In which of the following situations is it legal to limit coverage based on marital status? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? c) Dividends are not considered to be rebates. Vscode No server install found in WSL, needs x64. 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. NAIC. B$1 A Defamation C Accidentally misspells the name of the insurance policy in a written communication to a customer. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Search for an answer or ask Weegy. 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 C 12 months 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? Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. 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? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? 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. C Defamation. Which policy component decreases in decreasing term insurance? If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? She would likely purchase a(n)? Which two terms are associated directly with the premium? 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. The policyowner of an adjustable life policy wants to increase the death benefit. C An insured receives an annual life insurance dividend check. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. 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? Up to 12 excess credit hours of CE may be carried over to the next review period. 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. Commissioner. What statement concerning group life is true? The insurer's surrender the policy at its current cash value. 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? The paid-up addition option uses the dividend to.. What life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? In this situation, the Commissioner must be notified within 30 days. In this state, what type of violation is rebating? Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. C In the last 5 years. 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, D) An agent offers the use of his lake house to person as an inducement to buy, Answer:C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . B Coercion 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). B Nonresident A 40 year old man buys a whole life policy and names his wife as his only beneficiary. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. An insured purchases a policy in 2008 and died in 2013. C. Address 30 D If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. B Misleading advertising. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as User: She worked really hard on the project. What is the name of the insured who enters into a viatical settlement. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Each agent must pay a $5 appointment fee to the Commissioner. 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). C. An insurance company director who performs executive, administrative and managerial duties Log in for more information. Identify the types of assets assigned to each classification. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. Licensed, however, not in the state the indivisible resides. What is true of the cash surrender nonforfeiture option? Correlation and Causation What are correlation and causation and how are they different? D Slandering. What is this called? Ultimately, the commissioner determined that there were a total of 25 separate violations. 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. Which of the following acts would not get an insurance producer terminated "for cause"? 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? Cradle. The insurance company discovers at that time that the insured concealed info during the application process. B 60 days If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? An insured pays an annual premium to his insurer. Describe the relationship between potential difference and electrical potential energy. C A legal advertising strategy Corporation is the owner and beneficiary of the key person life policy. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. Age If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. C All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? 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. During replacement of life insurance, or replacing ensure musky which of the following? The dividend option that the insured has chosen is called? Published by at June 10, 2022. All the following would be considered an unfair and deceptive practice. An insured had a continuous premium whole life policy. All the following are true regarding rebates except? New answers. Added 149 days ago|10/30/2021 2:46:29 PM. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? What is true regarding a non-qualified retirement plan? The amount of payments will be determined by taking into account all of the following: 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.. An insured owns a $50,000 whole life policy. An insured misstates her age at the time the life insurance application is taken. 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. C What is the result of this? 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. All of the following would be considered rebating except. What is the minimum civil fine per violation of the Insurance Code of this state? 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. 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? A Cannot be extended or waived under any circumstances. unit 3: personal and business finance grade boundaries. Required by state law to be included in the policy, and cannot be altered by the policyowner. Rebates are allowed if it's in the best interest of the client. ________________ are owned and controlled by their policyholders. An insured committed suicide 6 months after his life insurance policy was issued. This practice is considered If the corporation collects the policy benefit, then. Which of the following documents must be provided to the policyowner or applicant during policy replacement? The following areas are regulated by the Insurance Department EXCEPT 20/3 She also wished to retain all of the rights of ownership. The president of a company is starting an annuity and decides that his corporation will be the annuitant. In order to qualify for conversion from a group life policy to an individual policy of the same coverage, a person must have been insured under the group plan for how many years? How do you get to Motion settings on iPhone? The integer 4 is considered all of the following except _____. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? The protocol for replacement does not apply to which of the following situations? Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. He discovered that his policy.. Group life insurance is a single policy written to provide coverage to members of a group. D. Coercion and intimidation. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. D Rebating. 6 2/3 What license or licenses are required to sell variable life annuities? