180 days. In an annuity, the accumulated money is converted into a stream of income during what time period? Correlation and Causation What are correlation and causation and how are they different? Attorney General. Company Information; FAQ; Stone Materials. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. She has decided that she would rather use the dividends to help pay for her next premium. D 2 years. Part 2 of the application for life insurance provides questions regarding all of the following.. Variable life insurance is based on what kind of premium? All of the following would be considered rebating except. D Engages in fraud. 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. D Surplus lines. Cash surrender, extended term, reduced paid-up. A A producer's license is suspended or revoked by the Department of Insurance. All of the following would be considered to be rebating EXCEPT? Upon policy delivery, the producer may be required to obtain? 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. 90 days. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? What is the purpose of a fixed-period settlement option? C Fine A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT C$2,000 The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. B. Twisting. In this state, a temporary license may be issued for any of the following reasons EXCEPT. A D Inviting prospective clients to the grand opening of the producer's new office. The requirement that an agent not co-mingle insurance monies with their own fund is known as? What determines the amount of each installment paid in a life income option arrangement? Search for an answer or ask Weegy. Unintentional misspellings are not a misrepresentation. When an insurer's underwriter approves coverage and issues a policy. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? A key person insurance policy can pay for what? The producer could be found guilty of Search for an answer or ask Weegy. D C A Unfair claims New answers. What type of annuity is it? In order for an insurer to legally transact insurance, it must obtain what? D Must be completed by all licensed resident and nonresident producers. What is true regarding taxation of accelerated benefits under life insurance policy? Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Asked 11/28/2019 3:15:17 PM. B Nothing, unless the remarks were in writing He dies in a freak accident on June 1. 1 to 75. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? D$5,000. This is a personal use of life insurance known as. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. D A license to practice law. A Concealment. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). 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? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? Which two terms are associated directly with the premium? Rebates include money, sharing of commissions, promises, inducements and personal services. 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. C Mutual Company C Controlled business. What is true concerning a buy-sell agreement? must ensure a pair that's benefit claim after receiving the product of death? 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. All riders that will cause the death benefit to increase? What dividend option could she use? 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 An insured purchased an insurance policy 5 years ago. All of the following actions are considered rebating except sharing commissions with other licensed and appointed agents An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. D An offer of employment. What happens to the premium on the children's rider in a life insurance policy? If she terminates her group coverage, what is true? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). How long must an insurer keep a copy of an authorized form in its records? Within how many days of this notification must the producer be sent a copy? Identify the types of assets assigned to each classification. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. This practice is considered? Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. C Dividends from a mutual insurer. And employee has group life insurance through her employer. 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. There is a limit for a withdrawal and the insurer charges a fee. 10 czerwca 2022 . Synonym for a substandard risk classification. What is the minimum required age for an insurance producer in this state? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity An agent misrepresents policy benefits to convince a policyowner to replace policies. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Autotrophs (like plants) produce glucose during photosynthesis. In which of the following situations is it legal to limit coverage based on marital status? The minimum age at which a person can sign a life insurance application is. 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. 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? 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. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. A table showing the nonforfeiture values for the next 20 years must be included in the policy. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. A Payment of restitution A. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. 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. What are the classifications of net assets reported in the statement of financial position by private colleges? Which of the following provisions would NOT be found in Term Life Insurance? Taxation on dividends in participating policies? The policyowner of an adjustable life policy wants to increase the death benefit. C Consists of completing 24 hours of CE each biennium. Each of the following statements may (or may not) describe one of these technical terms. In order to enforce the insurance code the commissioner has the power to conduct which of the following? When may an insurance company use suicide as a defense against paying a death claim? Which of the following is a true statement regarding taxation of the accelerated benefits? An out-of-state producer wants to start selling insurance in this state. An employee quits her job where she has a balance of $10,000 in her qualified plan. juan holds ________ power. The soon-to-be producer does not want to wait until he receives his license in order to begin working. Time during which accumulated money is converted into an income stream. 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. What type of license should the producer obtain? Define electric potential and electric potential energy. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. What is the required percentage of participants in a contributory group plan? A straight life policy has what type of premium? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. A$500 What information will be stated in the consideration clause of a life insurance policy? Convertible without proof of insurability up to the full term death benefit. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What is the primary purpose of a 401(k) plan? D Misrepresentation. Which of the following would be considered false advertising? Within how many days does a licensee have to inform the Commissioner of a change of address? A corporation is the owner and beneficiary of the key person life policy. B Mailing an agency brochure to a prospective client Ownership is the difference between these two companies. There are just too many details and specifications which you must be certain of when looking for one. Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. D$2,000. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. The policy contained an accidental death rider, offering a double indemnity benefit. In life insurance policies, cash value increases. D 10 days. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. C Limited lines Which of the following is not a standard mounting dimension for an electric motor? Which of the following acts would not get an insurance producer terminated "for cause"? C What type of policy is this? 30 Rebates are allowed if it's in the best interest of the client. What must be presented before an applicant submits a premium? 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. Search for an answer or ask Weegy. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? 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 Cease and desist order A Restriction of authority Corporation is the owner and beneficiary of the key person life policy. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. Requires the entire premium to be paid in one limp sum at the policy's inception. If an insurer terminates a producer, the Commissioner must be notified. The integer 4 is considered all of the following except a variable. C Law of large numbers Once the policyholder opts for cash surrender, the policy is immediately inactive. Added 30 days ago|10/30/2021 2:46:29 PM. A 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? D$5. If an individual licensee's violation of the entrance code was known or should have been down by one or more of the partners, officers, or managers of the agency, what could happen to agency? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? B 3 days B An offer to share in commissions generated by the sale. An individual has been making periodic payments on an annuity. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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? C 12 months C Twisting. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces 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? Group life insurance is a single policy written to provide coverage to members of a group. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT 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? Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? C Rebating Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? What settlement option should the policyowner choose? He discovered that his policy.. Who can make a fully deductible contribution to a traditional IRA? B Coercion. Categories . What source will it consult for the majority of its underwriting information? Which type of life insurance policy generates immediate cash value? What is the official name for the Social Security program? Expert answered|GaelM|Points 4547| Log in for more information. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? 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. Department of Education. 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 What is true? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. B In the preceding 2 years. User: 3/4 16/9 Weegy: 3/4 ? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. 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. B Stock Company To combat the Where is heavy cream in Walmart? C 7 An agent's license may also be suspended or revoked. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. A corporation is the owner and beneficiary of the key person life policy. A person whose activities are limited to producing insurance advertisements What best describes what will happen? An insured committed suicide 6 months after his life insurance policy was issued. There are several types of whole life polices. C Defamation What type of policy does the insured most likely have? Michigan's continuing education requirement has each of the following characteristics EXCEPT How are contributions to a tax-sheltered annuity treated with regards to taxation? B$1 A. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? B$1,000 The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. c) Dividends are not considered to be rebates. The policyowner of an adjustable life policy wants to increase the death benefit. What required provision protects against unintentional lapse of the policy? 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. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. As it turns out, the answer to this question depends upon a variety of factors. Paid cash to cover desk purchased on account. C Dividends from a mutual insurer. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. B Nonresident When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. What is this called? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? What type of annuity is it? Which is NOT required of an applicant for an insurance license in Michigan? Last year, she received a dividend check from the insurance company that was not taxable. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. A. Misrepresentation. Which of the following individuals could qualify for a temporary insurance license? Which of the following would be considered an illegal inducement to purchase insurance? Log in for more information. The policy contains the optional Payor Benefit rider. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. B 7 days D Imprisonment. D An offer of employment. Cradle. B Advertise & solicit business as an insurance counselor or consultant All the following would be considered an unfair and deceptive practice. What statement is correct? Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. What is not an example of a business use of life insurance? Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. Licensed, however, not in the state the indivisible resides. C A producer's license expires and is not renewed. A father owns a life insurance policy on his 15-year-old daughter. 60 days. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. 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. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. The integer 4 is considered all of the following except _____. What best describes this practice? B In return, the insurer promised to pay benefits in accordance with the terms of the contract. D A Stocks, securities, or bonds. 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. Each agent must pay a $5 appointment fee to the Commissioner. Describe the relationship between potential difference and electrical potential energy. C Policyowner rights and disclosures. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. A Temporary This is due to what provision? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Because of this, the company charged him a higher rate for his insurance. 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 30 days B Criminal offense B An offer to share in commissions generated by the sale. D. A salaried employee who advertises and solicits insurance. A candidate for life insurance producer's license must complete how many hours of prelicensing education? Employer contributions made to a qualified plan.. Required by state law to be included in the policy, and cannot be altered by the policyowner. 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? 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. c) An offer of employment. What option would allow her to do this? If a licensee fails to earn 24 hours of CE by the required review date, the license will be suspended for up to 90 days. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Your email address will not be published. f. Get an answer. If a company has a simplified employee pension plan, what type of plant is it? Rating. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. 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.. The Insurance Department regulations are to protect the insurance-buying public. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. Added 149 days ago|10/30/2021 2:46:29 PM. Age What brand of castor oil is best for hair? What is the purpose of establishing the target premium for a universal life 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. How much would the beneficiary receive from the policy? His wife dies 10 years later. B Discriminating in benefits and coverages based on the insured's habits and lifestyle 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. Discrimination. This is considered to be false, deceptive or misleading advertising. C Dividends from a mutual insurer. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. B At least 3 hours must cover ethics. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. What is the other term for the cash payment settlement option? Which of the following is true? Rebates are allowed if it's in the best interest of the client. Rebating can be anything of . Updated 10/30/2021 2:46:29 PM. Under what circumstances could the daughter collect the death benefit? Commissioner. 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. The insurance company discovers at that time that the insured concealed info during the application process. 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? Which of the following best describes the act? The policy endows when the insured turns 100. The purpose of the Tennessee Guaranty Association is to. What describes the tax advantage of a qualified retirement plan? E The spouse of a deceased insurance producer. What are the two components of a universal policy? After five years, she decides to leave the company and work independently. This practice is considered Why is an equity Indexed annuity considered to be a fixed annuity? This misstatement may result in? If the corporation collects the policy benefit, then. A salaried full-time employee who furnishes information for group insurance It is never legal to limit coverage based on marital status. Mutual-policyholders; Stock-stockholders. He wants to withdraw some money in order to pay medical bills. An insured had a $10,000 term life policy. B Community service Minimum number of credits required for partially insured status for Social Security disability benefits is. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 15 All of the following would be considered to be rebating EXCEPT. In the best interests of the client, rebates are allowed. What is this called? 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? All paid by the time the insured reaches age 65. D Unfair Discrimination. C. Address 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?
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