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B. All paid by the time the insured reaches age 65. Published by at June 10, 2022. She would likely purchase a(n)? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? C 30 days B. Defamation. 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. If the producer continues to violate the entrance code, I knew so penalty will be assessed every? 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? Which of the following provisions would NOT be found in Term Life Insurance? Variable life insurance is based on what kind of premium? Flashcards - Connecticut Insurance Test 2021 - FreezingBlue All of the following acts are considered unfair trade - Course Hero When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? d) Rebates are allowed if it's in the best interest of the client. The following areas are regulated by the Insurance Department EXCEPT A corporation is the owner and beneficiary of the key person life policy. Who is the main purpose of the seven-pay test? Corporation is the owner and beneficiary of the key person life policy. Term used to name the no taxes return of unused premiums? C Defamation C Defamation. Confirming future dividends in a life insurance proposal How can she obtain an individual policy? Correct Answer: A. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. B$1 If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant What policy component decreases in decreasing term insurance? A temporary producer license could be issued without examination to all the following EXCEPT? Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? f. Get an answer. A banker is ready to close on a customer's loan. C Limited lines 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. B. Twisting. 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. In Michigan the state's continuing education requirement In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. What are examples of a business use of life insurance? 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? Beneficiaries do not have to have an insurable interest in the policyholder. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? Log in for more information. What is the total, monetary penalty this producer can expect to receive? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. What policy component contains the company's promise to pay? B Applies to life, annuity, and accident and health licensees only. Categories . 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. B An offer to share in commissions generated by the sale. the spouse of a retiring insurance producer 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. Search for an answer or ask Weegy. 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. D$5,000. Up to 12 excess credit hours of CE may be carried over to the next review period. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? = 15 ? COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With What is true regarding taxation of accelerated benefits under life insurance policy? B During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. The balance is paid out directly to the employee in order for her to move the funds to a new account. An insured misstates her age at the time the life insurance application is taken. An insured had a $10,000 term life policy. MI Insurance Regulation Flashcards | Quizlet A Giving an applicant a $5 pen with the insurer's logo during the insurance application process If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? 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? 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. Part 2 of the application for life insurance provides questions regarding all of the following.. D Business Entity. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. all of the following would be considered rebating except What statement concerning group life is true? This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. 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). If an insurer terminates a producer, the Commissioner must be notified. 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? The policy endows when the insured turns 100. A Cannot be extended or waived under any circumstances. All of the following events will terminate a producer's certificate of appointment EXCEPT Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. Attorney General. A D 30 days. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. And employee has group life insurance through her employer. C Dividends from a mutual insurer. C 90 days D Must be completed by all licensed resident and nonresident producers. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. What are the two components of a universal policy? All of the following actions are considered rebating except File an application with the Director b. C Accidentally misspells the name of the insurance policy in a written communication to a customer. Asked 10/30/2021 2:23:39 PM. D Any time in the past. A Defamation 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. D In return, the insurer promised to pay benefits in accordance with the terms of the contract. An insured had a continuous premium whole life policy. 20/3 B False advertising. What best describes what will happen? Flashcards - WA Common Law Practice Exam - FreezingBlue Which of the following would be considered false advertising? In this situation, a licensee would have to apply for a resident's license within 90 days. 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? The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. all of the following would be considered rebating except Which of the following would be required to be licensed as an insurance producer? C all of the following would be considered rebating except Unless revoked or suspended how long does a producers license remain in effect in Tennessee? M may perform all of the following duties EXCEPT. What is the purpose of establishing the target premium for a universal life policy? 6 2/3 C Dividends from a mutual insurer. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? baja fresh queso recipe; Tags . A Adverse selection C Charging applicants with similar health histories different premiums based on their ethnicity Added 30 days ago|10/30/2021 2:46:29 PM. D Legal, provided that the information can be verified. What must be acceptable in order for the ride to be able to waive the payment of premium? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. D Producer commission schedules. 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. The protocol for replacement does not apply to which of the following situations? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. A 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? What is not an example of a business use of life insurance? B Undercutting B 7 days What type of life insurance policy would be best suited to this situation? An insured owns a life insurance policy. What option could the insured utilize? C$2,000 If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? B. All the following are true regarding rebates except? 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 . D Stop action order. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? A Twisting. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. When would a misrepresentation on the insurance application be considered fraud? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. A Rebating. D must ensure a pair that's benefit claim after receiving the product of death? All riders that will cause the death benefit to increase? Which of the following would be required to be licensed as an insurance producer? C Defamation. 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. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? Each of the following statements may (or may not) describe one of these technical terms. all of the following would be considered rebating except. She has decided that she would rather use the dividends to help pay for her next premium. B Unfair claim practice. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. B Discriminating in benefits and coverages based on the insured's habits and lifestyle Updated 10/30/2021 2:46:29 PM. A Payment of restitution 1 Answer/Comment. A 60 days A$500 The agent is guilty of? Death benefits payable to a beneficiary under a life insurance policy are generally. 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. A producer in tensional he violated insurance statues. A C 7 What percentage of a company's employees must take part in a noncontributory group life plan? What is this called? Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? C Fine 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 producer could be found guilty of unit 3: personal and business finance grade boundaries. C Controlled business. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. From what type of insurer did the insured purchase the policy? Cash surrender, extended term, reduced paid-up. D. Commissioner. all of the following would be considered rebating except A Assigning different risk classifications to applicants based on gender identity 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 is the purpose of a disclosure statement in life insurance policies? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 90 days. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? B Twisting All the following would be considered an unfair and deceptive practice. C Twisting C Misrepresentation June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? All of the following statements concerning an employer sponsored non-qualified retirement plan are true as follows: Two attorneys at law and operate their practice as a partnership. Cradle. An insured has chosen joint and 2/3 survivor as the settlement option. All of the following would be considered to be rebating EXCEPT? If a live insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST. The person or interest to whom the policy proceeds will be paid upon the death of the insured. Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. E The spouse of a deceased insurance producer. What is true concerning a buy-sell agreement? A. A Misdemeanor All of the following would be considered to be rebating EXCEPT 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 Which of the following best describes this act? Juan is the person employees go to when knowledge of a topic was needed. 60 days. If the corporation collects the policy benefit, then. Your email address will not be published. This is due to what provision? USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. All of the following are true regarding rebates - Course Hero Will result in having to pay the highest premium due to health, history, habits, etc. Question. 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. C Rebating. Age What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? A Natural Group Which of the following statements about the reinstatement provision is true? Which of the following persons is required to hold a producer license? 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? 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?