Helder, age 45, has a term life policy that is coming up for renewal this year. The policy is a guaranteed renewable policy. Helder is very active and his health would be considered excellent for his age. Helder meets with Kesha, a licensed insurance agent to discuss the renewal of his policy. Kesha recommends that Helder apply for a new policy with the same insurer and then cancel his existing policy once the new policy is in force. Which of the following statements concerning Helder's option to replace his policy is CORRECT? Kesha's actions constitute chursing because she has recommended a new policy over renewal. Helder will likely have higher premiumsithe choose a new policy rather than renewal. Heldal will need to sign a life insurance replacement declaration the chooses the new policy The premium on the renewal of Helder's exsting policy would be based on new underwriting Agrograin industries Inc. of Saskatchewan has over 100 employees and offers a group benefits and insurance plan Premiums for the group insurance plan are set and if the claims experience of the group is better than the group premiums were priced for. Agrograin receives a partial refund of its premiums paid. If the actual experience is worse than anticipated, the insurance company has the opportunity to recoup its losses from Agrograin at the time of contract renewal, which type of funding formula does Agrograin have for its group insurance plan administrative services only refund accounting non refund accounting narticipation a) 35) Elena has been a bookkeeper for a local farm equipment assembly business for 3 years and she has been a member of the group insurance plan during that time. The group plan offers short-term and long-term disability (STD and LTD). Elena wants to know when her benefit payments would start for STD should she become disabled as a result of illness. Which of the following statements about STD benefit payments is correct? The STD waiting period will be 30 days before STD benefits will be paid, STO w pay a first-day benefit if the plan is coordinated with employment Insurance (El). STD payments will be made after LTD coverage expires The STD walting period is longer when the disability is a result of an accident at work dy Bonnie works as an instructor at the local college. She has a gross salary of 55,200 per month, Bonnie's average tax rate is 259. The college provides and pays for the premiums on a group disability policy that provides benefits for 60% of her gross income. If Bonnie were to become disabled and unable to work, what is the net monthly benefit she would be entitled to 51300 $2.840 53120 53.900 ) b) c) d)
