What statement is correct? An insured owns a life insurance policy. How much would the beneficiary receive from the policy? 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? A Restriction of authority An insured purchases a policy in 2008 and died in 2013. B. Defamation. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. C$2,000 How are contributions to a tax-sheltered annuity treated with regards to taxation? Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? In which of the following situations is it legal to limit coverage based on marital status? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. C Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? D 10. 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. Home; About Us. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? What settlement option should the policyowner choose? Which statement best defines an insurance producer? This is considered to be false, deceptive or misleading advertising. What determines the amount of each installment paid in a life income option arrangement? If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Which of the following documents must be provided to the policyowner or applicant during policy replacement? In Michigan the state's continuing education requirement What are the two components of a universal policy? A producer in tensional he violated insurance statues. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? A In the preceding 12 months. = 15 * 3/20 B In order to to do that, what may happen? 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. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. C Law of large numbers Which type of life insurance policy generates immediate cash value? The integer 4 is considered all of the following except _____. Cradle. 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. Company Information; FAQ; Stone Materials. Define electric potential and electric potential energy. Nonforfeiture values guarantee which policyowner? 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. An insured had a continuous premium whole life policy. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? A Defamation B An offer to share in commissions generated by the sale. In an annuity, the accumulated money is converted into a stream of income during what time period? How could she obtain an individual policy? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. B - In order to collect premiums and explain coverages, a person would need to be licensed. Rebates are allowed if it's in the best interest of the client. All of the following would be considered to be rebating EXCEPT. 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? And employee quits her job where she has a balance of $10,000 in her qualified plan. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? A tax-sheltered annuity is a special tax-favored retirement plan available to. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. What is true of the cash surrender nonforfeiture option? 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. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. In life insurance policies, cash value increases. 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? The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Which of the following is true? 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. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. D Slandering. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? C Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. C It requires satisfactory completion of at least 24 hours of approved training every biennium. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. What type of insurance policy may be used to fund this agreement? In the best interests of the client, rebates are allowed. The regulation of the insurance industry primarily rest with. C Dividends from a mutual insurer. B Twisting User: 3/4 16/9 Weegy: 3/4 ? Which of the following activities is not performed by an insurance producer? 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 provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. What is the minimum required age for an insurance producer in this state? There are several types of whole life polices. An insured misstates her age at the time the life insurance application is taken. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? He has instructed the company to apply the policy dividends to increase the death benefit. all of the following would be considered rebating except Follow us. C Accidentally misspells the name of the insurance policy in a written communication to a customer. 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. There are just too many details and specifications which you must be certain of when looking for one. 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. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. 60. Once the policyholder opts for cash surrender, the policy is immediately inactive. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. This is called.. 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. Which of the following is a true statement regarding taxation of the accelerated benefits? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. 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 Connecticut, continuing education courses must be approved by the. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. C Misrepresentation Which of the following provisions would NOT be found in Term Life Insurance? B At least 3 hours must cover ethics. 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 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. 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. 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. Describe the relationship between potential difference and electrical potential energy. 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. A Rebating. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. It was determined that the accident was his fault. B Insurer financial requirements. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? An insured pays $1,200 annually for her life insurance premium. B 30 D Paid cash to cover desk purchased on account. This practice is considered Which of the following acts would not get an insurance producer terminated "for cause"? Which of the following statements about the reinstatement provision is true? 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? Department of Education. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. 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? B Criminal offense must ensure a pair that's benefit claim after receiving the product of death? A$500 What dividend option could she use? An Insurer wants to begin underwriting procedures for an applicant. D 120 days. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. In order for an insurer to legally transact insurance, it must obtain what? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. However, once there is solicitation, a license is required. All of the following would be considered to be rebating EXCEPT? B$1,000 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? Formula: (Ann . Who is the main purpose of the seven-pay test? C Class C violation The protocol for replacement does not apply to which of the following situations? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? C Controlled business. What policy component contains the company's promise to pay? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Which of the following best describes the unfair trade practices of defamation? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Log in for more information. 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. What statement about a suicide clause in a life insurance policy is true? any person acting as an insurance producer without a valid license may be fined up to. Which of the following individuals could qualify for a temporary insurance license? User: She worked really hard on the project. