D What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Which of the following would be required to be licensed as an insurance producer? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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. Required by state law to be included in the policy, and cannot be altered by the policyowner. In this situation, a licensee would have to apply for a resident's license within 90 days. What is the minimum civil fine per violation of the Insurance Code of this state? Which of the following is not a standard mounting dimension for an electric motor? 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? Gender An appointment by an insurer is based upon the person maintaining a valid insurance license. What characteristic makes whole life permanent protection? How much would the beneficiary receive from the policy? How long must an insurer keep a copy of an authorized form in its records? Which two terms are associated directly with the premium? Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. In which of the following situations is it legal to limit coverage based on marital status? 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. B$1,000 B$1 Which of the following terms best describes the advertisement? He discovered that his policy.. B. 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 all of the following would be considered rebating except. An employee quits her job where she has a balance of $10,000 in her qualified plan. E The spouse of a deceased insurance producer. A. B Nonresident 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? A$500 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. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. A A good business reputation and good moral character. 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. 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. If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? D Inviting prospective clients to the grand opening of the producer's new office. Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] A domestic insurer issuing variable contracts must establish one or more.. The designee of a producer that is called to active service with the Navy. New answers. Autotrophs (like plants) produce glucose during photosynthesis. 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. Which of the following provisions would NOT be found in Term Life Insurance? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. B Discrimination In this case, what will the policy beneficiary receive? What is this called? The president of a company is starting an annuity and decides that his corporation will be the annuitant. A Rebating. B Discriminating in benefits and coverages based on the insured's habits and lifestyle What is the term for how frequently a policyowner is required to pay the policy premium? There are just too many details and specifications which you must be certain of when looking for one. C Illegal under any circumstances What type of insurance policy may be used to fund this agreement? Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. D Rebating. Variable life insurance is based on what kind of premium? What source will it consult for the majority of its underwriting information? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except 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 . 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? Commissioner. D A license to practice law. D Audit or abstract insurance policies or annuities. 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? 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. A producer in tensional he violated insurance statues. This is a personal use of life insurance known as. 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. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? 1 Answer/Comment. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? B Stock Company What amount would his beneficiary receive as a settlement? This practice is considered Who can make a fully deductible contribution to a traditional IRA? What is true concerning a buy-sell agreement? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? B Employer contributions made to a qualified plan.. Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. What is this an example of? D False advertising. The balance is paid out directly to the employee in order for her to move the funds to a new account. B Illegal What best describes what will happen? What type of insurance policy would perform the function of cash accumulation? C Twisting. 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. The insured knows that his financial state will worsen even more with upcoming medical expenses. Follow the following are true of the federal tax advantages of a qualified plan. An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. What is true of the cash surrender nonforfeiture option? The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? Corporation is the owner and beneficiary of the key person life policy. Which of the following will NOT be considered unfair discrimination by insurers? All of the following would be considered rebating except. D$5,000. B Nothing, unless the remarks were in writing Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? The integer 4 is considered all of the following except a variable. Most horse (1). D Engages in fraud. 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 banker is ready to close on a customer's loan. A Concealment. Define electric potential and electric potential energy. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. What policy would have an IRS required corridor or gap between the cash value and the death benefit? A In the preceding 12 months. All of the following would be considered to be rebating EXCEPT. C. Address What can they do? 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. What would be the face amount of the new term policy? Log in for more information. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A Cannot be extended or waived under any circumstances. What is the purpose of a free-look period in insurance policies? 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. When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. 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. Eligibility requirements for a license are established by the Insurance Code. What dividend option could she use? B 7 days To combat the Where is heavy cream in Walmart? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. A Defamation What is true about beneficiary designations? Each of the following statements may (or may not) describe one of these technical terms. A Twisting. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. Which policy component decreases in decreasing term insurance? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. D$2,000. The accelerated benefits provision for an early payment of the death benefit when the insured.. An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? There are several types of whole life polices. The ownership provision entitles the policyowner to do what? Attorney General. A This year, she did not receive a check fin from the insurer. = 2 5/20 M may perform all of the following duties EXCEPT. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. What are examples of a business use of life insurance? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. C Rebating A. 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. A Deals with insurance outside the scope of the license. Michigan's continuing education requirement has each of the following characteristics EXCEPT If the producer continues to violate the entrance code, I knew so penalty will be assessed every? C Defamation. This is considered to be false, deceptive or misleading advertising. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Why is an equity Indexed annuity considered to be a fixed annuity? A temporary producer license could be issued without examination to all the following EXCEPT? B C 90 days Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. B. Defamation. In Connecticut, continuing education courses must be approved by the. An Insurer wants to begin underwriting procedures for an applicant. Which of the following would be considered false advertising? This is due to what provision? 