Which of the following best describes this practice? A temporary producer license could be issued without examination to all the following EXCEPT? What must be presented before an applicant submits a premium? Employer contributions made to a qualified plan.. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. When is the earliest a policy may go into effect? The policy contains the optional Payor Benefit rider. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. B Coercion. What are the classifications of net assets reported in the statement of financial position by private colleges? C 90 days C Policyowner rights and disclosures. What happens when a policy is surrendered for its cash value? Which type of life insurance policy generates immediate cash value? 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. Which of the following documents must be provided to the policyowner or applicant during policy replacement? C Rebating All of the following events will terminate a producer's certificate of appointment EXCEPT Rating. What is the minimum required age for an insurance producer in this state? 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? 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? A Misdemeanor there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Which of the following would be required to complete pre-licensing education? What would be the face amount of the new term policy? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. = 15 ? B 60 days A. B B. baja fresh queso recipe; Tags . In which of the following situations is it legal to limit coverage based on marital status? = 45/20 juan holds ________ power. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? all of the following would be considered rebating except. Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer 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. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. = 2 5/20 He has instructed the company to apply the policy dividends to increase the death benefit. Old-age and retirement benefits, disability benefits, death benefits. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. B At least 3 hours must cover ethics. C Mutual Company There are just too many details and specifications which you must be certain of when looking for one. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT 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. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. C Listing the insurance companies the agency represents in a letter D Collecting a lower premium than what's specified in a policy as a token of client appreciation. 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 a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? The soon-to-be producer does not want to wait until he receives his license in order to begin working. What type of policy does the insured most likely have? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. Corporation is the owner and beneficiary of the key person life policy. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? New answers. What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? What option would allow her to do this? 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 . An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. The president of a company is starting an annuity and decides that his corporation will be the annuitant. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. What percentage of a company's employees must take part in a noncontributory group life plan? An agent misrepresents policy benefits to convince a policyowner to replace policies. An insured pays $1,200 annually for her life insurance premium. 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? The Insurance Department regulations are to protect the insurance-buying public. A Producer regulations and testing requirements. A 30 days 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? The ownership provision entitles the policyowner to do what? What is true regarding taxation of accelerated benefits under life insurance policy? False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. His wife dies 10 years later. B Materially misrepresents an insurance policy. The requirement that an agent not co-mingle insurance monies with their own fund is known as? C 12 months 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. File an application with the Director b. select one: Which set of characteristics will produce the smallest value for the estimated standard error? Which two terms are associated directly with the premium? He dies in a freak accident on June 1. 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. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Taxation on dividends in participating policies? Autotrophs (like plants) produce glucose during photosynthesis. User: 3/4 16/9 Weegy: 3/4 ? 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. What is the purpose of a free-look period in insurance policies? 60. B Advertise & solicit business as an insurance counselor or consultant New answers. Up to 12 excess credit hours of CE may be carried over to the next review period. A tax-sheltered annuity is a special tax-favored retirement plan available to. What is the primary purpose of a 401(k) plan? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. In Connecticut, continuing education courses must be approved by the. 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? B A new Commissioner or Director is put into office. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. B Nothing, unless the remarks were in writing 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. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. If she terminates her group coverage, what is true? B Twisting. A temporary license may be issued for up to 180 days. All of the following would be considered rebating except. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? 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. 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. An individual has been diagnosed with Alzheimer's disease. 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. 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. What statement is correct? A Unfair claims If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? As it turns out, the answer to this question depends upon a variety of factors. How can she obtain an individual policy? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. 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} The designee of a producer that is called to active service with the Navy. B A Certificate of Completion from the required pre-licensing study course 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. A corporation is the owner and beneficiary of the key person life policy. An insured purchases a policy in 2008 and died in 2013. A corporation is the owner and beneficiary of the key person life policy. Each agent must pay a $5 appointment fee to the Commissioner. D Engages in fraud. B Twisting 0. B Legal, provided that the other insurers are paid royalties for the usage of their names Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? All of the following would be considered to be rebating EXCEPT? Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? What is the result of this? 15 What does this mean to the beneficiaries? D$5. C What describes the tax advantage of a qualified retirement plan? If an insurer terminates a producer, the Commissioner must be notified. This rider will not cause the death benefit to increase. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. Formula: (Ann . D Adverse selection. Why is an equity Indexed annuity considered to be a fixed annuity? B Coercion Home; About Us. The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. A 30 days B Twisting What dividend option could she use? When an insurer's underwriter approves coverage and issues a policy. Which of the following acts would not get an insurance producer terminated "for cause"? Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? Which of the following would NOT have a policy loans provision? D. Coercion and intimidation. Expert answered|GaelM|Points 4547| Log in for more information. An insured committed suicide 6 months after his life insurance policy was issued. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. This misstatement may result in? Time during which accumulated money is converted into an income stream. Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as The premiums paid by the employer in a business life insurance policy are. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. What are the two components of a universal policy? D Misrepresentation. 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. D 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. A father owns a life insurance policy on his 15-year-old daughter. What type of policy is this? Number of credits required for fully insured status for Social Security disability benefits? Which nonforfeiture option provides coverage for the longest period of time? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? A Discrimination. In this case, what will the policy beneficiary receive? The following areas are regulated by the Insurance Department EXCEPT And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? What is this an example of? When may an insurance company use suicide as a defense against paying a death claim? B In the preceding 2 years. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral Search for an answer or ask Weegy. Describe the relationship between potential difference and electrical potential energy. D The passing of a written examination. What is this called? A candidate for life insurance producer's license must complete how many hours of prelicensing education? B If the father becomes disabled, what will happen to the life insurance premiums? A The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. A 15 These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. Mutual-policyholders; Stock-stockholders. The agent is guilty of? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. D Slandering. A A producer's license is suspended or revoked by the Department of Insurance. If an individual licensee's violation of the entrance code was known or should have been down by one or more of the partners, officers, or managers of the agency, what could happen to agency?

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