B. Defamation. 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? The policy contained an accidental death rider, offering a double indemnity benefit. D$2,000. all of the following would be considered rebating except Follow us. 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. A. B Nonresident His wife dies 10 years later. What type of license should the producer obtain? 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. Cradle. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. After five years, she decides to leave the company and work independently. What is the required percentage of participants in a contributory group plan? Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Any surplus money is returned to the policyholders as dividends. Describe the relationship between potential difference and electrical potential energy. "At the time of the application" is when interest must exist. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT A Adverse selection When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? An appointment by an insurer is based upon the person maintaining a valid insurance license. A Discrimination. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. 45 Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. Your email address will not be published. What type of annuity is it? What is the purpose of a fixed-period settlement option? The agent is guilty of? 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. Which of the following acts would not get an insurance producer terminated "for cause"? B Materially misrepresents an insurance policy. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. In this state, a temporary license may be issued for any of the following reasons EXCEPT. In this state, what type of violation is rebating? d) Rebates are allowed if it's in the best interest of the client. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? 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. User: 3/4 16/9 Weegy: 3/4 ? 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. Which of the following persons is required to hold a producer license? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract. 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? B D 2 years. The Insurance Department regulations are to protect the insurance-buying public. In the best interests of the client, rebates are allowed. B Stock Company 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. Mutual-policyholders; Stock-stockholders. Department of Education. The person or interest to whom the policy proceeds will be paid upon the death of the insured. The balance is paid out directly to the employee in order for her to move the funds to a new account. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? Rebates include money, sharing of commissions, promises, inducements and personal services. Employer contributions made to a qualified plan.. D$5. B Which of the following provisions would NOT be found in Term Life Insurance? 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. Ownership is the difference between these two companies. C A Producer regulations and testing requirements. 30 D Coercion. Identify the types of assets assigned to each classification. He dies in a freak accident on June 1. 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. Which of the following would be required to be licensed as an insurance producer? 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? It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. What is the primary purpose of a 401(k) plan? You dont have to worry about it anymore. 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? 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? C Coercion. Licensed, however, not in the state the indivisible resides. B. Twisting. The dividend option that the insured has chosen is called? Published by at June 10, 2022. Upon policy delivery, the producer may be required to obtain? = 2 5/20 If an insured continually uses the automatic premium loan option to pay the policy premium. 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? Asked 10/30/2021 2:23:39 PM. 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. How do you get to Motion settings on iPhone? What dividend option could she use? If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. An insured owns a life insurance policy. If an insurer terminates a producer, the Commissioner will receive a notification. 10 czerwca 2022 . All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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. I love when a hack helps me to recycle, and makes my life easier. In an annuity, the accumulated money is converted into a stream of income during what time period? 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? Requires the entire premium to be paid in one limp sum at the policy's inception. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? 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. B Community service E The spouse of a deceased insurance producer. B Discriminating in benefits and coverages based on the insured's habits and lifestyle He died on February 28. This is a personal use of life insurance known as. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Group life insurance is a single policy written to provide coverage to members of a group. A A producer's license is suspended or revoked by the Department of Insurance. D The passing of a written examination. 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. Cash surrender, extended term, reduced paid-up. C A producer's license expires and is not renewed. Expert answered|GaelM|Points 4547| Log in for more information. He's insured under a life insurance policy with the accelerated benefits rider. B At least 3 hours must cover ethics. Whenever an individual stops drinking, the BAL will ________________. A rebate is a type of purchasing discount that is paid as a reduction. An insured purchased an insurance policy 5 years ago. 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? What is this called? 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. Company Information; FAQ; Stone Materials. The insured knows that his financial state will worsen even more with upcoming medical expenses. D Controlled business. In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. Rating. In life insurance policies, cash value increases. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. Beneficiaries do not have to have an insurable interest in the policyholder. 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} In order for an insurer to legally transact insurance, it must obtain what? D An offer of employment. This is considered to be an unfair claim settlement practice Which of the following is an example of a producer being involved in an unfair trade practice of rebating? 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. 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 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. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. B Undercutting 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. What policy component contains the company's promise to pay? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. All paid by the time the insured reaches age 65. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. B 60 days C Limited lines What statement is correct? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. A key person insurance policy can pay for which of the following? 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 Up to 12 excess credit hours of CE may be carried over to the next review period. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. An insured pays $1,200 annually for her life insurance premium. 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 would be considered rebating except. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. A. Misrepresentation. How long must an insurer keep a copy of an authorized form in its records? Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. Because of this, the company charged him a higher rate for his insurance. D Rebating. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. What is the result of this? D The insurance company discovers at that time that the insured concealed info during the application process. A Concealment. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation Licensed in the state where the individual resides. B Criminal offense Which statement best defines an insurance producer? Variable life insurance is based on what kind of premium? 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? 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).
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