\text{Accounts payable} &\$ 524,160 &\$ 145,600\\ \text{Balances, December 31}, 2015& 100,000& \$460,000 & \$203,768& \$ 663,768\\ ________ is a factor in rising health care costs. c. limited payment A life insurance policy should contain all the following except c. savings and loan value. e. biennial, When a primary beneficiary dies before the insured, proceeds are payable to Virtually all mortgage companies require borrowers to have insurance coverage for the full or fair value of a property (usually the purchase price) and wont make a loan or finance a residential real estate transaction without proof of it. c. whole life insurance. Which is always a cost when buying insurance? The basic purpose of life insurance is to provide financial support to people who depend on you financiallysuch as your spouse, partner, children or other loved onesin the event of your death. d. A limited clause Advances in medical technology, prescriptions drugs and treatments have substantially reduced the costs health care in recent decades. b. whole life Universal life insurance is AccountsreceivableAccountspayableCostofgoodssoldSalesSalesreturnsRetainedearningsDividendsIncomefromoperationsNetincome12/31/2019$14,00022,000144,000279,00012,00047,0003,00025,00019,00012/31/2018$18,00015,000127,000239,00010,00016,0002,00016,00018,000. Term is valid for a certain number of years (5,10, 15, 20, etc.) For a general life insurance policy, the maximum amount that the insurer will pay is referred to as the face value, which is the amount paid to a beneficiary upon the death of the insured. Actuarial data is used to measure: At first operated single-handedly by an entrepreneur named Nicholas Barbon, in 1680 it was organized as a stock company known as the Fire Office. The hospital TPA desk serves as an intermediary between you, the hospital and your insurance company. e. none of the above. d. Coinsurance clause e. use some combination of these. Why does insurance often provide "peace of mind"? \text{Accruals}& 489,600 &136,000\\ Deductibles can apply per policy or per claim, depending on the insurer and the type of policy. Learn how coverage works. d. the chance of loss. \text{Increase in accounts payable}& 378,560\\ The basic purpose of life insurance is to provide financial coverage to your loved ones in case you die. Her mother has $350 deducted from her paychecks each month.When Maria visited the doctor, her mother paid a $25 fee. \textbf{of Days Past Due)} & \textbf{on December}\ \bm{31} & \textbf{Uncollectible Accounts}\\ Insurance underwriting got its name from the practice, in 17th century England, of private investors signing their names as guarantors, for a fee, under posted listings of marine voyages and cargoes. A successful subrogation means a refund for you and your insurer. Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage. They come in various forms, including term life, whole life and universal life policies. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. \text{Total liabilities and equity} &\$2,866,592 &\$1,468,800\\ What is said to be the first auto liability policy writtenactually a policy for horse-drawn carriages made applicable to an automobilewas issued in 1887 to one Gilbert Loomis of Westfield, Connecticut. This is an example of a(n) _______ policy. The variable QQQ is measured in thousands of patients. b. assume risk. e. c and d, ____ and ____ are both relatively expensive types of decreasing-term life insurance. &2016 &2015\\ Thousands of years have elapsed since Chinese merchants devised an ingenious way of protecting themselves against the chance of a financially ruinous upset in the treacherous river rapids along their trade routes. Another is to protect, loss of one or more assets to include a human life, . Watkins believed that D'Leon's products were of higher quality than the competition's; that this quality differential would enable it to charge a premium price; and that the end result would be greatly increased sales, profits, and stock price. e. life income. Depending on the type of life insurance policy and how it is used, permanent life insurance can be considered a financial asset because of its ability to build cash value or be converted into cash. d. income. liability. Insurance is a financial service that allows a: Consumer to share liability with a company. Roland has purchased a new tablet. This transfer of all the rights, and remedies, from insured to insurer is called subrogation. Sharing, or pooling, of risk is the central concept of the business of insurance. b. actuarial science. liability Protection. b. choice of how the accumulation account is invested Life insurance policies with small face amounts where the premium may be collected weekly by agents is a. Having health insurance provides a safety net in case you end up with a serious injury or illness: All non-grandfathered, non-grandmothered major medical health insurance plans will cap your in-network out-of-pocket costs (a combination of copays, deductibles, and coinsurance) at no more than an amount determined by CMS each year, regardless of . The needs analysis method of determining the amount of life insurance considers Thus, business enterprises obtain a double benefit from insurancethey are enabled to operate by transferring potentially crippling risk, and they also may obtain capital funds from insurers through the sale of stocks and bonds, for example, in which insurers invest funds. Risks come in two basic forms, pure risk and speculative risk. 65 days 3. protection. B. Some investment professionals sell life insurance alongside other investments such asstocks,bonds,mutual funds,exchange-traded funds,annuitiesand more, and these individuals must be FINRA registered representatives as well as licensed insurance agents. Technically, the basic function of property/ casualty insurance is the transfer of risk. e. none of the above. There are many different types of insurance. It helps to protect the insured person or their family. The most valuable single technique in determining how much life insurance is needed is: Underwriting helps protect life insurance companies from which of the following? Please and thank you! In return for a payment called a premium, the insurer assumes the risksthat is, obligates itself to pay the lossesof all the policyholders. Firm compliance professionals can access filings and requests, run reports and submit support tickets. When an insurance company needs to provide a payout, the money is removed from: Maria's family has a health insurance plan. An insurance policy is a contract in which an individual or an organization gets financial protection and compensation for any damages by the insurer of the insurance company. Its aim is to reduce financial uncertainty and make accidental loss manageable. Step 1: Gather Information Needed For Your Claim. a. multiple indemnity This site is using cookies under cookie policy . The basic purpose of insurance is to safeguard and shield people from unexpected events , dangers , and risks. Complete the given statement with one of the terms listed here. hi good Advertisement LexiG2148 Answer: 3. The insured party must purchase property. D. 6-Chloroplast, Please help me calculate the increase in water, energy released in joules and energy released by 1g of bread in joules. However, some life insurance policies are considered securities, which means the contracts must be registered with the Securities and Exchange Commission (SEC) and sales are regulated by FINRA. What type of life insurance has Kurt purchased? The property damage is caused by a natural disaster, such as a flood. We're looking for Junior Quality . \text{Eva Fry} & \$\hspace{5pt}6,500\\ Methods of Providing Indemnity Cash Payment: This is the usual way of making payment of a claim. b. policy reinstatement. PERSONAL PROPERTY due to catastrophe and calamity. Coinsurance is the claim amount an insured must pay after meeting deductibles and is also the level at which an owner must protect property. Typically, higher limits carry higher premiums. \text { Net income } & 19,000 & 18,000 A renewable clause The FDIC, for example, claims in its mission statement to "maintain stability and public confidence in the nation's financial system." To select the best policy for you or your family, it is important to pay attention to the three critical components of most insurance policies: deductible, premium, and policy limit. d. $66,666 each to Jack, Mimi, and Ann c. viatical settlement Katrina vila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. Many types of life insurance are available. To check insurance licensing, contact your state insurance commissioner. Variable life insurance, for example, allows you to choose among investment options, offering the potential to build value but usually at a higher cost and, like all investments, with risk. The basic purpose of insurance is to provide: loans. d. savings. a. a deferred premium payment policy. Risk transfer 3. The insurance company covered the rest of the cost of the visit.When Maria's mother went to the hospital, her family was responsible for paying the first $1,000 of the bill. The basic purpose of insurance is to provide: 20, 5 What Determines the Price of an Auto Insurance Policy? e. $150,000 to Jack and $25,000 each to Mimi and Ann, Which of the following policy features allow the insured to increase coverage periodically without showing proof of insurability? The insurance company pays you or someone you choose if something bad happens to you. \text{Marcie Moffet} & 3,800\\ c. tax-advantaged investments. Lets look at the most important. c. fixed amount. e. market value of home in which survivors will reside. \text{Shares outstanding} & 100,000 & 100,000\\ Note that the probability that xxx assumes a value within the interval 2\mu \pm 2 \sigma2 is equal to 1. Car Insurance for Beginners d. special needs of dependents. 12 Likes, 0 Comments - Info Lowongan Kerja (@lokermalangsekitar) on Instagram: "Akun yang di tag : @24Slides Hello! In what circumstance would a property insurance claim be rejected? c. Option A level death benefit Explain. d. guaranteed purchase How would the policy proceeds be distributed? e. Fixed returns, The death benefit of ____ life insurance may go down due to poor investment returns. c. Adverse selection Life insurance can support the life of a family, should a member be lost. In determining available resources that would be available after death, you would generally not consider Half of Americans Have Faced Fees While Traveling That Could Have Been Prevented by Travel Insurance. \end{array}} Job expenses are estimated to be $1,096 per year at ABM and$636 per year at Zeda. With most insurers, paying life insurance premiums on a(n) ____ basis will allow you to avoid a fee. Insurance is a tool that can lessen ________ risk. \text { June } & 280,000 \\ A grace period permits the policyholder to retain full protection for usually _____ after missing a payment. b. \begin{array}{lrr} True False Question 10 (1 point) The need for additional life insurance can be determined by looking at the difference between available resources and family monetary needs. 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