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. D 10. The producer could be found guilty of If she terminates her group coverage, what is true? 1 Answer/Comment. The regulation of the insurance industry primarily rest with. What type of insurance policy would perform the function of cash accumulation? 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? 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 Number of credits required for fully insured status for Social Security disability benefits? D Coercion. 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. Within how many days does a licensee have to inform the Commissioner of a change of address? A temporary producer license could be issued without examination to all the following EXCEPT? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? What are the two components of a universal policy? Taxation on dividends in participating policies? Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Confirming future dividends in a life insurance proposal A banker is ready to close on a customer's loan. D. Commissioner. In the best interests of the client, rebates are allowed. Beneficiaries do not have to have an insurable interest in the policyholder. However, once there is solicitation, a license is required. 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? Which of the following statements about the reinstatement provision is true? He's insured under a life insurance policy with the accelerated benefits rider. What are the classifications of net assets reported in the statement of financial position by private colleges? 3. Attorney General. A temporary license may be issued for up to 180 days. If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? Upon policy delivery, the producer may be required to obtain? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? 3. A What best describes what will happen? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. A$500 He dies in a freak accident on June 1. 60 days. Because of this, the company charged him a higher rate for his insurance. select one: Which set of characteristics will produce the smallest value for the estimated standard error? D Imprisonment. Home; About Us. D$5. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. What brand of castor oil is best for hair? A Assigning different risk classifications to applicants based on gender identity Which of the following has not been taken to court for further interpretation? If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant What policy component decreases in decreasing term insurance? If an insurer terminates a producer, the Commissioner will receive a notification. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? D Surplus lines. A key person insurance policy can pay for what? The integer 4 is considered all of the following except a variable. C A producer's license expires and is not renewed. 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). Which of the following allows different operating systems to coexist on the same physical computer? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. 45 It was determined that the accident was his fault. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A table showing the nonforfeiture values for the next 20 years must be included in the policy. D Misrepresentation, How much is an agent's appointment fee? D Rebating can be anything of . What is the purpose of a disclosure statement in life insurance policies? B Legal, provided that the other insurers are paid royalties for the usage of their names What policy component contains the company's promise to pay? An insured owns a life insurance policy. This rider usually expires at the insured's age of 40. D Audit or abstract insurance policies or annuities. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral What type of policy does the insured most likely have? Which nonforfeiture option has the highest amount of insurance protection? C Defamation The policyowner is entitled to policy loans. What type of life insurance policy would be best suited to this situation? All the following could be considered rebates if offered to an insured in the sale of insurance except? The requirement that an agent not co-mingle insurance monies with their own fund is known as? The insurer has 15 days to file a notice of producer appointment. What will she need to provide for proof of insurability? Cradle. 90 days. Ownership is the difference between these two companies. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. 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? Convertible without proof of insurability up to the full term death benefit. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Juan is the person employees go to when knowledge of a topic was needed. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? And employee has group life insurance through her employer. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? B 90 days In which instance would the premium be tax deductible? The person or interest to whom the policy proceeds will be paid upon the death of the insured. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. User: 3/4 16/9 Weegy: 3/4 ? D 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. Group life insurance is a single policy written to provide coverage to members of a group. A = 2 5/20 All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. 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. What option would allow her to do this? There is a limit for a withdrawal and the insurer charges a fee. any person acting as an insurance producer without a valid license may be fined up to. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Which of the following is NOT a pathway in the oxidation of glucose. Is a program that assesses and reports information about various computer resources and devices. And employee quits her job where she has a balance of $10,000 in her qualified plan. What is the purpose of a free-look period in insurance policies? B. Defamation. A Rebating. A Defamation She has decided that she would rather use the dividends to help pay for her next premium. A Deals with insurance outside the scope of the license. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. A Producer regulations and testing requirements. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. = 45/20 An insured pays $1,200 annually for her life insurance premium. Telling a client that his first premium will be waived if he purchases the insurance policy today. C Sharing commission with the insured The purpose of the Tennessee Guaranty Association is to. Because of this, the company charged him a higher rate for his insurance. D Unfair Discrimination. What would be the face amount of the new term policy? A Rebating. 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. An agent offers to share his commission with a policyholder. What option does this describe? The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? A$500 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. A 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. B Insurer financial requirements. Which of the following is possible? What statement is correct? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents.