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there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. D ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. In level term and increasing term policies, the premium also remains level for the term of the policy. Rating. B Coercion A In the preceding 12 months. A straight life policy has what type of premium? D Imprisonment. B 60 days Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? 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? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Who can make a fully deductible contribution to a traditional IRA? Insurers are also not allowed to cancel individual coverage due to a change in marital status. Rating. Cradle. Thanks for choosing us. What is the advantage of reinstating a policy instead of applying for a new one? A Discrimination. The company is guilty of A temporary license in this state is valid for a maximum of A Unfair claims D Producer commission schedules. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. Under what circumstances could the daughter collect the death benefit? a constant a term a variable an expression. baja fresh queso recipe; Tags . Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. Last year, she received a dividend check from the insurance company that was not taxable. What determines the length of time that benefits will be received under the fixed-amount settlement option? For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. Who is the main purpose of the seven-pay test? 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. Which policy component decreases in decreasing term insurance? All the following are true regarding rebates except? Any surplus money is returned to the policyholders as dividends. Will result in having to pay the highest premium due to health, history, habits, etc. d) Rebates are allowed if it's in the best interest of the client. An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. What best describes this practice? If a company has a simplified employee pension plan, what type of plant is it? 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? The integer 4 is considered all of the following except a variable. Upon conviction, a person who has submitted a false or fraudulent claim or report to the insurer may be fined, imprisoned, or both, and required to pay restitution. Cradle. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. 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$500 Corporation is the owner and beneficiary of the key person life policy. all of the following would be considered rebating except. D Misrepresentation. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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? Both the offer and acceptance of a rebate are illegal. B A new Commissioner or Director is put into office. 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. If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? New answers. An insured owns a life insurance policy. D False advertising. A producer in tensional he violated insurance statues. All of the following statements concerning an employer sponsored non-qualified retirement plan are true as follows: Two attorneys at law and operate their practice as a partnership. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. An insured receives an annual life insurance dividend check. Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? An agent misrepresents policy benefits to convince a policyowner to replace policies. In which of the following situations is it legal to limit coverage based on marital status? What statement is true concerning buy-sell agreements? He's insured under a life insurance policy with the accelerated benefits rider. All paid by the time the insured reaches age 65. Requires the entire premium to be paid in one limp sum at the policy's inception. What type of policy does the insured most likely have? 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? 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 Applicant must be 18 years old Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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. The policy endows when the insured turns 100. If an insurer terminates a producer, the Commissioner must be notified. What would be the right policy for this client? And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? 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? Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A 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. If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years, which of the following would be taxable annually? 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 usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Correct Answer: A. This answer has been confirmed as correct and helpful. 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? D Rebating. 20/3 The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. B. Twisting. C Limited lines However, once there is solicitation, a license is required. 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. Licensed in the state where the individual resides. C Charging applicants with similar health histories different premiums based on their ethnicity B Community service A salaried full-time employee who furnishes information for group insurance An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. 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. The president of a company is starting an annuity and decides that his corporation will be the annuitant. 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. 0. 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. What is the minimum required age for an insurance producer in this state? B Mailing an agency brochure to a prospective client Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. 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? A A good business reputation and good moral character. This practice is considered? During replacement of life insurance, or replacing ensure musky which of the following? 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] A Payment of restitution What will she need to provide for proof of insurability? D 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. B Criminal offense 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. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? Which two terms are associated directly with the premium? Log in for more information. 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? 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? C B Discriminating in benefits and coverages based on the insured's habits and lifestyle When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. In a life settlement contract, whom does the life settlement broker represent? In this situation, the Commissioner must be notified within 30 days. The person or interest to whom the policy proceeds will be paid upon the death of the insured. What is true concerning a buy-sell agreement? If an insured withdraws a portion of the death benefit by the use of this rider, the benefit payable at death will be reduced by that amount plus.. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. C Listing the insurance companies the agency represents in a letter Y was killed in an automobile accident on August 22, before the policy was issued. She also wished to retain all of the rights of ownership. What type of annuity is it? C Policyowner rights and disclosures. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. 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 other. D 2 years. Attorney General. What type of policy is this? A Restriction of authority C Dividends from a mutual insurer. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process 30 days. Rebates include money, sharing of commissions, promises, inducements and personal services. 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? A licensed counselor MAY NOT perform which of the following duties? Vscode No server install found in WSL, needs x64. 3. 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? D$5. The premiums paid by the employer in a business life insurance policy are. A Defamation Term used to name the no taxes return of unused premiums? The policy contained an accidental death rider, offering a double indemnity benefit. Only any excess of value is taxable as income. A temporary producer license could be issued without examination to all the following EXCEPT? C Defamation. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. What type of insurance policy may be used to fund this agreement? Which of the following would NOT be considered rebating? 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? Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? B Employer contributions made to a qualified plan.. How can she obtain an individual policy? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? C An insured purchases a policy in 2008 and died in 2013. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Cash surrender, extended term, reduced paid-up. This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. The policyowner of an adjustable life policy wants to increase the death benefit. 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. A 15 What are the classifications of net assets reported in the statement of financial position by private colleges? Asked 10/30/2021 2:23:39 PM. Which of the following individuals could qualify for a temporary insurance license? 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). f. Get an answer. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. all of the following would be considered rebating except Follow us. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. The minimum age at which a person can sign a life insurance application is. What type of insurance policy would perform the function of cash accumulation? And employee quits her job where she has a balance of $10,000 in her qualified plan. An Insurer wants to begin underwriting procedures for an applicant. After five years, she decides to leave the company and work independently. Expert answered|GaelM|Points 4547| Log in for more information. What statement about a suicide clause in a life insurance policy is true? B A Certificate of Completion from the required pre-licensing study course 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.. A Twisting. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. What policy component contains the company's promise to pay? 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. The protocol for replacement does not apply to which of the following situations? You dont have to worry about it anymore. 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. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. The agent is guilty of? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. C 12 months Gender He wants to withdraw some money in order to pay medical bills. C Law of large numbers B Suspension of authority B. Defamation. Juan is the person employees go to when knowledge of a topic was needed. All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q She would likely purchase a(n)? What is the official name for the Social Security program? 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. B Twisting. This is called.. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? A temporary license may be issued for up to 180 days. B Insurer financial requirements. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? B Undercutting Is a program that assesses and reports information about various computer resources and devices. All of the following would be considered to be rebating EXCEPT. 60 days. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? What source will it consult for the majority of its underwriting information? What is the purpose of a disclosure statement in life insurance policies? 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. The integer 4 is considered all of the following except _____. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. An agent offers to share his commission with a policyholder. Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. 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? B An offer to share in commissions generated by the sale. 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). It is never legal to limit coverage based on marital status. Which of the following will NOT be considered unfair discrimination by insurers? D Misrepresentation, How much is an agent's appointment fee? This practice is considered 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 . A tax-sheltered annuity is a special tax-favored retirement plan available to. C An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. It was determined that the accident was his fault. 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. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Home; About Us. What type of policy is this? How long must an insurer keep a copy of an authorized form in its records? A Temporary What must be acceptable in order for the ride to be able to waive the payment of premium? Mutual-policyholders; Stock-stockholders. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Which of the following is a true statement regarding taxation of the accelerated benefits? 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? B Applies to life, annuity, and accident and health licensees only. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . In this case, what will the policy beneficiary receive? Each agent must pay a $5 appointment fee to the Commissioner. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. B Which of the following is an eligibility requirement for all Social Security disability income benefits? 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? As the local coffee shop is just initiating the segmentation and targeting process, what has . Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? B 30 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? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. B Materially misrepresents an insurance policy. It is the premium paying period that is limited, not the maturity. There are just too many details and specifications which you must be certain of when looking for one. Asked 11/28/2019 3:15:17 PM. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. D. Sexual orientation. Beneficiaries do not have to have an insurable interest in the policyholder. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. D Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. Variable life insurance is based on what kind of premium? What best describes what will happen? What is this called? Which statement best defines an insurance producer? What term best describes this arrangement? The producer could be found guilty of all of the following would be considered rebating except. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? Log in for more information. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. Rebating can be anything of . The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. 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. The advantage of qualified plans to employers is. B 90 days An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? The regulation of the insurance industry primarily rest with. Which of the following best describes the unfair trade practices of defamation?