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Thanks for choosing us. = 2 5/20 juan holds ________ power. C Sharing commission with the insured Confirming future dividends in a life insurance proposal An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. 180 days. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? C. Address B$1,000 C Illegal under any circumstances What type of policy is this? Added 149 days ago|10/30/2021 2:46:29 PM. In order to enforce the insurance code the commissioner has the power to conduct which of the following? D What policy would have an IRS required corridor or gap between the cash value and the death benefit? B Twisting A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. If a company has a simplified employee pension plan, what type of plant is it? What determines the length of time that benefits will be received under the fixed-amount settlement option? Variable life insurance is based on what kind of premium? The premiums paid by the employer in a business life insurance policy are. All of the following are true regarding rebates EXCEPT. A banker is ready to close on a customer's loan. 30 days. A 15 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. How can she obtain an individual policy? C Dividends from a mutual insurer. A Stocks, securities, or bonds. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. A. A Defamation An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Employer contributions made to a qualified plan.. The insurer's surrender the policy at its current cash value. Which of the following is an eligibility requirement for all Social Security disability income benefits? C Dividends from a mutual insurer. = 15 ? I love when a hack helps me to recycle, and makes my life easier. 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? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT Explaining to client the advantages of permanent insurance over term and suggesting changing policies. A. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] When is the earliest a policy may go into effect? Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. What is true about beneficiary designations? In a direct rollover, how is the money transferred from one plan to the new one? B Suspension of authority C Defamation I no the truth.Ans: I know the truth.(2). D Cancelling individual coverage based on the insured's marital status. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. What is the purpose of a free-look period in insurance policies? A Assigning different risk classifications to applicants based on gender identity A Giving an applicant a $5 pen with the insurer's logo during the insurance application process To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. Rating. Because of this, the company charged him a higher rate for his insurance. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? 45 Which of the following would be considered an illegal inducement to purchase insurance? C Defamation. What option could the insured utilize? D 10 days. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? 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. What information will be stated in the consideration clause of a life insurance policy? His wife dies 10 years later. 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? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. What is the primary purpose of a 401(k) plan? 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. Correct Answer: A. Which of the following has not been taken to court for further interpretation? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. 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. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. 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? c) Dividends are not considered to be rebates. 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. B 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. B Stock Company Rebates include money, sharing of commissions, promises, inducements and personal services. 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 policyowner of an adjustable life policy wants to increase the death benefit. The policy contains the optional Payor Benefit rider. Question. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. Within how many days of this notification must the producer be sent a copy? A 30 days For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. Minimum number of credits required for partially insured status for Social Security disability benefits is. If the corporation collect the policy benefit, then. 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? Which of the following would NOT have a policy loans provision? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? He discovered that his policy.. B. What amount would his beneficiary receive as a settlement? Question. 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. And employee has group life insurance through her employer. 1 to 50. An insured had a $10,000 term life policy. 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? What is true concerning a buy-sell agreement? B Twisting. Which nonforfeiture option provides coverage for the longest period of time? C 7 Discrimination. What statement concerning group life is true? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. What will she need to provide for proof of insurability? Each agent must pay a $5 appointment fee to the Commissioner. C Coercion. 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? The policyowner may assign a part of the policy or the entire policy. An insured has chosen joint and 2/3 survivor as the settlement option. A Rebating. C Solicit business as an insurance producer And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral B An offer to share in commissions generated by the sale. A rebate is a type of purchasing discount that is paid as a reduction. D Imprisonment. When may an insurance company use suicide as a defense against paying a death claim? b) Rebating can be anything of economic value, given as an inducement to buy. Which of the following is not a standard mounting dimension for an electric motor? D Inviting prospective clients to the grand opening of the producer's new office. An appointment by an insurer is based upon the person maintaining a valid insurance license. What is the required percentage of participants in a contributory group plan? He's insured under a life insurance policy with the accelerated benefits rider. B Misleading advertising. 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? Shopping for electric motors can be tricky. A. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. D Legal, provided that the information can be verified. 10 czerwca 2022 . Under what circumstances could the daughter collect the death benefit? All of the following actions can be described as twisting EXCEPT. The insured knows that his financial state will worsen even more with upcoming medical expenses. What statement is true concerning buy-sell agreements? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? 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. D An offer of employment. D. Sexual orientation. As the local coffee shop is just initiating the segmentation and targeting process, what has . What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? D Felony. A$500 B Coercion The company also guarantees the specified dollar amount for each payment and the length of the payout period. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. When would a 20-pay whole life policy endow? What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Azanswer team is here with the correct answer to your question.
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