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B 90 days (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. Rebates are allowed if it's in the best interest of the client. The insurer has 15 days to file a notice of producer appointment. A Twisting. C Law of large numbers How do you get to Motion settings on iPhone? B Materially misrepresents an insurance policy. 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? 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. 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. It is the premium paying period that is limited, not the maturity. All of the following are true regarding rebates EXCEPT. C Rebating A Defamation Which two terms are associated directly with the premium? This pays 2 or 3 times the face amount if death is the result of an accident as defined in the policy and occurs within 90 days of such an accident. D False advertising. In a direct rollover, how is the money transferred from one plan to the new one? Confirming future dividends in a life insurance proposal All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What type of annuity is it? 60. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. The producer could be found guilty of C Accidentally misspells the name of the insurance policy in a written communication to a customer. In order for an insurer to legally transact insurance, it must obtain what? A temporary producer license could be issued without examination to all the following EXCEPT? What must be acceptable in order for the ride to be able to waive the payment of premium? What is the advantage of reinstating a policy instead of applying for a new one? 90 days. A 15 All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Number of credits required for fully insured status for Social Security disability benefits? How much would the beneficiary receive from the policy? Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? C 90 days The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. What is not an example of a business use of life insurance? Published by at June 10, 2022. unit 3: personal and business finance grade boundaries. A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? A straight life policy has what type of premium? Beneficiaries do not have to have an insurable interest in the policyholder. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? Life Insurance 3 Flashcards | Chegg.com 1 Answer/Comment. When would a misrepresentation on the insurance application be considered fraud? D$2,000. Who can make a fully deductible contribution to a traditional IRA? The company is guilty of A Payment of restitution Circulating deceptive sales material to the public is what type of Unfair Trade Practice? What can they do? Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com Upon policy delivery, the producer may be required to obtain? Commissioner. A key person insurance policy can pay for which of the following? Which of the following activities is not performed by an insurance producer? 0. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? C$100 D Cancelling individual coverage based on the insured's marital status. A temporary license in this state is valid for a maximum of Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Which of the following has not been taken to court for further interpretation? A Misdemeanor The dividend option that the insured has chosen is called? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. C Solicit business as an insurance producer This practice is considered 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. 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 Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. Search for an answer or ask Weegy. B Illegal A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. D A termination issued by the appointing insurer. What is this an example of? And employee is insured under her employers group life plan. Unintentional misspellings are not a misrepresentation. This year, she did not receive a check fin from the insurer. 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. 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. Company Information; FAQ; Stone Materials. An appointment by an insurer is based upon the person maintaining a valid insurance license. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? What term best describes this arrangement? 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. An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. C$2,000 In which instance would the premium be tax deductible? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. "At the time of the application" is when interest must exist. C A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. How long must an insurer keep a copy of an authorized form in its records? 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. All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? 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 . New answers. 6 2/3 The policy contains the optional Payor Benefit rider. all of the following would be considered rebating except. 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. 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. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. D Misrepresentation. 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? What is the minimum civil fine per violation of the Insurance Code of this state? C Listing the insurance companies the agency represents in a letter If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? Old-age and retirement benefits, disability benefits, death benefits. 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? B An offer to share in commissions generated by the sale. Ultimately, the commissioner determined that there were a total of 25 separate violations. 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. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With Group life insurance is a single policy written to provide coverage to members of a group. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? C Dividends from a mutual insurer. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. What option does this describe? D An insured purchased an insurance policy 5 years ago. This is considered to be an unfair claim settlement practice In level term and increasing term policies, the premium also remains level for the term of the policy. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. All the following could be considered rebates if offered to an insured in the sale of insurance except? The balance is paid out directly to the employee in order for her to move the funds to a new account. 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. C. An insurance company director who performs executive, administrative and managerial duties Which of the following is not a standard mounting dimension for an electric motor? all of the following would be considered rebating except A producer in tensional he violated insurance statues. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. A. C What is the purpose of a free-look period in insurance policies? The policyowner of an adjustable life policy wants to increase the death benefit. 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 must be presented before an applicant submits a premium? 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. He discovered that his policy.. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. must ensure a pair that's benefit claim after receiving the product of death? B Nothing, unless the remarks were in writing Which of the following best describes the unfair trade practices of defamation? Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? all of the following would be considered rebating except. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. What is the official name for the Social Security program? 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? This answer has been confirmed as correct and helpful. C Twisting. What is being defined as the degree to which something is related or useful to what is happening or being talked about? A Applicant must be 18 years old All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. 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 For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are, Amount of coverage is determined according to nondiscriminatory rules, individuals covered, under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? C Charging applicants with similar health histories different premiums based on their ethnicity Flashcards - WA Common Law Practice Exam - FreezingBlue She also wished to retain all of the rights of ownership. 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). 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. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. As it turns out, the answer to this question depends upon a variety of factors. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? Which of the following is NOT a pathway in the oxidation of glucose. C Which of the following is an eligibility requirement for all Social Security disability income benefits? all of the following would be considered rebating except = 45/20 What are examples of a business use of life insurance? I love when a hack helps me to recycle, and makes my life easier. C Dividends from a mutual insurer. An annuity owner is funding an annuity that will supplement her retirement. 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? An insured had a $10,000 term life policy. 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. If a company has a simplified employee pension plan, what type of plant is it? 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. What policy component contains the company's promise to pay? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. What would be the right policy for this client? What is true about beneficiary designations? An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. B$1 Licensed in the state where the individual resides. And employee quits her job where she has a balance of $10,000 in her qualified plan. This practice is considered? An agent's license may also be suspended or revoked. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. D 120 days. A A producer's license is suspended or revoked by the Department of Insurance. = 15 * 3/20 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] all of the following would be considered rebating except 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. A After 5 years, she decides to leave the company and work independently. 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. Home; About Us. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Most horse (1). in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. 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. What does this mean? A 60 days 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? 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). The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? When an insurer's underwriter approves coverage and issues a policy. And insured has a modified endowment contract. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Time during which accumulated money is converted into an income stream. In order to enforce the insurance code the commissioner has the power to conduct which of the following? From what type of insurer did the insured purchase the policy? 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? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? C Sharing commission with the insured Because of this, the company charged him a higher rate for his insurance. If an insurer terminates a producer, the Commissioner will receive a notification. C$1,500 Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. Rebates include money, sharing of commissions, promises, inducements and personal services. A Discrimination. There are several types of whole life polices. 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? Question is All of the following species are considered coliforms Which type of life insurance policy generates immediate cash value? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. 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. The producer could be found guilty of? E The spouse of a deceased insurance producer. B. Twisting. Within how many days of this notification must the producer be sent a copy? A Giving an applicant a $5 pen with the insurer's logo during the insurance application process In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore..