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? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Which policy component decreases in decreasing term insurance? B. Twisting. What is true? 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). During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. What is true regarding taxation of accelerated benefits under life insurance policy? all of the following would be considered rebating except. It was determined that the accident was his fault. During replacement of life insurance, or replacing ensure musky which of the following? An insured has chosen joint and 2/3 survivor as the settlement option. Identify the types of assets assigned to each classification. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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? D Imprisonment. 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? B Coercion D 10 days. A 30 days An insured owns a life insurance policy. This is considered to be an unfair claim settlement practice Death benefits payable to a beneficiary under a life insurance policy are generally. A Temporary 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? What is being defined as the degree to which something is related or useful to what is happening or being talked about? D Business Entity. In this situation, the Commissioner must be notified within 30 days. C Coercion. What is the primary purpose of a 401(k) plan? An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. 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. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Who is the main purpose of the seven-pay test? 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. If an insured continually uses the automatic premium loan option to pay the policy premium. 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? D Misrepresentation. Rating. Autotrophs (like plants) produce glucose during photosynthesis. What type of license should the producer obtain? In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. What is true about beneficiary designations? An agent misrepresents policy benefits to convince a policyowner to replace policies. The insurer's surrender the policy at its current cash value. 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. And employee is insured under her employers group life plan. A banker is ready to close on a customer's loan. 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. Within how many days of this notification must the producer be sent a copy? 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. -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. 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? The ownership provision entitles the policyowner to do what? B$1,000 C. Rebating. Which of the following persons is required to hold a producer license? Telling a client that his first premium will be waived if he purchases the insurance policy today. 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 all of the following would be considered rebating except Follow us. all of the following would be considered rebating except Which of the following is an example of a producer being involved in an unfair trade practices of rebating? A Payment of restitution D. A salaried employee who advertises and solicits insurance. Taxation on dividends in participating policies? B An offer to share in commissions generated by the sale. c) Dividends are not considered to be rebates. 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. The policy contains the optional Payor Benefit rider. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. Which of the following would be required to be licensed as an insurance producer? I love when a hack helps me to recycle, and makes my life easier. 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 30 days To combat the Where is heavy cream in Walmart? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? D 180 days. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? What settlement option should the policyowner choose? A Defamation 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. 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? 20/3 And insured has a modified endowment contract. C$1,500 A Restriction of authority A An insured misstates her age at the time the life insurance application is taken. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Minimum number of credits required for partially insured status for Social Security disability benefits is. User: 3/4 16/9 Weegy: 3/4 ? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. Which of the following has not been taken to court for further interpretation? In a life settlement contract, whom does the life settlement broker represent? Whenever an individual stops drinking, the BAL will ________________. All of the following are true regarding rebates EXCEPT. How many days does the insurer have to deliver this notice? An agent who offers a cash reward to a prospect for buying a policy is guilty of. A temporary license in this state is valid for a maximum of 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 Dividends from a mutual insurer. 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 What is true concerning a buy-sell agreement? B Illegal B$1 On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. 3. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. What type of policy is this? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces D Audit or abstract insurance policies or annuities. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? What are examples of a business use of life insurance? What is the purpose of establishing the target premium for a universal life policy? The integer 4 is considered all of the following except a variable. D This is considered to be false, deceptive or misleading advertising. C. Address the spouse of a retiring insurance producer All of the following events will terminate a producer's certificate of appointment EXCEPT Cradle. B 30 unit 3: personal and business finance grade boundaries. Answer-All of the following are considered key logistic functions in Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. In this state, what type of violation is rebating? Why is an equity Indexed annuity considered to be a fixed annuity? juan holds ________ power. 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] 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? all of the following would be considered rebating except What best describes what will happen? D 10. He never remarried and dies at age 61, leaving 2 grown-up children. 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. Which two terms are associated directly with the premium? A straight life policy has what type of premium? What is the term for how frequently a policyowner is required to pay the policy premium? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. Will result in having to pay the highest premium due to health, history, habits, etc. 0. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. He's insured under a life insurance policy with the accelerated benefits rider. Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. C. An insurance company director who performs executive, administrative and managerial duties D$5. 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} 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? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. MI Insurance Regulation Flashcards | Quizlet Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. d) Rebates are allowed if it's in the best interest of the client. D What percentage of a company's employees must take part in a noncontributory group life plan? Mutual-policyholders; Stock-stockholders. This rider will not cause the death benefit to increase. Part 2 of the application for life insurance provides questions regarding all of the following.. C 7 B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral An annuity owner is funding an annuity that will supplement her retirement. Missouri Statutes, Rules, and Regulations common to all lines *revised C Dividends from a mutual insurer. There are just too many details and specifications which you must be certain of when looking for one. B False advertising. What license or licenses are required to sell variable life annuities? Home; About Us. B - In order to collect premiums and explain coverages, a person would need to be licensed. 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. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. Like a fixed annuity, EIA's have guaranteed minimum interest rates, also less risky than variable annuities, the insurance company also keeps a percentage of the returns. An insured pays $1,200 annually for her life insurance premium. Chapter 11 part 2 Flashcards | Quizlet An insured purchased an insurance policy 5 years ago. 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 determines the length of time that benefits will be received under the fixed-amount settlement option? Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. In which of the following situations is it legal to limit coverage based on marital status? Which of the following acts would not get an insurance producer terminated "for cause"? All of the following would be considered rebating except B Undercutting Which of the following terms best describes the advertisement? An Insurer wants to begin underwriting procedures for an applicant. 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 agent is guilty of? All Of The Following Are True Regarding Rebates Except 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. This is a personal use of life insurance known as.. D False financial statement. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? What policy would have an IRS required corridor or gap between the cash value and the death benefit? Ultimately, the commissioner determined that there were a total of 25 separate violations. 60. 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? Which of the following is an example of a producer being involved in an unfair trade practice of rebating? What type of policy does the insured most likely have? How can she obtain an individual policy? The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. In Connecticut, continuing education courses must be approved by the. M may perform all of the following duties EXCEPT. C A 40 year old man buys a whole life policy and names his wife as his only beneficiary. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . D Producer commission schedules. MI Life Insurance Policy Provisions, Options, Federal Tax Considerations for Health Insuran, Qualified Plans, and Federal Tax Consideratio, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. Group life insurance is a single policy written to provide coverage to members of a group. She would likely purchase a(n)? 90 days. D$2,000. 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. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? D What statement about a suicide clause in a life insurance policy is true? B Insurer financial requirements. When may an insurance company use suicide as a defense against paying a death claim? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. 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? A$500 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 In this state, a temporary license may be issued for any of the following reasons EXCEPT. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A 60 days C Listing the insurance companies the agency represents in a letter 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? Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant.