D Other than the 3 hours of ethics, licensees may take courses in any line. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. All of the following would be considered rebating EXCEPT. 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] Which of the following will NOT be considered unfair discrimination by insurers? all of the following would be considered rebating except. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. When would a 20-pay whole life policy endow? What type of insurance policy would perform the function of cash accumulation? In an annuity, the accumulated money is converted into a stream of income during what time period? A 60 days An insured committed suicide 6 months after his life insurance policy was issued. A An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Beneficiaries do not have to have an insurable interest in the policyholder. B Legal, provided that the other insurers are paid royalties for the usage of their names Old-age and retirement benefits, disability benefits, death benefits. A E The spouse of a deceased insurance producer. B Misleading advertising. Will result in having to pay the highest premium due to health, history, habits, etc. 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 cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. An insured purchases a policy in 2008 and died in 2013. What type of insurance policy may be used to fund this agreement? A$500 A Twisting. A. the spouse or legal representative of a deceased insurance producer When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? 0. f. Get an answer. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Which of the following best describes the unfair trade practices of defamation? D 2 years. When would a misrepresentation on the insurance application be considered fraud? A Deals with insurance outside the scope of the license. D 120 days. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. Any surplus money is returned to the policyholders as dividends. 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? The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. Company Information; FAQ; Stone Materials. 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. Both the offer and acceptance of a rebate are illegal. the spouse of a retiring insurance producer A Misdemeanor The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. A Discrimination. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? What is this called? D False advertising. Which type of life insurance policy generates immediate cash value? D Stop action order. In this situation, a licensee would have to apply for a resident's license within 90 days. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? C Rebating. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? This practice is considered If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? His wife dies 10 years later. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? An agent's license may also be suspended or revoked. This is considered to be an unfair claim settlement practice D Coercion. A Defamation What is true regarding taxation of accelerated benefits under life insurance policy? What determines the amount of each installment paid in a life income option arrangement? In Michigan the state's continuing education requirement 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. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples Shopping for electric motors can be tricky. What is the result of this? 6 2/3 In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? c) Dividends are not considered to be rebates. Convertible without proof of insurability up to the full term death benefit. Which of the following individuals could qualify for a temporary insurance license? D Any time in the past. What is the purpose of establishing the target premium for a universal life policy? 60 days. An out-of-state producer wants to start selling insurance in this state. 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? 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. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. A domestic insurer issuing variable contracts must establish one or more.. What is the total, monetary penalty this producer can expect to receive? All of the following actions can be described as twisting EXCEPT. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. Whenever an individual stops drinking, the BAL will ________________. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation When an insurer's underwriter approves coverage and issues a policy. What is the minimum required age for an insurance producer in this state? A Adverse selection This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. B An offer to share in commissions generated by the sale. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. = 45/20 Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? D When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? 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. 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 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? all of the following would be considered rebating except. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? All of the following could own a group life insurance EXCEPT A group needing low-cost life insurance An applicant for a producer's license has successfully completed all of the steps to obtain the license. Correlation and Causation What are correlation and causation and how are they different? What statement is true concerning buy-sell agreements? Thanks for choosing us. Telling a client that his first premium will be waived if he purchases the insurance policy today. D.the spouse of a retiring insurance producer 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? User: She worked really hard on the project. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. C What is the other term for the cash payment settlement option? Which of the following allows different operating systems to coexist on the same physical computer? The can be changed only with the written consent of that beneficiary. B Insurer financial requirements. Ownership is the difference between these two companies. B$1 She also wished to retain all of the rights of ownership. all of the following would be considered rebating except. The protocol for replacement does not apply to which of the following situations? B At least 3 hours must cover ethics. 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. Michigan's continuing education requirement has each of the following characteristics EXCEPT What must be presented before an applicant submits a premium? Is a program that assesses and reports information about various computer resources and devices. A$500 Which of the following terms best describes the advertisement? Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. 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. This is a personal use of life insurance known as. The insurer's surrender the policy at its current cash value. B It is the premium paying period that is limited, not the maturity. juan holds ________ power. A. The policyowner may assign a part of the policy or the entire policy. The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. Which of the following documents must be provided to the policyowner or applicant during policy replacement? On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. Correct Answer: A. A Who is the main purpose of the seven-pay test? C Policyowner rights and disclosures. 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? A Unfair claims Which policy provision allows this? C Coercion. What must be acceptable in order for the ride to be able to waive the payment of premium? If an insured continually uses the automatic premium loan option to pay the policy premium. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. Which nonforfeiture option has the highest amount of insurance protection? 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 type of annuity is it? C. the employee of a disabled licensed a producer Death benefits payable to a beneficiary under a life insurance policy are generally. If the producer continues to violate the entrance code, I knew so penalty will be assessed every? Rebates include money, sharing of commissions, promises, inducements and personal services. A Rebating. B A new Commissioner or Director is put into office. D 10. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. Which of the following would be considered an illegal inducement to purchase insurance? The balance is paid out directly to the employee in order for her to move the funds to a new account. 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. B Coercion. B Suspension of authority A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. C Defamation The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. 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? What is the purpose of a disclosure statement in life insurance policies? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? D An offer of employment. D Surplus lines. Log in for more information. D Within how many days does a licensee have to inform the Commissioner of a change of address? Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. B Advertise & solicit business as an insurance counselor or consultant A key person insurance policy can pay for which of the following? A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. The agent is guilty of When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. Which of the following provisions would NOT be found in Term Life Insurance? The premiums paid by the employer in a business life insurance policy are. 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. In Connecticut, continuing education courses must be approved by the. Which of the following is true? Rebating can be anything of . What is true? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. Insurers are also not allowed to cancel individual coverage due to a change in marital status. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . In life insurance policies, cash value increases. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. C 12 months All the following could be considered rebates if offered to an insured in the sale of insurance except? D Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. What brand of castor oil is best for hair? A rebate is a type of purchasing discount that is paid as a reduction. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. 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. Which of the following is a true statement regarding taxation of the accelerated benefits? 180 days. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? = 15 ? During replacement of life insurance, or replacing ensure musky which of the following? D 30 days. 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? Expert answered|GaelM|Points 4547| Log in for more information. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. There are several types of whole life polices. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. What is the term for how frequently a policyowner is required to pay the policy premium? 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? Which of the following activities is not performed by an insurance producer? Search for an answer or ask Weegy. 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? 10 czerwca 2022 . Rebates are allowed if it's in the best interest of the client. 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? A Applicant must be 18 years old For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. Added 149 days ago|10/30/2021 2:46:29 PM. Published by at June 10, 2022. All the following are true regarding rebates except? Commissioner. 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? An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. In a direct rollover, how is the money transferred from one plan to the new one? B. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Requires the entire premium to be paid in one limp sum at the policy's inception. C Dividends from a mutual insurer. Which policy component decreases in decreasing term insurance? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT D Producer commission schedules. What is the primary purpose of a 401(k) plan? B B Discriminating in benefits and coverages based on the insured's habits and lifestyle I love when a hack helps me to recycle, and makes my life easier. The policy contains the optional Payor Benefit rider. What settlement option should the policyowner choose? What is this called? In this state, what type of violation is rebating? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. 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. 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 person or interest to whom the policy proceeds will be paid upon the death of the insured. The policy contained an accidental death rider, offering a double indemnity benefit. Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. When is the earliest a policy may go into effect? What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? What type of policy is this? As the local coffee shop is just initiating the segmentation and targeting process, what has . The company also guarantees the specified dollar amount for each payment and the length of the payout period. must ensure a pair that's benefit claim after receiving the product of death? Which nonforfeiture option provides coverage for the longest period of time? This misstatement may result in? Question. In level term and increasing term policies, the premium also remains level for the term of the policy. 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. B Undercutting 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? If an insurer terminates a producer, the Commissioner will receive a notification. What required provision protects against unintentional lapse of the policy? 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? C Controlled business. Up to 12 excess credit hours of CE may be carried over to the next review period. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. D The passing of a written examination. And employee quits her job where she has a balance of $10,000 in her qualified plan. 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} What happens when a policy is surrendered for its cash value? The insurer has 15 days to file a notice of producer appointment. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Only any excess of value is taxable as income. Discrimination. D Misrepresentation, How much is an agent's appointment fee? C. Address Describe the relationship between potential difference and electrical potential energy. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. 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. What is the official name for the Social Security program? USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. Licensed, however, not in the state the indivisible resides. Which of the following has not been taken to court for further interpretation? 3. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? In order for an insurer to legally transact insurance, it must obtain what? An insured has chosen joint and 2/3 survivor as the settlement option. 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? 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.
