all of the following would be considered rebating except The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. D 30 days. An insured committed suicide 6 months after his life insurance policy was issued. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? 30 Ownership is the difference between these two companies. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. C Charging applicants with similar health histories different premiums based on their ethnicity 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. D. Coercion and intimidation. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? 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. 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. Chapter 11 part 2 Flashcards | Quizlet 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. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. 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. This year, she did not receive a check fin from the insurer. Identify the types of assets assigned to each classification. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? The designee of a producer that is called to active service with the Navy. Published by at June 10, 2022. Search for an answer or ask Weegy. 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. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. D Imprisonment. B Undercutting For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. In which of the following situations is it legal to limit coverage based on marital status? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? MI Insurance Regulation Flashcards | Quizlet 10 czerwca 2022 . As it turns out, the answer to this question depends upon a variety of factors. B Twisting Death benefits payable to a beneficiary under a life insurance policy are generally. C Listing the insurance companies the agency represents in a letter A Applicant must be 18 years old Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? Employer contributions made to a qualified plan.. C Gender D Engages in fraud. What are the two components of a universal policy? In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. B 30 A. C. the employee of a disabled licensed a producer D A termination issued by the appointing insurer. D Other than the 3 hours of ethics, licensees may take courses in any line. All of the following events will terminate a producer's certificate of appointment EXCEPT Which of the following best describes the act? all of the following would be considered rebating except The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? However, once there is solicitation, a license is required. D 2 years. If the producer continues to violate the entrance code, I knew so penalty will be assessed every? A tax-sheltered annuity is a special tax-favored retirement plan available to. 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. A$500 Cradle. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. 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? 1 to 50. B$1,000 The can be changed only with the written consent of that beneficiary. Old-age and retirement benefits, disability benefits, death benefits. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. 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. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? All the following could be considered rebates if offered to an insured in the sale of insurance except? Whenever an individual stops drinking, the BAL will ________________. The ownership provision entitles the policyowner to do what? Each agent must pay a $5 appointment fee to the Commissioner. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 1 Answer/Comment. juan holds ________ power. In a life settlement contract, whom does the life settlement broker represent? And employee is insured under her employers group life plan. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. The policyowner of an adjustable life policy wants to increase the death benefit. A Illegal until endorsed by the Guaranty Association What dividend option could she use? Mutual-policyholders; Stock-stockholders. What is true concerning a buy-sell agreement? D Surplus lines. 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. C Rebating. Who is the main purpose of the seven-pay test? Which of the following would NOT have a policy loans provision? Any surplus money is returned to the policyholders as dividends. B An offer to share in commissions generated by the sale. It was determined that the accident was his fault. 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 temporary license in this state is valid for a maximum of B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces D 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. What will she need to provide for proof of insurability? All of the following would be considered rebating EXCEPT. An agent misrepresents policy benefits to convince a policyowner to replace policies. B Coercion. She has decided that she would rather use the dividends to help pay for her next premium. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A 30 days A corporation is the owner and beneficiary of the key person life policy. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. B 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. Minimum number of credits required for partially insured status for Social Security disability benefits is. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? A candidate for life insurance producer's license must complete how many hours of prelicensing education? all of the following would be considered rebating except After five years, she decides to leave the company and work independently. An insured has a life insurance policy from a participating company and receives quarterly dividends. In this situation, a licensee would have to apply for a resident's license within 90 days. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. An individual has been making periodic payments on an annuity. all of the following would be considered rebating except. A. Misrepresentation. 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. The insurer has 15 days to file a notice of producer appointment. "At the time of the application" is when interest must exist. Within how many days of this notification must the producer be sent a copy? A Twisting. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. C Mutual Company An agent offers to share his commission with a policyholder. all of the following would be considered rebating except What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? Licensed, however, not in the state the indivisible resides. What required provision protects against unintentional lapse of the policy? A producer in tensional he violated insurance statues. The minimum age at which a person can sign a life insurance application is. 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? D False advertising. Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? D Rebating. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. A. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. B False advertising. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. B A reasonable understanding of the Michigan insurance code C In the last 5 years. Flashcards - Connecticut Insurance Test 2021 - FreezingBlue Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. All the following would be considered an unfair and deceptive practice. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. B A Certificate of Completion from the required pre-licensing study course What brand of castor oil is best for hair? Commissioner. He discovered that his policy.. Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. What is the purpose of a fixed-period settlement option? Which of the following provisions would NOT be found in Term Life Insurance? In the best interests of the client, rebates are allowed. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? Why is an equity Indexed annuity considered to be a fixed annuity? Insurers are also not allowed to cancel individual coverage due to a change in marital status. Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. The president of a company is starting an annuity and decides that his corporation will be the annuitant. 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 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? User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. What must be acceptable in order for the ride to be able to waive the payment of premium? If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? C What best describes what will happen? Which of the following acts would not get an insurance producer terminated "for cause"? When would a misrepresentation on the insurance application be considered fraud? I love when a hack helps me to recycle, and makes my life easier. An out-of-state producer wants to start selling insurance in this state. A Rebating. What is the minimum civil fine per violation of the Insurance Code of this state? There are just too many details and specifications which you must be certain of when looking for one. 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. A Defamation All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. b) Rebating can be anything of economic value, given as an inducement to buy. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process D Felony. 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. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. Under what circumstances could the daughter collect the death benefit? Azanswer team is here with the correct answer to your question. 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. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. All of the following would be considered rebating except Group life insurance is a single policy written to provide coverage to members of a group. Which of the following has not been taken to court for further interpretation? The requirement that an agent not co-mingle insurance monies with their own fund is known as? B d) Rebates are allowed if it's in the best interest of the client. B Materially misrepresents an insurance policy. C Rebating How could she obtain an individual policy? And employee quits her job where she has a balance of $10,000 in her qualified plan. D An offer of employment. An annuity owner is funding an annuity that will supplement her retirement. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. 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? Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. Thanks for choosing us. All of the following are true regarding rebates - Course Hero This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. Which of the following would be considered an illegal inducement to purchase insurance? The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within how many days? He never remarried and dies at age 61, leaving 2 grown-up children. When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. If an insured continually uses the automatic premium loan option to pay the policy premium. -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. Log in for more information. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. Answer-All of the following are considered key logistic functions in What policy would have an IRS required corridor or gap between the cash value and the death benefit? All of the following could own a group life insurance EXCEPT A group needing low-cost life insurance An applicant for a producer's license has successfully completed all of the steps to obtain the license. B An offer to share in commissions generated by the sale. The company is guilty of Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. An insured had a $10,000 term life policy. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. What statement is true concerning buy-sell agreements? What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Telling a client that his first premium will be waived if he purchases the insurance policy today. What is being defined as the degree to which something is related or useful to what is happening or being talked about? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? D Misrepresentation. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. 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. The policyowner pays for her life insurance annually. What settlement option should the policyowner choose? M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. A Defamation Question is All of the following species are considered coliforms 6 2/3 Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000.