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What is the name of the insured who enters into a viatical settlement. D$2,000. What source will it consult for the majority of its underwriting information? Which of the following statements about the reinstatement provision is true? The policyowner may assign a part of the policy or the entire policy. B In the preceding 2 years. Search for an answer or ask Weegy. C Coercion. C He wants to withdraw some money in order to pay medical bills. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. D. Sexual orientation. 1 to 75. d) Rebates are allowed if it's in the best interest of the client. A Autotrophs (like plants) produce glucose during photosynthesis. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. D Coercion. Because of this, the company charged him a higher rate for his insurance. 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? And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? What is the other term for the cash payment settlement option? As the local coffee shop is just initiating the segmentation and targeting process, what has . File an application with the Director b. Cradle. The company also guarantees the specified dollar amount for each payment and the length of the payout period. 1 Answer/Comment. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT Gender The insurer's surrender the policy at its current cash value. 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. An insured has a life insurance policy from a participating company and receives quarterly dividends. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. What is this called? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. A If an insured continually uses the automatic premium loan option to pay the policy premium.. Requires the entire premium to be paid in one limp sum at the policy's inception. Which of the following would be considered an illegal inducement to purchase insurance? Last year, she received a dividend check from the insurance company that was not taxable. What is the purpose of a free-look period in insurance policies? What is the term for how frequently a policyowner is required to pay the policy premium? 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. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. A key person insurance policy can pay for which of the following? If the corporation collects the policy benefit, then. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? Confirming future dividends in a life insurance proposal B. Twisting. Which of the following best describes this practice? Home; About Us. 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. All riders that will cause the death benefit to increase? D A Discrimination. A rebate is a type of purchasing discount that is paid as a reduction. A Adverse selection In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? After 5 years, she decides to leave the company and work independently. 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. 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 Twisting. An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. 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? 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. 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] Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? What type of annuity is it? He's insured under a life insurance policy with the accelerated benefits rider. An insured had a continuous premium whole life policy. An agent offers to share his commission with a policyholder. B An offer to share in commissions generated by the sale. C Accidentally misspells the name of the insurance policy in a written communication to a customer. What license or licenses are required to sell variable life annuities? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. There is a limit for a withdrawal and the insurer charges a fee. What is being defined as the degree to which something is related or useful to what is happening or being talked about? D A termination issued by the appointing insurer. The policy endows when the insured turns 100. What best describes what will happen? A 40 year old man buys a whole life policy and names his wife as his only beneficiary. 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? It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. A 30 days Which of the following terms best describes the advertisement? B$1,000 baja fresh queso recipe; Tags . 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? D An offer of employment. What is true concerning a buy-sell agreement? I love when a hack helps me to recycle, and makes my life easier. 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. C Defamation. B 30 Required by state law to be included in the policy, and cannot be altered by the policyowner. A. Which two terms are associated directly with the premium? The dividend option that the insured has chosen is called? D$5,000. Which of the following allows different operating systems to coexist on the same physical computer? D The passing of a written examination. The designee of a producer that is called to active service with the Navy. Will result in having to pay the highest premium due to health, history, habits, etc. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Identify the types of assets assigned to each classification. The policy contained an accidental death rider, offering a double indemnity benefit. juan holds ________ power. C Sharing commission with the insured all of the following would be considered rebating except Follow us. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. Within how many days of this notification must the producer be sent a copy? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. 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 D A temporary producer license could be issued without examination to all the following EXCEPT? What percentage of a company's employees must take part in a noncontributory group life plan? B. He has instructed the company to apply the policy dividends to increase the death benefit. An insured committed suicide 6 months after his life insurance policy was issued. 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. A candidate for life insurance producer's license must complete how many hours of prelicensing education? This is a personal use of life insurance known as.. A Misdemeanor I no the truth.Ans: I know the truth.(2). C Misrepresentation A$500 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? 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? This misstatement may result in? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. Who can make a fully deductible contribution to a traditional IRA? B Illegal A. B Nonresident 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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. 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? The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer What is the purpose of establishing the target premium for a universal life policy? C Dividends from a mutual insurer. 1 to 50. Annuities can also be used to.. An out-of-state producer wants to start selling insurance in this state. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. This year, she did not receive a check fin from the insurer. 10 czerwca 2022 . Commissioner. D. Commissioner. Which of the following individuals could qualify for a temporary insurance license? Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? New answers. A Discrimination. The policy contains the optional Payor Benefit rider. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? D Stop action order. It was determined that the accident was his fault. She would likely purchase a(n)? The Insurance Department regulations are to protect the insurance-buying public. Added 30 days ago|10/30/2021 2:46:29 PM. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. B An offer to share in commissions generated by the sale. All of the following would be considered rebating except. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. B$1,000 A 60 days C A producer's license expires and is not renewed. B Suspension of authority B Discrimination D Engages in fraud. the spouse of a retiring insurance producer All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation All of the following events will terminate a producer's certificate of appointment EXCEPT 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. D False advertising. C Solicit business as an insurance producer B Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. 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. A 7 days An insured receives an annual life insurance dividend check. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. If the father becomes disabled, what will happen to the life insurance premiums? C Consists of completing 24 hours of CE each biennium. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? A temporary license may be issued for up to 180 days. When would a misrepresentation on the insurance application be considered fraud? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? 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. What option would allow her to do this? The minimum age at which a person can sign a life insurance application is. 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? Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? What dividend option could she use? 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. What is not an example of a business use of life insurance? What is the primary purpose of a 401(k) plan? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? Azanswer team is here with the correct answer to your question. standard form contract facebook; how to treat mange in cats at home twitter; moon drop grapes uk instagram; arrow olivia sewing table youtube; custom teku glassware mail Cash surrender, extended term, reduced paid-up. 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 Listing the insurance companies the agency represents in a letter User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. What is true regarding taxation of accelerated benefits under life insurance policy? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. 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? D 10 days. This is called.. What is the official name for the Social Security program? Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. Death benefits payable to a beneficiary under a life insurance policy are generally. To combat the Where is heavy cream in Walmart? ________________ are owned and controlled by their policyholders. D Producer commission schedules. 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. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. After five years, she decides to leave the company and work independently. B Undercutting Asked 10/30/2021 2:23:39 PM. You dont have to worry about it anymore. What policy would have an IRS required corridor or gap between the cash value and the death benefit? Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. All the following would be considered an unfair and deceptive practice. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? D. A salaried employee who advertises and solicits insurance. All the following could be considered rebates if offered to an insured in the sale of insurance except? Which of the following is not a standard mounting dimension for an electric motor? Group life insurance is a single policy written to provide coverage to members of a group. 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. Which is NOT required of an applicant for an insurance license in Michigan? D Controlled business. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. 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). A. Misrepresentation. New answers. Old-age and retirement benefits, disability benefits, death benefits. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. A Restriction of authority A corporation is the owner and beneficiary of the key person life policy. Which of the following would NOT have a policy loans provision? A Defamation Question. C 30 days 6 2/3 Correct Answer: A. What is this an example of? An insured pays an annual premium to his insurer. 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? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. [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 . Rebates include money, sharing of commissions, promises, inducements and personal services. 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. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. 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? He dies in a freak accident on June 1. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. "At the time of the application" is when interest must exist. The following areas are regulated by the Insurance Department EXCEPT In an annuity, the accumulated money is converted into a stream of income during what time period? When may an insurance company use suicide as a defense against paying a death claim?