Life insurance 2
What is reinsurance?
An agreement between a ceding insurer and assuming insurer
Marketing practices regulations apply to all of the following except
Company memos
Which of the following statements about the reinstatement provision is true
It requires the policyowner to pay all overdue premiums with interest before the policy is reinstated.
On a participating insurance policy issued by a mutual company dividends are paid to policy owner
Not taxable since the irs treats them as a return of portion of the premiums Paid
Pertaining to insurance, what is the definition of a fiduciary responsibility?
Promptly forwarding premiums to the insurance company
Which of the following is incorrect concerning a noncontributory group plan
The employees receive individual policies
The termination of material property rights may be reversed for all the following reason except
The spouse named as beneficiary has ontained or consented to final decesion of judgement of annulment divoree or seperation
INFORMING AN INSURANCE CONTRACT WHEN DOES ACCEPTANCE USUALLY OCCUR
When the insurer's underwriter approves coverage
When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of
defamation
When insurance principle states that if the policy allows for greater compensation than the financial loss incurred the insured may only receive Benefits lost
Indemnity