What is the purpose of a Certificate Authority? The purpose of a Certificate Authority is
to provide certificates and sign off on other certificates creating a web of trust
. An example of a certificate authority is Go Daddy. You just studied 53 terms!
Which of the following insurers are owned by stockholders who have the usual rights of ownership?
Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting?
Stock- Only stock insurance companies
are owned and controlled by stockholders.
Which of the following are true regarding rebates except?
All of the following are true regarding rebates EXCEPT
Rebates are allowed if it's in the best interest of the client
. An insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan.
Which of the following insurance are owned by stockholders?
A
stock insurance company
is a corporation owned by its stockholders or shareholders, and its objective is to make a profit for them. Policyholders do not directly share in the profits or losses of the company.
What is the purpose of certificate of Authority?
Certificate of Authority Overview
A Certificate of Authority is a document that
provides states—other than the one in which your business is registered—all of a business's important information, including official name, owners' names, and legal status
(limited liability company, corporation, limited partnership, etc.).
What is a certificate of Authority quizlet?
What is a certificate authority? –
An entity that requires proof of identity from the individual requesting a certificate
. – An entity that generates a digitally signed identification certificate.
Which of the following insurers are owned by stockholders quizlet?
Which of the following insurers are owned by stockholders? Stock.
Stock insurance companies
are owned and controlled by stockholders.
Which of the following is true regarding the annuity period?
It is the period of time during which the annuitant makes premium payments into the annuity. Answer: A.
It may last for the lifetime of the annuitant
. An annuity is basically a plan which a person buy by making a lumpsum payment to a insurance company generally to get regular payment for life.
Which of the following insurers Cannot be categorized as commercial?
Which of the following insurers cannot be categorized as commercial?
BlueCross BlueShield organizations
are noncommercial organizations. However, they are not technically insurers and are better described as service organizations.
Which of the following is not considered rebate?
Which of the following is not considered a rebate?
Various payment or budget plans
are not considered rebating. Rebating is an illegal activity.
Which is not considered a rebate?
B; A rebate is an illegal act which involves returning something of value to the client as an inducement to buy, such as the commission. Rebates are only allowed if specifically stated in the policy.
Insurance dividends
are not considered rebates as the IRS considers it as a return of overpaid premium.
Which of the following is true about the credit life insurance?
All of the following are true regarding credit life insurance, EXCEPT:
As the debt is paid off, the face amount decreases to match the amount of the debt
. At any time, the face amount of the policy cannot be greater than the amount of the debt. Credit life policies may be issued individually or through a group policy.
Definition of
apparent authority
(perceived authority)
specific powers that a prospective insured believes the insurance company has granted to its agent.
Which of the following is not a required provision in group life policies?
Which provision is NOT a requirement in a group life policy? An AD&D provision is not required in a group life policy. The correct answer is “
the entire cost of the plan is paid for by the employer
“. When an employer provides noncontributory group term life insurance, the employer pays the entire cost of the plan.
Which of the following types of insurance policy is most commonly used in credit life insurance?
Which of the following types of insurance policies is most commonly used in credit life insurance? Credit insurance is a special type of coverage written to insure the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. It is usually written as
decreasing term insurance
.
Certificate of Authority: Definition
A Certificate of Authority
shows that you are authorized to do business in a state other than your original formation state
. A Certificate of Authority is a requirement in most states. It's important to note that the name of the document can vary from state to state.
In order to obtain a California Certificate of Authority, you must also submit:
Limited Liability Company: Certificate of good standing issued within six months. Corporation: Certificate of good standing issued within six months. Nonprofit Corporation: Certificate of good standing issued within six months
.
What are the types of certificates?
There are three main types of certificates:
domain validated (DV), organization validated (OV), and extended validation (EV)
. An authentic authority must obtain the certificate so that users won't see this message. Any certificate will provide the same level of protection, no matter the type of validation.
What is digital certificate quizlet?
Digital certificate.
A technology that used to associate a user's identity to a public key and that has been digitally signed by a trusted third party
.
PEM Format
PEM is the most common format in which Certificate Authorities (CA) issue certificates.
What do certificates provide?
These certificates are
used to share public keys that sign software code, including patches and software updates
. Code signing certificates certify the authenticity of the signed code. Client certificates, also called a digital ID, are issued to individuals to bind their identity to the public key in the certificate.
Which of the following are generally not considered when underwriting group insurance?
Which of the following are generally NOT considered when underwriting group insurance?
The insureds' medical history
(Group life insurance is written on a group, not individual basis.
How does reinsurance benefit the insurer quizlet?
Stabilize loss experience, large line capacity, provides surplus relief, and protects against catastrophic losses
.
The agent has authority to act for the principal; the principal has control over the agent's actions on the principal's behalf. Which one of the following best describes the elements of authority and control in an agency relationship?
Applicable coverages and limits
.
What is true annuity?
An annuity is a contract between you and an insurance company in which you make a lump-sum payment or series of payments and, in return, receive regular disbursements, beginning either immediately or at some point in the future.
Which of the following is not true regarding the life with guaranteed minimum annuity?
Which of the following is NOT true regarding the Life with Guaranteed Minimum annuity settlement option?
It does not guarantee that the entire principal amount will be paid out
. They invest on a more aggressive basis aiming for higher returns.
What is true of all annuity contracts?
An annuity contract is beneficial to the individual investor in the sense that it legally binds the insurance company to provide a guaranteed periodic payment to the annuitant once the annuitant reaches retirement and requests commencement of payments. Essentially,
it guarantees risk-free retirement income
.
