B - In order to collect premiums and explain coverages, a person would need to be licensed. 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. Which of the following would be considered false advertising? D Legal, provided that the information can be verified. Up to 12 excess credit hours of CE may be carried over to the next review period. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. And insurance producer license may be renewed at the producer has paid the applicable fees, submitted the renewal form to the commissioner, and.. Having a client in inducement to a sale not stated in the policy is an unlawful practice known as? An insured had a $10,000 term life policy. Old-age and retirement benefits, disability benefits, death benefits. What is the purpose of establishing the target premium for a universal life policy? You dont have to worry about it anymore. 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? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Azanswer team is here with the correct answer to your question. A A good business reputation and good moral character. The premiums paid by the employer in a business life insurance policy are. The ownership provision entitles the policyowner to do what? In which instance would the premium be tax deductible? An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. B Discriminating in benefits and coverages based on the insured's habits and lifestyle 10 czerwca 2022 . A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. B$1 When does the policy coverage become effective? I love when a hack helps me to recycle, and makes my life easier. Y was killed in an automobile accident on August 22, before the policy was issued. 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. Your email address will not be published. This practice is considered? The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer C B 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 payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. E The spouse of a deceased insurance producer. 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 Commissioner. A Natural Group A Assigning different risk classifications to applicants based on gender identity Corporation is the owner and beneficiary of the key person life policy. D. Sexual orientation. C Twisting 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? A Unfair claims 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. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. 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? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Identify the types of assets assigned to each classification. Which of the following acts would not get an insurance producer terminated "for cause"? What required provision protects against unintentional lapse of the policy? B$1,000 This practice is considered Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. This rider will not cause the death benefit to increase. A Adverse selection It is the premium paying period that is limited, not the maturity. B. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. Log in for more information. D How many days does the insurer have to deliver this notice? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. 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. An insured misstates her age at the time the life insurance application is taken. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. During replacement of life insurance, or replacing ensure musky which of the following? Define electric potential and electric potential energy. What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? What is the result of this? The can be changed only with the written consent of that beneficiary. Question. 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. B Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone D In a direct rollover, how is the money transferred from one plan to the new one? D Adverse selection. 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? An employee quits her job where she has a balance of $10,000 in her qualified plan. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. What term best describes this arrangement? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Expert answered|GaelM|Points 4547| Log in for more information. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. An insured purchased an insurance policy 5 years ago. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. An agent's license may also be suspended or revoked. B Twisting Gender The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. = 15 ? What is true? 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. Which policy component decreases in decreasing term insurance? Log in for more information. Rebates are allowed if it's in the best interest of the client. How are contributions to a tax-sheltered annuity treated with regards to taxation? 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. C$2,000 Which of the following has not been taken to court for further interpretation? What information will be stated in the consideration clause of a life insurance policy? Michigan's continuing education requirement has each of the following characteristics EXCEPT 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. The policyowner of an adjustable life policy wants to increase the death benefit. Death benefits payable to a beneficiary under a life insurance policy are generally. And employee has group life insurance through her employer. What is not an example of a business use of life insurance? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. Once the policyholder opts for cash surrender, the policy is immediately inactive. C Policyowner rights and disclosures. C Misrepresentation What amount would his beneficiary receive as a settlement? B. Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. A father owns a life insurance policy on his 15-year-old daughter. 45 She has decided that she would rather use the dividends to help pay for her next premium. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. This is due to what provision? B Suspension of authority If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. A Temporary The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? All of the following would be considered to be rebating EXCEPT. Home; About Us. In return, the insurer promised to pay benefits in accordance with the terms of the contract. M may perform all of the following duties EXCEPT. C. Rebating. What must be acceptable in order for the ride to be able to waive the payment of premium? Department of Education. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. 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? This is a personal use of life insurance known as.. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. 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. The integer 4 is considered all of the following except a variable. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Which statement best defines an insurance producer? 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? An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. If an insured continually uses the automatic premium loan option to pay the policy premium. A 15 User: 3/4 16/9 Weegy: 3/4 ? 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 An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A 30 days An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT D Imprisonment. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Confirming future dividends in a life insurance proposal A. the spouse or legal representative of a deceased insurance producer C 7 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 A producer's license is suspended or revoked by the Department of Insurance. 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. 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? What happens to the premium on the children's rider in a life insurance policy? 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. = 2 1/4. An individual has been making periodic payments on an annuity. all of the following would be considered rebating except Follow us. All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? Correlation and Causation What are correlation and causation and how are they different? C. the employee of a disabled licensed a producer Telling a client that his first premium will be waived if he purchases the insurance policy today. What is the official name for the Social Security program? Added 30 days ago|10/30/2021 2:46:29 PM. Group life insurance is a single policy written to provide coverage to members of a group. The insured knows that his financial state will worsen even more with upcoming medical expenses. Ultimately, the commissioner determined that there were a total of 25 separate violations. 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. = 2 5/20 The insurer's surrender the policy at its current cash value. What best describes what will happen? False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. A Cannot be extended or waived under any circumstances. The agent is guilty of C Law of large numbers 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. D Unfair Discrimination. Rebates include money, sharing of commissions, promises, inducements and personal services. How could she obtain an individual policy? Which of the following would NOT have a policy loans provision? Variable life insurance is based on what kind of premium? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. In this situation, the Commissioner must be notified within 30 days. 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? As the local coffee shop is just initiating the segmentation and targeting process, what has . Search for an answer or ask Weegy. 20/3 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. A However, once there is solicitation, a license is required. The producer could be found guilty of? What is true about beneficiary designations? Which policy provision allows this? The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. 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. New answers. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. D A license to practice law. In an annuity, the accumulated money is converted into a stream of income during what time period? 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. A Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. All riders that will cause the death benefit to increase? What best describes this practice? 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. The Insurance Department regulations are to protect the insurance-buying public. Until now, she has collected a nontaxable dividend check each year. A. B 30 What is the primary purpose of a 401(k) plan? Any surplus money is returned to the policyholders as dividends. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? What is this called? In order to enforce the insurance code the commissioner has the power to conduct which of the following? A$500 The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. Insurers are also not allowed to cancel individual coverage due to a change in marital status. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Will result in having to pay the highest premium due to health, history, habits, etc. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? After 5 years, she decides to leave the company and work independently. 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? 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. He has instructed the company to apply the policy dividends to increase the death benefit. Added 149 days ago|10/30/2021 2:46:29 PM. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? C 30 days An appointment by an insurer is based upon the person maintaining a valid insurance license. Each of the following statements may (or may not) describe one of these technical terms. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Is a program that assesses and reports information about various computer resources and devices. In Michigan the state's continuing education requirement 1 to 75. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. 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? An insured has chosen joint and 2/3 survivor as the settlement option. An out-of-state producer wants to start selling insurance in this state. Rating. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. Licensed in the state where the individual resides. D. Commissioner. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Eligibility requirements for a license are established by the Insurance Code. All of the following would be considered rebating EXCEPT. 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 Giving an applicant a $5 pen with the insurer's logo during the insurance application process A B A person whose activities are limited to producing insurance advertisements 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. What type of life insurance policy would be best suited to this situation? Convertible without proof of insurability up to the full term death benefit. A Twisting. 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. I no the truth.Ans: I know the truth.(2). 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? D 120 days. Thanks for choosing us. Because of this, the company charged him a higher rate for his insurance. 1 to 50. Which of the following is true?
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