An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. After 5 years, she decides to leave the company and work independently. 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? 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. D The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. Which of the following would NOT have a policy loans provision? 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. What information will be stated in the consideration clause of a life insurance policy? Azanswer team is here with the correct answer to your question. A. Misrepresentation. The purpose of the Tennessee Guaranty Association is to. All of the following would be considered to be rebating EXCEPT. C Charging applicants with similar health histories different premiums based on their ethnicity All riders that will cause the death benefit to increase? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? A All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT C 90 days C Sharing commission with the insured D The passing of a written examination. A Discrimination. 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. 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 activities is not performed by an insurance producer? Employer contributions made to a qualified plan.. It is the premium paying period that is limited, not the maturity. After five years, she decides to leave the company and work independently. Identify the types of assets assigned to each classification. 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 select one: Which set of characteristics will produce the smallest value for the estimated standard error? What required provision protects against unintentional lapse of the policy? Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. D Any time in the past. C 12 months Old-age and retirement benefits, disability benefits, death benefits. What is this an example of? Up to 12 excess credit hours of CE may be carried over to the next review period. She would likely purchase a(n)? B At least 3 hours must cover ethics. A Defamation Attorney General. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. 1 to 50. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. A Defamation File an application with the Director b. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? Which of the following would NOT be considered rebating? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. 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. A rebate is a type of purchasing discount that is paid as a reduction. 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 Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? In this situation, a licensee would have to apply for a resident's license within 90 days. 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. What type of annuity is it? C Dividends from a mutual insurer. Which of the following best describes the unfair trade practices of defamation? A banker is ready to close on a customer's loan. What would be the face amount of the new term policy? C$100 The policy contains the optional Payor Benefit rider. Commissions are set by a schedule or negotiation between the producer and the insurance company. 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? 90 days. 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? Asked 10/30/2021 2:23:39 PM. Which provision of a life insurance policy states that the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? 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. C 7 An insured misstates her age at the time the life insurance application is taken. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. In this state, a temporary license may be issued for any of the following reasons EXCEPT. B 7 days Which of the following best describes this act? In order to enforce the insurance code the commissioner has the power to conduct which of the following? C 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? B Community service The producer could be found guilty of Commissioner. In Connecticut, continuing education courses must be approved by the. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? A Defamation B$1 Number of credits required for fully insured status for Social Security disability benefits? 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 It allows for up to 15 excess credit hours to be carried forward to the next reporting period. Eligibility requirements for a license are established by the Insurance Code. Rebates are allowed if it's in the best interest of the client. 1 Answer/Comment. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. Published by at June 10, 2022. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. B Insurer financial requirements. all of the following would be considered rebating except The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Any surplus money is returned to the policyholders as dividends. B Legal, provided that the other insurers are paid royalties for the usage of their names 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? B In the best interests of the client, rebates are allowed. A B 3 days Rating. D. Commissioner. c) Dividends are not considered to be rebates. How much would the beneficiary receive from the policy? 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 policy endows when the insured turns 100. Home; About Us. What is the purpose of establishing the target premium for a universal life policy? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? An insured committed suicide 6 months after his life insurance policy was issued. Corporation is the owner and beneficiary of the key person life policy. What is true of the cash surrender nonforfeiture option? An agent misrepresents policy benefits to convince a policyowner to replace policies. Follow the following are true of the federal tax advantages of a qualified plan. D False financial statement. In this situation, the Commissioner must be notified within 30 days. The policyowner is entitled to policy loans. 180 days. 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? Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. Y was killed in an automobile accident on August 22, before the policy was issued. c) An offer of employment. What settlement option should the policyowner choose? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. This rider usually expires at the insured's age of 40. D Imprisonment. Paid cash to cover desk purchased on account. What happens when a policy is surrendered for its cash value? She has decided that she would rather use the dividends to help pay for her next premium. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. The president of a company is starting an annuity and decides that his corporation will be the annuitant. The policyowner pays for her life insurance annually. 