Florence Watson Obituary, Articles A

What is being defined as the degree to which something is related or useful to what is happening or being talked about? A candidate for life insurance producer's license must complete how many hours of prelicensing education? B - In order to collect premiums and explain coverages, a person would need to be licensed. all of the following would be considered rebating except. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. 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 False advertising. All of the following actions can be described as twisting EXCEPT. A Natural Group Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. NAIC. This year, she did not receive a check fin from the insurer. She would likely purchase a(n)? This answer has been confirmed as correct and helpful. An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. There are several types of whole life polices. Synonym for a substandard risk classification. What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? B A reasonable understanding of the Michigan insurance code Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. C Accidentally misspells the name of the insurance policy in a written communication to a customer. 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? What happens to the premium on the children's rider in 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. 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? What is true of the cash surrender nonforfeiture option? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation D Misrepresentation, How much is an agent's appointment fee? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. New answers. D Inviting prospective clients to the grand opening of the producer's new office. 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. 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. A key person insurance policy can pay for what? (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. If the father becomes disabled, what will happen to the life insurance premiums? What dividend option could she use? 3. A temporary producer license could be issued without examination to all the following EXCEPT? B Discriminating in benefits and coverages based on the insured's habits and lifestyle 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. An individual has been making periodic payments on an annuity. = 15 * 3/20 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. A. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. In this state, a temporary license may be issued for any of the following reasons EXCEPT. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. What is the total, monetary penalty this producer can expect to receive? A 7 days D. Sexual orientation. C. An insurance company director who performs executive, administrative and managerial duties What is this called? 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. 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? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Because of this, the company charged him a higher rate for his insurance. 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 Twisting How could she obtain an individual policy? Which of the following would be considered false advertising? This rider usually expires at the insured's age of 40. D Slandering. What option does this describe? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? The regulation of the insurance industry primarily rest with. 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. 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. B Legal, provided that the other insurers are paid royalties for the usage of their names The death protection component of Universal Life Insurance is always.. A return of Premium term life policy is written as what type of term coverage? What policy would have an IRS required corridor or gap between the cash value and the death benefit? C Cease and desist order All of the following would be considered to be rebating EXCEPT? D Felony. D. Coercion and intimidation. 20/3 You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. C A producer's license expires and is not renewed. B A new Commissioner or Director is put into office. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. D Cancelling individual coverage based on the insured's marital status. 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. All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? 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 B 7 days His wife dies 10 years later. 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. A$500 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? He never remarried and dies at age 61, leaving 2 grown-up children. 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. -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. 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? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Which of the following would NOT have a policy loans provision? What relationship is not an example of insurable interest? Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? Old-age and retirement benefits, disability benefits, death benefits. C Policyowner rights and disclosures. The designee of a producer that is called to active service with the Navy. In Connecticut, continuing education courses must be approved by the. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. A Defamation Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. Correlation and Causation What are correlation and causation and how are they different? D.the spouse of a retiring insurance producer Which of the following is possible? any person acting as an insurance producer without a valid license may be fined up to. The advantage of qualified plans to employers is. 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. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. What term best describes this arrangement? D An offer of employment. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. What statement about a suicide clause in a life insurance policy is true? What brand of castor oil is best for hair? 0. This is a personal use of life insurance known as. D. A salaried employee who advertises and solicits insurance. A producer in tensional he violated insurance statues. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A temporary license may be issued for up to 180 days. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? A Discrimination. 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. If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? What are the classifications of net assets reported in the statement of financial position by private colleges? B 3 days Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. 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. B Discrimination How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. In which of the following situations is it legal to limit coverage based on marital status? The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. D Vscode No server install found in WSL, needs x64. A straight life policy has what type of premium? 1 Answer/Comment. Only any excess of value is taxable as income. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. After five years, she decides to leave the company and work independently. What is the result of this? The insured had his wife named as the beneficiary of his life insurance policy. All paid by the time the insured reaches age 65. 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.. When would a 20-pay whole life policy endow? B 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. B. 