During replacement of life insurance, or replacing ensure musky which of the following? What type of policy does the insured most likely have? C A producer's license expires and is not renewed. D.the spouse of a retiring insurance producer What is true regarding taxation of accelerated benefits under life insurance policy? The balance is paid out directly to the employee in order for her to move the funds to a new account. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. 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. To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is executed? How many days does the insurer have to deliver this notice? C Defamation. A juan holds ________ power. NAIC. When may an insurance company use suicide as a defense against paying a death claim? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Rebating can be anything of . B 60 days The policyowner may assign a part of the policy or the entire policy. The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. Asked 10/30/2021 2:23:39 PM. "At the time of the application" is when interest must exist. 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. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. A. The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. 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? Which of the following would be required to be licensed as an insurance producer? D Felony. 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. An insured pays an annual premium to his insurer. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? 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. How do you get to Motion settings on iPhone? A temporary license in this state is valid for a maximum of Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. = 15 ? This is considered to be false, deceptive or misleading advertising. This is a personal use of life insurance known as. If the father becomes disabled, what will happen to the life insurance premiums? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? Number of credits required for fully insured status for Social Security disability benefits? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity 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? Licensed in the state where the individual resides. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Azanswer team is here with the correct answer to your question. An insured had a continuous premium whole life policy. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? 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. D Producer commission schedules. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Each agent must pay a $5 appointment fee to the Commissioner. If she terminates her group coverage, what is true? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? What is the minimum required age for an insurance producer in this state? The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? When would a misrepresentation on the insurance application be considered fraud? 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. I love when a hack helps me to recycle, and makes my life easier. D$5. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. C$100 What type of life insurance policy would be best suited to this situation? An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT 30 days. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? What best describes this practice? All of the following would be considered to be rebating EXCEPT. What source will it consult for the majority of its underwriting information? Which policy provision allows this? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. What dividend option could she use? Y was killed in an automobile accident on August 22, before the policy was issued. What is the purpose of establishing the target premium for a universal life policy? C Twisting. C Twisting When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. File an application with the Director b. What is this called? 20/3 B. A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. What policy would have an IRS required corridor or gap between the cash value and the death benefit? Attorney General. It is never legal to limit coverage based on marital status. Cash surrender, extended term, reduced paid-up. 1 to 50. 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? 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? What type of policy is this? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. What can they do? A 7 days What settlement option should the policyowner choose? When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . You dont have to worry about it anymore. This misstatement may result in? All of the following would be considered rebating except. Under what circumstances could the daughter collect the death benefit? C. the employee of a disabled licensed a producer Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. 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? Which of the following statements about the reinstatement provision is true? C Limited lines All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. What is the purpose of a fixed-period settlement option? A Producer regulations and testing requirements. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? A Restriction of authority The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. A Defamation 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? 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. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. All of the following are true regarding rebates EXCEPT. 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? B$1,000 The dividend option that the insured has chosen is called? A temporary producer license could be issued without examination to all the following EXCEPT? What is the official name for the Social Security program? Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? 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. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Rebates are allowed if it's in the best interest of the client. Which of the following would be considered false advertising? 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? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. 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 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. What type of annuity is it? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone Question. There are just too many details and specifications which you must be certain of when looking for one. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as 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. 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. C$2,000 Who can make a fully deductible contribution to a traditional IRA? A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. What is the required percentage of participants in a contributory group plan? 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. Rebates are allowed if it's in the best interest of the client. = 15 * 3/20 any person acting as an insurance producer without a valid license may be fined up to. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. The purpose of the Tennessee Guaranty Association is to. Which of the following would be required to be licensed as an insurance producer? An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? What is the minimum civil fine per violation of the Insurance Code of this state? In order to qualify for conversion from a group life policy to an individual policy of the same coverage, a person must have been insured under the group plan for how many years? The minimum age at which a person can sign a life insurance application is. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. In order to to do that, what may happen? A 60 days For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. What is this called? In this state, what type of violation is rebating? Thanks for choosing us. B Misleading advertising. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. C Law of large numbers The insurer's surrender the policy at its current cash value. A producer in tensional he violated insurance statues. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? An insured had a $10,000 term life policy. If the producer continues to violate the entrance code, I knew so penalty will be assessed every? Which of the following acts would not get an insurance producer terminated "for cause"? 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. 3. A Concealment. What must be presented before an applicant submits a premium? What is the advantage of reinstating a policy instead of applying for a new one? All of the following could own a group life insurance EXCEPT A group needing low-cost life insurance An applicant for a producer's license has successfully completed all of the steps to obtain the license. Which of the following is a true statement regarding taxation of the accelerated benefits? Correct Answer: A. C Coercion. 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. C Dividends from a mutual insurer. B Coercion A corporation is the owner and beneficiary of the key person life policy. 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. D Imprisonment. C 90 days 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? If the corporation collect the policy benefit, then. Within how many days of this notification must the producer be sent a copy? 6 2/3 The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. He never remarried and dies at age 61, leaving 2 grown-up children. Which of the following would be required to complete pre-licensing education? 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 other. 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. 1 to 75. D Business Entity. Rating. Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. What percentage of a company's employees must take part in a noncontributory group life plan? A corporation is the owner and beneficiary of the key person life policy. A A good business reputation and good moral character. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? An annuity owner is funding an annuity that will supplement her retirement. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. B In the preceding 2 years. Which of the following individuals could qualify for a temporary insurance license? A Stocks, securities, or bonds. A Discrimination. After five years, she decides to leave the company and work independently. An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? A Adverse selection How long must an insurer keep a copy of an authorized form in its records? = 45/20 When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. Categories . Which of the following best describes this act? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Because of this, the company charged him a higher rate for his insurance. Each of the following statements may (or may not) describe one of these technical terms. Nonforfeiture values guarantee which policyowner? Last year, she received a dividend check from the insurance company that was not taxable. If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. As it turns out, the answer to this question depends upon a variety of factors. 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. What happens when a policy is surrendered for its cash value? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. C 90 days An Insurer wants to begin underwriting procedures for an applicant. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? D What relationship is not an example of insurable interest? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? B An offer to share in commissions generated by the sale. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? A candidate for life insurance producer's license must complete how many hours of prelicensing education? 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. Expert answered|GaelM|Points 4547| Log in for more information. What would be the right policy for this client? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. Any surplus money is returned to the policyholders as dividends. An insured receives an annual life insurance dividend check. Which of the following is true? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. If an insured continually uses the automatic premium loan option to pay the policy premium.. What is being defined as the degree to which something is related or useful to what is happening or being talked about? She would likely purchase a(n)? A banker is ready to close on a customer's loan. What policy component contains the company's promise to pay? D A termination issued by the appointing insurer. Shopping for electric motors can be tricky. User: She worked really hard on the project. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. the spouse of a retiring insurance producer This is considered to be an unfair claim settlement practice An insured misstates her age at the time the life insurance application is taken. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. C 30 days This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? 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? 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. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. B Applies to life, annuity, and accident and health licensees only. User: 3/4 16/9 Weegy: 3/4 ? D Legal, provided that the information can be verified. C He died on February 28. B A new Commissioner or Director is put into office. 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? What employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? What does this mean to the beneficiaries? D Controlled business. 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 is NOT required of an applicant for an insurance license in Michigan? Group life insurance is a single policy written to provide coverage to members of a group. 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. D False advertising. A. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? 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 integer 4 is considered all of the following except _____. How could she obtain an individual policy? 90 days. Unintentional misspellings are not a misrepresentation. The requirement that an agent not co-mingle insurance monies with their own fund is known as? Juan is the person employees go to when knowledge of a topic was needed. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. After 5 years, she decides to leave the company and work independently. D A license to practice law. 0. ________________ are owned and controlled by their policyholders. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Published by at June 10, 2022. Log in for more information. Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? Home; About Us. Required by state law to be included in the policy, and cannot be altered by the policyowner. What will she need to provide for proof of insurability? 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 C Fine C Rebating D Unfair Discrimination. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer D 10 days. The protocol for replacement does not apply to which of the following situations? C Dividends from a mutual insurer. An insured purchases a policy in 2008 and died in 2013. Asked 11/28/2019 3:15:17 PM. B False advertising. The insurer has 15 days to file a notice of producer appointment. 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. Log in for more information. D False financial statement. What option does this describe? 15 All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. A 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". A 40 year old man buys a whole life policy and names his wife as his only beneficiary. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. B. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? C It requires satisfactory completion of at least 24 hours of approved training every biennium. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. An individual has been diagnosed with Alzheimer's disease. 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? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation Updated 10/30/2021 2:46:29 PM. Licensed, however, not in the state the indivisible resides. 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. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. A Temporary In which of the following situations is it legal to limit coverage based on marital status? Eligibility requirements for a license are established by the Insurance Code.
