This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. D Misrepresentation. An insured had a $10,000 term life policy. What type of policy does the insured most likely have? A. Until now, she has collected a nontaxable dividend check each year. Question. What settlement option should the policyowner choose? The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. 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. 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. = 2 5/20 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? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. 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. A tax-sheltered annuity is a special tax-favored retirement plan available to. Insurers are also not allowed to cancel individual coverage due to a change in marital status. C. An insurance company director who performs executive, administrative and managerial duties B Community service B Advertise & solicit business as an insurance counselor or consultant The balance is paid out directly to the employee in order for her to move the funds to a new account. Each of the following statements may (or may not) describe one of these technical terms. Which type of life insurance policy generates immediate cash value? Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old What are examples of a business use of life insurance? B. Defamation. How long must an insurer keep a copy of an authorized form in its records? An agent offers to share his commission with a policyholder. C 90 days Which of the following is NOT a pathway in the oxidation of glucose. C. the employee of a disabled licensed a producer A Adverse selection 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). B Discrimination A banker is ready to close on a customer's loan. If an insured continually uses the automatic premium loan option to pay the policy premium. D 10 days. D Coercion. Annuities can also be used to.. Convertible without proof of insurability up to the full term death benefit. B Applies to life, annuity, and accident and health licensees only. 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? There is a limit for a withdrawal and the insurer charges a fee. The policyowner pays for her life insurance annually. Group life insurance is a single policy written to provide coverage to members of a group. 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? 3. D. A salaried employee who advertises and solicits insurance. Follow the following are true of the federal tax advantages of a qualified plan. 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? C 7 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? Which of the following would NOT have a policy loans provision? A Natural Group 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. D Adverse selection. 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). All the following could be considered rebates if offered to an insured in the sale of insurance except? A Defamation And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? A key person insurance policy can pay for which of the following? Asked 11/28/2019 3:15:17 PM. There are several types of whole life polices. An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? Added 149 days ago|10/30/2021 2:46:29 PM. A Rebating. What is true concerning a buy-sell agreement? A 7 days Which of the following would be required to complete pre-licensing education? The policyowner of an adjustable life policy wants to increase the death benefit. Log in for more information. 3. C Twisting. An insured had a continuous premium whole life policy. What happens when a policy is surrendered for its cash value? This misstatement may result in? 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. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. C$100 Discrimination. Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract. 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 A license to practice law. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. D Stop action order. C 30 days D Misrepresentation, How much is an agent's appointment fee? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. 15 What amount would his beneficiary receive as a settlement? After five years, she decides to leave the company and work independently. 6 2/3 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? This is considered to be false, deceptive or misleading advertising. What is this called? C$1,500 Variable life insurance is based on what kind of premium? Michigan's continuing education requirement has each of the following characteristics EXCEPT A 40 year old man buys a whole life policy and names his wife as his only beneficiary. A father owns a life insurance policy on his 15-year-old daughter. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. D Surplus lines. C 12 months If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? 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. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. 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. What option would allow her to do this? 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? What is true of the cash surrender nonforfeiture option? What best describes what will happen? Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? Licensed in the state where the individual resides. B Discriminating in benefits and coverages based on the insured's habits and lifestyle He died on February 28. Synonym for a substandard risk classification. In order to enforce the insurance code the commissioner has the power to conduct which of the following? B. Twisting. 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? His wife dies 10 years later. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? In which of the following situations is it legal to limit coverage based on marital status? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. What is the name of the insured who enters into a viatical settlement. D Unfair Discrimination. 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. What is true about beneficiary designations? C Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as 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. As it turns out, the answer to this question depends upon a variety of factors. And insured has a modified endowment contract. What type of policy is this? D 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, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. The policy endows when the insured turns 100. There are just too many details and specifications which you must be certain of when looking for one. D Legal, provided that the information can be verified. 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. He discovered that his policy.. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. If the father becomes disabled, what will happen to the life insurance premiums? C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. Which of the following statements about the reinstatement provision is true? B$1,000 Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. 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 Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity During replacement of life insurance, or replacing ensure musky which of the following? Rating. 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. C A producer's license expires and is not renewed. What must be acceptable in order for the ride to be able to waive the payment of premium? 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 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? Attorney General. An agent's license may also be suspended or revoked. How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. C Limited lines Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A key person insurance policy can pay for what? If an insured continually uses the automatic premium loan option to pay the policy premium.. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT In level term and increasing term policies, the premium also remains level for the term of the policy. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? 0. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? 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? C Law of large numbers All of the following would be considered rebating except. 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. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? A. Misrepresentation. C Defamation B Stock Company What can they do? Only any excess of value is taxable as income. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. How much would the beneficiary receive from the policy? D An insured has a life insurance policy from a participating company and receives quarterly dividends. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. D Slandering. A$500 What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? 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] Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. What is not an example of a business use of life insurance? 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. A candidate for life insurance producer's license must complete how many hours of prelicensing education? 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. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. The requirement that an agent not co-mingle insurance monies with their own fund is known as? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. 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. Which of the following is true? 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? A temporary producer license could be issued without examination to all the following EXCEPT? Question. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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, D) An agent offers the use of his lake house to person as an inducement to buy, Answer:C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him. D. Commissioner. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment?
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