The agent's obligation to provide the proper amount of coverage The insurer's obligation to return all premiums upon an approved death claim The insurer's obligation to pay a death benefit upon an approved death claim The agent's obligation to pay a death benefit upon an approved death claim, Of the following dividend options, which of these is taxable? State Insurance Departments NAIC Insurance carriers Insurance producers, Intentional withholding of material facts that would affect an insurance policy's validity is called a(n) estoppel concealment adhesion misrepresentation, The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? The death benefit would be. This is also known as a non-negotiable insurance contract, or an automatic contract. 2003-2023 Chegg Inc. All rights reserved. Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. Conditional, Under a contract of adhesion, All of the following are examples of a Business Continuation Plan EXCEPT. Which of the following best describes how you analyze a fiction text? Which statement is CORRECT when describing a contract of adhesion? D) purpose, Which principle is accurately described with the statement "Insureds are entitled to recover an amount NOT greater than the amount of their loss"? Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. D. $2,863. there is the potential for an unequal exchange of value D) the authority to add provisions to a contract, C) the authority to represent the insurer, Which of the following contracts is defined as "one that restores an injured party to the condition that was present before the loss"? A) Only the insured pays the premium Insurable interest can be based on the love and affection of individuals related by blood or law An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of Under the McCarran-Ferguson Act, what is the minimum penalty for this? C) statements made in the application and the premium C) negotiation between the involved parties D) Countersignature, According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's producer Both partners are still married at the time of Bob's death. y=f(x)=10x5x+1535if0x3if3