In Michigan the state's continuing education requirement Rebates are allowed if it's in the best interest of the client. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. A A good business reputation and good moral character. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. Because of this, the company charged him a higher rate for his insurance. C Annuities can also be used to.. The balance is paid out directly to the employee in order for her to move the funds to a new account. B Materially misrepresents an insurance policy. C Fine An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. = 15 ? What type of license should the producer obtain? According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? Ultimately, the commissioner determined that there were a total of 25 separate violations. 45 A producer in tensional he violated insurance statues. 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? D$5,000. 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). A She also wished to retain all of the rights of ownership. The policyowner may assign a part of the policy or the entire policy. 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] How much would the beneficiary receive from the policy? If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. A Stocks, securities, or bonds. C 90 days 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? An annuity owner is funding an annuity that will supplement her retirement. C Dividends from a mutual insurer. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? The regulation of the insurance industry primarily rest with. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. 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. B Mailing an agency brochure to a prospective client As it turns out, the answer to this question depends upon a variety of factors. 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. What is the purpose of a free-look period in insurance policies? Thanks for choosing us. What is the purpose of a fixed-period settlement option? The producer could be found guilty of Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. D Any time in the past. 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. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? A. 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? The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer D Controlled business. What is the name of the insured who enters into a viatical settlement. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? What happens when a policy is surrendered for its cash value? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. User: 3/4 16/9 Weegy: 3/4 ? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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. All of the following actions can be described as twisting EXCEPT. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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. B. When would a 20-pay whole life policy endow? Which statement best defines an insurance producer? What must be presented before an applicant submits a premium? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. Published by at June 10, 2022. Shopping for electric motors can be tricky. All the following are true regarding rebates except? D An offer of employment. An insured had a continuous premium whole life policy. = 2 5/20 To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. What is true regarding taxation of accelerated benefits under life insurance policy? 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? Describe the relationship between potential difference and electrical potential energy. B 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 Insurers are also not allowed to cancel individual coverage due to a change in marital status. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? D Business Entity. B Suspension of authority What is this called? Which of the following is true? The insured knows that his financial state will worsen even more with upcoming medical expenses. A Rebating. 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 In this state, what type of violation is rebating? D False advertising. A An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. If an insured continually uses the automatic premium loan option to pay the policy premium. Which of the following would be considered false advertising? B A new Commissioner or Director is put into office. Autotrophs (like plants) produce glucose during photosynthesis. Which of the following persons is required to hold a producer license? What best describes this practice? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. Asked 11/28/2019 3:15:17 PM. C 90 days What is this called? 1 to 75. She has decided that she would rather use the dividends to help pay for her next premium. Log in for more information. Which of the following individuals could qualify for a temporary insurance license? 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? 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? 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? Formula: (Ann . D False financial statement. C Charging applicants with similar health histories different premiums based on their ethnicity A straight life policy has what type of premium? c) An offer of employment. 1 Answer/Comment. Variable life insurance is based on what kind of premium? B Unfair claim practice. This misstatement may result in? Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. What is the result of this? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. An agent misrepresents policy benefits to convince a policyowner to replace policies. Cash surrender, extended term, reduced paid-up. What settlement option should the policyowner choose? 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. Correct Answer: A. C It requires satisfactory completion of at least 24 hours of approved training every biennium. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. What type of insurance policy would perform the function of cash accumulation? Old-age and retirement benefits, disability benefits, death benefits. Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. 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 C Consists of completing 24 hours of CE each biennium. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. D Unfair Discrimination. May be used to customize a permanent life insurance policy to meet the needs of the policyowner, Mandatory free look in a life insurance policy. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. Which of the following is an eligibility requirement for all Social Security disability income benefits? 30 Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Within how many days does a licensee have to inform the Commissioner of a change of address? In an annuity, the accumulated money is converted into a stream of income during what time period? A$500 Each of the following statements may (or may not) describe one of these technical terms. Vscode No server install found in WSL, needs x64. C Dividends from a mutual insurer. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. What license or licenses are required to sell variable life annuities? What option could the insured utilize? When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . This practice is considered 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? Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? Which of the following is an example of a producer being involved in an unfair trade practice of rebating? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. B Insurer financial requirements. Log in for more information. In return, the insurer promised to pay benefits in accordance with the terms of the contract. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral Each agent must pay a $5 appointment fee to the Commissioner. The requirement that an agent not co-mingle insurance monies with their own fund is known as? 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 policy would have an IRS required corridor or gap between the cash value and the death benefit? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Juan is the person employees go to when knowledge of a topic was needed. An insured pays $1,200 annually for her life insurance premium. 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". In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. When is the earliest a policy may go into effect? C Sharing commission with the insured 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? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? This is considered to be false, deceptive or misleading advertising. In which of the following situations is it legal to limit coverage based on marital status? What determines the amount of each installment paid in a life income option arrangement? M may perform all of the following duties EXCEPT. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces The following areas are regulated by the Insurance Department EXCEPT Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? Which of the following activities is not performed by an insurance producer? C Twisting What can they do? C$2,000 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. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. In the best interests of the client, rebates are allowed. D Producer commission schedules. B$1 Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? It is the premium paying period that is limited, not the maturity. What is true regarding a non-qualified retirement plan? If the corporation collects the policy benefit, then. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? A$500 Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. Department of Education. He dies in a freak accident on June 1. Convertible without proof of insurability up to the full term death benefit. B A Unfair claims C Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. In a direct rollover, how is the money transferred from one plan to the new one? An insured purchases a policy in 2008 and died in 2013. 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. baja fresh queso recipe; Tags . An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Under what circumstances could the daughter collect the death benefit? = 45/20 User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. 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 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. The dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. What statement is true concerning buy-sell agreements? Minimum number of credits required for partially insured status for Social Security disability benefits is. To combat the Where is heavy cream in Walmart? Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. A Defamation Up to 12 excess credit hours of CE may be carried over to the next review period. And employee has group life insurance through her employer. In life insurance policies, cash value increases. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? From what type of insurer did the insured purchase the policy? D Engages in fraud. Identify the types of assets assigned to each classification. B Coercion Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. 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. Home; About Us. In Connecticut, continuing education courses must be approved by the. A salaried full-time employee who furnishes information for group insurance It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. Term used to name the no taxes return of unused premiums? How long must an insurer keep a copy of an authorized form in its records? The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? What determines the length of time that benefits will be received under the fixed-amount settlement option? What is the maximum fine for submitting a false or fraudulent claim to the insurer? How do you get to Motion settings on iPhone? A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. Log in for more information. A. Misrepresentation. Rebates are allowed if it's in the best interest of the client. Question. B What is true about beneficiary designations? What is true? Employer contributions are not included in the employee's gross income, SEP's allow the employer to make annual tax-deductible contributions of the 25% of an employee's earned income, SEP's have a higher tax deductible contribution limit than an IRA. 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. 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. Any surplus money is returned to the policyholders as dividends. What statement about a suicide clause in a life insurance policy is true? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. The can be changed only with the written consent of that beneficiary. Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. C 7 All the following would be considered an unfair and deceptive practice. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . However, once there is solicitation, a license is required. The policyowner of an adjustable life policy wants to increase the death benefit. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process Confirming future dividends in a life insurance proposal For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? 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 There are just too many details and specifications which you must be certain of when looking for one. He died on February 28. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity An insured misstates her age at the time the life insurance application is taken. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. This is considered to be an unfair claim settlement practice Which of the following best describes the unfair trade practices of defamation? C. Rebating. 90 days. All of the following would be considered rebating EXCEPT. D Coercion. B A reasonable understanding of the Michigan insurance code D$2,000. B Community service 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 A Certificate of Completion from the required pre-licensing study course In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. The purpose of the Tennessee Guaranty Association is to. a constant a term a variable an expression. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation D False advertising. Which of the following would be considered an illegal inducement to purchase insurance? Added 30 days ago|10/30/2021 2:46:29 PM. He's insured under a life insurance policy with the accelerated benefits rider. D Imprisonment. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Both the offer and acceptance of a rebate are illegal. Group life insurance is a single policy written to provide coverage to members of a group. Which of the following would be required to be licensed as an insurance producer? D Misrepresentation. C Illegal under any circumstances Only any excess of value is taxable as income. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. B. Twisting. D Felony. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? D.the spouse of a retiring insurance producer 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? An insured has a life insurance policy from a participating company and receives quarterly dividends. Which of the following would be required to be licensed as an insurance producer? Licensed in the state where the individual resides. Number of credits required for fully insured status for Social Security disability benefits? The policyowner pays for her life insurance annually. An appointment by an insurer is based upon the person maintaining a valid insurance license. B 30 C A Cannot be extended or waived under any circumstances. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? Correlation and Causation What are correlation and causation and how are they different? After 5 years, she decides to leave the company and work independently. The insurance company discovers at that time that the insured concealed info during the application process. What required provision protects against unintentional lapse of the policy? When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples Which of the following will NOT be considered unfair discrimination by insurers? The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. What statement is correct? What is the purpose of a disclosure statement in life insurance policies? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT The president of a company is starting an annuity and decides that his corporation will be the annuitant. A Producer regulations and testing requirements. A domestic insurer issuing variable contracts must establish one or more.. New answers. A corporation is the owner and beneficiary of the key person life policy. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Commissioner. Ownership is the difference between these two companies. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A Restriction of authority Most horse (1). The Insurance Department regulations are to protect the insurance-buying public. The company also guarantees the specified dollar amount for each payment and the length of the payout period. An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. A Payment of restitution What term best describes this arrangement? This is called.. The policyowner is entitled to policy loans. What is the minimum civil fine per violation of the Insurance Code of this state? All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. The designee of a producer that is called to active service with the Navy. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. C Twisting. D The passing of a written examination. C$100 B Discrimination If an insurer terminates a producer, the Commissioner will receive a notification.