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. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? When an insurer's underwriter approves coverage and issues a policy. C Dividends from a mutual insurer. This misstatement may result in? C Dividends from a mutual insurer. A A producer's license is suspended or revoked by the Department of Insurance. Taxation on dividends in participating policies? B. Defamation. What is the minimum required age for an insurance producer in this state? How can she obtain an individual policy? 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). A Deals with insurance outside the scope of the license. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? Most horse (1). c) An offer of employment. All the following could be considered rebates if offered to an insured in the sale of insurance except? B Nonresident As it turns out, the answer to this question depends upon a variety of factors. An agent offers to share his commission with a policyholder. 30 What would be the face amount of the new term policy? What would be the right policy for this client? After 5 years, she decides to leave the company and work independently. B Coercion. 60. If the producer continues to violate the entrance code, I knew so penalty will be assessed every? Added 30 days ago|10/30/2021 2:46:29 PM. The president of a company is starting an annuity and decides that his corporation will be the annuitant. In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. A Twisting. A Stocks, securities, or bonds. Shopping for electric motors can be tricky. Department of Education. B In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? What statement is true concerning buy-sell agreements? 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. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. C Listing the insurance companies the agency represents in a letter If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Attorney General. All of the following events will terminate a producer's certificate of appointment EXCEPT Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Which of the following acts would not get an insurance producer terminated "for cause"? Azanswer team is here with the correct answer to your question. An appointment by an insurer is based upon the person maintaining a valid insurance license. D Term used to name the no taxes return of unused premiums? A What are examples of a business use of life insurance? A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? An insured committed suicide 6 months after his life insurance policy was issued. What will she need to provide for proof of insurability? An insured purchased an insurance policy 5 years ago. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? He's insured under a life insurance policy with the accelerated benefits rider. Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. 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? B An offer to share in commissions generated by the sale. If an insured continually uses the automatic premium loan option to pay the policy premium.. It was determined that the accident was his fault. The insurer has 15 days to file a notice of producer appointment. Mutual-policyholders; Stock-stockholders. all of the following would be considered rebating except Follow us. Correct Answer: A. What is this an example of? A father owns a life insurance policy on his 15-year-old daughter. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. In order to enforce the insurance code the commissioner has the power to conduct which of the following? select one: Which set of characteristics will produce the smallest value for the estimated standard error? Log in for more information. Which of the following documents must be provided to the policyowner or applicant during policy replacement? B Nothing, unless the remarks were in writing This is called.. Which of the following best describes the unfair trade practices of defamation? An agent's license may also be suspended or revoked. A Concealment. B. Which two terms are associated directly with the premium? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT Which of the following is an example of a producer being involved in an unfair trade practice of rebating? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The company is guilty of What is true regarding a non-qualified retirement plan? Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. C Defamation Whenever an individual stops drinking, the BAL will ________________. = 45/20 Formula: (Ann . C Charging applicants with similar health histories different premiums based on their ethnicity D A license to practice law. C 90 days Employer contributions made to a qualified plan.. C 90 days Identify the types of assets assigned to each classification. D$2,000. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. A Illegal until endorsed by the Guaranty Association What must be acceptable in order for the ride to be able to waive the payment of premium? All of the following would be considered rebating except. 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. C Rebating. D Legal, provided that the information can be verified. 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. 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. B Illegal Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. This is due to what provision? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. All of the following would be considered rebating except. C Rebating What is this called? A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. Who is the main purpose of the seven-pay test? In Michigan the state's continuing education requirement The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. f. Get an answer. When would a misrepresentation on the insurance application be considered fraud? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces What policy component contains the company's promise to pay? 60 days. D. Commissioner. the spouse of a retiring insurance producer = 2 5/20 Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? D Imprisonment. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . = 15 ? Define electric potential and electric potential energy. unit 3: personal and business finance grade boundaries. Michigan's continuing education requirement has each of the following characteristics EXCEPT All the following are true regarding rebates except? What percentage of a company's employees must take part in a noncontributory group life plan? If the corporation collect the policy benefit, then. What is the minimum civil fine per violation of the Insurance Code of this state? In a direct rollover, how is the money transferred from one plan to the new one? What is the maximum fine for submitting a false or fraudulent claim to the insurer? A 15 Search for an answer or ask Weegy. d) Rebates are allowed if it's in the best interest of the client. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. What does this mean? This practice is considered? Which of the following is a true statement regarding taxation of the accelerated benefits? "At the time of the application" is when interest must exist. What describes the tax advantage of a qualified retirement plan? Home; About Us. Until now, she has collected a nontaxable dividend check each year. Up to 12 excess credit hours of CE may be carried over to the next review period. D Misrepresentation. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? What protects the insured from an unintentional policy lapse due to a nonpayment of premium?