D Legal, provided that the information can be verified. In level term and increasing term policies, the premium also remains level for the term of the policy. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. A. 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. 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? Cradle. She would likely purchase a(n)? B Insurer financial requirements. Which of the following best describes this act? The requirement that an agent not co-mingle insurance monies with their own fund is known as? 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. How many days does the insurer have to deliver this notice? Which of the following best describes this practice? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? And employee is insured under her employers group life plan. This answer has been confirmed as correct and helpful. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Cradle. Eligibility requirements for a license are established by the Insurance Code. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Discrimination. Which of the following would NOT have a policy loans provision? juan holds ________ power. C In the last 5 years. 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? B 3 days C Rebating select one: Which set of characteristics will produce the smallest value for the estimated standard error? (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. The insurance company discovers at that time that the insured concealed info during the application process. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. Which of the following individuals could qualify for a temporary insurance license? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? When would a 20-pay whole life policy endow? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. The producer could be found guilty of The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. 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. 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. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? He discovered that his policy.. B. Twisting. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. 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. All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates B$1,000 D Rebating. Which of the following would be required to be licensed as an insurance producer? 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. 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 Unfair claim practice. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral Question. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. C Mutual Company How do you get to Motion settings on iPhone? C Controlled business. A Producer regulations and testing requirements. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. B - In order to collect premiums and explain coverages, a person would need to be licensed. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? D False advertising. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. Which of the following activities is not performed by an insurance producer? An insured has a life insurance policy from a participating company and receives quarterly dividends. A Defamation It is the premium paying period that is limited, not the maturity. C 90 days 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. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Within how many days of this notification must the producer be sent a copy? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). He wants to withdraw some money in order to pay medical bills. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. B. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. Age A table showing the nonforfeiture values for the next 20 years must be included in the policy. In this situation, a licensee would have to apply for a resident's license within 90 days. What type of insurance policy would perform the function of cash accumulation? From what type of insurer did the insured purchase the policy? In life insurance policies, cash value increases. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Convertible without proof of insurability up to the full term death benefit. What type of policy does the insured most likely have? A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Which nonforfeiture option provides coverage for the longest period of time? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. A A producer's license is suspended or revoked by the Department of Insurance. B A reasonable understanding of the Michigan insurance code There are several types of whole life polices. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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? D 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). Identify the types of assets assigned to each classification. Unintentional misspellings are not a misrepresentation. 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. E The spouse of a deceased insurance producer. And any controversy between the insured or the insured's beneficiary and the insured that arises from the application for insurance of any policy issued a connection with the application, the producer is considered to be the agent and which of the following? A 7 days Rebates are allowed if it's in the best interest of the client. What is the minimum civil fine per violation of the Insurance Code of this state? Which of the following statements about the reinstatement provision is true? Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. The policy contains the optional Payor Benefit rider. All the following would be considered an unfair and deceptive practice. After five years, she decides to leave the company and work independently. A Defamation In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. Paid cash to cover desk purchased on account. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. C Limited lines As the local coffee shop is just initiating the segmentation and targeting process, what has . 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? What option does this describe? What is the name of the insured who enters into a viatical settlement. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? B ________________ are owned and controlled by their policyholders. If an insured continually uses the automatic premium loan option to pay the policy premium. A corporation is the owner and beneficiary of the key person life policy. An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. any person acting as an insurance producer without a valid license may be fined up to. In a life settlement contract, whom does the life settlement broker represent? B Coercion. What statement about a suicide clause in a life insurance policy is true? f. Get an answer. Which of the following is an eligibility requirement for all Social Security disability income benefits? 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. There are just too many details and specifications which you must be certain of when looking for one. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. It is never legal to limit coverage based on marital status. In Michigan the state's continuing education requirement B 30 [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . 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? 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. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. NAIC. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. C Fine May be used to customize a permanent life insurance policy to meet the needs of the policyowner, Mandatory free look in a life insurance policy. This misstatement may result in? MI Life Insurance Policy Provisions, Options, Federal Tax Considerations for Health Insuran, Qualified Plans, and Federal Tax Consideratio, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. Licensed in the state where the individual resides. 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 Misdemeanor Search for an answer or ask Weegy. D False financial statement. 1 Answer/Comment. 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. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? = 2 1/4. Once the policyholder opts for cash surrender, the policy is immediately inactive. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. A Applicant must be 18 years old Explaining to client the advantages of permanent insurance over term and suggesting changing policies. C A In the preceding 12 months. 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. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. An insured had a continuous premium whole life policy. The policyowner pays for her life insurance annually. Search for an answer or ask Weegy. B Materially misrepresents an insurance policy. What must be acceptable in order for the ride to be able to waive the payment of premium? Minimum number of credits required for partially insured status for Social Security disability benefits is. In which of the following situations is it legal to limit coverage based on marital status? Asked 10/30/2021 2:23:39 PM. Commissions are set by a schedule or negotiation between the producer and the insurance company. "At the time of the application" is when interest must exist. The policyowner of an adjustable life policy wants to increase the death benefit. If she terminates her group coverage, what is true? What describes the tax advantage of a qualified retirement plan? You dont have to worry about it anymore. Categories . A$500 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? He has instructed the company to apply the policy dividends to increase the death benefit. What type of life insurance policy would be best suited to this situation? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. D Slandering. When is the earliest a policy may go into effect? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. An individual has been diagnosed with Alzheimer's disease. User: She worked really hard on the project. C. Address C Unless revoked or suspended how long does a producers license remain in effect in Tennessee? A corporation is the owner and beneficiary of the key person life policy. All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q A 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? B Twisting Cash surrender, extended term, reduced paid-up. D Cancelling individual coverage based on the insured's marital status. The policy contained an accidental death rider, offering a double indemnity benefit. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. The person or interest to whom the policy proceeds will be paid upon the death of the insured. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? The agent is guilty of D 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. This is considered to be an unfair claim settlement practice B Coercion New answers. C A producer's license expires and is not renewed. All of the following actions can be described as twisting EXCEPT. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? The balance is paid out directly to the employee in order for her to move the funds to a new account. When an insurer's underwriter approves coverage and issues a policy. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. This year, she did not receive a check fin from the insurer. 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? Telling a client that his first premium will be waived if he purchases the insurance policy today. Define electric potential and electric potential energy. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Which of the following is possible? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. All of the following would be considered to be rebating EXCEPT. C Dividends from a mutual insurer. D Felony. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. Which statement best defines an insurance producer? Which of the following is not a standard mounting dimension for an electric motor? Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Y was killed in an automobile accident on August 22, before the policy was issued. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity Group life insurance is a single policy written to provide coverage to members of a group. B Illegal An employee quits her job where she has a balance of $10,000 in her qualified plan. Rating. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . All of the following events will terminate a producer's certificate of appointment EXCEPT baja fresh queso recipe; Tags . She also wished to retain all of the rights of ownership. Will result in having to pay the highest premium due to health, history, habits, etc. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? How could she obtain an individual policy? A rebate is a type of purchasing discount that is paid as a reduction. 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? D Must be completed by all licensed resident and nonresident producers. Under what circumstances could the daughter collect the death benefit? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. 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. Corporation is the owner and beneficiary of the key person life policy. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A 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 whose activities are limited to producing insurance advertisements A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. The integer 4 is considered all of the following except _____. The company also guarantees the specified dollar amount for each payment and the length of the payout period. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. D.the spouse of a retiring insurance producer Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy.