S1: Life insurance policies purchased many years ago are cheaper than current policies because the insured is older. S2: The cause or consideration of the contract is called the premium. a.) S1 and S2 are true b.) S1 and S2 are false
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S1: Life insurance policies purchased many years ago are cheaper than current policies because the insured is older. S2: The cause or consideration of the contract is called the premium.
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- S1: It is more advantageous and beneficial to the insured if there are more riders included in theinsurance contract. S2: Life insurance policies, unlike other properties, do not requiresupervision or frequent examination to minimize risk and maximize results. A. S1 and S2 are trueB. S1 and S2 are falseC. Only S1 is trueD. Only S2 is true12. Below are the features of the insurance policy under what types of life insurance? * Low initial premium due to the fact that coverage is temporary Premium increase with each new term O A. Term Life Insurance O B. Whole Life Insurance O C. Endowment Life Insurance D. Investment-Linked InsuranceWhat is the consideration for the insurer in an insurance contract? 1.Premiums Paid 2.Risk Avoidance 3.The literal piece of paper the contract is written on is the consideration 4.An Insurance Contract does not require consideration
- Kindly help Which of the following statements about life insurance is NOT accurate? a) permanent insurance puts a portion of the premium paid into investment which the insured then has the potential to cash in and recoup, whereas the premium paid for term insurance is simply a sunk cost for the insured . b) permanent insurance guarantees that the policy will pay out the face value to the beneficiary upon the death of the insured , whereas term insurance won't pay out anything at all once the term has finished. c) Term insurance is almost always less expensive than permanent insurance- both the monthly premium amount as well as the amount typically spent on insurance overall. d) Term insurance is simple life insurance policy that involves a less complicated contract with fewer provisions and exemptions , whereas permanent is the type of insurance that you must take care in reading the detailed fine print in the policyChoose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is the party that has an obligation under an insurance contract to compensate a policyholder if an insured event occurs. b.The policyholder is the party that has a right to compensation under an insurance contract if an insured event occurs. c.The insured event is an uncertain future event that is covered by an insurance contract and creates insurance risk. d.All of these statements are true about an insurance contract. 2. IFRS 17 provides that insurance contracts should * a.Comply with all existing IFRS b.Generally continue to be subject to existing accounting policies. c.Comply with the IFRS Framework document. d.Be covered by IAS 32 and IFRS 9 3.An insurance contract can contain both deposit and insurance elements. An example might be a reinsurance contract where the cedant receives a repayment of the premiums at a future date if there are no claims under the contract. Effectively this…S1: One characteristic of an insurance contract is to transfer insignificant risk from the policyholder to the issuer. S2: Under the general model of PFRS 17, a group of insurance contract is initially measured at the fulfillment cash flows and the contractual service margin.A. Both statements are correctB. Only S1 is correctC. Both statements are incorrectD. Only S1 is incorrect
- Loans are available from term life insurance policies. a. True b. False Group of answer choices True FalseStatement 1: If an insured outlived his policy and received from the insurance company an amount equivalent to the total premiums paid, such amount is taxable. Statement 2: If the insured dies and the beneficiary receives payment from the insurance company, the amount received in excess of the total premiums paid shall be taxable. A. Both statements are true B. Both statements are false C. Only statement 1 is true D. Only statement 2 is trueOne of the purposes that deductible are used in insurance policies is to O eliminate coverage for small claims. O place restrictions or limits on the insurer's promise to perform. provide broader coverage by increasing the number of perils covered. exclude perils that are not insurable.
- _____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contract5. Some peode have high deductibles on their insurance policies in order to lower their mopthly-rates. Others have lower deductibles, but higher insurance rates. Under whät circumstances wouid one or the other be the better choice? C.The _______________ problem is when customers who are most likely to have a claim against an insurance company are those quickest to apply for an insurance contract. Group of answer choices a. Capital adequacy b. Default risk c. Adverse selection d. Mismatched maturity
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