Cradle. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. Log in for more information. 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? 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. In this situation, the Commissioner must be notified within 30 days. B An offer to share in commissions generated by the sale. A corporation is the owner and beneficiary of the key person life policy. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? 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 Question. If the corporation collects the policy benefit, then. D Slandering. All the following would be considered an unfair and deceptive practice. Correlation and Causation What are correlation and causation and how are they different? What does this mean to the beneficiaries? An insured has a life insurance policy from a participating company and receives quarterly dividends. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. How long must an insurer keep a copy of an authorized form in its records? "At the time of the application" is when interest must exist. A salaried full-time employee who furnishes information for group insurance A licensed counselor MAY NOT perform which of the following duties? A 30 days The insured had his wife named as the beneficiary of his life insurance policy. C Limited lines B Twisting all of the following would be considered rebating except. The producer could be found guilty of 30 days. B Discriminating in benefits and coverages based on the insured's habits and lifestyle D False advertising. C Accidentally misspells the name of the insurance policy in a written communication to a customer. Department of Education. B$1 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 happens when a policy is surrendered for its cash value? D Surplus lines. An agent's license may also be suspended or revoked. What must be acceptable in order for the ride to be able to waive the payment of premium? A$500 Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. The policyowner of an adjustable life policy wants to increase the death benefit. The insured knows that his financial state will worsen even more with upcoming medical expenses. What can they do? And insured has a modified endowment contract. Eligibility requirements for a license are established by the Insurance Code. D$5,000. What settlement option should the policyowner choose? B Advertise & solicit business as an insurance counselor or consultant Chapter 11 part 2 Flashcards | Quizlet When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. D Coercion. 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? Which of the following provisions would NOT be found in Term Life Insurance? This rider will not cause the death benefit to increase. All of the following would be considered rebating except. What type of life insurance policy would be best suited to this situation? Commissions are set by a schedule or negotiation between the producer and the insurance company. all of the following would be considered rebating except C Consists of completing 24 hours of CE each biennium. B Community service 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? Commissioner. Rating. A straight life policy has what type of premium? C Rebating What is the result of this? A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. The advantage of qualified plans to employers is. A Twisting. An insured committed suicide 6 months after his life insurance policy was issued. Because of this, the company charged him a higher rate for his insurance. If an insured withdraws a portion of the death benefit by the use of this rider, the benefit payable at death will be reduced by that amount plus.. In Connecticut, continuing education courses must be approved by the. What information will be stated in the consideration clause of a life insurance policy? 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. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. B B 3 days The policyowner of an adjustable life policy wants to increase the death benefit. Once the policyholder opts for cash surrender, the policy is immediately inactive. Rebates are allowed if it's in the best interest of the client. Log in for more information. He has instructed the company to apply the policy dividends to increase the death benefit. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. The agent is guilty of? 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. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral MI Insurance Regulation Flashcards | Quizlet From what type of insurer did the insured purchase the policy? A banker is ready to close on a customer's loan. Follow the following are true of the federal tax advantages of a qualified plan. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT File an application with the Director b. All of the following would be considered rebating except Search for an answer or ask Weegy. 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. Within how many days does a licensee have to inform the Commissioner of a change of address? D Felony. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? all of the following would be considered rebating except. D Other than the 3 hours of ethics, licensees may take courses in any line. Which of the following best describes the unfair trade practices of defamation? A 40 year old man buys a whole life policy and names his wife as his only beneficiary. What is the minimum required age for an insurance producer in this state? How much would the beneficiary receive from the policy? Added 30 days ago|10/30/2021 2:46:29 PM. D Unfair Discrimination. a constant a term a variable an expression. Up to 12 excess credit hours of CE may be carried over to the next review period. juan holds ________ power. Flashcards - Connecticut Insurance Test 2021 - FreezingBlue The integer 4 is considered all of the following except _____. a An insured pays $1,200 annually for her life insurance premium. A What option could the insured utilize? Flashcards - WA Common Law Practice Exam - FreezingBlue What describes the tax advantage of a qualified retirement plan? A Discrimination. Group life insurance is a single policy written to provide coverage to members of a group. C Cease and desist order What is the purpose of establishing the target premium for a universal life policy? 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. Which provision of a life insurance policy states that the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? C It requires satisfactory completion of at least 24 hours of approved training every biennium. What amount would his beneficiary receive as a settlement? What type of policy is this? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? B Stock Company all of the following would be considered rebating except Asked 11/28/2019 3:15:17 PM. 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] Upon policy delivery, the producer may be required to obtain? This is considered to be an unfair claim settlement practice Which of the following is NOT a pathway in the oxidation of glucose. What is true? Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Which of the following is not a standard mounting dimension for an electric motor? Old-age and retirement benefits, disability benefits, death benefits. c) An offer of employment. The ownership provision entitles the policyowner to do what? Shopping for electric motors can be tricky. C Solicit business as an insurance producer A corporation is the owner and beneficiary of the key person life policy. all of the following would be considered rebating except 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? Will result in having to pay the highest premium due to health, history, habits, etc. C Charging applicants with similar health histories different premiums based on their ethnicity D Inviting prospective clients to the grand opening of the producer's new office. Your email address will not be published. Which of the following best describes this act? D Legal, provided that the information can be verified. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. Which type of life insurance policy generates immediate cash value? B Undercutting This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Variable life insurance is based on what kind of premium? D The passing of a written examination. C$100 C Twisting 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? When does the policy coverage become effective? Mutual-policyholders; Stock-stockholders. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. C In the last 5 years. To combat the Where is heavy cream in Walmart? Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. A 60 days All of the following events will terminate a producer's certificate of appointment EXCEPT B. Defamation. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. When is the earliest a policy may go into effect? 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? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity B Discrimination The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. Who can make a fully deductible contribution to a traditional IRA? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Which of the following activities is not performed by an insurance producer? any person acting as an insurance producer without a valid license may be fined up to. 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. 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. All of the following are true regarding rebates EXCEPT. When would a misrepresentation on the insurance application be considered fraud? The dividend option that the insured has chosen is called? A key person insurance policy can pay for what? 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? Ownership is the difference between these two companies. Taxation on dividends in participating policies? Which of the following would be considered an illegal inducement to purchase insurance? It is never legal to limit coverage based on marital status. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? If a company has a simplified employee pension plan, what type of plant is it? Employer contributions made to a qualified plan.. Time during which accumulated money is converted into an income stream. Which of the following documents must be provided to the policyowner or applicant during policy replacement? The Insurance Department regulations are to protect the insurance-buying public. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT 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. 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 policyowner may assign a part of the policy or the entire policy. C A legal advertising strategy 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? unit 3: personal and business finance grade boundaries. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. A Stocks, securities, or bonds. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? C 7 There are just too many details and specifications which you must be certain of when looking for one. Unintentional misspellings are not a misrepresentation. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? In level term and increasing term policies, the premium also remains level for the term of the policy. 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. An insured had a $10,000 term life policy. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. 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. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? If she terminates her group coverage, what is true? Search for an answer or ask Weegy. USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. 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. What type of insurance policy would perform the function of cash accumulation? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? What source will it consult for the majority of its underwriting information? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. How many days does the insurer have to deliver this notice? 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? He died on February 28. D Any time in the past. Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape A 30 days When would a 20-pay whole life policy endow? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? Asked 10/30/2021 2:23:39 PM. A Concealment. Define electric potential and electric potential energy. Age The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. The annual premium of $200 was due on February 1; however; the insured failed to pay the 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. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A key person insurance policy can pay for which of the following? Which of the following would NOT be considered rebating? C Dividends from a mutual insurer. There is a limit for a withdrawal and the insurer charges a fee. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? He discovered that his policy.. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. What are the classifications of net assets reported in the statement of financial position by private colleges? 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. C A producer's license expires and is not renewed. This rider usually expires at the insured's age of 40. 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. Expert answered|GaelM|Points 4547| Log in for more information. What is the maximum fine for submitting a false or fraudulent claim to the insurer? What is the advantage of reinstating a policy instead of applying for a new one? An individual has been making periodic payments on an annuity. An insured has chosen joint and 2/3 survivor as the settlement option. Which nonforfeiture option has the highest amount of insurance protection? 3. D 10. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? As it turns out, the answer to this question depends upon a variety of factors. A Defamation After 5 years, she decides to leave the company and work independently. B Twisting A father owns a life insurance policy on his 15-year-old daughter. How could she obtain an individual policy? What is the purpose of a disclosure statement in life insurance policies? C Class C violation 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. If an insurer terminates a producer, the Commissioner will receive a notification. The person or interest to whom the policy proceeds will be paid upon the death of the insured. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? This answer has been confirmed as correct and helpful. 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. All of the following acts are considered unfair trade - Course Hero B Insurer financial requirements. Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? f. Get an answer. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. The following areas are regulated by the Insurance Department EXCEPT
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