D 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? D Controlled business. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. What characteristic makes whole life permanent protection? What is true about beneficiary designations? Most horse (1). D False financial statement. A Defamation D Business Entity. Which of the following would be required to be licensed as an insurance producer? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. An agent's license may also be suspended or revoked. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. 0. c) An offer of employment. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. 30 These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. The policyowner of an adjustable life policy wants to increase the death benefit. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? An agent misrepresents policy benefits to convince a policyowner to replace policies. Taxation on dividends in participating policies? C If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant What policy component decreases in decreasing term insurance? Rebates are allowed if it's in the best interest of the client. The company is guilty of All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. An out-of-state producer wants to start selling insurance in this state. A The advantage of qualified plans to employers is. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? In Michigan the state's continuing education requirement To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. A key person insurance policy can pay for which of the following? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. In a life settlement contract, whom does the life settlement broker represent? 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? Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. A licensed counselor MAY NOT perform which of the following duties? What term best describes this arrangement? All of the following actions can be described as twisting EXCEPT. The ownership provision entitles the policyowner to do what? A D B In the preceding 2 years. Which policy provision allows this? 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 of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. A producer in tensional he violated insurance statues. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. B A reasonable understanding of the Michigan insurance code 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. 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? An agent who offers a cash reward to a prospect for buying a policy is guilty of. baja fresh queso recipe; Tags . What describes the tax advantage of a qualified retirement plan? 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. What policy would have an IRS required corridor or gap between the cash value and the death benefit? D A termination issued by the appointing insurer. How could she obtain an individual policy? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? B Discriminating in benefits and coverages based on the insured's habits and lifestyle B Stock Company The producer could be found guilty of A temporary license may be issued for up to 180 days. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. Time during which accumulated money is converted into an income stream. B 60 days Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? In this situation, the Commissioner must be notified within 30 days. D An offer of employment. What would be the face amount of the new term policy? A Restriction of authority Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? In which of the following situations is it legal to limit coverage based on marital status? In this situation, a licensee would have to apply for a resident's license within 90 days. She has decided that she would rather use the dividends to help pay for her next premium. 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. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Which of the following is a true statement regarding taxation of the accelerated benefits? Describe the relationship between potential difference and electrical potential energy. What are examples of a business use of life insurance? 15 Rebates are allowed if it's in the best interest of the client. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). A A producer's license is suspended or revoked by the Department of Insurance. What source will it consult for the majority of its underwriting information? B A new Commissioner or Director is put into office. Attorney General. If the corporation collect the policy benefit, then. 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. Which of the following best describes the act? Ownership is the difference between these two companies. What dividend option could she use? He never remarried and dies at age 61, leaving 2 grown-up children. 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} A In this case, what will the policy beneficiary receive? The designee of a producer that is called to active service with the Navy. B Applies to life, annuity, and accident and health licensees only. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? 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. A Deals with insurance outside the scope of the license. If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? This answer has been confirmed as correct and helpful. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. Eligibility requirements for a license are established by the Insurance Code. Question. In an annuity, the accumulated money is converted into a stream of income during what time period? D. Commissioner. Commissions are set by a schedule or negotiation between the producer and the insurance company. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. C$1,500 The policy contained an accidental death rider, offering a double indemnity benefit. An annuity owner is funding an annuity that will supplement her retirement. All paid by the time the insured reaches age 65. An insured had a $10,000 term life policy. B Insurer financial requirements. What type of annuity is it? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. 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. Added 30 days ago|10/30/2021 2:46:29 PM. 90 days. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. 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? If an insured continually uses the automatic premium loan option to pay the policy premium.. 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] All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT He has instructed the company to apply the policy dividends to increase the death benefit. An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. What is the total, monetary penalty this producer can expect to receive? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Cradle. All of the following would be considered to be rebating EXCEPT. 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? any person acting as an insurance producer without a valid license may be fined up to. A. the spouse or legal representative of a deceased insurance producer Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. C Dividends from a mutual insurer. A Rebating. 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? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. A Unfair claims 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. What is the name of the insured who enters into a viatical settlement. C Policyowner rights and disclosures. 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? 20/3 Unless revoked or suspended how long does a producers license remain in effect in Tennessee? A Rebating. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? 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. After five years, she decides to leave the company and work independently. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. All the following would be considered an unfair and deceptive practice.
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