I'm studying for my exam and have some questions...

[Allen Trent]

Xcel:
During the application process, a statement made by an applicant that becomes part of the contract is considered to be a warranty.

A.D. Banker:
Statements made by the applicant on the application are considered representations and not warranties.

Which one is correct?

Technically, both are true. Statements of fact are warranties & those become part of the policy contract. Representations don't become part ot the policy contract

At the same time, the majority of answers to questions on an application are representations to the best of their ability.

The AD Banker one seems somewhat poorly phrased in my opinion. Maybe could have included "normally or generally" considered warranties

 

[rousemark]

Xcel:
During the application process, a statement made by an applicant that becomes part of the contract is considered to be a warranty.

A.D. Banker:
Statements made by the applicant on the application are considered representations and not warranties.

Which one is correct?

https://www.learnenglish4law.com/co...and a,may be repeated in the contract as well.

 

[Spin]

I just passed my exam, thank you to everyone who answered my questions in these forums!!

 

[DHK]

Congratulations!

Oh good! I was wondering how long it was gonna take you!

 

[Spin]

Thanks, me too!

Now I get to find an accountant in AZ to help get me set up, apply for my license, and get contracted!!

 

[Spin]

I'm reading over my own policy, what are Premium Bands and Modal Factors?

 

[Allen Trent]

what are Premium Bands?

Premium Bands are like the Beatles, Rolling Stones, Led Zeppelin, U2, Lynard Skynard, Eagles, Journey

 

[Tahoe Ray]

I'm reading over my own policy, what are Premium Bands and Modal Factors?

Premium bands normally mean a higher face is less cost per thousand of death benefit. Modal factors are adjustments to the premium based on how they're paying. You can't just get a monthly premium by looking at the annual and dividing by 12. You apply the modal factor to get the actual monthly, quarterly, semi, etc.

 

[Markthebroker]

Other than insurance, what other types of payment are referenced as a "premium"?

"Some people pay a premium for fancy shmancy insurance classes, but still fail their tests due to not studying enough"