The person or interest to whom the policy proceeds will be paid upon the death of the insured. What are examples of a business use of life insurance? C Cease and desist order How are contributions to a tax-sheltered annuity treated with regards to taxation? Expert answered|GaelM|Points 4547| Log in for more information. 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? all of the following would be considered rebating except Follow us. What best describes this practice? B Misleading advertising. B - In order to collect premiums and explain coverages, a person would need to be licensed. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Question. In Michigan the state's continuing education requirement Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? B Discrimination all of the following would be considered rebating except D False advertising. An insured has chosen joint and 2/3 survivor as the settlement option. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. B In level term and increasing term policies, the premium also remains level for the term of the policy. What happens to the premium on the children's rider in a life insurance policy? Search for an answer or ask Weegy. A 30 days What license or licenses are required to sell variable life annuities? B. Twisting. All of the following actions are considered rebating except 10 czerwca 2022 . 30 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? What is the purpose of establishing the target premium for a universal life policy? Cradle. 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. A corporation is the owner and beneficiary of the key person life policy. An insured misstates her age at the time the life insurance application is taken. all of the following would be considered rebating except 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. 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. The protocol for replacement does not apply to which of the following situations? A corporation is the owner and beneficiary of the key person life policy. B. B A new Commissioner or Director is put into office. D Stop action order. D False financial statement. The insurer's surrender the policy at its current cash value. D A license to practice law. A Restriction of authority A Deals with insurance outside the scope of the license. 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. The ownership provision entitles the policyowner to do what? A temporary license in this state is valid for a maximum of A Group life insurance is a single policy written to provide coverage to members of a group. An agent offers to share his commission with a policyholder. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. 90 days. What type of license should the producer obtain? What is being defined as the degree to which something is related or useful to what is happening or being talked about? 6 2/3 Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? 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. A temporary license may be issued for up to 180 days. C Sharing commission with the insured c) An offer of employment. C A producer's license expires and is not renewed. If an insured continually uses the automatic premium loan option to pay the policy premium.. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer D Misrepresentation. 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. C Class C violation Rebating can be anything of . d) Rebates are allowed if it's in the best interest of the client. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. A$500 When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. 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 Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. What type of life insurance policy would be best suited to this situation? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. = 45/20 Asked 11/28/2019 3:15:17 PM. D 120 days. Juan is the person employees go to when knowledge of a topic was needed. How much would the beneficiary receive from the policy? Nonforfeiture values guarantee which policyowner? In life insurance policies, cash value increases. B At least 3 hours must cover ethics. The insured had his wife named as the beneficiary of his life insurance policy. And insured has a modified endowment contract. The insurer has 15 days to file a notice of producer appointment. D D 10 days. A. A Adverse selection Define electric potential and electric potential energy. A table showing the nonforfeiture values for the next 20 years must be included in the policy. 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. 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. 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. B Illegal In which of the following situations is it legal to limit coverage based on marital status? juan holds ________ power. A A Applicant must be 18 years old Which of the following would NOT be considered rebating? 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 an example of a producer being involved in an unfair trade practices of rebating? 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. According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. D Slandering. All of the following are true regarding rebates - Course Hero During replacement of life insurance, or replacing ensure musky which of the following? Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape The integer 4 is considered all of the following except _____. a What must be presented before an applicant submits a premium? A Rebating. D A termination issued by the appointing insurer. What is the purpose of a disclosure statement in life insurance policies? The premiums paid by the employer in a business life insurance policy are. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. What information will be stated in the consideration clause of a life insurance policy? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? 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. When does the policy coverage become effective? What type of annuity is it? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. New answers. The policyowner is entitled to policy loans. All the following could be considered rebates if offered to an insured in the sale of insurance except? Which of the following is a true statement regarding taxation of the accelerated benefits? Upon policy delivery, the producer may be required to obtain? 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. 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. What option would allow her to do this? C A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT Which of the following would NOT have a policy loans provision? