90 days. 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? All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. B Coercion A Defamation D. A salaried employee who advertises and solicits 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 A person whose activities are limited to producing insurance advertisements 10 czerwca 2022 . B Suspension of authority Eligibility requirements for a license are established by the Insurance Code. Requires the entire premium to be paid in one limp sum at the policy's inception. A Unfair claims D$5. Define electric potential and electric potential energy. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples Which policy provision allows this? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? A. the spouse or legal representative of a deceased insurance producer A M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? All of the following actions can be described as twisting EXCEPT. baja fresh queso recipe; Tags . What are the classifications of net assets reported in the statement of financial position by private colleges? C A producer's license expires and is not renewed. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? The company is guilty of 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 Stocks, securities, or bonds. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. C Listing the insurance companies the agency represents in a letter What statement about a suicide clause in a life insurance policy is true? D 10 days. 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? Group life insurance is a single policy written to provide coverage to members of a group. C Policyowner rights and disclosures. An agent who offers a cash reward to a prospect for buying a policy is guilty of. To combat the Where is heavy cream in Walmart? Only any excess of value is taxable as income. A tax-sheltered annuity is a special tax-favored retirement plan available to. Added 149 days ago|10/30/2021 2:46:29 PM. Commissioner. This rider will not cause the death benefit to increase. 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. f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. Which of the following best describes the act? Employer contributions made to a qualified plan.. c) An offer of employment. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. A Payment of restitution In Connecticut, continuing education courses must be approved by the. Which of the following is an eligibility requirement for all Social Security disability income benefits? Which of the following documents must be provided to the policyowner or applicant during policy replacement? B For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. 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. B Coercion. What is the minimum required age for an insurance producer in this state? In the best interests of the client, rebates are allowed. B A new Commissioner or Director is put into office. must ensure a pair that's benefit claim after receiving the product of death? 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. B Misleading advertising. Gender The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. The insured knows that his financial state will worsen even more with upcoming medical expenses. The premiums paid by the employer in a business life insurance policy are. All riders that will cause the death benefit to increase? C Charging applicants with similar health histories different premiums based on their ethnicity An insured committed suicide 6 months after his life insurance policy was issued. Commissioner. C Defamation. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. After five years, she decides to leave the company and work independently. Annuities can also be used to.. D 1 to 75. All of the following would be considered rebating EXCEPT. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? Search for an answer or ask Weegy. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. An appointment by an insurer is based upon the person maintaining a valid insurance license. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? = 2 1/4. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. C Solicit business as an insurance producer An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT C In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. Variable life insurance is based on what kind of premium? 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. The policyowner of an adjustable life policy wants to increase the death benefit. All of the following would be considered to be rebating EXCEPT. All of the following would be considered rebating except. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. If an insurer terminates a producer, the Commissioner must be notified. The dividend option that the insured has chosen is called? 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 B Unfair claim practice. C Rebating Mutual-policyholders; Stock-stockholders. D An offer of employment. What option does this describe? C Dividends from a mutual insurer. All paid by the time the insured reaches age 65. [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 . Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Follow the following are true of the federal tax advantages of a qualified plan. The integer 4 is considered all of the following except _____. There are just too many details and specifications which you must be certain of when looking for one. His wife dies 10 years later. However, once there is solicitation, a license is required. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. A Producer regulations and testing requirements. What is true regarding a non-qualified retirement plan? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Cradle. D. Commissioner. Discrimination. B 30 C Accidentally misspells the name of the insurance policy in a written communication to a customer. What are examples of a business use of life insurance? What best describes this practice? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Which of the following would NOT be considered rebating? B An offer to share in commissions generated by the sale. B Undercutting Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. 60. In a life settlement contract, whom does the life settlement broker represent? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. D Surplus lines. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. A corporation is the owner and beneficiary of the key person life policy. A straight life policy has what type of premium? 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 balance is paid out directly to the employee in order for her to move the funds to a new account. If the producer continues to violate the entrance code, I knew so penalty will be assessed every? Vscode No server install found in WSL, needs x64. Rebating can be anything of . B Stock Company If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT 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? Term used to name the no taxes return of unused premiums? Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. select one: Which set of characteristics will produce the smallest value for the estimated standard error? 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? C$2,000 The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer The policyowner may assign a part of the policy or the entire policy. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. 