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 Is a program that assesses and reports information about various computer resources and devices. E The spouse of a deceased insurance producer. He died on February 28. all of the following would be considered rebating except. C Rebating C Mutual Company Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Under what circumstances could the daughter collect the death benefit? D C A legal advertising strategy This rider will not cause the death benefit to increase. This answer has been confirmed as correct and helpful. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A father owns a life insurance policy on his 15-year-old daughter. 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. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. Log in for more information. All of the following would be considered rebating EXCEPT. All of the following acts are considered unfair trade - Course Hero Unintentional misspellings are not a misrepresentation. 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 insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? What option would allow her to do this? A. Which of the following is NOT a pathway in the oxidation of glucose. D An offer of employment. A A producer's license is suspended or revoked by the Department of Insurance. D 120 days. D$5. b) Rebating can be anything of economic value, given as an inducement to buy. What statement about a suicide clause in a life insurance policy is true? A. the spouse or legal representative of a deceased insurance producer Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. 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. D. Sexual orientation. D Misrepresentation. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. What is the official name for the Social Security program? The ownership provision entitles the policyowner to do what? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? A 60 days In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? What best describes what will happen? Like a fixed annuity, EIA's have guaranteed minimum interest rates, also less risky than variable annuities, the insurance company also keeps a percentage of the returns. 1 to 75. In order to to do that, what may happen? Which of the following will NOT be considered unfair discrimination by insurers? All paid by the time the insured reaches age 65. C Dividends from a mutual insurer. What does this mean to the beneficiaries? all of the following would be considered rebating except This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. All the following are true regarding rebates except? MI Insurance Regulation Flashcards | Quizlet The integer 4 is considered all of the following except _____. a What type of life insurance policy would be best suited to this situation? What statement concerning group life is true? What determines the amount of each installment paid in a life income option arrangement? Which of the following terms best describes the advertisement? 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? B. Defamation. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When is the earliest a policy may go into effect? D. A salaried employee who advertises and solicits insurance. B Twisting All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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). Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? C A producer's license expires and is not renewed. An Insurer wants to begin underwriting procedures for an applicant. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. What amount would his beneficiary receive as a settlement? COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation His wife dies 10 years later. D Legal, provided that the information can be verified. A Illegal until endorsed by the Guaranty Association Which of the following is true? A 15 Death benefits payable to a beneficiary under a life insurance policy are generally. 60. 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] 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. 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. What is the minimum civil fine per violation of the Insurance Code of this state? An insured pays $1,200 annually for her life insurance premium. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Gender 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 Stop action order. D. Coercion and intimidation. B When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. B Misleading advertising. 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? Which of the following is not a standard mounting dimension for an electric motor? A Giving an applicant a $5 pen with the insurer's logo during the insurance application process In Michigan the state's continuing education requirement What source will it consult for the majority of its underwriting information? D Rebating. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Updated 10/30/2021 2:46:29 PM. Time during which accumulated money is converted into an income stream. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. 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? C Twisting 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. Nonforfeiture values guarantee which policyowner? There are just too many details and specifications which you must be certain of when looking for one. MI Life Insurance Policy Provisions, Options, Federal Tax Considerations for Health Insuran, Qualified Plans, and Federal Tax Consideratio, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. All of the following actions can be described as twisting EXCEPT. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. She also wished to retain all of the rights of ownership. D A termination issued by the appointing insurer. C Illegal under any circumstances C Consists of completing 24 hours of CE each biennium. A domestic insurer issuing variable contracts must establish one or more.. And employee is insured under her employers group life plan. = 15 ? Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. If an insured continually uses the automatic premium loan option to pay the policy premium. Because of this, the company charged him a higher rate for his insurance. C Dividends from a mutual insurer. B$1,000 When would a 20-pay whole life policy endow? Synonym for a substandard risk classification. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. 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. B Applies to life, annuity, and accident and health licensees only. 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. Categories .
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