Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? C 12 months Age E The spouse of a deceased insurance producer. Asked 11/28/2019 3:15:17 PM. Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old 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. A temporary license in this state is valid for a maximum of An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. 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. 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. What are the classifications of net assets reported in the statement of financial position by private colleges? The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. The company is guilty of A 7 days Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? Rating. It is never legal to limit coverage based on marital status. A temporary producer license could be issued without examination to all the following EXCEPT? To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within how many days? 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? A In the preceding 12 months. To combat the Where is heavy cream in Walmart? B. Twisting. Which of the following allows different operating systems to coexist on the same physical computer? B False advertising. What is the purpose of establishing the target premium for a universal life policy? B Applies to life, annuity, and accident and health licensees only. An insured has chosen joint and 2/3 survivor as the settlement option. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer The insurer's surrender the policy at its current cash value. 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). May be used to customize a permanent life insurance policy to meet the needs of the policyowner, Mandatory free look in a life insurance policy. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT I love when a hack helps me to recycle, and makes my life easier. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. B Undercutting Expert answered|GaelM|Points 4547| Log in for more information. In the best interests of the client, rebates are allowed. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. 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.. 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. B 90 days in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? B. All of the following would be considered to be rebating EXCEPT. An insured purchased an insurance policy 5 years ago. Which of the following terms best describes the advertisement? An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? C$1,500 D Legal, provided that the information can be verified. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? C Rebating A Twisting. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. 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. Telling a client that his first premium will be waived if he purchases the insurance policy today. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. An applicant for a counselor's license must possess a reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel, as well as a reasonable understanding of the Michigan insurance code and possess a good business reputation and good moral character. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. 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? What brand of castor oil is best for hair? C In the last 5 years. B C Cease and desist order June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . 30 days. Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? All of the following would be considered rebating except. If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? C Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. A 60 days His wife dies 10 years later. B$1,000 Death benefits payable to a beneficiary under a life insurance policy are generally. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Azanswer team is here with the correct answer to your question. The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. All of the following would be considered rebating EXCEPT. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Only any excess of value is taxable as income. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? A 15 An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Who can make a fully deductible contribution to a traditional IRA? What settlement option should the policyowner choose? In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. An agent who offers a cash reward to a prospect for buying a policy is guilty of. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. Which of the following would be required to be licensed as an insurance producer? The company also guarantees the specified dollar amount for each payment and the length of the payout period. This rider usually expires at the insured's age of 40. C Coercion. 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? This year, she did not receive a check fin from the insurer. 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? A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. The advantage of qualified plans to employers is. The protocol for replacement does not apply to which of the following situations? As the local coffee shop is just initiating the segmentation and targeting process, what has . C 90 days Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? C Defamation. If a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? Both the offer and acceptance of a rebate are illegal. What statement is true concerning buy-sell agreements? If the corporation collects the policy benefit, then. Commissions are set by a schedule or negotiation between the producer and the insurance company. The following are nine technical accounting terms introduced or emphasized in this chapter: ResponsibilitymarginTransferpriceCommonfixedcostsContributionmarginCost-plustransferpriceTraceablefixedcostsPerformancemarginProductcostsCommittedfixedcosts\begin{array}{lll}\text { Responsibility margin } & \text { Transfer price } & \text { Common fixed costs } \\ \text { Contribution margin } & \text { Cost-plus transfer price } & \text { Traceable fixed costs } \\ \text { Performance margin } & \text { Product costs } & \text { Committed fixed costs }\end{array} A Discrimination. Rebates are allowed if it's in the best interest of the client. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Your email address will not be published. And employee quits her job where she has a balance of $10,000 in her qualified plan. D 30 days. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. 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. A Natural Group These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. C Listing the insurance companies the agency represents in a letter A Temporary Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? What can they do? 1 to 50. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. all of the following would be considered rebating except. 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? Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? An individual has been making periodic payments on an annuity. Up to 12 excess credit hours of CE may be carried over to the next review period. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. What happens to the premium on the children's rider in a life insurance policy? Under what circumstances could the daughter collect the death benefit? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT Ownership is the difference between these two companies. Which of the following best describes the unfair trade practices of defamation? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. A$500 Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? B Nothing, unless the remarks were in writing D A license to practice law. b) Rebating can be anything of economic value, given as an inducement to buy. In order for an insurer to legally transact insurance, it must obtain what? C Dividends from a mutual insurer. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. A person whose activities are limited to producing insurance advertisements B Illegal An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. A. Misrepresentation. C 30 days = 15 * 3/20 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] The policy contains the optional Payor Benefit rider. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. C 90 days What license or licenses are required to sell variable life annuities? A Defamation Which of the following would be required to be licensed as an insurance producer? D$5. Which nonforfeiture option has the highest amount of insurance protection? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. What is not an example of a business use of life insurance? The policy contained an accidental death rider, offering a double indemnity benefit. In this state, what type of violation is rebating? A table showing the nonforfeiture values for the next 20 years must be included in the policy. Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract. A salaried full-time employee who furnishes information for group insurance Convertible without proof of insurability up to the full term death benefit. Annuities can also be used to.. The policyowner of an adjustable life policy wants to increase the death benefit. Discrimination. What option does this describe? Attorney General. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as A candidate for life insurance producer's license must complete how many hours of prelicensing education? How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. A C In an annuity, the accumulated money is converted into a stream of income during what time period? How much would the beneficiary receive from the policy? Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. What best describes what will happen? standard form contract facebook; how to treat mange in cats at home twitter; moon drop grapes uk instagram; arrow olivia sewing table youtube; custom teku glassware mail B Community service D This practice is considered Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. There are just too many details and specifications which you must be certain of when looking for one. What determines the length of time that benefits will be received under the fixed-amount settlement option? D Engages in fraud. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What describes the tax advantage of a qualified retirement plan? From what type of insurer did the insured purchase the policy? Will result in having to pay the highest premium due to health, history, habits, etc. What is the advantage of reinstating a policy instead of applying for a new one? What policy would have an IRS required corridor or gap between the cash value and the death benefit? C Defamation. All riders that will cause the death benefit to increase? What is the required percentage of participants in a contributory group plan? In level term and increasing term policies, the premium also remains level for the term of the policy. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? 30 To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. f. Get an answer. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. What is true regarding a non-qualified retirement plan? User: She worked really hard on the project. D Imprisonment. The paid-up addition option uses the dividend to.. What life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. An agent's license may also be suspended or revoked. Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as A Defamation "At the time of the application" is when interest must exist. This is a personal use of life insurance known as. Company Information; FAQ; Stone Materials. This misstatement may result in? Employer contributions are not included in the employee's gross income, SEP's allow the employer to make annual tax-deductible contributions of the 25% of an employee's earned income, SEP's have a higher tax deductible contribution limit than an IRA. She has decided that she would rather use the dividends to help pay for her next premium. 45 An out-of-state producer wants to start selling insurance in this state. What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? An insured had a $10,000 term life policy. A Producer regulations and testing requirements. D. Sexual orientation. After 5 years, she decides to leave the company and work independently. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. D Stop action order. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. If an insurer terminates a producer, the Commissioner must be notified. D An offer of employment. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. juan holds ________ power. What will she need to provide for proof of insurability? All the following could be considered rebates if offered to an insured in the sale of insurance except? D An offer of employment. What is the term for how frequently a policyowner is required to pay the policy premium? New answers. All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates What option could the insured utilize? The amount of payments will be determined by taking into account all of the following: 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.. An insured owns a $50,000 whole life policy. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. What are examples of a business use of life insurance? All of the following would be considered to be rebating EXCEPT 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 B Twisting. 1 to 75. C 7 Which nonforfeiture option provides coverage for the longest period of time? B An offer to share in commissions generated by the sale. B At least 3 hours must cover ethics. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. A Misdemeanor select one: Which set of characteristics will produce the smallest value for the estimated standard error? A temporary license may be issued for up to 180 days. 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? Upon policy delivery, the producer may be required to obtain? C Defamation A domestic insurer issuing variable contracts must establish one or more.. 3. Published by at June 10, 2022. D 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. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? If a live insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST. A key person insurance policy can pay for which of the following? Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? B Criminal offense A Defamation Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? Because of this, the company charged him a higher rate for his insurance. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. D. A salaried employee who advertises and solicits insurance. C Controlled business. A father owns a life insurance policy on his 15-year-old daughter. Define electric potential and electric potential energy. A Restriction of authority Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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 . Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? Which of the following statements about the reinstatement provision is true? Eligibility requirements for a license are established by the Insurance Code. Search for an answer or ask Weegy. What is this called? When would a misrepresentation on the insurance application be considered fraud? B 30 C Limited lines May be structured to allow for specific additional amounts of insurance to be purchased at specific ages, dates, and events without proving insurability; however, the coverage is purchased at the insured's attained age and the maximum allowable purchase is specified in the base policy. He died on February 28. A 30 days C A producer's license expires and is not renewed. What statement concerning group life is true? Beneficiaries do not have to have an insurable interest in the policyholder. Updated 10/30/2021 2:46:29 PM. 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. C Charging applicants with similar health histories different premiums based on their ethnicity What are the two components of a universal policy? What policy component contains the company's promise to pay? What is true regarding taxation of accelerated benefits under life insurance policy? If an insurer terminates a producer, the Commissioner will receive a notification. The designee of a producer that is called to active service with the Navy.
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