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? She has decided that she would rather use the dividends to help pay for her next premium. Commissioner. B Twisting An Insurer wants to begin underwriting procedures for an applicant. A Rebating. C Policyowner rights and disclosures. All of the following are true regarding rebates EXCEPT. B 90 days The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? C A producer's license expires and is not renewed. Which statement best defines an insurance producer? A Deals with insurance outside the scope of the license. D$2,000. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. The person or interest to whom the policy proceeds will be paid upon the death of the insured. B 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? 0. D Legal, provided that the information can be verified. B 60 days All of the following would be considered to be rebating EXCEPT? Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? What is true concerning a buy-sell agreement? B$1 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. What source will it consult for the majority of its underwriting information? Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. In order to to do that, what may happen? C Defamation. The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. Which of the following individuals could qualify for a temporary insurance license? Nonforfeiture values guarantee which policyowner? A 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. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. C Class C violation 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? C. Address Rebating can be anything of . Juan is the person employees go to when knowledge of a topic was needed. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? A. Misrepresentation. For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? All paid by the time the insured reaches age 65. C 7 Updated 10/30/2021 2:46:29 PM. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? B Misleading advertising. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? D Surplus lines. Added 30 days ago|10/30/2021 2:46:29 PM. D Imprisonment. C Rebating Term used to name the no taxes return of unused premiums? 180 days. Which of the following best describes this act? Which of the following provisions would NOT be found in Term Life Insurance? An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? A 30 days What option does this describe? Vscode No server install found in WSL, needs x64. The company is guilty of I no the truth.Ans: I know the truth.(2). D Inviting prospective clients to the grand opening of the producer's new office. Insurers are also not allowed to cancel individual coverage due to a change in marital status. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. Which of the following best describes the act? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? 1 to 75. A corporation is the owner and beneficiary of the key person life policy. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process 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? A Stocks, securities, or bonds. D Other than the 3 hours of ethics, licensees may take courses in any line. All of the following would be considered to be rebating EXCEPT 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 Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. B Suspension of authority 3. What information will be stated in the consideration clause of a life insurance policy? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? 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? A Applicant must be 18 years old B Legal, provided that the other insurers are paid royalties for the usage of their names What is not an example of a business use of life insurance? Categories . All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT 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 least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. MI Life Insurance Policy Provisions, Options, Federal Tax Considerations for Health Insuran, Qualified Plans, and Federal Tax Consideratio, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. Employer contributions made to a qualified plan.. Home; About Us. B Applies to life, annuity, and accident and health licensees only. What type of insurance policy may be used to fund this agreement? 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? 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. How could she obtain an individual policy? 60 days. D Audit or abstract insurance policies or annuities. What type of policy is this? What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? baja fresh queso recipe; Tags . An agent offers to share his commission with a policyholder. A Rebating. What is this called? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. What statement about a suicide clause in a life insurance policy is true? Which two terms are associated directly with the premium? Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. 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. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? This practice is considered Question. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? What type of insurance policy would perform the function of cash accumulation? This practice is considered? A temporary license in this state is valid for a maximum of Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? How can she obtain an individual policy? This is considered to be an unfair claim settlement practice What would be the face amount of the new term policy? And insured has a modified endowment contract. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. What type of license should the producer obtain? A. In a direct rollover, how is the money transferred from one plan to the new one? Which of the following statements about the reinstatement provision is true? He discovered that his policy.. What is the required percentage of participants in a contributory group plan? Identify the types of assets assigned to each classification. C$1,500 Explaining to client the advantages of permanent insurance over term and suggesting changing policies. 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? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. 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. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? If she terminates her group coverage, what is true? D Engages in fraud. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. An insured purchases a policy in 2008 and died in 2013. Asked 10/30/2021 2:23:39 PM. 1 to 50. The producer could be found guilty of A Defamation juan holds ________ power. A straight life policy has what type of premium? C Consists of completing 24 hours of CE each biennium. B 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. Paid cash to cover desk purchased on account. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT 30 New answers. B A reasonable understanding of the Michigan insurance code Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Whenever an individual stops drinking, the BAL will ________________. The policyowner may assign a part of the policy or the entire policy. When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. 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. All of the following events will terminate a producer's certificate of appointment EXCEPT The following are nine technical accounting terms introduced or emphasized in this chapter: ResponsibilitymarginTransferpriceCommonfixedcostsContributionmarginCost-plustransferpriceTraceablefixedcostsPerformancemarginProductcostsCommittedfixedcosts\begin{array}{lll}\text { Responsibility margin } & \text { Transfer price } & \text { Common fixed costs } \\ \text { Contribution margin } & \text { Cost-plus transfer price } & \text { Traceable fixed costs } \\ \text { Performance margin } & \text { Product costs } & \text { Committed fixed costs }\end{array} NAIC. Asked 11/28/2019 3:15:17 PM. Autotrophs (like plants) produce glucose during photosynthesis. If an insured continually uses the automatic premium loan option to pay the policy premium. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? When an insurer's underwriter approves coverage and issues a policy. Confirming future dividends in a life insurance proposal And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. C Sharing commission with the insured A Concealment. D 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. 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). Which of the following would be required to complete pre-licensing education? The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer What statement is correct? What does this mean? What is being defined as the degree to which something is related or useful to what is happening or being talked about? What determines the amount of each installment paid in a life income option arrangement? C Accidentally misspells the name of the insurance policy in a written communication to a customer. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. An insured purchased an insurance policy 5 years ago. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? B B False advertising. He has instructed the company to apply the policy dividends to increase the death benefit.
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