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. What determines the length of time that benefits will be received under the fixed-amount settlement option? An insured has chosen joint and 2/3 survivor as the settlement option. Correlation and Causation What are correlation and causation and how are they different? Which of the following best describes the act? C Rebating. 45 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 . 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). (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. To combat the Where is heavy cream in Walmart? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. B Nothing, unless the remarks were in writing Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. What policy would have an IRS required corridor or gap between the cash value and the death benefit? What type of insurance policy would perform the function of cash accumulation? Annuities can also be used to.. 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? B$1,000 She also wished to retain all of the rights of ownership. M may perform all of the following duties EXCEPT. B When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Which of the following terms best describes the advertisement? B Misleading advertising. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. 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? = 15 ? Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. D Any time in the past. All of the following would be considered rebating except. In which of the following situations is it legal to limit coverage based on marital status? C. Address A Stocks, securities, or bonds. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? C Dividends from a mutual insurer. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. If she terminates her group coverage, what is true? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? In order to enforce the insurance code the commissioner has the power to conduct which of the following? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? C Charging applicants with similar health histories different premiums based on their ethnicity It is never legal to limit coverage based on marital status. Question. What characteristic makes whole life permanent protection? Which of the following persons is required to hold a producer license? Which of the following is not a standard mounting dimension for an electric motor? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Confirming future dividends in a life insurance proposal File an application with the Director b. A C Consists of completing 24 hours of CE each biennium. B$1,000 What is being defined as the degree to which something is related or useful to what is happening or being talked about? What type of policy is this? Employer contributions made to a qualified plan.. Licensed in the state where the individual resides. What are the two components of a universal policy? 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. Commissioner. How long must an insurer keep a copy of an authorized form in its records? If the corporation collect the policy benefit, then. A What is this called? An out-of-state producer wants to start selling insurance in this state. Which of the following best describes the unfair trade practices of defamation? B Undercutting A table showing the nonforfeiture values for the next 20 years must be included in the policy. The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. Within how many days does a licensee have to inform the Commissioner of a change of address? In an annuity, the accumulated money is converted into a stream of income during what time period? 90 days. A Deals with insurance outside the scope of the license. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone a constant a term a variable an expression. C Law of large numbers How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? The company also guarantees the specified dollar amount for each payment and the length of the payout period. This answer has been confirmed as correct and helpful. I love when a hack helps me to recycle, and makes my life easier. D Misrepresentation. B 60 days An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. B An offer to share in commissions generated by the sale. 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. 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. A father owns a life insurance policy on his 15-year-old daughter. Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. The soon-to-be producer does not want to wait until he receives his license in order to begin working. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? What is this an example of? Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? 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. 0. Which of the following is possible? All of the following are true regarding rebates EXCEPT. This is considered to be an unfair claim settlement practice The agent is guilty of? An insured had a $10,000 term life policy. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. 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. C Dividends from a mutual insurer. In which instance would the premium be tax deductible? B All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. As it turns out, the answer to this question depends upon a variety of factors. The policyowner may assign a part of the policy or the entire policy. Group life insurance is a single policy written to provide coverage to members of a group. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT must ensure a pair that's benefit claim after receiving the product of death? 1 to 50. D 10 days. Under what circumstances could the daughter collect the death benefit? An insured committed suicide 6 months after his life insurance policy was issued. It is the premium paying period that is limited, not the maturity. D Other than the 3 hours of ethics, licensees may take courses in any line. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. What is true concerning a buy-sell agreement? What type of annuity is it? What policy component contains the company's promise to pay? All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? Is a program that assesses and reports information about various computer resources and devices. What information will be stated in the consideration clause of a life insurance policy? C Fine The regulation of the insurance industry primarily rest with. The policy contains the optional Payor Benefit rider. Which two terms are associated directly with the premium? Upon policy delivery, the producer may be required to obtain? 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. If an insurer terminates a producer, the Commissioner will receive a notification. In life insurance policies, cash value increases. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Log in for more information. You dont have to worry about it anymore. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. 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? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. B 3 days C Solicit business as an insurance producer 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 Slandering. All riders that will cause the death benefit to increase? b) Rebating can be anything of economic value, given as an inducement to buy. The producer could be found guilty of? 