The accelerated benefits provision for an early payment of the death benefit when the insured.. An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. The person or interest to whom the policy proceeds will be paid upon the death of the insured. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT What are the two components of a universal policy? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. However, once there is solicitation, a license is required. A Stocks, securities, or bonds. C Sharing commission with the insured Which of the following would NOT have a policy loans provision? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? He died on February 28. Convertible without proof of insurability up to the full term death benefit. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. What is not an example of a business use of life insurance? = 15 * 3/20 What describes the tax advantage of a qualified retirement plan? I no the truth.Ans: I know the truth.(2). 15 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? All riders that will cause the death benefit to increase? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. How long must an insurer keep a copy of an authorized form in its records? D Coercion. = 2 5/20 Telling a client that his first premium will be waived if he purchases the insurance policy today. A Applicant must be 18 years old A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. The balance is paid out directly to the employee in order for her to move the funds to a new account. C Cash surrender, extended term, reduced paid-up. Asked 11/28/2019 3:15:17 PM. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. standard form contract facebook; how to treat mange in cats at home twitter; moon drop grapes uk instagram; arrow olivia sewing table youtube; custom teku glassware mail After 5 years, she decides to leave the company and work independently. B Legal, provided that the other insurers are paid royalties for the usage of their names This is called.. D Misrepresentation, How much is an agent's appointment fee? Commissioner. C Illegal under any circumstances What is true regarding a non-qualified retirement plan? A key person insurance policy can pay for which of the following? A 40 year old man buys a whole life policy and names his wife as his only beneficiary. 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. 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. In a direct rollover, how is the money transferred from one plan to the new one? Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? D Adverse selection. Which is NOT required of an applicant for an insurance license in Michigan? B$1,000 What does this mean? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. 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? It is the premium paying period that is limited, not the maturity. Both the offer and acceptance of a rebate are illegal. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. What is the total, monetary penalty this producer can expect to receive? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. B 90 days Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? All of the following events will terminate a producer's certificate of appointment EXCEPT Question. Added 30 days ago|10/30/2021 2:46:29 PM. D. Sexual orientation. d) Rebates are allowed if it's in the best interest of the client. An insured receives an annual life insurance dividend check. C Rebating. Shopping for electric motors can be tricky. Confirming future dividends in a life insurance proposal C Consists of completing 24 hours of CE each biennium. For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are, Amount of coverage is determined according to nondiscriminatory rules, individuals covered, under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability. An insured had a continuous premium whole life policy. The insurer has 15 days to file a notice of producer appointment. 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? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? B Undercutting A$500 C$1,500 The requirement that an agent not co-mingle insurance monies with their own fund is known as? c) Dividends are not considered to be rebates. 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. An annuity owner is funding an annuity that will supplement her retirement. A. Most horse (1). If she terminates her group coverage, what is true? Discrimination. B Illegal Which of the following documents must be provided to the policyowner or applicant during policy replacement? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? Which of the following would be considered an illegal inducement to purchase insurance? 60 days. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? A candidate for life insurance producer's license must complete how many hours of prelicensing education? An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. D Imprisonment. If an insured continually uses the automatic premium loan option to pay the policy premium.. D Any time in the past. This rider will not cause the death benefit to increase. a constant a term a variable an expression. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. B Misleading advertising. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. A person whose activities are limited to producing insurance advertisements Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? Which of the following best describes this act? This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. Follow the following are true of the federal tax advantages of a qualified plan. b) Rebating can be anything of economic value, given as an inducement to buy. Number of credits required for fully insured status for Social Security disability benefits? [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . C Fine An individual has been making periodic payments on an annuity. D 10 days. C Charging applicants with similar health histories different premiums based on their ethnicity New answers. 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. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. What would be the face amount of the new term policy? File an application with the Director b. 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. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. May be structured to allow for specific additional amounts of insurance to be purchased at specific ages, dates, and events without proving insurability; however, the coverage is purchased at the insured's attained age and the maximum allowable purchase is specified in the base policy. B Mailing an agency brochure to a prospective client D. A salaried employee who advertises and solicits insurance. B B At least 3 hours must cover ethics. What license or licenses are required to sell variable life annuities? NAIC. A corporation is the owner and beneficiary of the key person life policy. 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? In life insurance policies, cash value increases. Will result in having to pay the highest premium due to health, history, habits, etc. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral 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? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. In which of the following situations is it legal to limit coverage based on marital status? If a company has a simplified employee pension plan, what type of plant is it? Which of the following activities is not performed by an insurance producer? Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. B Coercion. Company Information; FAQ; Stone Materials. They could be sold for an amount greater than the current cash value, they involve insurance policies with large face amounts, they could be use for a key person coverage. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. What source will it consult for the majority of its underwriting information? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? What policy would have an IRS required corridor or gap between the cash value and the death benefit? An Insurer wants to begin underwriting procedures for an applicant. Time during which accumulated money is converted into an income stream. 