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. In Michigan the state's continuing education requirement What required provision protects against unintentional lapse of the policy? D The policy endows when the insured turns 100. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? An insured purchased an insurance policy 5 years ago. This is considered to be an unfair claim settlement practice A corporation is the owner and beneficiary of the key person life policy. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. And employee has group life insurance through her employer. Ultimately, the commissioner determined that there were a total of 25 separate violations. A temporary license in this state is valid for a maximum of 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. Which of the following is possible? Correct Answer: A. D Imprisonment. Formula: (Ann . 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 D An offer of employment. What determines the length of time that benefits will be received under the fixed-amount settlement option? What is true about beneficiary designations? For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. Which provision of a life insurance policy states that the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? An agent offers to share his commission with a policyholder. 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? What dividend option could she use? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. C. Address A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. A What would be the face amount of the new term policy? A Assigning different risk classifications to applicants based on gender identity Within how many days of this notification must the producer be sent a copy? If an insured continually uses the automatic premium loan option to pay the policy premium. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? 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. 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} B. An insured had a $10,000 term life policy. What source will it consult for the majority of its underwriting information? Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? Home; About Us. Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. Synonym for a substandard risk classification. Which of the following individuals could qualify for a temporary insurance license? Time during which accumulated money is converted into an income stream. According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? The agent is guilty of? Which of the following provisions would NOT be found in Term Life Insurance? This misstatement may result in? D A domestic insurer issuing variable contracts must establish one or more.. A Rebating. 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. 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. An individual has been making periodic payments on an annuity. All of the following would be considered to be rebating EXCEPT? How could she obtain an individual policy? 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. What term best describes this arrangement? A Illegal until endorsed by the Guaranty Association 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? They want to start a program through their practice that will provide retirement benefits for themselves and three employees. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. Old-age and retirement benefits, disability benefits, death benefits. 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. 60 days. D Felony. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? What settlement option should the policyowner choose? Thanks for choosing us. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation Which of the following will NOT be considered unfair discrimination by insurers? all of the following would be considered rebating except. This is due to what provision? All the following are true regarding rebates except? 180 days. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . File an application with the Director b. The producer could be found guilty of? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? Search for an answer or ask Weegy. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. Age 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. In order to enforce the insurance code the commissioner has the power to conduct which of the following? C Class C violation Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. C Dividends from a mutual insurer. Identify the types of assets assigned to each classification. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. What is the minimum civil fine per violation of the Insurance Code of this state? What relationship is not an example of insurable interest? Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans? A Twisting. Most horse (1). What will she need to provide for proof of insurability? I no the truth.Ans: I know the truth.(2). 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. Your email address will not be published. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. 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. 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] C 90 days Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. How much would the beneficiary receive from the policy? The Weegy: A modal verb (also modal, modal auxiliary verb, modal auxiliary) is a type of auxiliary verb that is used to All of the following would be considered rebating except, Which of the following types of insurance policies is most commonly used in credit life insurance, In order to reinstate a life insurance policy the insured must do all of the following except. A Temporary Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? An individual has been diagnosed with Alzheimer's disease. 30 1 to 50. D Adverse selection. How many days does the insurer have to deliver this notice? When would a 20-pay whole life policy endow? Juan is the person employees go to when knowledge of a topic was needed. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? This is called.. What type of annuity is it? Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. He died on February 28. The applicant must file a certificate of completion of the prelicensing courses taken to prove that the courses were not taken more than 12 months before the Commissioner received the application. The death protection component of Universal Life Insurance is always.. A return of Premium term life policy is written as what type of term coverage? What information will be stated in the consideration clause of a life insurance policy? I love when a hack helps me to recycle, and makes my life easier. C Misrepresentation The president of a company is starting an annuity and decides that his corporation will be the annuitant. Which two terms are associated directly with the premium? Department of Education. What happens to the premium on the children's rider in a life insurance policy? Unintentional misspellings are not a misrepresentation. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Who can make a fully deductible contribution to a traditional IRA? B In the preceding 2 years. 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". The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. In this case, the insurance company will Must be delivered along with the policy and will provide the producer's name & address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value & death benefit figures for specific policy years.