D The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? Correct Answer: A. 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 father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. A Defamation D Unfair Discrimination. Expert answered|GaelM|Points 4547| Log in for more information. D It is the premium paying period that is limited, not the maturity. A 15 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). B$1,000 A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. C Rebating. Licensed in the state where the individual resides. In Michigan the state's continuing education requirement A Rebating. What policy would have an IRS required corridor or gap between the cash value and the death benefit? What is the purpose of a fixed-period settlement option? Death benefits payable to a beneficiary under a life insurance policy are generally. B Discriminating in benefits and coverages based on the insured's habits and lifestyle An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. B Criminal offense D Beneficiaries do not have to have an insurable interest in the policyholder. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. Which of the following individuals could qualify for a temporary insurance license? Which of the following provisions would NOT be found in Term Life Insurance? Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? A A good business reputation and good moral character. Log in for more information. Eligibility requirements for a license are established by the Insurance Code. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. A corporation is the owner and beneficiary of the key person life policy. B. Defamation. A Applicant must be 18 years old What must be presented before an applicant submits a premium? 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? D. Sexual orientation. Because of this, the company charged him a higher rate for his insurance. Insurers are also not allowed to cancel individual coverage due to a change in marital status. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? B. A Natural Group As it turns out, the answer to this question depends upon a variety of factors. This rider will not cause the death benefit to increase. Which of the following would be required to be licensed as an insurance producer? 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. Follow the following are true of the federal tax advantages of a qualified plan. This is a personal use of life insurance known as.. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. = 45/20 This answer has been confirmed as correct and helpful. They could be sold for an amount greater than the current cash value, they involve insurance policies with large face amounts, they could be use for a key person coverage. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? B At least 3 hours must cover ethics. Updated 10/30/2021 2:46:29 PM. What is the purpose of a disclosure statement in life insurance policies? All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as B 60 days Within how many days does a licensee have to inform the Commissioner of a change of address? C Controlled business. In level term and increasing term policies, the premium also remains level for the term of the policy. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation A Because of this, the company charged him a higher rate for his insurance. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. What will she need to provide for proof of insurability? All of the following actions are considered rebating except sharing commissions with other licensed and appointed agents An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. Group life insurance is a single policy written to provide coverage to members of a group. Who is the main purpose of the seven-pay test? If the father becomes disabled, what will happen to the life insurance premiums? Which of the following has not been taken to court for further interpretation? "At the time of the application" is when interest must exist. 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. All the following would be considered an unfair and deceptive practice. Y was killed in an automobile accident on August 22, before the policy was issued. What is the term for how frequently a policyowner is required to pay the policy premium? What is this called? A Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. An insured had a $10,000 term life policy. E The spouse of a deceased insurance producer. How many days does the insurer have to deliver this notice? Old-age and retirement benefits, disability benefits, death benefits. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? A$500 As the local coffee shop is just initiating the segmentation and targeting process, what has . Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? D 120 days. 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] C Misrepresentation NAIC. Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). What is true? Ownership is the difference between these two companies. Is a program that assesses and reports information about various computer resources and devices. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. The ownership provision entitles the policyowner to do what? What is the primary purpose of a 401(k) plan? D False financial statement. C 12 months Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? A Producer regulations and testing requirements. An insured pays an annual premium to his insurer. D Adverse selection. What happens when a policy is surrendered for its cash value? 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. B Undercutting An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. How do you get to Motion settings on iPhone? An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. C. the employee of a disabled licensed a producer D Misrepresentation. What is not an example of a business use of life insurance? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. A Stocks, securities, or bonds. 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? Which policy component decreases in decreasing term insurance? 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 cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. Most horse (1). What does this mean to the beneficiaries? Heavy Cream is in Aisle A31 of the Dairy section in Walmart. Unintentional misspellings are not a misrepresentation. What license or licenses are required to sell variable life annuities? C Illegal under any circumstances Once the policyholder opts for cash surrender, the policy is immediately inactive. The policyowner may assign a part of the policy or the entire policy. A$500 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. The designee of a producer that is called to active service with the Navy. The requirement that an agent not co-mingle insurance monies with their own fund is known as? 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. I love when a hack helps me to recycle, and makes my life easier. D Rebating. However, once there is solicitation, a license is required. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces C Class C violation She also wished to retain all of the rights of ownership. What is true regarding a non-qualified retirement plan? There are several types of whole life polices. A. the spouse or legal representative of a deceased insurance producer 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. In a direct rollover, how is the money transferred from one plan to the new one? To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within how many days? If an insured continually uses the automatic premium loan option to pay the policy premium.. C Solicit business as an insurance producer It was determined that the accident was his fault. 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). launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples 10 czerwca 2022 . C In the last 5 years. Which of the following is true? In which of the following situations is it legal to limit coverage based on marital status? 20/3 A 40 year old man buys a whole life policy and names his wife as his only beneficiary. The balance is paid out directly to the employee in order for her to move the funds to a new account. A. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? 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. Rating. Which of the following would be considered false advertising? Nonforfeiture values guarantee which policyowner? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. A temporary license in this state is valid for a maximum of The following areas are regulated by the Insurance Department EXCEPT any person acting as an insurance producer without a valid license may be fined up to. 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. 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? All of the following would be considered rebating except. D Audit or abstract insurance policies or annuities. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. B 30 When may an insurance company use suicide as a defense against paying a death claim? What is the minimum required age for an insurance producer in this state? Attorney General. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? An agent offers to share his commission with a policyholder. B$1,000 An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT What type of insurance policy would perform the function of cash accumulation? In which instance would the premium be tax deductible? Under what circumstances could the daughter collect the death benefit? 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. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. 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. B$1 Ultimately, the commissioner determined that there were a total of 25 separate violations. A Discrimination. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? In this state, what type of violation is rebating? All of the following actions can be described as twisting EXCEPT. All of the following would be considered rebating EXCEPT. c) An offer of employment. All the following are true regarding rebates except? Vscode No server install found in WSL, needs x64. Asked 11/28/2019 3:15:17 PM. The policy endows when the insured turns 100. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Rebates are allowed if it's in the best interest of the client. He's insured under a life insurance policy with the accelerated benefits rider. C Limited lines Term used to name the no taxes return of unused premiums? The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer 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. Which of the following would NOT have a policy loans provision? D An offer of employment. An employee quits her job where she has a balance of $10,000 in her qualified plan. D Coercion. The Insurance Department regulations are to protect the insurance-buying public. Gender 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? A Defamation A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? B Discrimination in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Michigan's continuing education requirement has each of the following characteristics EXCEPT Which of the following is a true statement regarding taxation of the accelerated benefits? What statement about a suicide clause in a life insurance policy is true? Home; About Us. The insurer's surrender the policy at its current cash value. This misstatement may result in? What type of annuity is it? D Business Entity. Corporation is the owner and beneficiary of the key person life policy. Which of the following is NOT a pathway in the oxidation of glucose. D 10. Which of the following would NOT be considered rebating? Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. Which of the following would be required to be licensed as an insurance producer? When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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? A$500 C Dividends from a mutual insurer. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? B Twisting Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? In this state, a temporary license may be issued for any of the following reasons EXCEPT. 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 What are the classifications of net assets reported in the statement of financial position by private colleges? M may perform all of the following duties EXCEPT. Juan is the person employees go to when knowledge of a topic was needed. unit 3: personal and business finance grade boundaries.
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