Briefly discuss how the information provided in the contractual obligation disclosure would be useful in evaluating Deere & Company for loans (1) due in one year and (2) due in five years. Deere & Company reported current assets of $50,060 and total current liabilities of$21.394 at year-end. The agent accepts a premium after the end of the grace period. Question 4 Which of the following is NOT considered by an underwriter when determining the premium rates for an individual seeking insurance? give the applicant a policy comparison statement signed by the producer. -It is the insurer's prerogative to accept or reject an incomplete application. Provide buyers with details of the insurance policy they are considering for purchase. The trustee, the person in charge of the trust, has a fiduciary duty to manage the trust and its assets to benefit the person who will one day inherit it. Something went wrong. What are the 5 parts of an insurance policy? *Cross out and initial the incorrect entry, and enter the correct information next to it. This is implied authority. While producers do have a fiduciary responsibility to the insurer, this is not the answer. WebWhich of the following is an example of a producer's fiduciary duty A) An obligation to state every known fact about the policy the producer is selling B) A duty to base all The producer is also responsible for disclosing information about the insurer's underwriting and policy issue practices The members eligible for insurance under the policy shall be, Newborn coverage for an accident and health (disability) family policy begins, No legal action can be initiated within ___ after proof of loss has been submitted to the insurance company, Violations of US Code Title 18 section 1033, may result in, The insurer has the right to examine the insured during the claim process and to an autopsy when death is involved and where it is not forbidden by ____, A Fraternal Benefit Society has each of the following characteristics EXCEPT, A health or disability policy is incontestable after it has been in force for a period of, The required grace period for life insurance policies in Washington is, In a Long-Term Care policy, the Right-to-Examine period is, Making a statement that is false or maliciously critical of the financial condition of an insurer is known as. Two common indexes in use are the *a minor child of the insured Because of this, you probably want a financial advisor who is a fiduciary. Since the application is a legal document (and part of the applicant's consideration), accuracy is critically important. 1939),Corporate officers and directors are not permitted to use their position of trust and confidence to further their private interest.". The fiduciary duties of a trustee are to act in the best interest of the beneficiaries. The beneficiaries are typically entitled todamages. The contract between the producer and insurer sets forth certain acts and duties the producer is specifically authorized to perform. Write over the incorrect entry with the correct information.
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