What must be acceptable in order for the ride to be able to waive the payment of premium? Company Information; FAQ; Stone Materials. C Which is NOT required of an applicant for an insurance license in Michigan? The regulation of the insurance industry primarily rest with. A licensed counselor MAY NOT perform which of the following duties? D A license to practice law. 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. Which policy component decreases in decreasing term insurance? He discovered that his policy.. The insured had his wife named as the beneficiary of his life insurance policy. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? C Class C violation The integer 4 is considered all of the following except _____. E The spouse of a deceased insurance producer. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. Confirming future dividends in a life insurance proposal C Controlled business. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral Once the policyholder opts for cash surrender, the policy is immediately inactive. Term used to name the no taxes return of unused premiums? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. What type of annuity is it? B An offer to share in commissions generated by the sale. D Adverse selection. A In the preceding 12 months. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. D An offer of employment. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. A rebate is a type of purchasing discount that is paid as a reduction. In return, the insurer promised to pay benefits in accordance with the terms of the contract. However, once there is solicitation, a license is required. B Thanks for choosing us. 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. A domestic insurer issuing variable contracts must establish one or more.. B. Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. 90 days. C 90 days She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. B. Why is an equity Indexed annuity considered to be a fixed annuity? 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? The requirement that an agent not co-mingle insurance monies with their own fund is known as? This practice is considered Which of the following would be required to complete pre-licensing education? Which of the following would be required to be licensed as an insurance producer? If she terminates her group coverage, what is true? From what type of insurer did the insured purchase the policy? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. What is the term for how frequently a policyowner is required to pay the policy premium? Which of the following is not a standard mounting dimension for an electric motor? What type of insurance policy would perform the function of cash accumulation? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? 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 following areas are regulated by the Insurance Department EXCEPT What type of license should the producer obtain? Age What type of insurance policy may be used to fund this agreement? Which of the following statements about the reinstatement provision is true? 1 to 50. Rating. I love when a hack helps me to recycle, and makes my life easier. And employee quits her job where she has a balance of $10,000 in her qualified plan. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process An insured pays $1,200 annually for her life insurance premium. A father owns a life insurance policy on his 15-year-old daughter. 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 What license or licenses are required to sell variable life annuities? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. b) Rebating can be anything of economic value, given as an inducement to buy. A Temporary What does this mean? In a life settlement contract, whom does the life settlement broker represent? What can they do? 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? C The premiums paid by the employer in a business life insurance policy are. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. Which type of life insurance policy generates immediate cash value? What must be presented before an applicant submits a premium? All of the following are penalties for submitting fraudulent claims to the insurer 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. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? A Discrimination. How are contributions to a tax-sheltered annuity treated with regards to taxation? B Coercion. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. 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. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. C Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? Which policy provision allows this? Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. A Whenever an individual stops drinking, the BAL will ________________. Who is the main purpose of the seven-pay test? C It requires satisfactory completion of at least 24 hours of approved training every biennium. Rebates are allowed if it's in the best interest of the client. 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? As it turns out, the answer to this question depends upon a variety of factors. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. An out-of-state producer wants to start selling insurance in this state. In which of the following situations is it legal to limit coverage based on marital status? B 7 days D Any time in the past. This is called.. 10 czerwca 2022 . There is a limit for a withdrawal and the insurer charges a fee. 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 90 days To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is executed? B An offer to share in commissions generated by the sale. all of the following would be considered rebating except Follow us. As the local coffee shop is just initiating the segmentation and targeting process, what has . ________________ are owned and controlled by their policyholders. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? 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 order to enforce the insurance code the commissioner has the power to conduct which of the following? Each of the following statements may (or may not) describe one of these technical terms. D Slandering. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? Question. If the corporation collect the policy benefit, then. The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. B At least 3 hours must cover ethics. Within how many days of this notification must the producer be sent a copy? 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. Added 149 days ago|10/30/2021 2:46:29 PM. 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. What is true about beneficiary designations? Shopping for electric motors can be tricky. 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 Eligibility requirements for a license are established by the Insurance Code. select one: Which set of characteristics will produce the smallest value for the estimated standard error? The president of a company is starting an annuity and decides that his corporation will be the annuitant. NAIC. 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. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Juan is the person employees go to when knowledge of a topic was needed. D Rebating. How many days does the insurer have to deliver this notice? Within how many days does a licensee have to inform the Commissioner of a change of address? What is true of the cash surrender nonforfeiture option? Which statement best defines an insurance producer? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Is a program that assesses and reports information about various computer resources and devices. The person or interest to whom the policy proceeds will be paid upon the death of the insured. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Number of credits required for fully insured status for Social Security disability benefits? He never remarried and dies at age 61, leaving 2 grown-up children. A$500 If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. C Listing the insurance companies the agency represents in a letter A. Misrepresentation. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. During replacement of life insurance, or replacing ensure musky which of the following? Part 2 of the application for life insurance provides questions regarding all of the following.. Paid cash to cover desk purchased on account. 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. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? B Suspension of authority He's insured under a life insurance policy with the accelerated benefits rider. D D Engages in fraud. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. Your email address will not be published. What is true regarding a non-qualified retirement plan? 3. D. Sexual orientation. Asked 11/28/2019 3:15:17 PM. An employee quits her job where she has a balance of $10,000 in her qualified plan. 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. D Controlled business. What is the total, monetary penalty this producer can expect to receive? What percentage of a company's employees must take part in a noncontributory group life plan? What option could the insured utilize? Cradle. 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 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. = 15 * 3/20 If an insured withdraws a portion of the death benefit by the use of this rider, the benefit payable at death will be reduced by that amount plus.. What relationship is not an example of insurable interest? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. C$100 Until now, she has collected a nontaxable dividend check each year. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. The integer 4 is considered all of the following except a variable. When would a misrepresentation on the insurance application be considered fraud? D$2,000. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? And employee has group life insurance through her employer. D Unfair Discrimination. Correct Answer: A. An individual has been making periodic payments on an annuity. A Defamation B Discriminating in benefits and coverages based on the insured's habits and lifestyle Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. 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? D 120 days. Which of the following acts would not get an insurance producer terminated "for cause"? In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. All the following would be considered an unfair and deceptive practice. 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? The protocol for replacement does not apply to which of the following situations? What information will be stated in the consideration clause of a life insurance policy? 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? What statement is correct? How do you get to Motion settings on iPhone? 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. What is true concerning a buy-sell agreement? D.the spouse of a retiring insurance producer She also wished to retain all of the rights of ownership. When would a 20-pay whole life policy endow? A C. Address The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. = 2 1/4. A Misdemeanor C Rebating. Categories . 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. 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? Which of the following is possible? B. Twisting. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. An insured has chosen joint and 2/3 survivor as the settlement option. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. = 2 5/20 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. Corporation is the owner and beneficiary of the key person life policy. What required provision protects against unintentional lapse of the policy? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Death benefits payable to a beneficiary under a life insurance policy are generally. B Mailing an agency brochure to a prospective client An annuity owner is funding an annuity that will supplement her retirement. What are the two components of a universal policy? D False financial statement. Because of this, the company charged him a higher rate for his insurance. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. Cash surrender, extended term, reduced paid-up. D Group life insurance is a single policy written to provide coverage to members of a group. What brand of castor oil is best for hair? D Surplus lines. Attorney General. C Coercion. The Insurance Department regulations are to protect the insurance-buying public. An insured has a life insurance policy from a participating company and receives quarterly dividends. C Dividends from a mutual insurer. Log in for more information. You dont have to worry about it anymore. A key person insurance policy can pay for which of the following? What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. D A termination issued by the appointing insurer. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? The insurer's surrender the policy at its current cash value. A Applicant must be 18 years old B A reasonable understanding of the Michigan insurance code Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? B Twisting C$2,000 If the producer continues to violate the entrance code, I knew so penalty will be assessed every? In which instance would the premium be tax deductible? A Assigning different risk classifications to applicants based on gender identity A straight life policy has what type of premium? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation A. What is not an example of a business use of life insurance? An agent who offers a cash reward to a prospect for buying a policy is guilty of. What option would allow her to do this? Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. 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? To combat the Where is heavy cream in Walmart? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. baja fresh queso recipe; Tags . If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? When an insurer's underwriter approves coverage and issues a policy. Insurers are also not allowed to cancel individual coverage due to a change in marital status. 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? D Inviting prospective clients to the grand opening of the producer's new office. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity This answer has been confirmed as correct and helpful. D Imprisonment. If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. D Coercion. What is the purpose of establishing the target premium for a universal life policy? The applicant must file a certificate of completion of the prelicensing courses taken to prove that the courses were not taken more than 12 months before the Commissioner received the application. 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} Ownership is the difference between these two companies. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Y was killed in an automobile accident on August 22, before the policy was issued. d) Rebates are allowed if it's in the best interest of the client. Vscode No server install found in WSL, needs x64. 60 days. A Discrimination. Most horse (1). B A new Commissioner or Director is put into office. 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. 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? C Limited lines juan holds ________ power. The policyowner is entitled to policy loans.