Value Pack for AD BANKER EXAMS Compilation | Verified | Guaranteed Success

Legally speaking, a producer has a __________ duty when handling life insurance premiums and applications for an insurer. - ANSWER Fiduciary It is the _________ who issues a Certificate of Authority enabling an insurer to conduct insurance business within a particular state. - ANSWER Stat...

Which insurer's owner receives taxable corporate dividends as a return of profit? - ANSWER Stock To make insurance more affordable and protect the insurance company from paying out too much in claims, insurers will: - ANSWER Reinsure the risk The direct writing distribution model util...

Dividends if declared are paid: A. Annually B. Semi-annually C. Monthly D. Quarterly - ANSWER A. Annually An insured dies within the time limit of an Increasing Term Rider and the beneficiary receives the face amount plus the value of all paid premiums. Which rider is attached to the p...

Insurers (Insurance companies or Carriers) - ANSWER manufacture and sell insurance coverage by way of insurance policies or contracts. In California, any person capable of making a contract may be an insurer, subject to the restrictions imposed by the insurance code. In this case, a person is ...

John is the agent for ABC Insurance and Jane is the insured. Who is the principal in this agency relationship? A. ABC Insurance B. None C. John D. Jane - ANSWER A. ABC Insurance In an insurance contract the value that each party gives the other is said to be the: A. Subject matter B. Co...

A person who negotiates insurance contracts with insurers on behalf of an applicant is known as a(n): a. Broker b. Consultant c. Advisor d. Agent/Producer - ANSWER a. Broker The contract type in which only one party is legally bound to its contractual obligations after a premium is paid is...

Temporary Total Disability may be described as: - ANSWER Inability to return to any employment while recovering Supplementary Payment under Part A of the Personal Auto Policy? - ANSWER A Up to $250 for the cost of bail bonds B Payment for lost earnings up to $200/day C Medical payment...

Which rating method listed below is established by the underwriter? A. Manual rating B. Retrospective rating C. Individual rating D. Judgment rating - ANSWER D. Judgment rating is the Only rating method that is determined by the underwriter. All other rating methods are determined by th...

Which of the following situations will require proof of insurability? - ANSWER Adjusting the face amount up on a Universal Life insurance policy with Option A death benefit selected Sean has a home with an mortgage. He needs life insurance to protect his family but also wants to leave them wit...

All of the following are true in general about riders, except: A) A rider can modify conditions of the policy by expanding or decreasing its benefits B) Riders are optional C) All riders are provided for as long as the policy is in effect D) Riders typically are available for an additional pre...

A contract whereby only one party is bound to future performance, is said to be: - ANSWER A unilateral contract What is the term for the increase in predictability of the loss when the number of similar units of risk increase? - ANSWER Law of Large Numbers Which insurer's owner receiv...

__________ are primarily social organizations that engage in charitable and benevolent activities consisting of members of a given faith, lodge, or order, and are usually organized as non-profits. Lloyds of London Syndicates Trade Associations Fraternal Benefit Societies Stock Insurance ...