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 Old-age and retirement benefits, disability benefits, death benefits. The policyowner pays for her life insurance annually. What is the name of the insured who enters into a viatical settlement. 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. After 5 years, she decides to leave the company and work independently. C Misrepresentation An agent offers to share his commission with a policyholder. any person acting as an insurance producer without a valid license may be fined up to. What is this an example of? C Rebating 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. On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. 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? A Ownership is the difference between these two companies. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. Question. If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. B Discriminating in benefits and coverages based on the insured's habits and lifestyle Search for an answer or ask Weegy. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. 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] What would be the face amount of the new term policy? B D Controlled business. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). A Rebating. B Twisting. C A licensed counselor MAY NOT perform which of the following duties? B 90 days 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. 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. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? A 15 What is true about beneficiary designations? If an insured continually uses the automatic premium loan option to pay the policy premium.. 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? C Limited lines Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. Rebating can be anything of . When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? All of the following would be considered rebating EXCEPT. An employee quits her job where she has a balance of $10,000 in her qualified plan. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? An insured had a continuous premium whole life policy. What is not an example of a business use of life insurance? Commissions are set by a schedule or negotiation between the producer and the insurance company. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. B. Defamation. D An offer of employment. D Rebating. Define electric potential and electric potential energy. What determines the amount of each installment paid in a life income option arrangement? D Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? A Applicant must be 18 years old Commissioner. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. Juan is the person employees go to when knowledge of a topic was needed. B In the preceding 2 years. The insurer's surrender the policy at its current cash value. Which of the following statements about the reinstatement provision is true? She would likely purchase a(n)? Rebates include money, sharing of commissions, promises, inducements and personal services. Only any excess of value is taxable as income. When would a misrepresentation on the insurance application be considered fraud? This is a personal use of life insurance known as. C Coercion. He never remarried and dies at age 61, leaving 2 grown-up children. The following areas are regulated by the Insurance Department EXCEPT What will she need to provide for proof of insurability? A Defamation D Inviting prospective clients to the grand opening of the producer's new office. Whenever an individual stops drinking, the BAL will ________________. Because of this, the company charged him a higher rate for his insurance. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. A Misdemeanor The insured had his wife named as the beneficiary of his life insurance policy. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? An agent's license may also be suspended or revoked. A Natural Group Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. f. Get an answer. The dividend option that the insured has chosen is called? Formula: (Ann . 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. B Insurer financial requirements. D 30 days. D Audit or abstract insurance policies or annuities. The advantage of qualified plans to employers is. An annuity owner is funding an annuity that will supplement her retirement. This misstatement may result in? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. D If a company has a simplified employee pension plan, what type of plant is it? 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. An Insurer wants to begin underwriting procedures for an applicant. What must be acceptable in order for the ride to be able to waive the payment of premium? What best describes what will happen? 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. The can be changed only with the written consent of that beneficiary. In this state, a temporary license may be issued for any of the following reasons EXCEPT. B A Certificate of Completion from the required pre-licensing study course C. Rebating. In the best interests of the client, rebates are allowed. D Unfair Discrimination. A key person insurance policy can pay for what? 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? 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? B. A person whose activities are limited to producing insurance advertisements 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. What statement is correct? What percentage of a company's employees must take part in a noncontributory group life plan? Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Which of the following will NOT be considered unfair discrimination by insurers? C Defamation. All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? C Accidentally misspells the name of the insurance policy in a written communication to a customer. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. 3. 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. In order to to do that, what may happen? An appointment by an insurer is based upon the person maintaining a valid insurance license. Which of the following is an eligibility requirement for all Social Security disability income benefits? C Twisting B Advertise & solicit business as an insurance counselor or consultant Requires the entire premium to be paid in one limp sum at the policy's inception. Which of the following would be considered an illegal inducement to purchase insurance? 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? D Imprisonment. E The spouse of a deceased insurance producer. Rebates are allowed if it's in the best interest of the client. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. D Cancelling individual coverage based on the insured's marital status. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? 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? C Twisting. All the following could be considered rebates if offered to an insured in the sale of insurance except? Rebates are allowed if it's in the best interest of the client. There is a limit for a withdrawal and the insurer charges a fee. What are examples of a business use of life insurance? B A new Commissioner or Director is put into office. Nonforfeiture values guarantee which policyowner? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks.
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