D Audit or abstract insurance policies or annuities. What is not an example of a business use of life insurance? 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 May be structured to allow for specific additional amounts of insurance to be purchased at specific ages, dates, and events without proving insurability; however, the coverage is purchased at the insured's attained age and the maximum allowable purchase is specified in the base policy. 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? This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Published by at June 10, 2022. 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? The requirement that an agent not co-mingle insurance monies with their own fund is known as? A Which of the following persons is required to hold a producer license? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? C 90 days A. Cradle. Any surplus money is returned to the policyholders as dividends. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. B A new Commissioner or Director is put into office. Minimum number of credits required for partially insured status for Social Security disability benefits is. Log in for more information. Thanks for choosing us. C Coercion. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. C Twisting Formula: (Ann . a constant a term a variable an expression. C$1,500 This is a personal use of life insurance known as.. = 2 5/20 Search for an answer or ask Weegy. User: 3/4 16/9 Weegy: 3/4 ? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. C Solicit business as an insurance producer Group life insurance is a single policy written to provide coverage to members of a group. D Adverse selection. A 30 days A Applicant must be 18 years old Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. A Stocks, securities, or bonds. What type of annuity is it? Which policy component decreases in decreasing term insurance? She also wished to retain all of the rights of ownership. all of the following would be considered rebating except Follow us. 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? Which of the following is not a standard mounting dimension for an electric motor? A Illegal until endorsed by the Guaranty Association Which of the following is a true statement regarding taxation of the accelerated benefits? Added 149 days ago|10/30/2021 2:46:29 PM. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. The policyowner is entitled to policy loans. What employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? In this state, what type of violation is rebating? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? What determines the amount of each installment paid in a life income option arrangement? Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. Within how many days does a licensee have to inform the Commissioner of a change of address? All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. all of the following would be considered rebating except. The policyowner may assign a part of the policy or the entire policy. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. Up to 12 excess credit hours of CE may be carried over to the next review period. B At least 3 hours must cover ethics. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. Last year, she received a dividend check from the insurance company that was not taxable. C Rebating. What is this called? Your email address will not be published. NAIC. c) An offer of employment. 10 czerwca 2022 . An insured misstates her age at the time the life insurance application is taken. 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. 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. Log in for more information. B Coercion For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. 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? 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. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Attorney General. If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? B 3 days Vscode No server install found in WSL, needs x64. On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. The insured knows that his financial state will worsen even more with upcoming medical expenses. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? A Defamation D Felony. 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 are examples of a business use of life insurance? Paid cash to cover desk purchased on account. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? B Coercion. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? What must be acceptable in order for the ride to be able to waive the payment of premium? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. D Surplus lines. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. C Sharing commission with the insured 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? What relationship is not an example of insurable interest? D D Slandering. D. Sexual orientation. Autotrophs (like plants) produce glucose during photosynthesis. B Community service An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. 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. Y was killed in an automobile accident on August 22, before the policy was issued. And insured has a modified endowment contract. 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. C 12 months 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? An individual has been diagnosed with Alzheimer's disease. A Cannot be extended or waived under any circumstances. Which of the following is NOT a pathway in the oxidation of glucose. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. All of the following would be considered rebating except. C. Rebating. A person whose activities are limited to producing insurance advertisements What is true about beneficiary designations? What is true regarding a non-qualified retirement plan? The following areas are regulated by the Insurance Department EXCEPT New answers. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? The advantage of qualified plans to employers is. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. 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). If an insured continually uses the automatic premium loan option to pay the policy premium. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Unintentional misspellings are not a misrepresentation. C Illegal under any circumstances Only any excess of value is taxable as income. Mutual-policyholders; Stock-stockholders. 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? In a direct rollover, how is the money transferred from one plan to the new one? If an insurer terminates a producer, the Commissioner must be notified. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? Question. Number of credits required for fully insured status for Social Security disability benefits? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. What option could the insured utilize? A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. 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. all of the following would be considered rebating except. 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? In this case, the insurance company will Must be delivered along with the policy and will provide the producer's name & address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value & death benefit figures for specific policy years. Group life insurance is a single policy written to provide coverage to members of a group. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? This answer has been confirmed as correct and helpful. The policyowner of an adjustable life policy wants to increase the death benefit. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A$500 Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans? C It requires satisfactory completion of at least 24 hours of approved training every biennium. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Discrimination. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity A A good business reputation and good moral character. D. Coercion and intimidation. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. What amount would his beneficiary receive as a settlement? 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. Juan is the person employees go to when knowledge of a topic was needed. If a company has a simplified employee pension plan, what type of plant is it? C An annuity owner is funding an annuity that will supplement her retirement. What is being defined as the degree to which something is related or useful to what is happening or being talked about? Each of the following statements may (or may not) describe one of these technical terms. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? A 60 days If the producer continues to violate the entrance code, I knew so penalty will be assessed every? After 5 years, she decides to leave the company and work independently. Rating. A A producer's license is suspended or revoked by the Department of Insurance. ________________ are owned and controlled by their policyholders. It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. What is the purpose of a fixed-period settlement option? Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Telling a client that his first premium will be waived if he purchases the insurance policy today. A father owns a life insurance policy on his 15-year-old daughter. B. Defamation. The policy contains the optional Payor Benefit rider. juan holds ________ power. What is this an example of? Term used to name the no taxes return of unused premiums? 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. 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. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. Home; About Us. 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. 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.. What describes the tax advantage of a qualified retirement plan? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. D Producer commission schedules. All of the following would be considered to be rebating EXCEPT. D The passing of a written examination. What is this an example of? Which of the following would be considered false advertising? Commissioner. B Insurer financial requirements. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone 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.
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