What option could the insured utilize? 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. What statement is correct? C. Address 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? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. What best describes what will happen? What type of insurance policy may be used to fund this agreement? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? A$500 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 These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. In an annuity, the accumulated money is converted into a stream of income during what time period? C$100 They want to start a program through their practice that will provide retirement benefits for themselves and three employees. A straight life policy has what type of premium? 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. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? B$1,000 A. the spouse or legal representative of a deceased insurance producer 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. 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] When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? What does this mean? An agent misrepresents policy benefits to convince a policyowner to replace policies. A Applicant must be 18 years old This is called.. Why is an equity Indexed annuity considered to be a fixed annuity? The balance is paid out directly to the employee in order for her to move the funds to a new account. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? This rider will not cause the death benefit to increase. C Twisting. This pays 2 or 3 times the face amount if death is the result of an accident as defined in the policy and occurs within 90 days of such an accident. C In the last 5 years. C Charging applicants with similar health histories different premiums based on their ethnicity Variable life insurance is based on what kind of premium? Which of the following would be considered an illegal inducement to purchase insurance? B. Twisting. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. What is the name of the insured who enters into a viatical settlement. All of the following would be considered to be rebating EXCEPT? What required provision protects against unintentional lapse of the policy? Follow the following are true of the federal tax advantages of a qualified plan. 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. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? An insured misstates her age at the time the life insurance application is taken. In this state, what type of violation is rebating? The can be changed only with the written consent of that beneficiary. A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. The policyowner of an adjustable life policy wants to increase the death benefit. This is due to what provision? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? Vscode No server install found in WSL, needs x64. Convertible without proof of insurability up to the full term death benefit. Each agent must pay a $5 appointment fee to the Commissioner. D 10. B An insured purchased an insurance policy 5 years ago. Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). 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. 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 All the following are true regarding rebates except? 45 A A good business reputation and good moral character. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . If an individual licensee's violation of the entrance code was known or should have been down by one or more of the partners, officers, or managers of the agency, what could happen to agency? A 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. What policy would have an IRS required corridor or gap between the cash value and the death benefit? 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? In which of the following situations is it legal to limit coverage based on marital status? M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? 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. B An offer to share in commissions generated by the sale. Which policy component decreases in decreasing term insurance? The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. B Discrimination This misstatement may result in? Published by at June 10, 2022. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. A. Which of the following terms best describes the advertisement? What is this an example of? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? In a direct rollover, how is the money transferred from one plan to the new one? C Mutual Company This answer has been confirmed as correct and helpful. He died on February 28. D Slandering. Within how many days does a licensee have to inform the Commissioner of a change of address? In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. The producer could be found guilty of? The soon-to-be producer does not want to wait until he receives his license in order to begin working. 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.. What can they do? B 60 days An agent offers to share his commission with a policyholder. An agent's license may also be suspended or revoked. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? However, once there is solicitation, a license is required. Which of the following best describes this practice? The company also guarantees the specified dollar amount for each payment and the length of the payout period. C 90 days If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? C Solicit business as an insurance producer What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Azanswer team is here with the correct answer to your question. If the corporation collects the policy benefit, then. What type of annuity is it? What term best describes this arrangement? C Class C violation In this situation, the Commissioner must be notified within 30 days. D Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. What statement about a suicide clause in a life insurance policy is true? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. An out-of-state producer wants to start selling insurance in this state. Shopping for electric motors can be tricky. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? Added 30 days ago|10/30/2021 2:46:29 PM. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. B Illegal 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? 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? Which of the following is an example of a producer being involved in an unfair trade practices of rebating? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. D Autotrophs (like plants) produce glucose during photosynthesis. He discovered that his policy.. 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. B Suspension of authority How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. B$1,000 The purpose of the Tennessee Guaranty Association is to. What characteristic makes whole life permanent protection? B Twisting The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. Which of the following will NOT be considered unfair discrimination by insurers? 10 czerwca 2022 . D Adverse selection. C A producer's license expires and is not renewed. Which of the following is not a standard mounting dimension for an electric motor? A Illegal until endorsed by the Guaranty Association C Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone An appointment by an insurer is based upon the person maintaining a valid insurance license. