualty…
A: Life insurance: Phrase life insurance, moreover known as pure life insurance, is life protections…
Q: J requests insurance on a neighbor's home in his own name. The insurance producer explains that such…
A: Since you have posted multiple questions, as per answering guidelines we shall be solving first…
Q: When should a company report the cost of an insurancepolicy as an expense?a. When the company first…
A: Insurance expense refers to the cost of insurance i.e. insurance premium incurred. An insurance…
Q: When a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor…
A: When insured person fails to pay the premium on insurance than it is said that policy has lapsed and…
Q: In ch 5 from The Wealthy Barber, Roy explains insurance in great detail. Please explain how term…
A: The Wealthy Barber is a Financial book in which many Financial terms has been explained in detail.…
Q: are, in essence, an insurance contract against the default of one or more borrowers.
A: A credit default swap (CDS) is a financial derivative or contract that allows an investor to "swap"…
Q: Describe a private insurance. what is it? Discuss the primary strengths and advantages, and…
A: Private Insurance means an insurance plan which is not operated by the government. It comes under…
Q: Which of the following stalements is required by Long- Term care insurers when referring lo…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…
Q: What is meant by the expression, “The policyholder gets the benefit of the doubt,” in connection…
A: All insurance policies favour the insured person if there is any doubt etc benefits of doubt is…
Q: beneficiary of a life insurance policy is
A: Beneficiary of a life insurance policy is the person who receives money from the insurance company…
Q: Which is not an essential characteristic of an insurance contract? A. transfer of significant risk…
A: Answer is A. transfer of significant risk from the issuer to the policyholder Explanation is given…
Q: Eden Orchards, the insured under a policy with Farm Insurance LLC, files a claim for a covered loss.…
A: Answer
Q: . Which of the following is TRUE regarding a whole life insurance policy that pays a dividend?…
A: Please not th at as per the guidelines, I am required to answer only the first three questions.…
Q: If the insured outlived the life insurance policy, the proceeds shall be taxable to the beneficiary…
A: If the insured outlived the life insurance policy, he/she will get his/her premium back, this…
Q: what are the pros and cons of being insured by a mutual insurance company vs a stock insurance…
A: There are two types of insurance companies: mutual insurance company and stock insurance companies.…
Q: The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium…
A: Insurance is a means of protection from financial loss.
Q: f the renewal of the policy was at the discretion of the insurer, would you expect the premiums to…
A: Insurance renewal means that the coverage on insurance continues to exist after expiration of the…
Q: Which of the following people represents several insurance companies but owns the policy…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following is an arrangement by which one party promises to pay a sum of money to…
A: Insurance is a contract between two parties where one party i,e policy holder pays a premium to…
Q: An implied condition of pooling risks with insurance is that the event being insured against is…
A: Insurance: An arrangement between the two parties( Insurer & Insured) where the insurer company…
Q: 2. When two or more policies cover the same loss, the right of the one insurer to call upon the…
A: The following are some of the Principles of Insurance Principle of Contribution Principle…
Q: dissimilar to the other three options? d. Motor insurance b. Personal property insurance С. Life…
A: The answer for the multiple choice question and relevant explanation are presented hereunder :
Q: What is the main difference between stock life insurance companies and mutual life insurance…
A: Insurance companies are often organized as either a stock life company or a mutual company. In a…
Q: Company
A: Insurance is defined as a financial arrangement between the insured & the insurance company…
Q: In case of life insurance policies with profits, policy holders are given the right to participate…
A: Answer
Q: tell me why the use of reinsurance contributes to the solvency of the ceding insurer.
A: By ceding a portion of their risk, ceding companies reduce their overall risk exposure and…
Q: is taxable? A. Proceeds of life insurance received by heirs B. Excess amount received over…
A: Taxable income: Taxable income is the income which are subject to payment of taxes. Therefore, any…
Q: Having convertible term life insurance is especially be nealth issues as you age. True O False
A: In this type of policy insurance company allow to change term policy to whole life insurance policy…
Q: Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B…
A: Account for Insurance Contract Here the actual facts which was incurred was Entity A can obtain life…
Q: The _______________ problem is when customers who are most likely to have a claim against an…
A: In a business, an adverse selection occurs where the knowledge distribution between the buyer and…
Q: Indicate whether the statement is true or false, and justify your answer.The main advantage of a…
A: Given: The main advantage of a Cochrane insurance contract over a guaranteed renewable contract is…
Q: The declarations page of the Personal Auto Policy (PAP) includes all of the following, EXCEPT:…
A: Personal auto policy is insurance that covers your cars, bikes, commercial, etc. In simple language,…
Q: In Property and Casualty insurance when must an Insurable interest exist? O a. At the Start of the…
A: Life insurance covers the risk of life of insured. Non-life insurance may cover people, property or…
Q: What were your feelings about your need for life insurance before you read this chapter? What are…
A: Insurance is a means of mitigating risk. When you buy insurance, you are purchasing protection…
Q: (Based on Appendix 12A) Whole-life insurance policies typically can be surrendered while the insured…
A: Cash surrender value: Companies purchase whole-life insurance policies on the lives of the key…
Q: One of the purposes that deductible are used in insurance policies is to O eliminate coverage for…
A: In insurance, deductibles are expenses that a person has to bear by him/herself before the benefits…
Q: Which of the following statements about life insurance is NOT accurate? a) permanent insurance puts…
A: Permanent life insurance is the insurance policy that covers the whole life whereas term life…
Q: What are the pro and cons of third-party insurance?
A: Third-party insurance is an insurance policy purchased for the protection against the claims of…
Q: he contract between insured and insurer is ______________. a. Coverage b. Premium c. Policy d. Face…
A: Insurance means where insurance company agree to pay the specified amount to insured person in case…
Q: urvivorship
A: A life insurance policy refers to the contract between a person and the insurance company. An…
Q: A covered person obtained an fixed return life insurance policy with an SEC restricted entity before…
A: Life Insurance policy A contract is agreed between the policyholder and the insurance company in…
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- Which of the following is NOT true about a temporary insurance agreement? Select one: a. It can only cover life insurance and living benefits b. It expires the date the policy becomes effective c. The applicant will submit the premium with the application d. It can be provided if the agent believes the policy will be issuedWhich of the following insurance types is dissimilar to the other three options? а. Motor insurance b. Personal property insurance С. Life insurance d. Fire insuranceIf a term life insurance policy isconvertible, it can be: Question38 options: a) revised as neededby the insurer. b) transferred tothe life of another person in thefuture. c) changed to health ordisability protection. d)exchanged for cash in the future.e) changed to a comparablewhole life policy in the future.
- Question: 1) Which of the following is an example of mandatory deduction? A) Medical insurance. B) Union subscription C) Life insurance D) FNPF required: please answer this question by choosing the right option. *right/correct answer*How does Life and Non Life Insurance can save or protect the assets of its policy holders? Cite at least 3 examples each.Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information form
- Choose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is the party that has an obligation under an insurance contract to compensate a policyholder if an insured event occurs. b.The policyholder is the party that has a right to compensation under an insurance contract if an insured event occurs. c.The insured event is an uncertain future event that is covered by an insurance contract and creates insurance risk. d.All of these statements are true about an insurance contract. 2. IFRS 17 provides that insurance contracts should * a.Comply with all existing IFRS b.Generally continue to be subject to existing accounting policies. c.Comply with the IFRS Framework document. d.Be covered by IAS 32 and IFRS 9 3.An insurance contract can contain both deposit and insurance elements. An example might be a reinsurance contract where the cedant receives a repayment of the premiums at a future date if there are no claims under the contract. Effectively this…A "waiver-of-premium” clause: Select one: a. allows the person to purchase additional insurance at no extra cost means the insured will receive the cash value immediately allows an insurance agent to pay your premiums b. C. O d. waives the suicide clause e. pays premiums in the event of illness or disability Clear my choiceBriefly explain the following characteristics of long-term care insurance. Type of long-term care policies Triggers to become eligible for benefits Exclusions Protection against inflation
- The policy holder who receives the coverage is called ________________. a. Premium b. Face value c. Insured d. InsurerEntity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B cedes the insurance contract with Entity A to Entity C, another insurance company. How should Entity B account for the insurance contract with Entity C?A. using the modified version of the general model applicable for onerous insurance contractsB. using the general modelC. using a modified version of (a) or (b) applicable to reinsurance contracts heldD. using the premium allocation approachWhich of the following is not a requirement of a "qualified" long-term care insurance policy? The benefit of the policy must offer inflation protection. The contract must offer to cover pre-existing conditions. The contract must be guaranteed renewable. The contract must offer to pay a nonforfeiture benefit.