New answers. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What is the maximum fine for submitting a false or fraudulent claim to the insurer? All Of The Following Are True Regarding Rebates Except Any surplus money is returned to the policyholders as dividends. A What statement about a suicide clause in a life insurance policy is true? In level term and increasing term policies, the premium also remains level for the term of the policy. B Applies to life, annuity, and accident and health licensees only. 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. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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? 3. Within how many days does a licensee have to inform the Commissioner of a change of address? C 90 days What is true concerning a buy-sell agreement? A Cannot be extended or waived under any circumstances. A Rebating is an unfair trade practice and is regulated by law. All of 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. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. A salaried full-time employee who furnishes information for group insurance Michigan's continuing education requirement has each of the following characteristics EXCEPT What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? What option could the insured utilize? C A legal advertising strategy D An offer of employment. The balance is paid out directly to the employee in order for her to move the funds to a new account. B. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. D An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. D 10 days. 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? 30 days. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? Question. A Concealment. This practice is considered All of the following are true regarding rebates - Course Hero A person whose activities are limited to producing insurance advertisements Unless revoked or suspended how long does a producers license remain in effect in Tennessee? Updated 10/30/2021 2:46:29 PM. What is the minimum required age for an insurance producer in this state? She would likely purchase a(n)? When would a misrepresentation on the insurance application be considered fraud? B 60 days C Coercion. A key person insurance policy can pay for which of the following? What is the purpose of a disclosure statement in life insurance policies? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? C$1,500 And employee has group life insurance through her employer. What option does this describe? 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 would be the right policy for this client? All of the following would be considered rebating except Paid cash to cover desk purchased on account. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. A Unfair claims A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. What is being defined as the degree to which something is related or useful to what is happening or being talked about? What describes the tax advantage of a qualified retirement plan? B Suspension of authority 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? C Controlled business. C Fine C Accidentally misspells the name of the insurance policy in a written communication to a customer. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. The producer could be found guilty of? What happens when a policy is surrendered for its cash value? 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. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. What dividend option could she use? 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? The integer 4 is considered all of the following except a variable. C. the employee of a disabled licensed a producer D Stop action order. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. juan holds ________ power. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? Convertible without proof of insurability up to the full term death benefit. The policyowner may assign a part of the policy or the entire policy. A Discrimination. Commissions are set by a schedule or negotiation between the producer and the insurance company. B. Defamation. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? 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. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . C Dividends from a mutual insurer. Added 30 days ago|10/30/2021 2:46:29 PM. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? How are contributions to a tax-sheltered annuity treated with regards to taxation? C Listing the insurance companies the agency represents in a letter 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. Ultimately, the commissioner determined that there were a total of 25 separate violations. D The passing of a written examination. Group life insurance is a single policy written to provide coverage to members of a group. As the local coffee shop is just initiating the segmentation and targeting process, what has . C Rebating. 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 cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. C Cease and desist order 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. Thanks for choosing us. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. What are examples of a business use of life insurance? A key person insurance policy can pay for what? What is true about beneficiary designations? What policy component contains the company's promise to pay? Correct Answer: A. A. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. A Illegal until endorsed by the Guaranty Association From what type of insurer did the insured purchase the policy? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? The premiums paid by the employer in a business life insurance policy are. = 15 ? A Adverse selection What brand of castor oil is best for hair? 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. What source will it consult for the majority of its underwriting information? Search for an answer or ask Weegy. Describe the relationship between potential difference and electrical potential energy. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. A banker is ready to close on a customer's loan. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. All of the following would be considered rebating except. In life insurance policies, cash value increases. This is called.. In this situation, a licensee would have to apply for a resident's license within 90 days. A. Time during which accumulated money is converted into an income stream. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? C Charging applicants with similar health histories different premiums based on their ethnicity I no the truth.Ans: I know the truth.(2). He discovered that his policy.. Rebates are allowed if it's in the best interest of the client. If an insurer terminates a producer, the Commissioner must be notified. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? 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 False advertising. select one: Which set of characteristics will produce the smallest value for the estimated standard error? The agent is guilty of? In a life settlement contract, whom does the life settlement broker represent? 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. 180 days. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. D False financial statement. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. 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. D Coercion. A$500 Synonym for a substandard risk classification. 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. What does this mean to the beneficiaries? And insured has a modified endowment contract. D Any time in the past. What would be the face amount of the new term policy? 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. D Adverse selection. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. When would a 20-pay whole life policy endow? Flashcards - Connecticut Insurance Test 2021 - FreezingBlue Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. What is the purpose of establishing the target premium for a universal life policy? a constant a term a variable an expression. f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. 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 . What best describes what will happen? The policy contained an accidental death rider, offering a double indemnity benefit. Which of the following would be required to be licensed as an insurance producer? Taxation on dividends in participating policies? Which of the following is NOT a pathway in the oxidation of glucose. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? D Misrepresentation, How much is an agent's appointment fee? Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. A rebate is a type of purchasing discount that is paid as a reduction. Asked 10/30/2021 2:23:39 PM. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. D.the spouse of a retiring insurance producer C Limited lines 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? A. What option would allow her to do this? B. Twisting. D Audit or abstract insurance policies or annuities. The protocol for replacement does not apply to which of the following situations? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Death benefits payable to a beneficiary under a life insurance policy are generally. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. 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 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? When does the policy coverage become effective? If an insurer terminates a producer, the Commissioner will receive a notification. 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 would NOT have a policy loans provision? C Defamation. What is the result of this? 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. In order to enforce the insurance code the commissioner has the power to conduct which of the following? 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. 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. Who can make a fully deductible contribution to a traditional IRA? The dividend option that the insured has chosen is called? Which of the following is possible? all of the following would be considered rebating except 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? Most horse (1). C An insured misstates her age at the time the life insurance application is taken. After 5 years, she decides to leave the company and work independently. D. Sexual orientation. B 90 days = 2 1/4. Formula: (Ann . A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. B 30 Missouri Statutes, Rules, and Regulations common to all lines *revised When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? 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? B Criminal offense All of the following would be considered rebating except 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. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? 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 Which policy provision allows this? Vscode No server install found in WSL, needs x64. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Cash surrender, extended term, reduced paid-up. How many days does the insurer have to deliver this notice? Which of the following would be considered false advertising? What type of policy is this? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. D Unfair Discrimination. A candidate for life insurance producer's license must complete how many hours of prelicensing education? 1 Answer/Comment. Upon policy delivery, the producer may be required to obtain? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Which of the following would be required to be licensed as an insurance producer? Rebates are allowed if it's in the best interest of the client. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Which of the following best describes this act?