C$1,500 C A legal advertising strategy Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone 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. 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? C Illegal under any circumstances What statement about a suicide clause in a life insurance policy is true? A In the preceding 12 months. D 1 to 75. Which of the following provisions would NOT be found in Term Life Insurance? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. What best describes this practice? If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? Each of the following statements may (or may not) describe one of these technical terms. User: She worked really hard on the project. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Part 2 of the application for life insurance provides questions regarding all of the following.. In return, the insurer promised to pay benefits in accordance with the terms of the contract. C. the employee of a disabled licensed a producer All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. Licensed, however, not in the state the indivisible resides. The can be changed only with the written consent of that beneficiary. B. The ownership provision entitles the policyowner to do what? C Policyowner rights and disclosures. A corporation is the owner and beneficiary of the key person life policy. C 90 days Which of the following would be required to be licensed as an insurance producer? A Adverse selection C Controlled business. 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? Which of the following is a true statement regarding taxation of the accelerated benefits? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? A Misdemeanor 90 days. An insured pays $1,200 annually for her life insurance premium. D$5. Your email address will not be published. A producer in tensional he violated insurance statues. A Defamation The Weegy: A modal verb (also modal, modal auxiliary verb, modal auxiliary) is a type of auxiliary verb that is used to All of the following would be considered rebating except, Which of the following types of insurance policies is most commonly used in credit life insurance, In order to reinstate a life insurance policy the insured must do all of the following except. Vscode No server install found in WSL, needs x64. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? D. A salaried employee who advertises and solicits insurance. C Defamation. Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as Correct Answer: A. It is the premium paying period that is limited, not the maturity. Once the policyholder opts for cash surrender, the policy is immediately inactive. What amount would his beneficiary receive as a settlement? Which of the following would be required to be licensed as an insurance producer? A. The regulation of the insurance industry primarily rest with. 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. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? 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. B$1 An insured has a life insurance policy from a participating company and receives quarterly dividends. When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. An Insurer wants to begin underwriting procedures for an applicant. As it turns out, the answer to this question depends upon a variety of factors. 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 In order to enforce the insurance code the commissioner has the power to conduct which of the following? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. 6 2/3 A D$5,000. How could she obtain an individual policy? This rider will not cause the death benefit to increase. New answers. There are just too many details and specifications which you must be certain of when looking for one. Ownership is the difference between these two companies. A Producer regulations and testing requirements. D Adverse selection. B - In order to collect premiums and explain coverages, a person would need to be licensed. This is considered to be false, deceptive or misleading advertising. 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. Minimum number of credits required for partially insured status for Social Security disability benefits is. All paid by the time the insured reaches age 65. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Added 149 days ago|10/30/2021 2:46:29 PM. New answers. D Must be completed by all licensed resident and nonresident producers. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. B Nonresident When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. 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. The agent is guilty of 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. He has instructed the company to apply the policy dividends to increase the death benefit. If she terminates her group coverage, what is true? baja fresh queso recipe; Tags . When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . A Group life insurance is a single policy written to provide coverage to members of a group. The requirement that an agent not co-mingle insurance monies with their own fund is known as? 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. B Twisting A candidate for life insurance producer's license must complete how many hours of prelicensing education? What is this called? 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. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Which of the following would NOT be considered rebating? It is never legal to limit coverage based on marital status. When would a misrepresentation on the insurance application be considered fraud? 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 order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. D All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT Department of Education. Required by state law to be included in the policy, and cannot be altered by the policyowner. 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. 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? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation This is a personal use of life insurance known as. D False advertising. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? Which statement best defines an insurance producer? What is true regarding a non-qualified retirement plan? 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. What is the other term for the cash payment settlement option? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? "At the time of the application" is when interest must exist. C Mutual Company 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. What percentage of a company's employees must take part in a noncontributory group life plan? A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. Employer contributions made to a qualified plan.. This practice is considered? The designee of a producer that is called to active service with the Navy. d) Rebates are allowed if it's in the best interest of the client. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process She has decided that she would rather use the dividends to help pay for her next premium. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? D Unfair Discrimination. B 7 days a constant a term a variable an expression. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as And employee has group life insurance through her employer. What is true regarding taxation of accelerated benefits under life insurance policy? 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? B Mailing an agency brochure to a prospective client C 90 days A Assigning different risk classifications to applicants based on gender identity 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. C If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? The policyowner of an adjustable life policy wants to increase the death benefit. What is not an example of a business use of life insurance? Insurers are also not allowed to cancel individual coverage due to a change in marital status. The balance is paid out directly to the employee in order for her to move the funds to a new account. Rebates include money, sharing of commissions, promises, inducements and personal services. In order to to do that, what may happen? Rating. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. What is the minimum civil fine per violation of the Insurance Code of this state? In order for an insurer to legally transact insurance, it must obtain what? 0. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Telling a client that his first premium will be waived if he purchases the insurance policy today. 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? Which of the following would be required to complete pre-licensing education? D The passing of a written examination. The insurer has 15 days to file a notice of producer appointment. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? B A reasonable understanding of the Michigan insurance code What type of insurance policy may be used to fund this agreement? Rebating can be anything of . 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. 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. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Thanks for choosing us. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. The policy contains the optional Payor Benefit rider. What type of policy does the insured most likely have? Number of credits required for fully insured status for Social Security disability benefits? If the corporation collect the policy benefit, then. [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . Log in for more information. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? = 2 1/4. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. All the following would be considered an unfair and deceptive practice. C Misrepresentation To combat the Where is heavy cream in Walmart? What is the advantage of reinstating a policy instead of applying for a new one? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. What is the purpose of a fixed-period settlement option? A Defamation Which of the following would be considered an illegal inducement to purchase insurance? This year, she did not receive a check fin from the insurer. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? 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. A. This is considered to be an unfair claim settlement practice C. An insurance company director who performs executive, administrative and managerial duties Mutual-policyholders; Stock-stockholders. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT 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. If the father becomes disabled, what will happen to the life insurance premiums? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. An appointment by an insurer is based upon the person maintaining a valid insurance license. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? D Producer commission schedules. 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. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Synonym for a substandard risk classification. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel.
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