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? 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. Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. B Community service D 10. D 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? 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). What type of license should the producer obtain? This answer has been confirmed as correct and helpful. Minimum number of credits required for partially insured status for Social Security disability benefits is. Old-age and retirement benefits, disability benefits, death benefits. A Illegal until endorsed by the Guaranty Association If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A Applicant must be 18 years old Which nonforfeiture option has the highest amount of insurance protection? D If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? Which of the following acts would not get an insurance producer terminated "for cause"? Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? A table showing the nonforfeiture values for the next 20 years must be included in the policy. When an insurer's underwriter approves coverage and issues a policy. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? This rider will not cause the death benefit to increase. What type of life insurance policy would be best suited to this situation? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Which of the following is a true statement regarding taxation of the accelerated benefits? Y was killed in an automobile accident on August 22, before the policy was issued. C Dividends from a mutual insurer. C Class C violation in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. User: 3/4 16/9 Weegy: 3/4 ? Will result in having to pay the highest premium due to health, history, habits, etc. 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? Expert answered|GaelM|Points 4547| Log in for more information. D Surplus lines. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. What is the maximum fine for submitting a false or fraudulent claim to the insurer? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. He's insured under a life insurance policy with the accelerated benefits rider. In order to enforce the insurance code the commissioner has the power to conduct which of the following? The policy endows when the insured turns 100. 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. 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. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. c) Dividends are not considered to be rebates. An insured pays an annual premium to his insurer. 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 premiums paid by the employer in a business life insurance policy are. 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. C What happens when a policy is surrendered for its cash value? d) Rebates are allowed if it's in the best interest of the client. A Restriction of authority The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. A Rebating. The purpose of the Tennessee Guaranty Association is to. The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. All of the following are true regarding rebates EXCEPT. Question. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? C A producer's license expires and is not renewed. Vscode No server install found in WSL, needs x64. D Slandering. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? In a direct rollover, how is the money transferred from one plan to the new one? What is the name of the insured who enters into a viatical settlement. all of the following would be considered rebating except. It is never legal to limit coverage based on marital status. What information will be stated in the consideration clause of a life insurance policy? You dont have to worry about it anymore. An insured has chosen joint and 2/3 survivor as the settlement option. Which of the following statements about the reinstatement provision is true? And employee quits her job where she has a balance of $10,000 in her qualified plan. Search for an answer or ask Weegy. Asked 11/28/2019 3:15:17 PM. 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 classifications of net assets reported in the statement of financial position by private colleges? She has decided that she would rather use the dividends to help pay for her next premium. 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. A$500 And employee has group life insurance through her employer. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. D False advertising. An insured receives an annual life insurance dividend check. The company also guarantees the specified dollar amount for each payment and the length of the payout period. What would be the right policy for this client? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). A Producer regulations and testing requirements. Commissions are set by a schedule or negotiation between the producer and the insurance company. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? How do you get to Motion settings on iPhone? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. This is called.. D. Commissioner. Rebates are allowed if it's in the best interest of the client. 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 minimum age at which a person can sign a life insurance application is. C 12 months The insurer's surrender the policy at its current cash value. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. The soon-to-be producer does not want to wait until he receives his license in order to begin working. 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. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Age 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. Rating. must ensure a pair that's benefit claim after receiving the product of death? His wife dies 10 years later. Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. A corporation is the owner and beneficiary of the key person life policy. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? Home; About Us. 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? D A termination issued by the appointing insurer. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. This is a personal use of life insurance known as.. -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. B Mailing an agency brochure to a prospective client In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? She also wished to retain all of the rights of ownership. D 120 days. A Assigning different risk classifications to applicants based on gender identity D Misrepresentation. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. D Adverse selection. D Which of the following is possible? As the local coffee shop is just initiating the segmentation and targeting process, what has . C An insured misstates her age at the time the life insurance application is taken. Thanks for choosing us. The Insurance Department regulations are to protect the insurance-buying public. C Fine Describe the relationship between potential difference and electrical potential energy. B 60 days C Misrepresentation 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? What option does this describe? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. Annuities can also be used to.. Asked 10/30/2021 2:23:39 PM. An agent who offers a cash reward to a prospect for buying a policy is guilty of. 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. C Cease and desist order A father owns a life insurance policy on his 15-year-old daughter. B C Accidentally misspells the name of the insurance policy in a written communication to a customer. User: She worked really hard on the project. Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? 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. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? C. An insurance company director who performs executive, administrative and managerial duties A key person insurance policy can pay for what? What is the purpose of establishing the target premium for a universal life policy? A tax-sheltered annuity is a special tax-favored retirement plan available to. B An offer to share in commissions generated by the sale. B Coercion Company Information; FAQ; Stone Materials. What required provision protects against unintentional lapse of the policy? On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15.