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Insurance 9
| Question | Answer |
|---|---|
| In an employer-sponsored contributory group Disability Income plan, the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the employee at | 60% of the benefit |
| How does life insurance create an immediate estate? | After first premium is paid, the face amount may be available to the beneficiary |
| Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered | Noncancellable |
| A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n) | guaranteed renewable policy |
| In an insurance contract, the insurer is the only party legally obligated to perform. Because of this, an insurance contract is considered | unilateral |
| In order for a contract to be valid, it must | contain an offer and acceptance |
| When the principal gives the agent authority in writing, it's referred to as | express authority |
| The monthly benefit for an individual disability income policy is usually limited to a percentage of the insured's income in order to avoid | over insurance |
| Which of these would NOT be considered a presumptive disability? | Loss of a leg or arm |
| States that have "no loss no gain" laws require a replacing policy to | pay for ongoing claims under the policy it replaces |
Created by:
johnnywaldron71