D$5. Time during which accumulated money is converted into an income stream. D 120 days. 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. 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? D Audit or abstract insurance policies or annuities. NAIC. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? The can be changed only with the written consent of that beneficiary. Cradle. 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. A salaried full-time employee who furnishes information for group insurance Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. Michigan's continuing education requirement has each of the following characteristics EXCEPT A. the spouse or legal representative of a deceased insurance producer Your email address will not be published. Which of the following provisions would NOT be found in Term Life Insurance? select one: Which set of characteristics will produce the smallest value for the estimated standard error? What can they do? 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. B. Twisting. User: 3/4 16/9 Weegy: 3/4 ? 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. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. Each of the following statements may (or may not) describe one of these technical terms. 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. 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. An insured has chosen joint and 2/3 survivor as the settlement option. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? A$500 June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . 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. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Question. 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. B What describes the tax advantage of a qualified retirement plan? 90 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? Flashcards - WA Common Law Practice Exam - FreezingBlue D. A salaried employee who advertises and solicits insurance. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. There are several types of whole life polices. A rebate is a type of purchasing discount that is paid as a reduction. Up to 12 excess credit hours of CE may be carried over to the next review period. Company Information; FAQ; Stone Materials. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. C A producer's license expires and is not renewed. Rebates are allowed if it's in the best interest of the client. A table showing the nonforfeiture values for the next 20 years must be included in the policy. The company also guarantees the specified dollar amount for each payment and the length of the payout period. 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? 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. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. What option does this describe? What type of life insurance policy would be best suited to this situation? The policy endows when the insured turns 100. The regulation of the insurance industry primarily rest with. D A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. An agent misrepresents policy benefits to convince a policyowner to replace policies. 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. What dividend option could she use? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. C Accidentally misspells the name of the insurance policy in a written communication to a customer. A person whose activities are limited to producing insurance advertisements Which nonforfeiture option provides coverage for the longest period of time? File an application with the Director b. Which of the following allows different operating systems to coexist on the same physical computer? The integer 4 is considered all of the following except _____. a What is the purpose of establishing the target premium for a universal life policy? 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. D Inviting prospective clients to the grand opening of the producer's new office. Old-age and retirement benefits, disability benefits, death benefits. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. C Limited lines For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are, Amount of coverage is determined according to nondiscriminatory rules, individuals covered, under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability. The policy contained an accidental death rider, offering a double indemnity benefit. Term used to name the no taxes return of unused premiums? What information will be stated in the consideration clause of a life insurance policy? He discovered that his policy.. 30 A D False advertising. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. What license or licenses are required to sell variable life annuities? D. Coercion and intimidation. 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. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as 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. B Nothing, unless the remarks were in writing B Stock Company Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. Formula: (Ann . If the producer continues to violate the entrance code, I knew so penalty will be assessed every? All of the following actions can be described as twisting EXCEPT. When would a misrepresentation on the insurance application be considered fraud? After 5 years, she decides to leave the company and work independently. A 15 In which instance would the premium be tax deductible? The ownership provision entitles the policyowner to do what? If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. 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. C 20/3 The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. A banker is ready to close on a customer's loan. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. If she terminates her group coverage, what is true? Convertible without proof of insurability up to the full term death benefit. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. 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. 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.. B Suspension of authority Attorney General. The Insurance Department regulations are to protect the insurance-buying public. C Mutual Company Life Insurance 3 Flashcards | Chegg.com C Law of large numbers This answer has been confirmed as correct and helpful. A Illegal until endorsed by the Guaranty Association When may an insurance company use suicide as a defense against paying a death claim? A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. What is the result of this? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Paid cash to cover desk purchased on account. Required by state law to be included in the policy, and cannot be altered by the policyowner. Search for an answer or ask Weegy. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? 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 term for how frequently a policyowner is required to pay the policy premium? 3. All paid by the time the insured reaches age 65. B An offer to share in commissions generated by the sale. 1 to 75. C Defamation. What is true concerning a buy-sell agreement? B Twisting What protects the insured from an unintentional policy lapse due to a nonpayment of premium? What would be the right policy for this client? What source will it consult for the majority of its underwriting information? B 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? An individual has been diagnosed with Alzheimer's disease. All of the following would be considered rebating except. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? An employee quits her job where she has a balance of $10,000 in her qualified plan. Y was killed in an automobile accident on August 22, before the policy was issued. Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. C Dividends from a mutual insurer. C. Rebating. During replacement of life insurance, or replacing ensure musky which of the following? What type of insurance policy would perform the function of cash accumulation? E The spouse of a deceased insurance producer. Each agent must pay a $5 appointment fee to the Commissioner. B Misleading advertising. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? What will she need to provide for proof of insurability? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity Variable life insurance is based on what kind of premium? What type of annuity is it? If the corporation collect the policy benefit, then. Commissioner. f. Get an answer. An agent's license may also be suspended or revoked. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With Rebating can be anything of . Published by at June 10, 2022. 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 Cannot be extended or waived under any circumstances. In level term and increasing term policies, the premium also remains level for the term of the policy. If a company has a simplified employee pension plan, what type of plant is it? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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? C Defamation 0. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. 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 . C$100 Juan is the person employees go to when knowledge of a topic was needed. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation A. How can she obtain an individual policy? Ownership is the difference between these two companies. any person acting as an insurance producer without a valid license may be fined up to. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? All Of The Following Are True Regarding Rebates Except Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? B Unfair claim practice. Which of the following persons is required to hold a producer license? What is the primary purpose of a 401(k) plan? Whenever an individual stops drinking, the BAL will ________________. The insured knows that his financial state will worsen even more with upcoming medical expenses. B Insurer financial requirements. Home; About Us. The agent is guilty of 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? D Any time in the past. A Producer regulations and testing requirements. c) Dividends are not considered to be rebates. B Criminal offense = 2 1/4. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. Which of the following best describes this act? C Rebating A father owns a life insurance policy on his 15-year-old daughter. Which of the following would NOT have a policy loans provision? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. 1 Answer/Comment. Group life insurance is a single policy written to provide coverage to members of a group. A. This misstatement may result in? The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. The agent is guilty of? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone All of the following would be considered rebating except. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. She also wished to retain all of the rights of ownership. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. 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 False advertising. C A legal advertising strategy 60 days. What is true regarding taxation of accelerated benefits under life insurance policy? 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. What is the required percentage of participants in a contributory group plan? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. 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? In which of the following situations is it legal to limit coverage based on marital status? A key person insurance policy can pay for which of the following? D Legal, provided that the information can be verified. 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? 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? This is a personal use of life insurance known as. 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? C Listing the insurance companies the agency represents in a letter C It requires satisfactory completion of at least 24 hours of approved training every biennium. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? Commissioner. D 2 years. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. d) Rebates are allowed if it's in the best interest of the client. 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? In Michigan the state's continuing education requirement 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 B. B Illegal How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? C. the employee of a disabled licensed a producer The integer 4 is considered all of the following except a variable. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? This rider will not cause the death benefit to increase. Which statement best defines an insurance producer? B Mailing an agency brochure to a prospective client The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. D C Coercion. B A new Commissioner or Director is put into office. All of the following are true regarding rebates - Course Hero This practice is considered Follow the following are true of the federal tax advantages of a qualified plan. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. C 7 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. B Advertise & solicit business as an insurance counselor or consultant If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? D Surplus lines. c) An offer of employment. B Legal, provided that the other insurers are paid royalties for the usage of their names On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. All the following would be considered an unfair and deceptive practice. Is a program that assesses and reports information about various computer resources and devices. A Defamation I no the truth.Ans: I know the truth.(2). 6 2/3 The producer could be found guilty of? Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. Cash surrender, extended term, reduced paid-up. Correlation and Causation What are correlation and causation and how are they different? Which of the following will NOT be considered unfair discrimination by insurers? Both the offer and acceptance of a rebate are illegal. Answer-All of the following are considered key logistic functions in C 90 days A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. This is called.. And employee quits her job where she has a balance of $10,000 in her qualified plan. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. C. Address A Discrimination. The insurer has 15 days to file a notice of producer appointment. 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? 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 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? 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. All the following are true regarding rebates except? What happens to the premium on the children's rider in a life insurance policy? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. And insured has a modified endowment contract. He's insured under a life insurance policy with the accelerated benefits rider. Categories . From what type of insurer did the insured purchase the policy? A Rebating. Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. D Imprisonment. C Rebating. C Consists of completing 24 hours of CE each biennium. This practice is considered? Which of the following activities is not performed by an insurance producer? For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. 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. Taxation on dividends in participating policies? C What is this called? D. Sexual orientation. C Solicit business as an insurance producer
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