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. C Controlled business. Correct Answer: A. When may an insurance company use suicide as a defense against paying a death claim? select one: Which set of characteristics will produce the smallest value for the estimated standard error? What required provision protects against unintentional lapse of the policy? C 7 A Temporary All of the following would be considered rebating except A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. How can she obtain an individual policy? C. Address D Must be completed by all licensed resident and nonresident producers. B Suspension of authority The integer 4 is considered all of the following except _____. Gender 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. The policyowner pays for her life insurance annually. Commissioner. What is the minimum civil fine per violation of the Insurance Code of this state? 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. 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 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? 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. He discovered that his policy.. 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. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process Last year, she received a dividend check from the insurance company that was not taxable. What does this mean? D C Fine Cash surrender, extended term, reduced paid-up. What relationship is not an example of insurable interest? What policy component contains the company's promise to pay? All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. The Insurance Department regulations are to protect the insurance-buying public. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. A. the spouse or legal representative of a deceased insurance producer Added 149 days ago|10/30/2021 2:46:29 PM. B In the preceding 2 years. 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? And employee quits her job where she has a balance of $10,000 in her qualified plan. all of the following would be considered rebating except Upon conviction, a person who has submitted a false or fraudulent claim or report to the insurer may be fined, imprisoned, or both, and required to pay restitution. This practice is considered? A 15 What is the other term for the cash payment settlement option? There are just too many details and specifications which you must be certain of when looking for one. 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? all of the following would be considered rebating except. B What policy would have an IRS required corridor or gap between the cash value and the death benefit? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. All of the following would be considered rebating except All the following would be considered an unfair and deceptive practice. Shopping for electric motors can be tricky. Which of the following best describes this act? D Cancelling individual coverage based on the insured's marital status. 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 Which of the following acts would not get an insurance producer terminated "for cause"? Which of the following best describes the act? Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? 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 Which of the following will NOT be considered unfair discrimination by insurers? In the best interests of the client, rebates are allowed. An insured had a $10,000 term life policy. 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. The designee of a producer that is called to active service with the Navy. Rebates include money, sharing of commissions, promises, inducements and personal services. Is a program that assesses and reports information about various computer resources and devices. Rating. In order to to do that, what may happen? A 60 days And employee is insured under her employers group life plan. When an insurer's underwriter approves coverage and issues a policy. Azanswer team is here with the correct answer to your question. An applicant for a counselor's license must possess a reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel, as well as a reasonable understanding of the Michigan insurance code and possess a good business reputation and good moral character. Log in for more information. Log in for more information. = 2 5/20 What is this an example of? C What is the official name for the Social Security program? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. File an application with the Director b. What will she need to provide for proof of insurability? B Legal, provided that the other insurers are paid royalties for the usage of their names All of the following would be considered to be rebating EXCEPT? In this case, what will the policy beneficiary receive? Which of the following is NOT a pathway in the oxidation of glucose. 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. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone C Mutual Company Identify the types of assets assigned to each classification. All of the following would be considered rebating except What is true regarding a non-qualified retirement plan? She also wished to retain all of the rights of ownership. C$2,000 C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A key person insurance policy can pay for which of the following? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Which is NOT required of an applicant for an insurance license in Michigan? He died on February 28. All of the following would be considered rebating except. Because of this, the company charged him a higher rate for his insurance. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Y was killed in an automobile accident on August 22, before the policy was issued. b) Rebating can be anything of economic value, given as an inducement to buy. 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. 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. 20/3 What describes the tax advantage of a qualified retirement plan? any person acting as an insurance producer without a valid license may be fined up to. Log in for more information. Variable life insurance is based on what kind of premium? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. Within how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? A Misdemeanor Whenever an individual stops drinking, the BAL will ________________. C Dividends from a mutual insurer. What option could the insured utilize? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. If the corporation collects the policy benefit, then. A producer in tensional he violated insurance statues. Which of the following best describes the unfair trade practices of defamation? This year, she did not receive a check fin from the insurer. Which of the following has not been taken to court for further interpretation? A Payment of restitution = 15 ? 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 of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT C Limited lines 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. 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. What are the classifications of net assets reported in the statement of financial position by private colleges? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? This misstatement may result in? 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.
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