C 12 months D Y was killed in an automobile accident on August 22, before the policy was issued. A Defamation If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. Follow the following are true of the federal tax advantages of a qualified plan. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Time during which accumulated money is converted into an income stream. Which statement best defines an insurance producer? D A license to practice law. D Rebating. C Convertible without proof of insurability up to the full term death benefit. C$1,500 Minimum number of credits required for partially insured status for Social Security disability benefits is. A) An agent offers to share his commission with a policyholder, B) An agent offers tickets to a baseball game as an inducement to buy insurance, C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him, D) An agent offers the use of his lake house to person as an inducement to buy, Answer:C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. juan holds ________ power. In this state, a temporary license may be issued for any of the following reasons EXCEPT. C Listing the insurance companies the agency represents in a letter The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. It was determined that the accident was his fault. Confirming future dividends in a life insurance proposal What option does this describe? The policyowner pays for her life insurance annually. The Insurance Department regulations are to protect the insurance-buying public. B B B. Twisting. How could she obtain an individual policy? His wife dies 10 years later. The policy endows when the insured turns 100. A rebate is a type of purchasing discount that is paid as a reduction. Under what circumstances could the daughter collect the death benefit? D An employee quits her job where she has a balance of $10,000 in her qualified plan. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. What is true? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. What must be acceptable in order for the ride to be able to waive the payment of premium? C Illegal under any circumstances A B 30 The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . "At the time of the application" is when interest must exist. D Controlled business. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone B$1,000 To combat the Where is heavy cream in Walmart? All of the following would be considered rebating EXCEPT. C Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Death benefits payable to a beneficiary under a life insurance policy are generally. A. B Discriminating in benefits and coverages based on the insured's habits and lifestyle D 30 Each agent must pay a $5 appointment fee to the Commissioner. The agent is guilty of? In the best interests of the client, rebates are allowed. In this situation, the Commissioner must be notified within 30 days. C In the last 5 years. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? And any controversy between the insured or the insured's beneficiary and the insured that arises from the application for insurance of any policy issued a connection with the application, the producer is considered to be the agent and which of the following? Formula: (Ann . C Solicit business as an insurance producer In order for an insurer to legally transact insurance, it must obtain what? What type of insurance policy would perform the function of cash accumulation? What is the purpose of a free-look period in insurance policies? Variable life insurance is based on what kind of premium? She also wished to retain all of the rights of ownership. 1 to 75. The advantage of qualified plans to employers is. When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Rebates include money, sharing of commissions, promises, inducements and personal services. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. Thanks for choosing us. User: She worked really hard on the project. The policyowner may assign a part of the policy or the entire policy. Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer New answers. What describes the tax advantage of a qualified retirement plan? D Inviting prospective clients to the grand opening of the producer's new office. What are the three basic types of term coverage available, based on how the face amount (death benefit) changes during the policy term: Best description of what an annuity period is: Policy which allows the partial withdrawal, or surrender, of the policy cash value. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? MI Life Insurance Policy Provisions, Options, Federal Tax Considerations for Health Insuran, Qualified Plans, and Federal Tax Consideratio, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. A$500 The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? He discovered that his policy.. B What best describes what will happen? The policyowner of an adjustable life policy wants to increase the death benefit. 60 days. What best describes this practice? Within how many days does a licensee have to inform the Commissioner of a change of address? When would a 20-pay whole life policy endow? 3. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. A Misdemeanor The dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? Rating. All riders that will cause the death benefit to increase? b) Rebating can be anything of economic value, given as an inducement to buy. Your email address will not be published. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? A What determines the amount of each installment paid in a life income option arrangement? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? A producer in tensional he violated insurance statues. All of the following would be considered to be rebating EXCEPT? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? In an annuity, the accumulated money is converted into a stream of income during what time period? A temporary license in this state is valid for a maximum of If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. What dividend option could she use? The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT What is the minimum required age for an insurance producer in this state? D 10. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. What policy component contains the company's promise to pay? However, once there is solicitation, a license is required. This rider will not cause the death benefit to increase. What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? What statement is true concerning buy-sell agreements? All the following are true regarding rebates except? In which of the following situations is it legal to limit coverage based on marital status? I love when a hack helps me to recycle, and makes my life easier. B Applies to life, annuity, and accident and health licensees only. B Criminal offense If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. D Other than the 3 hours of ethics, licensees may take courses in any line. A Temporary B Twisting. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? D 30 days. An agent offers to share his commission with a policyholder. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. Synonym for a substandard risk classification. C Charging applicants with similar health histories different premiums based on their ethnicity The agent is guilty of The producer could be found guilty of When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. The minimum age at which a person can sign a life insurance application is. The policy contained an accidental death rider, offering a double indemnity benefit. Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. NAIC. What will she need to provide for proof of insurability? The policyowner is entitled to policy loans. In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. What option would allow her to do this? What statement concerning group life is true? D Misrepresentation, How much is an agent's appointment fee? To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is executed? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. C Rebating D Unfair Discrimination. A Concealment. An insured pays an annual premium to his insurer. Ultimately, the commissioner determined that there were a total of 25 separate violations. Within how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount. D Adverse selection. The regulation of the insurance industry primarily rest with. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? C Cease and desist order If an insured continually uses the automatic premium loan option to pay the policy premium.. A Cannot be extended or waived under any circumstances. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. A key person insurance policy can pay for which of the following? C 90 days [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. The producer could be found guilty of? D Audit or abstract insurance policies or annuities. If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant What policy component decreases in decreasing term insurance? What is the purpose of establishing the target premium for a universal life policy? He dies in a freak accident on June 1. Corporation is the owner and beneficiary of the key person life policy. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except When twin brothers applied for life insurance from company a, the company found that while neither of them smoke and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the . This pays 2 or 3 times the face amount if death is the result of an accident as defined in the policy and occurs within 90 days of such an accident. Which of the following is not a standard mounting dimension for an electric motor? Which two terms are associated directly with the premium? In which instance would the premium be tax deductible? If the corporation collects the policy benefit, then. What is the name of the insured who enters into a viatical settlement. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. Which of the following is NOT a pathway in the oxidation of glucose. This practice is considered? All of the following actions are considered rebating except sharing commissions with other licensed and appointed agents An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. An annuity owner is funding an annuity that will supplement her retirement. f. Get an answer. In Michigan the state's continuing education requirement M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. An individual has been diagnosed with Alzheimer's disease. Department of Education. As it turns out, the answer to this question depends upon a variety of factors. Group life insurance is a single policy written to provide coverage to members of a group. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity An appointment by an insurer is based upon the person maintaining a valid insurance license. What is the minimum civil fine per violation of the Insurance Code of this state? In order to qualify for conversion from a group life policy to an individual policy of the same coverage, a person must have been insured under the group plan for how many years? An agent misrepresents policy benefits to convince a policyowner to replace policies. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. An insured owns a life insurance policy. If a company has a simplified employee pension plan, what type of plant is it? D Misrepresentation. B Insurer financial requirements. Asked 10/30/2021 2:23:39 PM. Licensed in the state where the individual resides. 3. Whenever an individual stops drinking, the BAL will ________________. B Discrimination Which of the following activities is not performed by an insurance producer? What relationship is not an example of insurable interest? In Connecticut, continuing education courses must be approved by the. Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). In which of the following situations is it legal to limit coverage based on marital status? B A new Commissioner or Director is put into office. What is the primary purpose of a 401(k) plan? An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. C Controlled business. In level term and increasing term policies, the premium also remains level for the term of the policy. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? Which is NOT required of an applicant for an insurance license in Michigan? An agent's license may also be suspended or revoked. C 30 days It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. What would be the face amount of the new term policy? D Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. A A producer's license is suspended or revoked by the Department of Insurance. D An offer of employment. Correlation and Causation What are correlation and causation and how are they different? A They want to start a program through their practice that will provide retirement benefits for themselves and three employees. What is this called? A 60 days Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Last year, she received a dividend check from the insurance company that was not taxable. For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are, Amount of coverage is determined according to nondiscriminatory rules, individuals covered, under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability. When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. 90 days. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. What statement about a suicide clause in a life insurance policy is true? When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. Who can make a fully deductible contribution to a traditional IRA? Log in for more information. Commissions are set by a schedule or negotiation between the producer and the insurance company. C A legal advertising strategy Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Which nonforfeiture option has the highest amount of insurance protection? Eligibility requirements for a license are established by the Insurance Code. And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. all of the following would be considered rebating except. On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. In a life settlement contract, whom does the life settlement broker represent? This answer has been confirmed as correct and helpful. Log in for more information. What is this called? C. An insurance company director who performs executive, administrative and managerial duties B False advertising. The soon-to-be producer does not want to wait until he receives his license in order to begin working. D 2 years. How much would the beneficiary receive from the policy? A 30 days This is due to what provision? In order to to do that, what may happen? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. How many days does the insurer have to deliver this notice? A Unfair claims If an insured continually uses the automatic premium loan option to pay the policy premium. Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? E The spouse of a deceased insurance producer. The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. What employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? What type of policy does the insured most likely have? How can she obtain an individual policy? 15 The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. They could be sold for an amount greater than the current cash value, they involve insurance policies with large face amounts, they could be use for a key person coverage. 10 czerwca 2022 . An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. A corporation is the owner and beneficiary of the key person life policy. C Defamation. C Sharing commission with the insured The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. B Coercion Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The integer 4 is considered all of the following except a variable. Unintentional misspellings are not a misrepresentation. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Correct Answer: A. A Payment of restitution Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. B Nonresident C Mutual Company When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option?
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