in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. D 120 days. f. Get an answer. All of the following would be considered rebating except An insured committed suicide 6 months after his life insurance policy was issued. 3. This is due to what provision? What is this called? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Commissioner. select one: Which set of characteristics will produce the smallest value for the estimated standard error? 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? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT 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? B A 30 days c) Dividends are not considered to be rebates. Insurers are also not allowed to cancel individual coverage due to a change in marital status. In which of the following situations is it legal to limit coverage based on marital status? "At the time of the application" is when interest must exist. 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. How are contributions to a tax-sheltered annuity treated with regards to taxation? What dividend option could she use? The insured knows that his financial state will worsen even more with upcoming medical expenses. D$5,000. Whenever an individual stops drinking, the BAL will ________________. C Consists of completing 24 hours of CE each biennium. 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. The death protection component of Universal Life Insurance is always.. A return of Premium term life policy is written as what type of term coverage? 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. Follow the following are true of the federal tax advantages of a qualified plan. All of the following actions are considered rebating except The purpose of the Tennessee Guaranty Association is to. B 3 days 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 happens when a policy is surrendered for its cash value? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? 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] Discrimination. The soon-to-be producer does not want to wait until he receives his license in order to begin working. A corporation is the owner and beneficiary of the key person life policy. 60 days. C$1,500 [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer Juan is the person employees go to when knowledge of a topic was needed. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. Each of the following statements may (or may not) describe one of these technical terms. A Concealment. D 10 days. B 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. The minimum age at which a person can sign a life insurance application is. Which of the following has not been taken to court for further interpretation? What statement is true concerning buy-sell agreements? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. C Defamation B Applies to life, annuity, and accident and health licensees only. = 15 * 3/20 D 30 days. Variable life insurance is based on what kind of premium? A In the preceding 12 months. D. Coercion and intimidation. Missouri Statutes, Rules, and Regulations common to all lines *revised And insured has a modified endowment contract. B An insured pays $1,200 annually for her life insurance premium. What type of policy is this? C Rebating 180 days. D 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. This practice is considered? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. The agent is guilty of? must ensure a pair that's benefit claim after receiving the product of death? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? 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 comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? 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). 6 2/3 D Slandering. D Inviting prospective clients to the grand opening of the producer's new office. 1 to 50. In return, the insurer promised to pay benefits in accordance with the terms of the contract. B Mailing an agency brochure to a prospective client Each agent must pay a $5 appointment fee to the Commissioner. B 7 days C Dividends from a mutual insurer. What type of annuity is it? Michigan's continuing education requirement has each of the following characteristics EXCEPT The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? When is the earliest a policy may go into effect? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. = 45/20 C Class C violation Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com A tax-sheltered annuity is a special tax-favored retirement plan available to. C Cease and desist order C Dividends from a mutual insurer. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. In this state, a temporary license may be issued for any of the following reasons EXCEPT. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. A Adverse selection Within how many days does a licensee have to inform the Commissioner of a change of address? B Undercutting An agent's license may also be suspended or revoked. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. This rider will not cause the death benefit to increase. Commissioner. 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 . 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 balance is paid out directly to the employee in order for her to move the funds to a new account. A. Misrepresentation. Which of the following persons is required to hold a producer license? D Must be completed by all licensed resident and nonresident producers. If a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. C A legal advertising strategy All paid by the time the insured reaches age 65. What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? The Insurance Department regulations are to protect the insurance-buying public. C Defamation. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? C Coercion. d) Rebates are allowed if it's in the best interest of the client. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. Which statement best defines an insurance producer? D Surplus lines. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Unintentional misspellings are not a misrepresentation. = 15 ? What describes the tax advantage of a qualified retirement plan? An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. Which is NOT required of an applicant for an insurance license in Michigan? Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT If the producer continues to violate the entrance code, I knew so penalty will be assessed every? M may perform all of the following duties EXCEPT. In order for an insurer to legally transact insurance, it must obtain what? Added 149 days ago|10/30/2021 2:46:29 PM. B Discriminating in benefits and coverages based on the insured's habits and lifestyle D Rebating. 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 banker is ready to close on a customer's loan. What is the result of this? B$1,000 D Collecting a lower premium than what's specified in a policy as a token of client appreciation. Question is All of the following species are considered coliforms Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. B At least 3 hours must cover ethics. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral 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? What is true? The producer could be found guilty of? NAIC. A Unfair claims If an individual licensee's violation of the entrance code was known or should have been down by one or more of the partners, officers, or managers of the agency, what could happen to agency? Mutual-policyholders; Stock-stockholders. Within how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? C Twisting. What is the advantage of reinstating a policy instead of applying for a new one? The requirement that an agent not co-mingle insurance monies with their own fund is known as? All of the following would be considered rebating except. When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. A rebate is a type of purchasing discount that is paid as a reduction. B. Defamation. Published by at June 10, 2022. Autotrophs (like plants) produce glucose during photosynthesis. What is the primary purpose of a 401(k) plan? 30 b) Rebating can be anything of economic value, given as an inducement to buy. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? 10 czerwca 2022 . What is true of the cash surrender nonforfeiture option? D.the spouse of a retiring insurance producer 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. To combat the Where is heavy cream in Walmart? B Twisting D Producer commission schedules. A. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. B Advertise & solicit business as an insurance counselor or consultant If the father becomes disabled, what will happen to the life insurance premiums? However, once there is solicitation, a license is required. An annuity owner is funding an annuity that will supplement her retirement. Will result in having to pay the highest premium due to health, history, habits, etc. A 15 All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? B Nothing, unless the remarks were in writing D Any time in the past. a constant a term a variable an expression. D Controlled business. B. Twisting. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following statements about the reinstatement provision is true? ________________ are owned and controlled by their policyholders. A candidate for life insurance producer's license must complete how many hours of prelicensing education? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. An individual has been making periodic payments on an annuity. What brand of castor oil is best for hair? She has decided that she would rather use the dividends to help pay for her next premium. A$500 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? What is true concerning a buy-sell agreement? C 90 days D Unfair Discrimination. 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. -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. An insured had a continuous premium whole life policy. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. What is the total, monetary penalty this producer can expect to receive? Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Added 30 days ago|10/30/2021 2:46:29 PM. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. 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. C$2,000 This answer has been confirmed as correct and helpful. If she terminates her group coverage, what is true? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. C Accidentally misspells the name of the insurance policy in a written communication to a customer. As it turns out, the answer to this question depends upon a variety of factors. B Nonresident In Connecticut, continuing education courses must be approved by the. A Illegal until endorsed by the Guaranty Association 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. His wife dies 10 years later. C Solicit business as an insurance producer COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. 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