C) Indemnity contract For a trip to the hospital, Evan Appleton paid $1,656 in hospital charges, a$750 insurance deductible, and a $457 co-payment. C) adhesion She would like to borrow $15,000 against the cash value. A paid premium A policyowner is prohibited from making any changes to the policy without the beneficiarys written consent under which beneficiary designation? The gap between the total death benefit and the policys cash value. C) apparent authority Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance business. Adjustable life policy Variable universal policy Universal policy Modified whole life policy, A securities license is required for a life insurance producer to sell modified life insurance Modified Endowment Contracts (MEC) variable life insurance universal life insurance, The shorter the payment period, the higher the premium, The statement which best describes the relationship between the premiums of a whole life policy and the premium payment period is The shorter the payment period, the lower the premium The longer the payment period, the higher the premium The shorter the payment period, the higher the premium The payment period has no affect on the premium payment, Policyowner has the right to select the investment which will provide the greatest return, Variable life insurance and Universal life insurance are very similar. Risk reduction Risk transference Risk avoidance Risk retention, The cause of a loss is referred to as a(n) hazard adversity peril risk, How do insurers predict the increase of individual risks? there is the potential for an unequal exchange of value Anheuser-Busch InBev is trying to reduce its water usage. Have a great time ahead. Intentional withholding of material facts that would affect an insurance policy's validity is called a(n). Reduction of premium dividend option Extended term option Paid-up option Cash dividend option, Net death benefit will be reduced if the loan is not repaid, Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. C) The insured and the insurer contribute equally to the contract. Because of this, an insurance contract is considered y=f(x)=10x5x+1535if0x3if3