The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. D Which of the following would be considered an illegal inducement to purchase insurance? When may an insurance company use suicide as a defense against paying a death claim? What is the purpose of a free-look period in insurance policies? The policy endows when the insured turns 100. 30 Ownership is the difference between these two companies. A Defamation What happens when a policy is surrendered for its cash value? C. Address 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. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? 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. All of the following would be considered to be rebating EXCEPT? A 30 days Corporation is the owner and beneficiary of the key person life policy. Which of the following is true? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. A A good business reputation and good moral character. The Insurance Department regulations are to protect the insurance-buying public. B Coercion. If a company has a simplified employee pension plan, what type of plant is it? 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). D B A new Commissioner or Director is put into office. An individual has been diagnosed with Alzheimer's disease. Telling a client that his first premium will be waived if he purchases the insurance policy today. C What type of policy is this? This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? An insured has chosen joint and 2/3 survivor as the settlement option. This year, she did not receive a check fin from the insurer. B Discriminating in benefits and coverages based on the insured's habits and lifestyle He dies in a freak accident on June 1. A father owns a life insurance policy on his 15-year-old daughter. 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. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity During replacement of life insurance, or replacing ensure musky which of the following? 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 A Natural Group Which of the following individuals could qualify for a temporary insurance license? The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. B Advertise & solicit business as an insurance counselor or consultant B. There are just too many details and specifications which you must be certain of when looking for one. An employee quits her job where she has a balance of $10,000 in her qualified plan. The policyowner is entitled to policy loans. 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. This answer has been confirmed as correct and helpful. 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? B Insurer financial requirements. What type of annuity is it? The agent is guilty of Upon policy delivery, the producer may be required to obtain? The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. Licensed, however, not in the state the indivisible resides. In this state, what type of violation is rebating? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? If the corporation collects the policy benefit, then. 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? C Rebating 0. Search for an answer or ask Weegy. Which two terms are associated directly with the premium? D False financial statement. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? The following areas are regulated by the Insurance Department EXCEPT D Misrepresentation. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. Search for an answer or ask Weegy. Insurers are also not allowed to cancel individual coverage due to a change in marital status. What is the term for how frequently a policyowner is required to pay the policy premium? 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? 6 2/3 D Other than the 3 hours of ethics, licensees may take courses in any line. 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? What term best describes this arrangement? Mutual-policyholders; Stock-stockholders. Which is NOT required of an applicant for an insurance license in Michigan? B 7 days 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 road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? This misstatement may result in? He wants to withdraw some money in order to pay medical bills. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. Which nonforfeiture option provides coverage for the longest period of time? D Misrepresentation. The producer could be found guilty of M may perform all of the following duties EXCEPT. 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. In order to enforce the insurance code the commissioner has the power to conduct which of the following? C Controlled business. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer All paid by the time the insured reaches age 65. An agent's license may also be suspended or revoked. Under what circumstances could the daughter collect the death benefit? D False advertising. C Illegal under any circumstances All of the following actions can be described as twisting EXCEPT. 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. What is true regarding taxation of accelerated benefits under life insurance policy? How long must an insurer keep a copy of an authorized form in its records? A Assigning different risk classifications to applicants based on gender identity B 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. When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Which of the following terms best describes the advertisement? 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 The policy contains the optional Payor Benefit rider. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Which of the following persons is required to hold a producer license? Beneficiaries do not have to have an insurable interest in the policyholder. B Illegal C$100 Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except 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 . -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. The insured had his wife named as the beneficiary of his life insurance policy. B Stock Company An insured owns a life insurance policy. Log in for more information. 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. Employer contributions made to a qualified plan.. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. The following are nine technical accounting terms introduced or emphasized in this chapter: ResponsibilitymarginTransferpriceCommonfixedcostsContributionmarginCost-plustransferpriceTraceablefixedcostsPerformancemarginProductcostsCommittedfixedcosts\begin{array}{lll}\text { Responsibility margin } & \text { Transfer price } & \text { Common fixed costs } \\ \text { Contribution margin } & \text { Cost-plus transfer price } & \text { Traceable fixed costs } \\ \text { Performance margin } & \text { Product costs } & \text { Committed fixed costs }\end{array} An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. I love when a hack helps me to recycle, and makes my life easier. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. B Suspension of authority Required by state law to be included in the policy, and cannot be altered by the policyowner. When would a misrepresentation on the insurance application be considered fraud? 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? An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. In order for an insurer to legally transact insurance, it must obtain what? A Unfair claims B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces C Mutual Company f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. Why is an equity Indexed annuity considered to be a fixed annuity? Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? C Accidentally misspells the name of the insurance policy in a written communication to a customer. What will she need to provide for proof of insurability? Confirming future dividends in a life insurance proposal The soon-to-be producer does not want to wait until he receives his license in order to begin working. What is true regarding a non-qualified retirement plan? User: She worked really hard on the project. 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? D A license to practice law. 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. 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. D. Commissioner. Which of the following activities is not performed by an insurance producer? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. In which instance would the premium be tax deductible? In this situation, a licensee would have to apply for a resident's license within 90 days. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. It is the premium paying period that is limited, not the maturity. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. E The spouse of a deceased insurance producer. C D Coercion. In which of the following situations is it legal to limit coverage based on marital status? What is the official name for the Social Security program? A Payment of restitution However, once there is solicitation, a license is required. Whenever an individual stops drinking, the BAL will ________________. In order to to do that, what may happen? 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. 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 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.. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? Gender Which of the following has not been taken to court for further interpretation? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? C. Rebating. 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. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. B Materially misrepresents an insurance policy. An insured pays $1,200 annually for her life insurance premium. What option would allow her to do this? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation D Producer commission schedules. C Defamation An insured pays an annual premium to his insurer. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A key person insurance policy can pay for what? D Felony. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . All of the following are true regarding rebates EXCEPT. What is the purpose of a disclosure statement in life insurance policies? Describe the relationship between potential difference and electrical potential energy. A. Misrepresentation. Which of the following would be required to complete pre-licensing education? 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. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? This is called.. Group life insurance is a single policy written to provide coverage to members of a group. How much would the beneficiary receive from the policy? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Nonforfeiture values guarantee which policyowner? 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. A straight life policy has what type of premium? Until now, she has collected a nontaxable dividend check each year. What is this called? D A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. Because of this, the company charged him a higher rate for his insurance. B A reasonable understanding of the Michigan insurance code What type of policy is this? Which of the following would NOT have a policy loans provision? C What would be the right policy for this client? D Stop action order. This rider usually expires at the insured's age of 40. D Adverse selection. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? The dividend option that the insured has chosen is called? What is the required percentage of participants in a contributory group plan? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT B Twisting. 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. B In the preceding 2 years. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? D An offer of employment. What type of license should the producer obtain? D.the spouse of a retiring insurance producer 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. 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? The insurance company discovers at that time that the insured concealed info during the application process. b) Rebating can be anything of economic value, given as an inducement to buy. The purpose of the Tennessee Guaranty Association is to. D$5,000. B$1 An insured has a life insurance policy from a participating company and receives quarterly dividends. B What must be presented before an applicant submits a premium? c) Dividends are not considered to be rebates. Which type of life insurance policy generates immediate cash value? B Mailing an agency brochure to a prospective client Correct Answer: A. D 10. Which of the following best describes this act? 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. If the father becomes disabled, what will happen to the life insurance premiums? baja fresh queso recipe; Tags . C Defamation. An Insurer wants to begin underwriting procedures for an applicant. C Sharing commission with the insured Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. D Unfair Discrimination. 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 statements concerning an employer sponsored non-qualified retirement plan are true as follows: Two attorneys at law and operate their practice as a partnership. A Rebating. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. B An offer to share in commissions generated by the sale. Cradle. B 90 days What is the purpose of a fixed-period settlement option? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. 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? How are contributions to a tax-sheltered annuity treated with regards to taxation? D$5. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. B 30 All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Added 149 days ago|10/30/2021 2:46:29 PM. An out-of-state producer wants to start selling insurance in this state. Will result in having to pay the highest premium due to health, history, habits, etc. All of the following events will terminate a producer's certificate of appointment EXCEPT What happens to the premium on the children's rider in a life insurance policy? Unintentional misspellings are not a misrepresentation. Updated 10/30/2021 2:46:29 PM. B. Defamation. C It requires satisfactory completion of at least 24 hours of approved training every biennium. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. C$2,000 C Twisting B At least 3 hours must cover ethics. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process The designee of a producer that is called to active service with the Navy. In the best interests of the client, rebates are allowed. Variable life insurance is based on what kind of premium? 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. 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. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? Which of the following allows different operating systems to coexist on the same physical computer? The policyowner of an adjustable life policy wants to increase the death benefit. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. D They want to start a program through their practice that will provide retirement benefits for themselves and three employees. What information will be stated in the consideration clause of a life insurance policy? A Discrimination. A 30 days Which of the following would NOT be considered rebating? D Any time in the past. Time during which accumulated money is converted into an income stream. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 15 Define electric potential and electric potential energy. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. all of the following would be considered rebating except. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? 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. If an insured continually uses the automatic premium loan option to pay the policy premium.. C Class C violation And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. Group life insurance is a single policy written to provide coverage to members of a group. 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. An insured misstates her age at the time the life insurance application is taken. C Law of large numbers 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. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. Old-age and retirement benefits, disability benefits, death benefits. C Part 2 of the application for life insurance provides questions regarding all of the following..
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