A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT Juan is the person employees go to when knowledge of a topic was needed. Follow the following are true of the federal tax advantages of a qualified plan. All of the following events will terminate a producer's certificate of appointment EXCEPT There are just too many details and specifications which you must be certain of when looking for one. What is true? Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. Corporation is the owner and beneficiary of the key person life policy. The regulation of the insurance industry primarily rest with. B Stock Company All Of The Following Are True Regarding Rebates Except A licensed counselor MAY NOT perform which of the following duties? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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. A$500 If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. 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. 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. The producer could be found guilty of A banker is ready to close on a customer's loan. A straight life policy has what type of premium? 60 days. How are contributions to a tax-sheltered annuity treated with regards to taxation? D Stop action order. D False financial statement. D Other than the 3 hours of ethics, licensees may take courses in any line. The policyowner pays for her life insurance annually. 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. Most horse (1). 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 An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. Categories . Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. The premiums paid by the employer in a business life insurance policy are. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? Which two terms are associated directly with the premium? 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? Which of the following best describes this act? If the father becomes disabled, what will happen to the life insurance premiums? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. What is the purpose of a free-look period in insurance policies? 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? A Restriction of authority "At the time of the application" is when interest must exist. From what type of insurer did the insured purchase the policy? C B Discrimination In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. 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. Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? 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? He's insured under a life insurance policy with the accelerated benefits rider. This rider usually expires at the insured's age of 40. A Concealment. An employee quits her job where she has a balance of $10,000 in her qualified plan. C 90 days D All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT The integer 4 is considered all of the following except _____. a 10 czerwca 2022 . A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. All of the following actions can be described as twisting EXCEPT. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? 0. 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? 1 to 75. C Policyowner rights and disclosures. The insured knows that his financial state will worsen even more with upcoming medical expenses. 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. A Producer regulations and testing requirements. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. If an insured continually uses the automatic premium loan option to pay the policy premium. C Controlled business. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. -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. 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. C 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. Employer contributions made to a qualified plan.. Unintentional misspellings are not a misrepresentation. Rating. The insurance company discovers at that time that the insured concealed info during the application process. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. 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? 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. B Materially misrepresents an insurance policy. any person acting as an insurance producer without a valid license may be fined up to. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. = 15 ? Answer-All of the following are considered key logistic functions in C Mutual Company Y was killed in an automobile accident on August 22, before the policy was issued. Autotrophs (like plants) produce glucose during photosynthesis. all of the following would be considered rebating except D An offer of employment. If the corporation collect the policy benefit, then. B Illegal B Suspension of authority All of the following would be considered rebating EXCEPT. D In this situation, a licensee would have to apply for a resident's license within 90 days. An insured receives an annual life insurance dividend check. In this situation, the Commissioner must be notified within 30 days. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer B. Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. Confirming future dividends in a life insurance proposal Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? In this case, what will the policy beneficiary receive? Taxation on dividends in participating policies? When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. E The spouse of a deceased insurance producer. In which of the following situations is it legal to limit coverage based on marital status? This practice is considered What determines the amount of each installment paid in a life income option arrangement? And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. If an insurer terminates a producer, the Commissioner must be notified. What policy component contains the company's promise to pay? 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? What amount would his beneficiary receive as a settlement? D Business Entity. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. 3. Which of the following acts would not get an insurance producer terminated "for cause"? A. 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? Asked 11/28/2019 3:15:17 PM. B What is this called? Required by state law to be included in the policy, and cannot be altered by the policyowner. What dividend option could she use? What type of policy is this? They want to start a program through their practice that will provide retirement benefits for themselves and three employees. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Which of the following documents must be provided to the policyowner or applicant during policy replacement? 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 . 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. Which of the following would be considered an illegal inducement to purchase insurance? Who is the main purpose of the seven-pay test? What characteristic makes whole life permanent protection? What is the term for how frequently a policyowner is required to pay the policy premium? Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. A temporary producer license could be issued without examination to all the following EXCEPT? During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. A Misdemeanor How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? 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. Minimum number of credits required for partially insured status for Social Security disability benefits is. D Misrepresentation. f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. 15 When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. 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. In the best interests of the client, rebates are allowed. 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. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. All of the following would be considered to be rebating EXCEPT? 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. B. Defamation. 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. A Temporary Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. Ownership is the difference between these two companies. What is not an example of a business use of life insurance? The integer 4 is considered all of the following except a variable. An out-of-state producer wants to start selling insurance in this state. In life insurance policies, cash value increases. A The following are nine technical accounting terms introduced or emphasized in this chapter: ResponsibilitymarginTransferpriceCommonfixedcostsContributionmarginCost-plustransferpriceTraceablefixedcostsPerformancemarginProductcostsCommittedfixedcosts\begin{array}{lll}\text { Responsibility margin } & \text { Transfer price } & \text { Common fixed costs } \\ \text { Contribution margin } & \text { Cost-plus transfer price } & \text { Traceable fixed costs } \\ \text { Performance margin } & \text { Product costs } & \text { Committed fixed costs }\end{array} D Must be completed by all licensed resident and nonresident producers. When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. All of the following would be considered rebating except An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. When is the earliest a policy may go into effect? If a company has a simplified employee pension plan, what type of plant is it? The dividend option that the insured has chosen is called? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? 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. 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. An insured had a continuous premium whole life policy. Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. 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. Which of the following has not been taken to court for further interpretation? The policyowner of an adjustable life policy wants to increase the death benefit. How long must an insurer keep a copy of an authorized form in its records? D Surplus lines. A Payment of restitution File an application with the Director b. D False advertising. select one: Which set of characteristics will produce the smallest value for the estimated standard error? B False advertising. The person or interest to whom the policy proceeds will be paid upon the death of the insured. An individual has been diagnosed with Alzheimer's disease. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. 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. All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? The producer could be found guilty of? 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? Licensed, however, not in the state the indivisible resides. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Who can make a fully deductible contribution to a traditional IRA? D Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com unit 3: personal and business finance grade boundaries. Rating. This year, she did not receive a check fin from the insurer. 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. 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? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. 30 = 45/20 What are the classifications of net assets reported in the statement of financial position by private colleges? C Solicit business as an insurance producer Correlation and Causation What are correlation and causation and how are they different? The designee of a producer that is called to active service with the Navy. C Listing the insurance companies the agency represents in a letter C$1,500 An appointment by an insurer is based upon the person maintaining a valid insurance license. All of the following are true regarding rebates - Course Hero An insured purchases a policy in 2008 and died in 2013. A Deals with insurance outside the scope of the license. 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. d) Rebates are allowed if it's in the best interest of the client. B Discriminating in benefits and coverages based on the insured's habits and lifestyle What option would allow her to do this? Which of the following would NOT be considered rebating? all of the following would be considered rebating 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? 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 An offer to share in commissions generated by the sale. All of the following are true regarding rebates EXCEPT. User: She worked really hard on the project. D. Commissioner. 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? Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? An insured has a life insurance policy from a participating company and receives quarterly dividends. Describe the relationship between potential difference and electrical potential energy. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Insurers are also not allowed to cancel individual coverage due to a change in marital status. 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. If an insured withdraws a portion of the death benefit by the use of this rider, the benefit payable at death will be reduced by that amount plus.. B. Twisting. 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. 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. C. Rebating. Cradle. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? An insured owns a life insurance policy. 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?