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. The can be changed only with the written consent of that beneficiary. Is a program that assesses and reports information about various computer resources and devices. B Twisting. The insurance company discovers at that time that the insured concealed info during the application process. He never remarried and dies at age 61, leaving 2 grown-up children. An insured misstates her age at the time the life insurance application is taken. 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? Unintentional misspellings are not a misrepresentation. What type of insurance policy would perform the function of cash accumulation? Until now, she has collected a nontaxable dividend check each year. An appointment by an insurer is based upon the person maintaining a valid insurance license. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. 180 days. -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. In Michigan the state's continuing education requirement SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. What is this called? Requires the entire premium to be paid in one limp sum at the policy's inception. What is the primary purpose of a 401(k) plan? 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 D Inviting prospective clients to the grand opening of the producer's new office. B C Limited lines 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 policy component decreases in decreasing term insurance? 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. Nonforfeiture values guarantee which policyowner? What is the minimum required age for an insurance producer in this state? D$5,000. D 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. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. D 120 days. If the corporation collect the policy benefit, then. Which nonforfeiture option provides coverage for the longest period of time? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? In return, the insurer promised to pay benefits in accordance with the terms of the contract. What policy component contains the company's promise to pay? 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. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? Because of this, the company charged him a higher rate for his insurance. A. Who is the main purpose of the seven-pay test? How do you get to Motion settings on iPhone? D Misrepresentation. How can she obtain an individual policy? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates During replacement of life insurance, or replacing ensure musky which of the following? baja fresh queso recipe; Tags . Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. Your email address will not be published. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. 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? Taxation on dividends in participating policies? C Dividends from a mutual insurer. He wants to withdraw some money in order to pay medical bills. B Community service 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? What is true about beneficiary designations? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. Expert answered|GaelM|Points 4547| Log in for more information. A Concealment. Asked 10/30/2021 2:23:39 PM. C 90 days all of the following would be considered rebating except Follow us. Gender B A new Commissioner or Director is put into office. Each agent must pay a $5 appointment fee to the Commissioner. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. 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. What is true of the cash surrender nonforfeiture option? 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. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. "At the time of the application" is when interest must exist. 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? 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. Which of the following will NOT be considered unfair discrimination by insurers? B Suspension of authority D Producer commission schedules. E The spouse of a deceased insurance producer. select one: Which set of characteristics will produce the smallest value for the estimated standard error? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? What is the term for how frequently a policyowner is required to pay the policy premium? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? Which of the following persons is required to hold a producer license? This is considered to be an unfair claim settlement practice B Discriminating in benefits and coverages based on the insured's habits and lifestyle Rebating can be anything of . If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? What option does this describe? launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples What characteristic makes whole life permanent protection? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? All of the following are true regarding rebates EXCEPT. To combat the Where is heavy cream in Walmart? Paid cash to cover desk purchased on account. D False advertising. Commissioner. D If an insurer terminates a producer, the Commissioner will receive a notification. A Rebating. B Materially misrepresents an insurance policy. How much would the beneficiary receive from the policy? C Coercion. It was determined that the accident was his fault. What option could the insured utilize? 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. Insurers are also not allowed to cancel individual coverage due to a change in marital status. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. A. Misrepresentation. When may an insurance company use suicide as a defense against paying a death claim? 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. 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 Which of the following acts would not get an insurance producer terminated "for cause"? What type of policy is this? The insured had his wife named as the beneficiary of his life insurance policy. A. the spouse or legal representative of a deceased insurance producer In this situation, the Commissioner must be notified within 30 days. An insured had a $10,000 term life policy. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". Y was killed in an automobile accident on August 22, before the policy was issued. Ultimately, the commissioner determined that there were a total of 25 separate violations. The policyowner of an adjustable life policy wants to increase the death benefit. A temporary producer license could be issued without examination to all the following EXCEPT? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? All the following are true regarding rebates except? C 90 days C. Address To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? any person acting as an insurance producer without a valid license may be fined up to. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. In this state, a temporary license may be issued for any of the following reasons EXCEPT. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? B Twisting 6 2/3 C Solicit business as an insurance producer C Dividends from a mutual insurer. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Once the policyholder opts for cash surrender, the policy is immediately inactive. C Defamation. 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. What can they do? Updated 10/30/2021 2:46:29 PM. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? A temporary license in this state is valid for a maximum of Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. B Insurer financial requirements. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? A rebate is a type of purchasing discount that is paid as a reduction. Variable life insurance is based on what kind of premium? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. D Other than the 3 hours of ethics, licensees may take courses in any line. The agent is guilty of? D A termination issued by the appointing insurer. 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. D A license to practice law. A Cannot be extended or waived under any circumstances. What is the required percentage of participants in a contributory group plan? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. B Criminal offense He dies in a freak accident on June 1. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. What is this called? 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? 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? A father owns a life insurance policy on his 15-year-old daughter. What happens to the premium on the children's rider in a life insurance policy? 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.