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? Rating. D An offer of employment. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. As it turns out, the answer to this question depends upon a variety of factors. Telling a client that his first premium will be waived if he purchases the insurance policy today. B Unfair claim practice. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? 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? B Materially misrepresents an insurance policy. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. Department of Education. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? What type of policy does the insured most likely have? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? Heavy Cream is in Aisle A31 of the Dairy section in Walmart. Corporation is the owner and beneficiary of the key person life policy. B Advertise & solicit business as an insurance counselor or consultant 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? What is the official name for the Social Security program? If an insurer terminates a producer, the Commissioner will receive a notification. D Business Entity. Which of the following allows different operating systems to coexist on the same physical computer? 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? 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. D Must be completed by all licensed resident and nonresident producers. User: She worked really hard on the project. An insured had a $10,000 term life policy. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. All of the following would be considered to be rebating EXCEPT. During replacement of life insurance, or replacing ensure musky which of the following? 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. D False financial statement. 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. 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. 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? A Assigning different risk classifications to applicants based on gender identity He never remarried and dies at age 61, leaving 2 grown-up children. 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. 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. A corporation is the owner and beneficiary of the key person life policy. The policy contained an accidental death rider, offering a double indemnity benefit. B Coercion C Dividends from a mutual insurer. 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. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. ________________ are owned and controlled by their policyholders. C. An insurance company director who performs executive, administrative and managerial duties Correct Answer: A. All paid by the time the insured reaches age 65. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. D False advertising. B A Certificate of Completion from the required pre-licensing study course And employee quits her job where she has a balance of $10,000 in her qualified plan. A producer in tensional he violated insurance statues. An insured pays $1,200 annually for her life insurance premium. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? C Dividends from a mutual insurer. Which of the following would NOT have a policy loans provision? 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 Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? Eligibility requirements for a license are established by the Insurance Code. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? 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. Correlation and Causation What are correlation and causation and how are they different? unit 3: personal and business finance grade boundaries. If a company has a simplified employee pension plan, what type of plant is it? How could she obtain an individual policy? From what type of insurer did the insured purchase the policy? How can she obtain an individual policy? Who can make a fully deductible contribution to a traditional IRA? d) Rebates are allowed if it's in the best interest of the client. The insurance company discovers at that time that the insured concealed info during the application process. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. C Defamation. 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. What is the purpose of establishing the target premium for a universal life policy? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? C Dividends from a mutual insurer. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. D The passing of a written examination. Juan is the person employees go to when knowledge of a topic was needed. 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? Rating. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. Old-age and retirement benefits, disability benefits, death benefits. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. = 2 5/20 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 is an example of a producer being involved in an unfair trade practice of rebating? The following areas are regulated by the Insurance Department EXCEPT 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. 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. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. D If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? f. Get an answer. 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. D Misrepresentation, How much is an agent's appointment fee? You dont have to worry about it anymore. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? Rebates include money, sharing of commissions, promises, inducements and personal services. The policyowner may assign a part of the policy or the entire policy. Which of the following acts would not get an insurance producer terminated "for cause"? For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? 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? In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? c) Dividends are not considered to be rebates. Michigan's continuing education requirement has each of the following characteristics EXCEPT 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. What is this an example of? D False advertising. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. What policy component contains the company's promise to pay? What is true regarding taxation of accelerated benefits under life insurance policy? If a live insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. E The spouse of a deceased insurance producer. all of the following would be considered rebating except. An annuity owner is funding an annuity that will supplement her retirement. c) An offer of employment. Confirming future dividends in a life insurance proposal The regulation of the insurance industry primarily rest with. 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? What is this called? 1 to 75. All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates Log in for more information. B In the preceding 2 years. B - In order to collect premiums and explain coverages, a person would need to be licensed. 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. What determines the length of time that benefits will be received under the fixed-amount settlement option? Any surplus money is returned to the policyholders as dividends. Required by state law to be included in the policy, and cannot be altered by the policyowner. Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding.
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