Rebates are allowed if it's in the best interest of the client. C 90 days A Unfair claims An insured had a continuous premium whole life policy. In Connecticut, continuing education courses must be approved by the. 3. He wants to withdraw some money in order to pay medical bills. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation C Coercion. Who can make a fully deductible contribution to a traditional IRA? 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. C Defamation. 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. D 120 days. C Solicit business as an insurance producer An individual has been diagnosed with Alzheimer's disease. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. D Business Entity. 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. 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? Added 149 days ago|10/30/2021 2:46:29 PM. In an annuity, the accumulated money is converted into a stream of income during what time period? Because of this, the company charged him a higher rate for his insurance. D 30 days. C Twisting. What does this mean? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. What statement concerning group life is true? C$2,000 The insurance company discovers at that time that the insured concealed info during the application process. In which of the following situations is it legal to limit coverage based on marital status? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. D$5,000. = 45/20 All riders that will cause the death benefit to increase? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. 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. This answer has been confirmed as correct and helpful. 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. C 12 months B - In order to collect premiums and explain coverages, a person would need to be licensed. If the corporation collect the policy benefit, then. A. the spouse or legal representative of a deceased insurance producer An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT B Discrimination A A producer's license is suspended or revoked by the Department of Insurance. Which policy provision allows this? A 60 days Telling a client that his first premium will be waived if he purchases the insurance policy today. Which of the following would be considered an illegal inducement to purchase insurance? Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? 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. 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.. If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? C The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? 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 option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. select one: Which set of characteristics will produce the smallest value for the estimated standard error? B Suspension of authority C Law of large numbers Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. C This is considered to be false, deceptive or misleading advertising. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. Autotrophs (like plants) produce glucose during photosynthesis. Identify the types of assets assigned to each classification. Group life insurance is a single policy written to provide coverage to members of a group. And employee quits her job where she has a balance of $10,000 in her qualified plan. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. An insured owns a life insurance policy. All the following could be considered rebates if offered to an insured in the sale of insurance except? C Accidentally misspells the name of the insurance policy in a written communication to a customer. An Insurer wants to begin underwriting procedures for an applicant. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. C Controlled business. C Rebating. Question. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. In this case, what will the policy beneficiary receive? C. Rebating. A A 40 year old man buys a whole life policy and names his wife as his only beneficiary. What required provision protects against unintentional lapse of the policy? (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. He dies in a freak accident on June 1. What type of policy is this? What is true concerning a buy-sell agreement? D All of the following are true regarding rebates EXCEPT. 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. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. An insured pays an annual premium to his insurer. 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. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. B Illegal If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. B A new Commissioner or Director is put into office. C Defamation If the corporation collects the policy benefit, then. Which of the following would NOT have a policy loans provision? 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? 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? 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 the minimum required age for an insurance producer in this state? 1 to 75. He's insured under a life insurance policy with the accelerated benefits rider. Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans? Annuities can also be used to.. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. 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} In this state, a temporary license may be issued for any of the following reasons EXCEPT. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? What is the purpose of establishing the target premium for a universal life policy? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. D Unfair Discrimination. C Dividends from a mutual insurer. All of the following events will terminate a producer's certificate of appointment EXCEPT Licensed in the state where the individual resides. After 5 years, she decides to leave the company and work independently. What option does this describe? A Assigning different risk classifications to applicants based on gender identity Which of the following would be required to be licensed as an insurance producer? Requires the entire premium to be paid in one limp sum at the policy's inception. A 7 days D Surplus lines. Rating. What are the classifications of net assets reported in the statement of financial position by private colleges? A 15 C$1,500 He has instructed the company to apply the policy dividends to increase the death benefit. A tax-sheltered annuity is a special tax-favored retirement plan available to. B Insurer financial requirements. The insured knows that his financial state will worsen even more with upcoming medical expenses. Minimum number of credits required for partially insured status for Social Security disability benefits is. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. 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. Juan is the person employees go to when knowledge of a topic was needed. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? All the following are true regarding rebates except? Search for an answer or ask Weegy. Question. 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. It is never legal to limit coverage based on marital status. The policyowner of an adjustable life policy wants to increase the death benefit. She would likely purchase a(n)? unit 3: personal and business finance grade boundaries. B Applies to life, annuity, and accident and health licensees only. In this situation, a licensee would have to apply for a resident's license within 90 days. Which provision of a life insurance policy states that the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? 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). If a licensee fails to earn 24 hours of CE by the required review date, the license will be suspended for up to 90 days. Is a program that assesses and reports information about various computer resources and devices. Company Information; FAQ; Stone Materials. D Misrepresentation. What would be the right policy for this client? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? What policy component contains the company's promise to pay? Within how many days does a licensee have to inform the Commissioner of a change of address? 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. 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? Within how many days of this notification must the producer be sent a copy? D A license to practice law. What type of license should the producer obtain? 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 out-of-state producer wants to start selling insurance in this state. A. C Class C violation All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. all of the following would be considered rebating except. The insurer has 15 days to file a notice of producer appointment. Which of the following is true? Which of the following will NOT be considered unfair discrimination by insurers? The producer could be found guilty of Discrimination. Any surplus money is returned to the policyholders as dividends. 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. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. D 10 days. An insured receives an annual life insurance dividend check. 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] The policyowner is entitled to policy loans. B Materially misrepresents an insurance policy. A. Misrepresentation. 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? Define electric potential and electric potential energy. The insured had his wife named as the beneficiary of his life insurance policy. Up to 12 excess credit hours of CE may be carried over to the next review period. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Which of the following persons is required to hold a producer license? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity The designee of a producer that is called to active service with the Navy. 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. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. All of the following would be considered rebating EXCEPT. Upon policy delivery, the producer may be required to obtain? What relationship is not an example of insurable interest? Home; About Us. Log in for more information. B Nothing, unless the remarks were in writing A temporary producer license could be issued without examination to all the following EXCEPT? What dividend option could she use? 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. "At the time of the application" is when interest must exist. What is the advantage of reinstating a policy instead of applying for a new one? A launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples An appointment by an insurer is based upon the person maintaining a valid insurance license. The president of a company is starting an annuity and decides that his corporation will be the annuitant. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. This is called.. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Which of the following individuals could qualify for a temporary insurance license? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. 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? C Sharing commission with the insured A The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. What type of policy does the insured most likely have? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. What is true regarding taxation of accelerated benefits under life insurance policy? 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. 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? A corporation is the owner and beneficiary of the key person life policy. How long must an insurer keep a copy of an authorized form in its records? 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 B Advertise & solicit business as an insurance counselor or consultant The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. The advantage of qualified plans to employers is.
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