B 7 days Cradle. 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? 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. Like a fixed annuity, EIA's have guaranteed minimum interest rates, also less risky than variable annuities, the insurance company also keeps a percentage of the returns. The insurer's surrender the policy at its current cash value. b) Rebating can be anything of economic value, given as an inducement to buy. Michigan's continuing education requirement has each of the following characteristics EXCEPT Ownership is the difference between these two companies. The policyowner is entitled to policy loans. In which of the following situations is it legal to limit coverage based on marital status? C Policyowner rights and disclosures. Both the offer and acceptance of a rebate are illegal. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. A. Misrepresentation. D Misrepresentation, How much is an agent's appointment fee? A key person insurance policy can pay for what? If the father becomes disabled, what will happen to the life insurance premiums? D Surplus lines. Log in for more information. D 2 years. 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 Discrimination. A salaried full-time employee who furnishes information for group insurance What license or licenses are required to sell variable life annuities? From what type of insurer did the insured purchase the policy? Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Which of the following would be considered false advertising? Why is an equity Indexed annuity considered to be a fixed annuity? 30 Search for an answer or ask Weegy. 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. B An offer to share in commissions generated by the sale. Corporation is the owner and beneficiary of the key person life policy. What term best describes this arrangement? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? In this case, the insurance company will Must be delivered along with the policy and will provide the producer's name & address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value & death benefit figures for specific policy years. What source will it consult for the majority of its underwriting information? The minimum age at which a person can sign a life insurance application is. 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. In this situation, the Commissioner must be notified within 30 days. All of the following are true regarding rebates EXCEPT. All of the following would be considered rebating EXCEPT. D 10 days. This is a personal use of life insurance known as. 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 The integer 4 is considered all of the following except a variable. The policyowner of an adjustable life policy wants to increase the death benefit. Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. The insurer has 15 days to file a notice of producer appointment. B A new Commissioner or Director is put into office. Commissioner. A Illegal until endorsed by the Guaranty Association This rider usually expires at the insured's age of 40. 90 days. A tax-sheltered annuity is a special tax-favored retirement plan available to. The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation C Defamation. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process And employee has group life insurance through her employer. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? D C 7 B Twisting. And employee quits her job where she has a balance of $10,000 in her qualified plan. 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. If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. A Restriction of authority The policy endows when the insured turns 100. In this situation, a licensee would have to apply for a resident's license within 90 days. Follow the following are true of the federal tax advantages of a qualified plan. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. D False advertising. C All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? 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? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. Taxation on dividends in participating policies? 180 days. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. What settlement option should the policyowner choose? What statement concerning group life is true? Employer contributions made to a qualified plan.. 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? Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Correlation and Causation What are correlation and causation and how are they different? 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. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. If an insured continually uses the automatic premium loan option to pay the policy premium.. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? What is true concerning a buy-sell agreement? What is the purpose of a fixed-period settlement option? A B$1 A Adverse selection The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. 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? C Illegal under any circumstances This rider will not cause the death benefit to increase. 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. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. D$2,000. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? 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. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? A 15 What is the official name for the Social Security program? 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. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT Updated 10/30/2021 2:46:29 PM. 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. What information will be stated in the consideration clause of a life insurance policy? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. D Imprisonment. 3. What is the purpose of a disclosure statement in life insurance policies? The can be changed only with the written consent of that beneficiary. What does this mean? all of the following would be considered rebating except. A Concealment. What is the minimum civil fine per violation of the Insurance Code of this state? What is the total, monetary penalty this producer can expect to receive? 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? In the best interests of the client, rebates are allowed. Added 30 days ago|10/30/2021 2:46:29 PM. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. the spouse of a retiring insurance producer A 30 days D Cancelling individual coverage based on the insured's marital status. This is called.. Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? The policy contains the optional Payor Benefit rider. What is true? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. This answer has been confirmed as correct and helpful. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? An insured purchases a policy in 2008 and died in 2013. How long must an insurer keep a copy of an authorized form in its records? What would be the face amount of the new term policy? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Which of the following provisions would NOT be found in Term Life Insurance? New answers. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. If a company has a simplified employee pension plan, what type of plant is it? 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. A corporation is the owner and beneficiary of the key person life policy. B At least 3 hours must cover ethics. Who is the main purpose of the seven-pay test? A Rebating. The following areas are regulated by the Insurance Department EXCEPT Which of the following is an example of a producer being involved in an unfair trade practices of rebating? B 30 WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. B - In order to collect premiums and explain coverages, a person would need to be licensed. What is not an example of a business use of life insurance? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? A person whose activities are limited to producing insurance advertisements Rating. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? D. Commissioner. Number of credits required for fully insured status for Social Security disability benefits? What policy would have an IRS required corridor or gap between the cash value and the death benefit? Once the policyholder opts for cash surrender, the policy is immediately inactive. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. His wife dies 10 years later. Which is NOT required of an applicant for an insurance license in Michigan? B Coercion. This practice is considered? What is the required percentage of participants in a contributory group plan? He dies in a freak accident on June 1. What is the term for how frequently a policyowner is required to pay the policy premium? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. A Defamation Which of the following has not been taken to court for further interpretation? What best describes what will happen? If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. Which of the following persons is required to hold a producer license? In order for an insurer to legally transact insurance, it must obtain what? Which of the following is a true statement regarding taxation of the accelerated benefits? File an application with the Director b. B Criminal offense A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. 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. D Legal, provided that the information can be verified. What brand of castor oil is best for hair? 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? D A license to practice law. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. What statement is true concerning buy-sell agreements? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity This is considered to be an unfair claim settlement practice Vscode No server install found in WSL, needs x64. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? C Defamation. A Defamation A Temporary Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. What is the name of the insured who enters into a viatical settlement. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. D. Coercion and intimidation. A temporary producer license could be issued without examination to all the following EXCEPT? 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. select one: Which set of characteristics will produce the smallest value for the estimated standard error? D.the spouse of a retiring insurance producer C A legal advertising strategy Company Information; FAQ; Stone Materials. Who can make a fully deductible contribution to a traditional IRA? A SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. D Producer commission schedules. What relationship is not an example of insurable interest? He's insured under a life insurance policy with the accelerated benefits rider. c) Dividends are not considered to be rebates. C. the employee of a disabled licensed a producer B Insurer financial requirements. Which of the following allows different operating systems to coexist on the same physical computer? D. Sexual orientation. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. The amount of payments will be determined by taking into account all of the following: 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.. An insured owns a $50,000 whole life policy. Required by state law to be included in the policy, and cannot be altered by the policyowner.