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? launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples In order to enforce the insurance code the commissioner has the power to conduct which of the following? The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. all of the following would be considered rebating except. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. B - In order to collect premiums and explain coverages, a person would need to be licensed. D 120 days. The soon-to-be producer does not want to wait until he receives his license in order to begin working. The minimum age at which a person can sign a life insurance application is. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. In which of the following situations is it legal to limit coverage based on marital status? A temporary license may be issued for up to 180 days. A$500 Confirming future dividends in a life insurance proposal A Discrimination. C Cease and desist order 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. What dividend option could she use? B Misleading advertising. A temporary producer license could be issued without examination to all the following EXCEPT? B Suspension of authority If the corporation collect the policy benefit, then. 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. User: 3/4 16/9 Weegy: 3/4 ? I love when a hack helps me to recycle, and makes my life easier. B 60 days 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. The regulation of the insurance industry primarily rest with. The company is guilty of And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. A rebate is a type of purchasing discount that is paid as a reduction. Attorney General. What describes the tax advantage of a qualified retirement plan? In this case, what will the policy beneficiary receive? D.the spouse of a retiring insurance producer An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. In this situation, the Commissioner must be notified within 30 days. Because of this, the company charged him a higher rate for his insurance. B A new Commissioner or Director is put into office. All of the following actions are considered rebating except sharing commissions with other licensed and appointed agents An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. What are the three basic types of term coverage available, based on how the face amount (death benefit) changes during the policy term: Best description of what an annuity period is: Policy which allows the partial withdrawal, or surrender, of the policy cash value. C$100 (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. 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. D False advertising. Shopping for electric motors can be tricky. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. If a company has a simplified employee pension plan, what type of plant is it? The policyowner pays for her life insurance annually. What characteristic makes whole life permanent protection? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. B 7 days A. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. New answers. = 2 1/4. Which of the following is NOT a pathway in the oxidation of glucose. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? If she terminates her group coverage, what is true? Describe the relationship between potential difference and electrical potential energy. When would a 20-pay whole life policy endow? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? What source will it consult for the majority of its underwriting information? The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". An insured pays $1,200 annually for her life insurance premium. All of the following would be considered to be rebating EXCEPT. A Stocks, securities, or bonds. 3. C It requires satisfactory completion of at least 24 hours of approved training every biennium. What are the two components of a universal policy? 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. 10 czerwca 2022 . C Controlled business. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. Ownership is the difference between these two companies. C Fine D Engages in fraud. Because of this, the company charged him a higher rate for his insurance. Number of credits required for fully insured status for Social Security disability benefits? D A termination issued by the appointing insurer. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. all of the following would be considered rebating except. The can be changed only with the written consent of that beneficiary. According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? What are examples of a business use of life insurance? 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. 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? An insured misstates her age at the time the life insurance application is taken. C Rebating. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. How could she obtain an individual policy? An applicant for a counselor's license must possess a reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel, as well as a reasonable understanding of the Michigan insurance code and possess a good business reputation and good moral character. This year, she did not receive a check fin from the insurer. "At the time of the application" is when interest must exist. What type of life insurance policy would be best suited to this situation? You dont have to worry about it anymore. If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? D Misrepresentation. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? An insured has chosen joint and 2/3 survivor as the settlement option. D Adverse selection. B Unfair claim practice. 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. Which of the following provisions would NOT be found in Term Life Insurance? All of the following are true regarding rebates EXCEPT. What policy would have an IRS required corridor or gap between the cash value and the death benefit? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). This practice is considered? Search for an answer or ask Weegy. C 30 days The insurer has 15 days to file a notice of producer appointment. B$1,000 Which of the following would NOT be considered rebating? It is never legal to limit coverage based on marital status. A key person insurance policy can pay for which of the following? C A producer's license expires and is not renewed. And employee is insured under her employers group life plan. Which nonforfeiture option provides coverage for the longest period of time? Within how many days of this notification must the producer be sent a copy? 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 Upon policy delivery, the producer may be required to obtain? All of the following events will terminate a producer's certificate of appointment EXCEPT If an insurer terminates a producer, the Commissioner must be notified. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. Updated 10/30/2021 2:46:29 PM. How long must an insurer keep a copy of an authorized form in its records? What employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. An agent misrepresents policy benefits to convince a policyowner to replace policies. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. D. Commissioner. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Which of the following is true? B An offer to share in commissions generated by the sale. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as As the local coffee shop is just initiating the segmentation and targeting process, what has . 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? B Materially misrepresents an insurance policy. If the father becomes disabled, what will happen to the life insurance premiums? What is the purpose of a fixed-period settlement option? Vscode No server install found in WSL, needs x64. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? He discovered that his policy.. Added 149 days ago|10/30/2021 2:46:29 PM. Log in for more information. 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.. A domestic insurer issuing variable contracts must establish one or more.. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? Commissioner. C Dividends from a mutual insurer. A. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. 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 table showing the nonforfeiture values for the next 20 years must be included in the policy. This rider will not cause the death benefit to increase. In order for an insurer to legally transact insurance, it must obtain what? Who is the main purpose of the seven-pay test? 60 days. D This is considered to be false, deceptive or misleading advertising. D Any time in the past. A temporary license in this state is valid for a maximum of In which instance would the premium be tax deductible? Both the offer and acceptance of a rebate are illegal. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. There are just too many details and specifications which you must be certain of when looking for one. C$1,500 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? In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. What type of annuity is it? Once the policyholder opts for cash surrender, the policy is immediately inactive. a constant a term a variable an expression. D Cancelling individual coverage based on the insured's marital status. B Discriminating in benefits and coverages based on the insured's habits and lifestyle 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? 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 It is the premium paying period that is limited, not the maturity. Which type of life insurance policy generates immediate cash value? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. 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? The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. c) An offer of employment. What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? Search for an answer or ask Weegy. B Coercion What does this mean to the beneficiaries? 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? He's insured under a life insurance policy with the accelerated benefits rider. What happens to the premium on the children's rider in a life insurance policy? Last year, she received a dividend check from the insurance company that was not taxable. Old-age and retirement benefits, disability benefits, death benefits. The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? Which of the following is a true statement regarding taxation of the accelerated benefits? D Stop action order. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. B. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces 1 Answer/Comment. Most horse (1). An appointment by an insurer is based upon the person maintaining a valid insurance license. Commissions are set by a schedule or negotiation between the producer and the insurance company. Gender In the best interests of the client, rebates are allowed. New answers. C Illegal under any circumstances D A license to practice law. Which of the following best describes the unfair trade practices of defamation? Which policy provision allows this? E The spouse of a deceased insurance producer. What does this mean? Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. A If the producer continues to violate the entrance code, I knew so penalty will be assessed every? 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. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? They want to start a program through their practice that will provide retirement benefits for themselves and three employees. D Inviting prospective clients to the grand opening of the producer's new office. This is a personal use of life insurance known as. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? C. Rebating. He has instructed the company to apply the policy dividends to increase the death benefit. She has decided that she would rather use the dividends to help pay for her next premium. juan holds ________ power. Insurers are also not allowed to cancel individual coverage due to a change in marital status. The company also guarantees the specified dollar amount for each payment and the length of the payout period. In this state, a temporary license may be issued for any of the following reasons EXCEPT. What option could the insured utilize? On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What is true of the cash surrender nonforfeiture option? Added 30 days ago|10/30/2021 2:46:29 PM. A Assigning different risk classifications to applicants based on gender identity All the following could be considered rebates if offered to an insured in the sale of insurance except? A Applicant must be 18 years old Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. What must be acceptable in order for the ride to be able to waive the payment of premium? ________________ are owned and controlled by their policyholders. Any surplus money is returned to the policyholders as dividends. If an insurer terminates a producer, the Commissioner will receive a notification. Juan is the person employees go to when knowledge of a topic was needed. There is a limit for a withdrawal and the insurer charges a fee. Question. Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. The policyowner of an adjustable life policy wants to increase the death benefit. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. Mutual-policyholders; Stock-stockholders. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? Who can make a fully deductible contribution to a traditional IRA? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. Which of the following best describes the act? C Law of large numbers Search for an answer or ask Weegy. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. Which of the following would be considered an illegal inducement to purchase insurance? Which statement best defines an insurance producer? Rebating can be anything of . Autotrophs (like plants) produce glucose during photosynthesis. What type of policy is this? Death benefits payable to a beneficiary under a life insurance policy are generally. This answer has been confirmed as correct and helpful. 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. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. When does the policy coverage become effective? baja fresh queso recipe; Tags . Azanswer team is here with the correct answer to your question. What happens when a policy is surrendered for its cash value? = 15 * 3/20 If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? C Sharing commission with the insured C Dividends from a mutual insurer. A Discrimination. 180 days. If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation What is the advantage of reinstating a policy instead of applying for a new one? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral An insured had a continuous premium whole life policy. The policy contains the optional Payor Benefit rider. In return, the insurer promised to pay benefits in accordance with the terms of the contract. Term used to name the no taxes return of unused premiums? Up to 12 excess credit hours of CE may be carried over to the next review period. Which of the following activities is not performed by an insurance producer? She also wished to retain all of the rights of ownership. Question. A A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? The insured knows that his financial state will worsen even more with upcoming medical expenses. The policy endows when the insured turns 100. 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. In Connecticut, continuing education courses must be approved by the. Convertible without proof of insurability up to the full term death benefit. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. 1 to 75. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? The purpose of the Tennessee Guaranty Association is to. Cash surrender, extended term, reduced paid-up. C Class C violation What best describes this practice? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. This practice is considered Published by at June 10, 2022. What type of annuity is it? What relationship is not an example of insurable interest? If the corporation collects the policy benefit, then. USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. C Limited lines What percentage of a company's employees must take part in a noncontributory group life plan? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. What would be the right policy for this client? C A legal advertising strategy Discrimination. D Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company.
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all of the following would be considered rebating except