C Dividends from a mutual insurer. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. 1 to 50. 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? D Imprisonment. 90 days. To combat the Where is heavy cream in Walmart? 0. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. 30 days. What is true regarding a non-qualified retirement plan? 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. An insured owns a life insurance policy. The president of a company is starting an annuity and decides that his corporation will be the annuitant. Question. What is true of the cash surrender nonforfeiture option? What term best describes this arrangement? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? 180 days. And employee is insured under her employers group life plan. This is considered to be an unfair claim settlement practice 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? A Adverse selection What would be the face amount of the new term policy? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? 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. A Discrimination. What is the other term for the cash payment settlement option? C Policyowner rights and disclosures. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. All of the following would be considered rebating EXCEPT. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. D Other than the 3 hours of ethics, licensees may take courses in any line. B Insurer financial requirements. This is called.. must ensure a pair that's benefit claim after receiving the product of death? What best describes what will happen? What are the two components of a universal policy? What type of insurance policy may be used to fund this agreement? The insurer's surrender the policy at its current cash value. The following areas are regulated by the Insurance Department EXCEPT B Twisting Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. B A new Commissioner or Director is put into office. What policy component contains the company's promise to pay? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. The soon-to-be producer does not want to wait until he receives his license in order to begin working. 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. 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 the following would be considered an unfair and deceptive practice. Number of credits required for fully insured status for Social Security disability benefits? This year, she did not receive a check fin from the insurer. File an application with the Director b. 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 Insurance Department regulations are to protect the insurance-buying public. 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 statements about the reinstatement provision is true? What characteristic makes whole life permanent protection? B 7 days 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? On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What can they do? The policy contained an accidental death rider, offering a double indemnity benefit. C Defamation The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? When does the policy coverage become effective? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Any surplus money is returned to the policyholders as dividends. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer The designee of a producer that is called to active service with the Navy. During replacement of life insurance, or replacing ensure musky which of the following? What is the purpose of establishing the target premium for a universal life policy? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? The requirement that an agent not co-mingle insurance monies with their own fund is known as? In which instance would the premium be tax deductible? A. all of the following would be considered rebating except. Which of the following would be considered false advertising? Death benefits payable to a beneficiary under a life insurance policy are generally. B$1 An individual has been making periodic payments on an annuity. B Coercion. What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? As the local coffee shop is just initiating the segmentation and targeting process, what has . D Surplus lines. What is the result of this? 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 option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? 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.. 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. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Asked 11/28/2019 3:15:17 PM. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. He wants to withdraw some money in order to pay medical bills. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? 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? Nonforfeiture values guarantee which policyowner? A Deals with insurance outside the scope of the license. Which of the following has not been taken to court for further interpretation? Which of the following would NOT have a policy loans provision? What are the three basic types of term coverage available, based on how the face amount (death benefit) changes during the policy term: Best description of what an annuity period is: Policy which allows the partial withdrawal, or surrender, of the policy cash value. C Cease and desist order What are the classifications of net assets reported in the statement of financial position by private colleges? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? What statement is correct? There are several types of whole life polices. 60. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. A Restriction of authority The advantage of qualified plans to employers is. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. A B Undercutting However, once there is solicitation, a license is required. How could she obtain an individual policy? 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. D Audit or abstract insurance policies or annuities. C Dividends from a mutual insurer. What happens to the premium on the children's rider in a life insurance policy? 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. 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? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. Describe the relationship between potential difference and electrical potential energy. Until now, she has collected a nontaxable dividend check each year. 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? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. The can be changed only with the written consent of that beneficiary. When an insurer's underwriter approves coverage and issues a policy. 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] What is not an example of a business use of life insurance? After five years, she decides to leave the company and work independently. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. In level term and increasing term policies, the premium also remains level for the term of the policy. The policyowner may assign a part of the policy or the entire policy. What is the name of the insured who enters into a viatical settlement. A salaried full-time employee who furnishes information for group insurance What required provision protects against unintentional lapse of the policy? What does this mean? 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. 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. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. Which of the following would be required to be licensed as an insurance producer? Cradle. C$2,000 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 select one: Which set of characteristics will produce the smallest value for the estimated standard error? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? 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. A 60 days User: 3/4 16/9 Weegy: 3/4 ? D Unfair Discrimination. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. D Misrepresentation, How much is an agent's appointment fee? All riders that will cause the death benefit to increase? 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. D Misrepresentation. 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 Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. Minimum number of credits required for partially insured status for Social Security disability benefits is. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. All of the following actions can be described as twisting EXCEPT. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. Eligibility requirements for a license are established by the Insurance Code. 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? A domestic insurer issuing variable contracts must establish one or more.. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. There is a limit for a withdrawal and the insurer charges a fee. 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? B In the preceding 2 years. C A legal advertising strategy 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. A Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Which of the following best describes the unfair trade practices of defamation? A tax-sheltered annuity is a special tax-favored retirement plan available to. C Consists of completing 24 hours of CE each biennium. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. B$1,000 Categories . Licensed in the state where the individual resides. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. 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. What is this called? D$5. 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". Which policy component decreases in decreasing term insurance? An insured committed suicide 6 months after his life insurance policy was issued. This is a personal use of life insurance known as.. B Mailing an agency brochure to a prospective client 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. Shopping for electric motors can be tricky. What is true concerning a buy-sell agreement? In a direct rollover, how is the money transferred from one plan to the new one? D Felony. Cash surrender, extended term, reduced paid-up. = 45/20 Beneficiaries do not have to have an insurable interest in the policyholder. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? 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? 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? 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. 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. 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? The amount of payments will be determined by taking into account all of the following: 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.. An insured owns a $50,000 whole life policy. Which of the following is NOT a pathway in the oxidation of glucose. Unintentional misspellings are not a misrepresentation. B False advertising. Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. B Nothing, unless the remarks were in writing all of the following would be considered rebating except Follow us. D An offer of employment. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. He's insured under a life insurance policy with the accelerated benefits rider. 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. 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. B Stock Company 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. 15 B Materially misrepresents an insurance policy. Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? Department of Education. All paid by the time the insured reaches age 65. Rebates are allowed if it's in the best interest of the client. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. An out-of-state producer wants to start selling insurance in this state. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. What relationship is not an example of insurable interest? If an insured continually uses the automatic premium loan option to pay the policy premium.. An insured has chosen joint and 2/3 survivor as the settlement option. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Juan is the person employees go to when knowledge of a topic was needed. 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.