Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. 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. Which of the following best describes this act? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. = 45/20 What type of life insurance policy would be best suited to this situation? What is the result of this? The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. What is this an example of? C Mutual Company C Consists of completing 24 hours of CE each biennium. B$1,000 What brand of castor oil is best for hair? Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. In level term and increasing term policies, the premium also remains level for the term of the policy. An individual has been making periodic payments on an annuity. A. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? And employee has group life insurance through her employer. 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. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. Which of the following acts would not get an insurance producer terminated "for cause"? Last year, she received a dividend check from the insurance company that was not taxable. 0. Question is All of the following species are considered coliforms 1 to 50. The balance is paid out directly to the employee in order for her to move the funds to a new account. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? D An offer of employment. A. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. An agent offers to share his commission with a policyholder. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? 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. 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. C Dividends from a mutual insurer. What policy component contains the company's promise to pay? Will result in having to pay the highest premium due to health, history, habits, etc. Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Nonforfeiture values guarantee which policyowner? B Twisting This is called.. This practice is considered? 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. 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 of the following is true regarding pre-licensing education requirements for insurance producers in the state? If the corporation collect the policy benefit, then. B Nothing, unless the remarks were in writing Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. 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? f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. If an insured continually uses the automatic premium loan option to pay the policy premium. From what type of insurer did the insured purchase the policy? B Coercion D Inviting prospective clients to the grand opening of the producer's new office. When an insurer's underwriter approves coverage and issues a policy. The regulation of the insurance industry primarily rest with. Unintentional misspellings are not a misrepresentation. C 30 days. What would be the right policy for this client? After five years, she decides to leave the company and work independently. Because of this, the company charged him a higher rate for his insurance. All of the following would be considered rebating except He has instructed the company to apply the policy dividends to increase the death benefit. Follow the following are true of the federal tax advantages of a qualified plan. This rider will not cause the death benefit to increase. This answer has been confirmed as correct and helpful. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. The policy contained an accidental death rider, offering a double indemnity benefit. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces The premiums paid by the employer in a business life insurance policy are. Which of the following would be required to be licensed as an insurance producer? C In the last 5 years. the spouse of a retiring insurance producer What percentage of a company's employees must take part in a noncontributory group life plan? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT all of the following would be considered rebating except What determines the length of time that benefits will be received under the fixed-amount settlement option? Whenever an individual stops drinking, the BAL will ________________. The integer 4 is considered all of the following except a variable. D. A salaried employee who advertises and solicits insurance. A 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. 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. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. D Other than the 3 hours of ethics, licensees may take courses in any line. Juan is the person employees go to when knowledge of a topic was needed. Who can make a fully deductible contribution to a traditional IRA? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? To combat the Where is heavy cream in Walmart? D 2 years. Which of the following would NOT have a policy loans provision? Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. 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? Ownership is the difference between these two companies. All of the following statements concerning an employer sponsored non-qualified retirement plan are true as follows: Two attorneys at law and operate their practice as a partnership. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? Each agent must pay a $5 appointment fee to the Commissioner. 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. A corporation is the owner and beneficiary of the key person life policy. C. Address juan holds ________ power. What is the other term for the cash payment settlement option? Which statement best defines an insurance producer? A Stocks, securities, or bonds. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Added 30 days ago|10/30/2021 2:46:29 PM. D Misrepresentation. A domestic insurer issuing variable contracts must establish one or more.. What settlement option should the policyowner choose? Autotrophs (like plants) produce glucose during photosynthesis. Michigan's continuing education requirement has each of the following characteristics EXCEPT What is the purpose of a disclosure statement in life insurance policies? What is the primary purpose of a 401(k) plan? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Who is the main purpose of the seven-pay test? C Accidentally misspells the name of the insurance policy in a written communication to a customer. B Twisting In which of the following situations is it legal to limit coverage based on marital status? 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? His wife dies 10 years later. She has decided that she would rather use the dividends to help pay for her next premium. C Charging applicants with similar health histories different premiums based on their ethnicity D Slandering. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. How long must an insurer keep a copy of an authorized form in its records? The death protection component of Universal Life Insurance is always.. A return of Premium term life policy is written as what type of term coverage? You dont have to worry about it anymore. He died on February 28. B Discriminating in benefits and coverages based on the insured's habits and lifestyle all of the following would be considered rebating except Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? 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. Telling a client that his first premium will be waived if he purchases the insurance policy today. The policyowner may assign a part of the policy or the entire policy. C A legal advertising strategy 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. If a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? C Twisting. An agent's license may also be suspended or revoked. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Correct Answer: A. D. Sexual orientation. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With All of the following actions are considered rebating except All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Which of the following will NOT be considered unfair discrimination by insurers? 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 What is true? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as -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. The dividend option that the insured has chosen is called? D An offer of employment. Expert answered|GaelM|Points 4547| Log in for more information. B A new Commissioner or Director is put into office. The president of a company is starting an annuity and decides that his corporation will be the annuitant. C What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Taxation on dividends in participating policies? Which of the following allows different operating systems to coexist on the same physical computer? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? 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 An insured had a $10,000 term life policy. Corporation is the owner and beneficiary of the key person life policy. B 3 days Log in for more information. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? 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 The policyowner pays for her life insurance annually. He dies in a freak accident on June 1. C Illegal under any circumstances Flashcards - Connecticut Insurance Test 2021 - FreezingBlue The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. D Controlled business. The integer 4 is considered all of the following except _____. D Chapter 11 part 2 Flashcards | Quizlet A. 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. A producer in tensional he violated insurance statues. Which of the following is an eligibility requirement for all Social Security disability income benefits? Which of the following is not a standard mounting dimension for an electric motor? Because of this, the company charged him a higher rate for his insurance. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. 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. What describes the tax advantage of a qualified retirement plan? Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? The Insurance Department regulations are to protect the insurance-buying public. 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. C Limited lines 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 d) Rebates are allowed if it's in the best interest of the client. 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. D Imprisonment. Rating. What are the three basic types of term coverage available, based on how the face amount (death benefit) changes during the policy term: Best description of what an annuity period is: Policy which allows the partial withdrawal, or surrender, of the policy cash value. Within how many days does a licensee have to inform the Commissioner of a change of address? When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation Once the policyholder opts for cash surrender, the policy is immediately inactive. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT D The soon-to-be producer does not want to wait until he receives his license in order to begin working. unit 3: personal and business finance grade boundaries. This year, she did not receive a check fin from the insurer. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. B A reasonable understanding of the Michigan insurance code What is true regarding taxation of accelerated benefits under life insurance policy? Home; About Us. A 60 days All of the following would be considered to be rebating 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. There are just too many details and specifications which you must be certain of when looking for one. The requirement that an agent not co-mingle insurance monies with their own fund is known as? D An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. 1 Answer/Comment. What information will be stated in the consideration clause of a life insurance policy? Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? A Applicant must be 18 years old C The protocol for replacement does not apply to which of the following situations? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. The integer 4 is considered all of the following except _____. a How much would the beneficiary receive from the policy? When twin brothers applied for life insurance from company a, the company found that while neither of them smoke and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. C Defamation. D 10 days. 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} What option would allow her to do this? 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? A rebate is a type of purchasing discount that is paid as a reduction. ________________ are owned and controlled by their policyholders. What is the name of the insured who enters into a viatical settlement. What option does this describe? A 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.