A$500 D If the producer continues to violate the entrance code, I knew so penalty will be assessed every? Rebating can be anything of . Eligibility requirements for a license are established by the Insurance Code. All Of The Following Are True Regarding Rebates Except The protocol for replacement does not apply to which of the following situations? If the corporation collects the policy benefit, then. Group life insurance is a single policy written to provide coverage to members of a group. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? An insured receives an annual life insurance dividend check. What dividend option could she use? The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? What does this mean? However, once there is solicitation, a license is required. After 5 years, she decides to leave the company and work independently. What would be the right policy for this client? Correct Answer: A. Rebates are allowed if it's in the best interest of the client. 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. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Company Information; FAQ; Stone Materials. The person or interest to whom the policy proceeds will be paid upon the death of the insured. All of the following are true regarding rebates EXCEPT. In this state, a temporary license may be issued for any of the following reasons EXCEPT. A$500 30 3. What are the two components of a universal policy? 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? D 120 days. Beneficiaries do not have to have an insurable interest in the policyholder. 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. What is this an example of? 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. In order to to do that, what may happen? The balance is paid out directly to the employee in order for her to move the funds to a new account. C Dividends from a mutual insurer. Part 2 of the application for life insurance provides questions regarding all of the following.. B Suspension of authority Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces C Controlled business. Which of the following would be required to be licensed as an insurance producer? A Deals with insurance outside the scope of the license. She also wished to retain all of the rights of ownership. Which of the following is not a standard mounting dimension for an electric motor? What amount would his beneficiary receive as a settlement? A 15 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. Updated 10/30/2021 2:46:29 PM. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Which of the following terms best describes the advertisement? 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. B Criminal offense 30 days. A D Misrepresentation, How much is an agent's appointment fee? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. C Twisting Rebates are allowed if it's in the best interest of the client. 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? What is the minimum civil fine per violation of the Insurance Code of this state? The Insurance Department regulations are to protect the insurance-buying public. Which of the following would NOT be considered rebating? An insured misstates her age at the time the life insurance application is taken. 0. f. Get an answer. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? What statement is correct? B At least 3 hours must cover ethics. He died on February 28. Which two terms are associated directly with the premium? A Producer regulations and testing requirements. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. all of the following would be considered rebating except. All of the following would be considered rebating except. What term best describes this arrangement? The Weegy: A modal verb (also modal, modal auxiliary verb, modal auxiliary) is a type of auxiliary verb that is used to All of the following would be considered rebating except, Which of the following types of insurance policies is most commonly used in credit life insurance, In order to reinstate a life insurance policy the insured must do all of the following except. D Imprisonment. Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old 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. Time during which accumulated money is converted into an income stream. The policyowner may assign a part of the policy or the entire policy. D Stop action order. D. A salaried employee who advertises and solicits insurance. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Old-age and retirement benefits, disability benefits, death benefits. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. What are the classifications of net assets reported in the statement of financial position by private colleges? C It requires satisfactory completion of at least 24 hours of approved training every biennium. 1 to 50. C Class C violation B What is this called? [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 . D Cancelling individual coverage based on the insured's marital status. D$2,000. Upon policy delivery, the producer may be required to obtain? Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT Discrimination. D A license to practice law. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? C Dividends from a mutual insurer. What is the name of the insured who enters into a viatical settlement. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. All of the following are true regarding rebates - Course Hero 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. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? 45 B Discriminating in benefits and coverages based on the insured's habits and lifestyle What policy component contains the company's promise to pay? A. A Defamation What does this mean to the beneficiaries? 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. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone D Rebating. B$1,000 1 to 75. I no the truth.Ans: I know the truth.(2). The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. And insured has a modified endowment contract. What option does this describe? C Accidentally misspells the name of the insurance policy in a written communication to a customer. 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? b) Rebating can be anything of economic value, given as an inducement to buy. D Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. This rider usually expires at the insured's age of 40. He's insured under a life insurance policy with the accelerated benefits rider. The minimum age at which a person can sign a life insurance application is. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. Insurers are also not allowed to cancel individual coverage due to a change in marital status. How do you get to Motion settings on iPhone? D$5. What is the total, monetary penalty this producer can expect to receive? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Because of this, the company charged him a higher rate for his insurance. If she terminates her group coverage, what is true? C 12 months In this situation, a licensee would have to apply for a resident's license within 90 days. The policyowner of an adjustable life policy wants to increase the death benefit. NAIC. B Undercutting C 30 days B$1,000 A table showing the nonforfeiture values for the next 20 years must be included in the policy. Which of the following persons is required to hold a producer license? And insurance producer license may be renewed at the producer has paid the applicable fees, submitted the renewal form to the commissioner, and.. Having a client in inducement to a sale not stated in the policy is an unlawful practice known as? D Engages in fraud. A 60 days Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. 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. 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. Only any excess of value is taxable as income. An insured committed suicide 6 months after his life insurance policy was issued. Commissions are set by a schedule or negotiation between the producer and the insurance company. Juan is the person employees go to when knowledge of a topic was needed. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? In Connecticut, continuing education courses must be approved by the. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. The policyowner of an adjustable life policy wants to increase the death benefit. 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. 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. In a direct rollover, how is the money transferred from one plan to the new one? What option could the insured utilize? Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. A Temporary What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? A domestic insurer issuing variable contracts must establish one or more.. A straight life policy has what type of premium? all of the following would be considered rebating except Your email address will not be published. Minimum number of credits required for partially insured status for Social Security disability benefits is. Chapter 11 part 2 Flashcards | Quizlet Both the offer and acceptance of a rebate are illegal. What must be presented before an applicant submits a premium? 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. B Log in for more information. An individual has been making periodic payments on an annuity. What type of annuity is it? C. Address 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. 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? D An offer of employment. How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. 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. What is this called? What would be the face amount of the new term policy? Describe the relationship between potential difference and electrical potential energy. What happens to the premium on the children's rider in a life insurance policy? Number of credits required for fully insured status for Social Security disability benefits? = 15 * 3/20 When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. C Defamation If an insurer terminates a producer, the Commissioner must be notified. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation What type of insurance policy may be used to fund this agreement? A banker is ready to close on a customer's loan. All the following could be considered rebates if offered to an insured in the sale of insurance except? A temporary producer license could be issued without examination to all the following EXCEPT? all of the following would be considered rebating except A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors?
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