A. Title Theory State | Rights, Differences & Purpose. For one, a group license applies to an owner or developer who builds homes or other housing and utilizes sales associates to sell the properties. (Only stock insurance companies are owned and controlled by stockholders.). An error occurred trying to load this video. Handling insurer funds in a trust capacity. From the Profile blade, modify the usage location. a. With regard to financial examinations by the Commissioner, the Commissioner: Must conduct a financial examination of an insurer at least once every 5 years. It provides income the beneficiary cannot outlive. \hline 2007 & 4.47 & 4.63 \\ B. A. Problem: While updating license assignment on a user or a group, you might see that the Azure AD Mail and ProxyAddresses attribute of some users are changed. If a cease and desist order is violated the penalty may be up to $25,000 per violation, What is the minimum amount of notice an insurer must provide to a policyholder in advance of canceling a personal policy for nonpayment of premium? You can assign more than one product license to a group. Which of the following statements is true regarding examinations by the Commissioner? Group-based licensing in Azure Active Directory (Azure AD), part of Microsoft Entra, introduces the concept of users in a licensing error state. C. group credit life insurance does not build cash values. FREC holds a meeting in order to pass a new rule. a. Consider the following example. A. The decision about how to resolve conflicting product licenses always belongs to the administrator. Primary vs. a. You can select each user individually to see more details. When an insurer approves a prepaid application, (In insurance, the offer is usually made by the applicant, in the form of the application. "You're Beautiful" on YouTube [a] " You're Beautiful " is a song by English singer-songwriter James Blunt. Last year, she received a dividend check from the insurance company that was not taxable. Let's look at an example. 1. The agency may not investigate an individual who is not designated as an MLO. Which nonforfeiture option provides coverage for the longest period of time? The Manager. B. (a) They act as a company within a company. This insurance provides financial protection against physical damage and bodily injury resulting from traffic collisions. When Azure AD assigns group licenses, any users without a specified usage location inherit the location of the directory. B. and Partner Z is personally insolvent. The policy contains sufficient cash value to cover the cost of insurance. B. All of the following are examples of risk retention EXCEPT (Retention is a planned assumption of risk, or acceptance of responsibility for the loss by an insured through the use of deductibles, copayments, and self-insurance.). a) toxicant. Who may work for a real estate owner developer? Certified Insurance Consultant, Which of the following statements is false regarding hearings? Problem: Some Microsoft services aren't available in all locations because of local laws and regulations. . How long will a real estate license that has been involuntarily inactive for, automatically expire, or be classed as null and void? Equal to. The other insurer is called the "Assuming insurer.". A reinsurer is a company that. Property of others that is in the insured's care is excluded, Which of the following statements is correct with respect to acting as an agent? It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. What else must he include? That was until several real estate entities learned about Bob's savvy sales techniques. Insurance is a contract by which one seeks to protect another from (Insurance will protect a person, business or entity from loss.). Insurers may examine and audit an insured's records relating to this coverage for up to 3 years after a policy period expires Answer: . Create your account, 22 chapters | An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. (Mutual companies are owned by policyholders, while stock companies are owner by stockholders. Whether an insurable interest exists between the individuals. Please check below to know the answer. A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. b) Health insurance: an insurance (CII study text on Liability insurances, 2016). Series 6: Multiple choice questions (choose the best statement) Exercise 1. I feel like its a lifeline. a It does not apply to contracts for the sale of goods. Alternatively, you might decide to remove the E1 license from the user if it's redundant in the context of the E3 license. If after a hearing, the Commissioner determines that an individual is in violation of insurance law, a copy of the findings and a Cease and Desist Order will be issued Which of the following is the closest term to an "authorized" insurer? When the group is deleted, group-based licensing will try to remove Office 365 E3/E5 from all users. Which of the following is the basis for a claim against an insurance policy? SPH DARWIN journals are members of the Committee on Publication Ethics . When an individual purchases insurance, what risk management technique is he or she practicing. People who have the A antigen normally would not produce the anti-A antibody. Answer should be B because only one user cannot be assigned the license, and before assigning the license to a user, usage location should be same. It provides a truer picture of Nigerias size by giving due weight to the bits of the economy, such as telecoms, banking and the Nollywood film industry, that have been growing fast in recent years.. Braggs, once registered with the DBPR, will file for a pseudo number, not a valid real estate license number. Which of the following allows the insurer to relieve a minor insured from premium payments if the minor's parents have died or become disabled? Holding multiple licenses gave Bob the ability to hold the title of broker at numerous real estate agencies at the same time. \hline 2002 & 1.63 & 4.61 \\ For example, if you use both Office 365 Enterprise E1 and Office 365 Enterprise E3 for your users, you can create two groups to license Microsoft Workplace Analytics: one that uses E1 as a prerequisite and the other that uses E3. Which of the following would be considered a nonmedical insurance application? This lets you distribute the add-on to E1 and E3 users without consuming additional licenses. To reprocess a group, go to the group pane, open Licenses, and then select the Reprocess button on the toolbar. \hline 2005 & 3.21 & 4.29 \\ C. An insurable risk must involve a loss that is definite as to cause, time, place and amount. Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive What is the maximum fine for violating a cease and desist order? If a hearing is scheduled for a producer who has violated regulations regarding unfair trade practices, the Superintendent must send a prior notice within how many days of the hearing? Updating license assignment on a user causes the proxy address calculation to be triggered, which can change user attributes. C. It is issued to group insurance participants. Options . Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; Which Insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount loss? A user has a license for Office 365 Enterprise E1 assigned directly, with all the plans enabled. In the Microsoft 365 admin center, go to the Active groups page (underneath "Groups" in the left-hand navigation) and select Add a group. Critics say that the subsidies are a waste of money, that corn-based supply enough energy to reduce oil imports, and that usingethanol cannot food crops for fuel causes other problems. The day's most visible group was Mothers Demand Action, members of which crowded the halls in a sea of red as they advocated lawmakers for gun control measures. The insurable risk needs to be statistically predictable. Which of the following is NOT an unfair claims practice? . A. Multiple Choice Questions. Assigning licenses to a group in Azure Active Directory, How to migrate individual licensed users to group-based licensing in Azure Active Directory, How to migrate users between product licenses using group-based licensing in Azure Active Directory, Azure Active Directory group-based licensing additional scenarios, PowerShell examples for group-based licensing in Azure Active Directory. d. the rate of return on a policy. If a court ordered payment for a loss that was not covered in the policy even if it was clearly worded, it would be an example of which legal concept? Which of the following terms best describes what the insurer has violated? Which of the following is NOT allowed regarding the disclosure of personal information? It is issued by the state department of insurance. What type of insurance would be used for a Return of Premium rider? C. Rapid elasticity. The agent has business cards and stationery printed. At any given time, how would the yield curve facing a BB-rated company compare with the yield curve for U.S. Treasury securities? Consolidated net revenue increased 23% in Full Year 2022 compared to Full Year 2021; on a constant currency basis consolidated net revenue increased 28% in Full Year 2022 compared Draw a graph to illustrate your answer. a. premiums are fixed for the first 5 years. Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? \hline \text { Year } & \begin{array}{c} For this reason, the errors can't be communicated to you immediately. A salaried individual manages a condominium building and rents units 3month to 6month periods. D. To fund losses that cannot be insured. While the Fed controls short-term interest rates, long-term interest rates essentially depend on supply/demand dynamics, as well as longer-term interest rate expectations. Within how many days must a licensee inform the FREC of their change of business address? This rider is available to all insureds with no additional premium. Answer: A. (The principal grants authority to an agent through the agent's contract.). Which of the following IS TRUE regarding the meaning of the word angst? The commission are not permitted to impose imprisonment as a penalty, but can refer a case to a criminal court, where the outcome can be imprisonment. C. to German speakers, angst is equivalent to . The beneficiary will receive the greater of the money paid into the annuity or the cash value. In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. B. While removing license assignments from a group, there can be failures if user has a dependent license assigned or if there is a proxy address conflict issue which prohibits the license removal. b. Which of the following is NOT a goal of risk retention? What implications may this have for Partners X and Y? d. The number of units that could have been started and completed given the cost incurred. Which of the following is not true regarding the hamstring muscle group? The number of units introduced into the process this period. The insurer credits the cash value in the policy with a current interest rate. C. Something that increases the chance of loss. 19. Representations are statements that are true to the best of the applicant's knowledge.). Is exempt from licensure under F.S. Insurers are liable for any loss resulting from the insured's being under the influence of any narcotic if: Such narcotic is administered on the advice of a physician. b. Which of the statements is correct regarding membership on the Probable Cause Panel? You can select each group for more details. In forming an insurance contract, when does acceptance usually occur? Handling insurer funds in a trust capacity. A long-term care policy must be optionally renewable. However, for tax purposes, a sales associate is allowed by law to form a professional corporation (PA), and in this case, the DBPR will issue the license in the licensee's actual (legal) name and include the entity designation (PA) after the licensee's legal name. (Insurers who meet the state's financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as a legal insurer.). Which of the following statements is false with respect to . Which of the following is correct regarding prelicensing requirements? For one, a group license applies to an owner or developer who builds homes or other housing and . Definition. For example, consider a group that has Office 365 E3/E5 assigned with a Skype for Business service plan enabled. Mutual life Insurers must have $2,000,000 in surplus. D. The agent accepts a premium payment during the grace period. To see how many licenses are available, go to Azure Active Directory > Licenses > All products. Which statement regarding insurable risks is NOT correct? You can see the users who failed to get assigned and check which products are affected by this problem. A sales associate may not be licensed or registered under a trade name. Depending on what steps you've taken to resolve the errors, it might be necessary to manually trigger the processing of a user to update the users state. D. To reduce expenses and improve cash flow. A personal lines producer ), A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company. A. the word carries the same meaning in both the English and German languages. Bob is the agency owner, and all of his real estate transactions are performed through the agency's business license. C Servicing. Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Choose a name for the group and, if you'd like to, enter a description. When you assign licenses directly to individual users, without using group-based licensing, the assignment operation might fail for reasons that are related to business logic. Here we are going to see a list of important SQL questions in MCQ style with an explanation of the answer for competitive exams and interviews. The paid-up addition option uses the dividend To purchase a smaller amount of the same type of insurance as the original policy. What is the maximum amount of time that an application may be backdated? (Insurers use reinsurance to protect themselves from catastrophic losses. A person willfully acting without an insurance license in Iowa may be fined up to: Answer: $50,000.. Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? B. 24 (with 3 hours in ethics) When would a 20-pay whole life policy endow? Which of the following individuals must have insurable interest in the insured? a. at least 60 A. A A-3, B-4, C-2, D-1. AzAnswer team is here with the right answer to your question. Insurers are required to file a statement with the Superintendent What is the tax consequence of amounts received from a Traditional IRA after the money was left in the tax-deferred account by the beneficiary? Cram has partnered with the National Tutoring Association, Risky Management: Homeland Security And Homeland Defense, Advantages And Limitations Of The Reinsurance Contract. A group license is for an owner/developer who owns properties through various entities, but all such entities are connected so that such ownership or control is by the same individual or individuals. Appointed by the Governor, Which of the following statements is correct concerning Workers' Compensation? Courts will interpret any ambiguity in and insurance contract (Insurance policies are contracts of adhesion. Please tell us how we can make this answer more useful. Study with Quizlet and memorize flashcards containing terms like A producer must inform the Commissioner of a change of address within: a. (A warranty in insurance is a statement guaranteed to be true. All of the following statements are correct regarding Credit Life Insurance EXCEPT Benefits are paid to the borrower's beneficiary. Therefore, answer B is more close to it. c. that dividends will be paid. [Related to the Apply the Concept on page 652]An article in the Economist on the revisions to Nigerias GDP commented: The GDP revision is not mere trickery. On May 1 she processed an application for life insurance on a new applicant. Question: Which of the following is true regarding Article 2 of the Uniform Commercial Code (UCC)? BIt is equivalent to an insurance license. \end{array} & \text{ 10-Year Yield (\\\%) } \\ Which of the following is an example of an agent's fiduciary responsibilities? Which of the following is NOT a characteristic of an insurable risk? Which of the following is correct regarding a temporary license? The plan must provide an offset for social security benefits. Which of the following statements are correct? A. B. This usually happens when a user is a member of more than one group with same assigned license. (A peril is the cause of loss insured against in an insurance policy.). Under the COBRA rules for employer group health insurance, which of the following statements is CORRECT? C. From the Directory role blade, modify the directory role. Landmark Homes, Incorporated, located in West Palm Beach, Florida, purchased eight plots of land throughout the county. Police Power in Real Estate Significance & Examples | What is Police Power? Rising feed prices are also hitting the livestock and poultry industries. Which of the following is true regarding a single life settlement option? $4,500, With regard to the FAIR Plan, which of the following is false concerning agents? Which of the following is NOT a reporting requirement? A. Braggs did not want to lock each sales associate into one single development. The right to determine the wording of a policy. I hope you got the correct answer to your question. B) The law of diminishing returns does not always apply to every situation. Which of the following is not true regarding the quadriceps muscle group? The concepts I have learned in this course will not only help me in my future work, but have also given me extremely useful life knowledge to apply to my per Insurance contract special characteristics they are conditional contract, a contract involving fortuitous evens and the exchange of unequal amounts, a contra Lindell, Perry and Prater define risk as the possibility that personnel, property or resources could be impacted in a negative way (2007). When group-based licensing tries to process concurrent license assignment of same license to a user, this exception is recorded on the user. The Bond. 4. Buy-sell agreements are normally funded with a life insurance policy. Braggs himself does not require any permit to sell his properties. He is also able to keep his sole proprietorship at Big Time Condo Sales, Inc. Express Authority. Which policy component fluctuates depending on the policy type? group coverage IS NOT . Return to the waiting times given for the physicians office in one of the previous exercies. In insurance transactions, fiduciary responsibility means.