D Stop action order. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. Rating. 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. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. Department of Education. 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? To combat the Where is heavy cream in Walmart? B B Twisting. C A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. D All paid by the time the insured reaches age 65. What license or licenses are required to sell variable life annuities? All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q B Twisting Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. It is never legal to limit coverage based on marital status. B An insured purchased an insurance policy 5 years ago. C A producer's license expires and is not renewed. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. all of the following would be considered rebating except. Commissioner. What percentage of a company's employees must take part in a noncontributory group life plan? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? E The spouse of a deceased insurance producer. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? 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. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Cradle. B A reasonable understanding of the Michigan insurance code Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as The policyowner of an adjustable life policy wants to increase the death benefit. 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. What is the total, monetary penalty this producer can expect to receive? 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? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. B Misleading advertising. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. 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). 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? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? juan holds ________ power. D Misrepresentation. Which of the following best describes the unfair trade practices of defamation? 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 type of life insurance policy would be best suited to this situation? Who is the main purpose of the seven-pay test? C Illegal under any circumstances There is a limit for a withdrawal and the insurer charges a fee. 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? A corporation is the owner and beneficiary of the key person life policy. C The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. C In the last 5 years. In this situation, a licensee would have to apply for a resident's license within 90 days. When would a misrepresentation on the insurance application be considered fraud? In this state, what type of violation is rebating? In which of the following situations is it legal to limit coverage based on marital status? Confirming future dividends in a life insurance proposal The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. 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? What are examples of a business use of life insurance? B Coercion. NAIC. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. B 60 days D False advertising. If an insurer terminates a producer, the Commissioner will receive a notification. Which of the following will NOT be considered unfair discrimination by insurers? 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. B Undercutting C$100 For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. a constant a term a variable an expression. Up to 12 excess credit hours of CE may be carried over to the next review period. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? In this case, what will the policy beneficiary receive? 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. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? What is the purpose of a free-look period in insurance policies? The producer could be found guilty of? Rebating can be anything of . I love when a hack helps me to recycle, and makes my life easier. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? What option would allow her to do this? Eligibility requirements for a license are established by the Insurance Code. C Dividends from a mutual insurer. unit 3: personal and business finance grade boundaries. Log in for more information. In a life settlement contract, whom does the life settlement broker represent? If an insured continually uses the automatic premium loan option to pay the policy premium. 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. 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? The policy endows when the insured turns 100. What is the official name for the Social Security program? Employer contributions made to a qualified plan.. An appointment by an insurer is based upon the person maintaining a valid insurance license. What will she need to provide for proof of insurability? B$1 Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Expert answered|GaelM|Points 4547| Log in for more information. An agent who offers a cash reward to a prospect for buying a policy is guilty of. Thanks for choosing us. Which policy provision allows this? B Twisting If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. 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. How can she obtain an individual policy? Group life insurance is a single policy written to provide coverage to members of a group. Group life insurance is a single policy written to provide coverage to members of a group. Rating. B An offer to share in commissions generated by the sale. baja fresh queso recipe; Tags . B Unfair claim practice. 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? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? What type of policy does the insured most likely have? D Rebating. B 30 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? D Coercion. A A good business reputation and good moral character. A temporary producer license could be issued without examination to all the following EXCEPT? Log in for more information. The policy contains the optional Payor Benefit rider. All of the following would be considered rebating except. 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. B In the preceding 2 years. 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 other. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. What is this called? What is the name of the insured who enters into a viatical settlement. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. D Any time in the past. A. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. C 90 days Upon policy delivery, the producer may be required to obtain? The integer 4 is considered all of the following except _____. C Dividends from a mutual insurer. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? All the following would be considered an unfair and deceptive practice. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What statement concerning group life is true? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces A Producer regulations and testing requirements. Which of the following is not a standard mounting dimension for an electric motor? Which of the following is possible? An insured receives an annual life insurance dividend check. Added 149 days ago|10/30/2021 2:46:29 PM. The insurance company discovers at that time that the insured concealed info during the application process. D Must be completed by all licensed resident and nonresident producers. What is true about beneficiary designations? What employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. A table showing the nonforfeiture values for the next 20 years must be included in the policy. A A producer's license is suspended or revoked by the Department of Insurance. File an application with the Director b. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. C Controlled business. COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With A corporation is the owner and beneficiary of the key person life policy. What is true regarding a non-qualified retirement plan? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? If she terminates her group coverage, what is true? Shopping for electric motors can be tricky. C Charging applicants with similar health histories different premiums based on their ethnicity To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. When is the earliest a policy may go into effect? 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. A Discrimination. 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. 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. When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. Under what circumstances could the daughter collect the death benefit? Search for an answer or ask Weegy. How long must an insurer keep a copy of an authorized form in its records? A Defamation A father owns a life insurance policy on his 15-year-old daughter. all of the following would be considered rebating except
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