6 2/3 A Assigning different risk classifications to applicants based on gender identity B B Nothing, unless the remarks were in writing Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. all of the following would be considered rebating except. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? In which of the following situations is it legal to limit coverage based on marital status? all of the following would be considered rebating except. A Natural Group A person whose activities are limited to producing insurance advertisements 3. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Mutual-policyholders; Stock-stockholders. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 0. If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? How could she obtain an individual policy? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. B Illegal Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Which of the following persons is required to hold a producer license? 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? 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 Defamation. As it turns out, the answer to this question depends upon a variety of factors. I no the truth.Ans: I know the truth.(2). If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? C. Rebating. In return, the insurer promised to pay benefits in accordance with the terms of the contract. A table showing the nonforfeiture values for the next 20 years must be included in the policy. Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. B B 7 days Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. B Suspension of authority 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. Most horse (1). Why is an equity Indexed annuity considered to be a fixed annuity? Death benefits payable to a beneficiary under a life insurance policy are generally. must ensure a pair that's benefit claim after receiving the product of death? D Cancelling individual coverage based on the insured's marital status. B. Each of the following statements may (or may not) describe one of these technical terms. B When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. A$500 In Connecticut, continuing education courses must be approved by the. In this state, a temporary license may be issued for any of the following reasons EXCEPT. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples What settlement option should the policyowner choose? The can be changed only with the written consent of that beneficiary. What policy component contains the company's promise to pay? D Audit or abstract insurance policies or annuities. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? He died on February 28. C Listing the insurance companies the agency represents in a letter B Materially misrepresents an insurance policy. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. What is true concerning a buy-sell agreement? 180 days. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Who can make a fully deductible contribution to a traditional IRA? What relationship is not an example of insurable interest? What is this called? A banker is ready to close on a customer's loan. 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). Correct Answer: A. This year, she did not receive a check fin from the insurer. D Misrepresentation. A Cannot be extended or waived under any circumstances. The policyowner may assign a part of the policy or the entire policy. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer There is a limit for a withdrawal and the insurer charges a fee. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. Within how many days of this notification must the producer be sent a copy? C Rebating 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? What type of insurance policy would perform the function of cash accumulation? = 2 1/4. What is true regarding taxation of accelerated benefits under life insurance policy? 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? What is being defined as the degree to which something is related or useful to what is happening or being talked about? What is the purpose of a disclosure statement in life insurance policies? When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. An insured purchased an insurance policy 5 years ago. B. Defamation. In a direct rollover, how is the money transferred from one plan to the new one? D Adverse selection. A 7 days Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What amount would his beneficiary receive as a settlement? This answer has been confirmed as correct and helpful. Identify the types of assets assigned to each classification. An agent offers to share his commission with a policyholder. D. Sexual orientation. A. Misrepresentation. D D What is the primary purpose of a 401(k) plan? C Consists of completing 24 hours of CE each biennium. Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. In this state, what type of violation is rebating? Each agent must pay a $5 appointment fee to the Commissioner. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. 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? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. C Charging applicants with similar health histories different premiums based on their ethnicity C What dividend option could she use? A key person insurance policy can pay for which of the following? Upon policy delivery, the producer may be required to obtain? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? B Nonresident B At least 3 hours must cover ethics. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? A Discrimination. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. C Solicit business as an insurance producer A D C Twisting C Cease and desist order A temporary license may be issued for up to 180 days. 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 . Which of the following best describes this practice? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? In order to to do that, what may happen? 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. 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 individuals could qualify for a temporary insurance license? Who is the main purpose of the seven-pay test? What best describes this practice? What is true? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. What is true of the cash surrender nonforfeiture option? 30 days. 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. 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. 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? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. A temporary license in this state is valid for a maximum of A Stocks, securities, or bonds. All riders that will cause the death benefit to increase? Azanswer team is here with the correct answer to your question. A Applicant must be 18 years old 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? This practice is considered The company also guarantees the specified dollar amount for each payment and the length of the payout period. If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? A Producer regulations and testing requirements. 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. It is the premium paying period that is limited, not the maturity. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. What determines the amount of each installment paid in a life income option arrangement? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. All the following could be considered rebates if offered to an insured in the sale of insurance except? A Temporary 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. His wife dies 10 years later. What happens when a policy is surrendered for its cash value? This rider usually expires at the insured's age of 40. This is a personal use of life insurance known as. In which instance would the premium be tax deductible? A A Defamation What type of annuity is it? 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 Time during which accumulated money is converted into an income stream. Which of the following would NOT have a policy loans provision? What employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. Question. This is called.. The requirement that an agent not co-mingle insurance monies with their own fund is known as? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? 10 czerwca 2022 . Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. D Rebating. Which of the following is an eligibility requirement for all Social Security disability income benefits? The policy endows when the insured turns 100. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . C$1,500 A 30 days The premiums paid by the employer in a business life insurance policy are. All of the following would be considered rebating EXCEPT. A A producer's license is suspended or revoked by the Department of Insurance. Updated 10/30/2021 2:46:29 PM. C D. A salaried employee who advertises and solicits insurance. The Insurance Department regulations are to protect the insurance-buying public. What must be acceptable in order for the ride to be able to waive the payment of premium? B 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 would a 20-pay whole life policy endow? The balance is paid out directly to the employee in order for her to move the funds to a new account. It was determined that the accident was his fault. All the following would be considered an unfair and deceptive practice. = 2 5/20 In this situation, a licensee would have to apply for a resident's license within 90 days. An agent who offers a cash reward to a prospect for buying a policy is guilty of. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? 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. There are just too many details and specifications which you must be certain of when looking for one. 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? 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. A Defamation Commissioner. Department of Education. a constant a term a variable an expression. Search for an answer or ask Weegy. All of the following would be considered to be rebating EXCEPT A) An agent offers to share his commission with a policyholder B) An agent offers tickets to a baseball game as an inducement to buy insurance C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him 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. Which of the following will NOT be considered unfair discrimination by insurers? The insured knows that his financial state will worsen even more with upcoming medical expenses. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. D Must be completed by all licensed resident and nonresident producers. A Defamation What does this mean to the beneficiaries? 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. The policyowner of an adjustable life policy wants to increase the death benefit. Paid cash to cover desk purchased on account. 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. 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? Because of this, the company charged him a higher rate for his insurance. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. D Any time in the past. Unintentional misspellings are not a misrepresentation. Eligibility requirements for a license are established by the Insurance Code. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. A rebate is a type of purchasing discount that is paid as a reduction. What statement is correct? Attorney General. Ownership is the difference between these two companies. Age 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. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. B$1,000 User: She worked really hard on the project. What type of policy is this? D Misrepresentation. D Coercion. An out-of-state producer wants to start selling insurance in this state. 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. A Concealment. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Term used to name the no taxes return of unused premiums? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. 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. 1 to 75. What best describes what will happen? 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? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral Under what circumstances could the daughter collect the death benefit? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. D 10 days. D An offer of employment. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? C Defamation in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. A Deals with insurance outside the scope of the license. A candidate for life insurance producer's license must complete how many hours of prelicensing education? If an insurer terminates a producer, the Commissioner must be notified. D Felony. 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. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . The insurance company discovers at that time that the insured concealed info during the application process. NAIC. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Which two terms are associated directly with the premium? New 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. Which policy provision allows this? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? What option does this describe? 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. A Rebating. Search for an answer or ask Weegy. She has decided that she would rather use the dividends to help pay for her next premium. What source will it consult for the majority of its underwriting information? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance 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. An insured has a life insurance policy from a participating company and receives quarterly dividends. The policyowner pays for her life insurance annually.
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