Life insurance 2

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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


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