A person whose activities are limited to producing insurance advertisements B 3 days The protocol for replacement does not apply to which of the following situations? How do you get to Motion settings on iPhone? It was determined that the accident was his fault. Required by state law to be included in the policy, and cannot be altered by the policyowner. He wants to withdraw some money in order to pay medical bills. What dividend option could she use? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. In Connecticut, continuing education courses must be approved by the. D An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT Published by at June 10, 2022. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. 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. What describes the tax advantage of a qualified retirement plan? 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 A Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? 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. B All of the following would be considered rebating except. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. An agent misrepresents policy benefits to convince a policyowner to replace policies. Rebates are allowed if it's in the best interest of the client. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. D Annuities can also be used to.. The insured knows that his financial state will worsen even more with upcoming medical expenses. Rebates include money, sharing of commissions, promises, inducements and personal services. Which of the following acts would not get an insurance producer terminated "for cause"? The paid-up addition option uses the dividend to.. What life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary?
All of the following actions are considered rebating except A. Which is NOT required of an applicant for an insurance license in Michigan? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Formula: (Ann . A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. What happens when a policy is surrendered for its cash value? Each agent must pay a $5 appointment fee to the Commissioner. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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? User: She worked really hard on the project. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. What can they do? The dividend option that the insured has chosen is called? A table showing the nonforfeiture values for the next 20 years must be included in the policy. A corporation is the owner and beneficiary of the key person life policy. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. 1 Answer/Comment. What is the purpose of a fixed-period settlement option? 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? Whenever an individual stops drinking, the BAL will ________________. C Defamation.
All of the following acts are considered unfair trade - Course Hero C Defamation. Because of this, the company charged him a higher rate for his insurance. 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 is true of the cash surrender nonforfeiture option?
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Missouri Statutes, Rules, and Regulations common to all lines *revised Define electric potential and electric potential energy. B Criminal offense If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Insurers are also not allowed to cancel individual coverage due to a change in marital status. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. 180 days. 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? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT B Twisting. A. Misrepresentation. C c) An offer of employment. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. Under what circumstances could the daughter collect the death benefit? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. Synonym for a substandard risk classification. As it turns out, the answer to this question depends upon a variety of factors. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. A temporary license may be issued for up to 180 days. A A good business reputation and good moral character. She would likely purchase a(n)?
All of the following are true regarding rebates - Course Hero C Fine launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples A licensed counselor MAY NOT perform which of the following duties? Which of the following is not a standard mounting dimension for an electric motor? Search for an answer or ask Weegy. What type of annuity is it? The policy endows when the insured turns 100. 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. An individual has been diagnosed with Alzheimer's disease. A Rebating. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. A Assigning different risk classifications to applicants based on gender identity Beneficiaries do not have to have an insurable interest in the policyholder.
Answer-All of the following are considered key logistic functions in A. the spouse or legal representative of a deceased insurance producer all of the following would be considered rebating except. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. This practice is considered? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. The dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. A. A. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? A corporation is the owner and beneficiary of the key person life policy. Identify the types of assets assigned to each classification. C 90 days Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. An insured pays $1,200 annually for her life insurance premium. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. D Cancelling individual coverage based on the insured's marital status. 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. A key person insurance policy can pay for which of the following? When does the policy coverage become effective? The policyowner may assign a part of the policy or the entire policy.
all of the following would be considered rebating except Who can make a fully deductible contribution to a traditional IRA? Follow the following are true of the federal tax advantages of a qualified plan. Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer Log in for more information. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. The producer could be found guilty of
Chapter 11 part 2 Flashcards | Quizlet Michigan's continuing education requirement has each of the following characteristics EXCEPT A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? And insured has a modified endowment contract. What is this an example of? A Cannot be extended or waived under any circumstances. An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. They could be sold for an amount greater than the current cash value, they involve insurance policies with large face amounts, they could be use for a key person coverage. After 5 years, she decides to leave the company and work independently. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process When an insurer's underwriter approves coverage and issues a policy. Which nonforfeiture option provides coverage for the longest period of time? Search for an answer or ask Weegy. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? An annuity owner is funding an annuity that will supplement her retirement. B Discriminating in benefits and coverages based on the insured's habits and lifestyle Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? What is this an example of? A Applicant must be 18 years old If an insured surrenders his life insurance policy, what is true regarding the cash value of the 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. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? B 60 days Which policy provision allows this? A Illegal until endorsed by the Guaranty Association Which of the following allows different operating systems to coexist on the same physical computer? Age He's insured under a life insurance policy with the accelerated benefits rider. 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. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. Log in for more information. Log in for more information. = 2 5/20 What option would allow her to do this? 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? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. Only any excess of value is taxable as income. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? C A legal advertising strategy D Business Entity. C. An insurance company director who performs executive, administrative and managerial duties A Temporary An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. In an annuity, the accumulated money is converted into a stream of income during what time period? B Materially misrepresents an insurance policy. All of the following statements concerning an employer sponsored non-qualified retirement plan are true as follows: Two attorneys at law and operate their practice as a partnership. In a direct rollover, how is the money transferred from one plan to the new one? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. 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.. B Community service In Michigan the state's continuing education requirement B Unfair claim practice. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. B An offer to share in commissions generated by the sale. 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. 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. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? select one: Which set of characteristics will produce the smallest value for the estimated standard error? 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? 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. C. the employee of a disabled licensed a producer New answers. B False advertising. In a life settlement contract, whom does the life settlement broker represent? What must be acceptable in order for the ride to be able to waive the payment of premium? D Stop action order. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? 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? What is true about beneficiary designations? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. B A Certificate of Completion from the required pre-licensing study course Within how many days does a licensee have to inform the Commissioner of a change of address? When would a misrepresentation on the insurance application be considered fraud? Which of the following has not been taken to court for further interpretation? 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? Each of the following statements may (or may not) describe one of these technical terms. In this situation, a licensee would have to apply for a resident's license within 90 days.
Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape C Which of the following best describes the act? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. A If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. 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? C Listing the insurance companies the agency represents in a letter Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? What amount would his beneficiary receive as a settlement? If an insured continually uses the automatic premium loan option to pay the policy premium. His wife dies 10 years later. How many days does the insurer have to deliver this notice? The policyowner pays for her life insurance annually. D The passing of a written examination. C Twisting. What policy component contains the company's promise to pay? 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. A In the preceding 12 months. B Nothing, unless the remarks were in writing C 90 days 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. 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.
all of the following would be considered rebating except What is true concerning a buy-sell agreement? The policyowner of an adjustable life policy wants to increase the death benefit. D 120 days. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. This misstatement may result in? The soon-to-be producer does not want to wait until he receives his license in order to begin working. B Undercutting D An offer of employment. As the local coffee shop is just initiating the segmentation and targeting process, what has . When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Employer contributions made to a qualified plan.. Which of the following would be required to be licensed as an insurance producer? D C Dividends from a mutual insurer. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? B$1,000
all of the following would be considered rebating except C Rebating. 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. = 2 1/4. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. This year, she did not receive a check fin from the insurer. All of the following are true regarding rebates EXCEPT. D Audit or abstract insurance policies or annuities. All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q A Defamation A temporary license in this state is valid for a maximum of C It requires satisfactory completion of at least 24 hours of approved training every biennium. Eligibility requirements for a license are established by the Insurance Code. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans? 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. 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? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. ________________ are owned and controlled by their policyholders. 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. For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. The policy contains the optional Payor Benefit rider. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. 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).
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