all of the following would be considered rebating except

All the following could be considered rebates if offered to an insured in the sale of insurance except? How could she obtain an individual policy? When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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. 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? 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. And any controversy between the insured or the insured's beneficiary and the insured that arises from the application for insurance of any policy issued a connection with the application, the producer is considered to be the agent and which of the following? Y was killed in an automobile accident on August 22, before the policy was issued. What is the purpose of establishing the target premium for a universal life policy? Eligibility requirements for a license are established by the Insurance Code. C. Address The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. A candidate for life insurance producer's license must complete how many hours of prelicensing education? What describes the tax advantage of a qualified retirement plan? This misstatement may result in? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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 Cancelling individual coverage based on the insured's marital status. D A Illegal until endorsed by the Guaranty Association All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. All of the following would be considered rebating except. 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. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. D Producer commission schedules. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? The policyowner may assign a part of the policy or the entire policy. After five years, she decides to leave the company and work independently. B. Why is an equity Indexed annuity considered to be a fixed annuity? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. How many days does the insurer have to deliver this notice? 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. B Legal, provided that the other insurers are paid royalties for the usage of their names What best describes what will happen? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Upon policy delivery, the producer may be required to obtain? This is considered to be false, deceptive or misleading advertising. Which of the following best describes this practice? His wife dies 10 years later. C A producer's license expires and is not renewed. A father owns a life insurance policy on his 15-year-old daughter. Which of the following is possible? Which statement best defines an insurance producer? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Who is the main purpose of the seven-pay test? An insured has a life insurance policy from a participating company and receives quarterly dividends. D 10. What source will it consult for the majority of its underwriting information? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT What is the name of the insured who enters into a viatical settlement. b) Rebating can be anything of economic value, given as an inducement to buy. A corporation is the owner and beneficiary of the key person life policy. What is the primary purpose of a 401(k) plan? Confirming future dividends in a life insurance proposal B$1,000 All of the following would be considered to be rebating EXCEPT. The dividend option that the insured has chosen is called? An out-of-state producer wants to start selling insurance in this state. All of the following would be considered rebating except. C 7 What type of policy is this? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone 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? The company is guilty of B Community service Nonforfeiture values guarantee which policyowner? 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 1 to 75. A 15 B Materially misrepresents an insurance policy. = 45/20 What can they do? A Defamation D. Coercion and intimidation. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. The policyowner of an adjustable life policy wants to increase the death benefit. Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. In this state, a temporary license may be issued for any of the following reasons EXCEPT. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. D An offer of employment. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? If a company has a simplified employee pension plan, what type of plant is it? = 2 1/4. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. D False financial statement. 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. A An insured owns a life insurance policy. A Defamation What happens when a policy is surrendered for its cash value? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. However, once there is solicitation, a license is required. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? Thanks for choosing us. Asked 11/28/2019 3:15:17 PM. 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? C Solicit business as an insurance producer 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. What is the other term for the cash payment settlement option? This is called.. B Twisting D Controlled business. C Sharing commission with the insured The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Follow the following are true of the federal tax advantages of a qualified plan. A table showing the nonforfeiture values for the next 20 years must be included in the policy. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. A A Defamation An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. must ensure a pair that's benefit claim after receiving the product of death? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Which of the following would be considered false advertising? 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. Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. I no the truth.Ans: I know the truth.(2). The agent is guilty of? Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. A 30 days If an insured continually uses the automatic premium loan option to pay the policy premium. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. 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. All of the following would be considered to be rebating EXCEPT? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Insurers are also not allowed to cancel individual coverage due to a change in marital status. Rebating can be anything of . B 3 days B Misleading advertising. If an insured continually uses the automatic premium loan option to pay the policy premium.. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? What type of policy does the insured most likely have? What is the purpose of a free-look period in insurance policies? D Unfair Discrimination. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? What statement is correct? 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. 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] Group life insurance is a single policy written to provide coverage to members of a group. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process When would a misrepresentation on the insurance application be considered fraud? Number of credits required for fully insured status for Social Security disability benefits? Is a program that assesses and reports information about various computer resources and devices. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. D Rebating. The ownership provision entitles the policyowner to do what? D 120 days. 6 2/3 An applicant for a counselor's license must possess a reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel, as well as a reasonable understanding of the Michigan insurance code and possess a good business reputation and good moral character. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? = 2 5/20 D. A salaried employee who advertises and solicits insurance. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. What is this an example of? 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. D A license to practice law. What is true about beneficiary designations? B Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? Rebates include money, sharing of commissions, promises, inducements and personal services. 45 What brand of castor oil is best for hair? And insured has a modified endowment contract. Licensed, however, not in the state the indivisible resides. 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? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. 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. Which of the following will NOT be considered unfair discrimination by insurers? In Connecticut, continuing education courses must be approved by the. D What is the purpose of a fixed-period settlement option? What is this called? A Temporary During replacement of life insurance, or replacing ensure musky which of the following? 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. The minimum age at which a person can sign a life insurance application is. What is this called? C If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. In this situation, the Commissioner must be notified within 30 days. This rider usually expires at the insured's age of 40. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. What is being defined as the degree to which something is related or useful to what is happening or being talked about? The integer 4 is considered all of the following except a variable. What is the advantage of reinstating a policy instead of applying for a new one? B Twisting Term used to name the no taxes return of unused premiums? To combat the Where is heavy cream in Walmart? During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. A Deals with insurance outside the scope of the license. What is the total, monetary penalty this producer can expect to receive? In an annuity, the accumulated money is converted into a stream of income during what time period? What statement concerning group life is true? What term best describes this arrangement? What is this an example of? B 90 days All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT 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? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. B Stock Company What settlement option should the policyowner choose? In level term and increasing term policies, the premium also remains level for the term of the policy. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? What relationship is not an example of insurable interest? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity D False advertising. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. B C Policyowner rights and disclosures. C Defamation. If an insurer terminates a producer, the Commissioner will receive a notification. D He wants to withdraw some money in order to pay medical bills. C Rebating. The protocol for replacement does not apply to which of the following situations? In which of the following situations is it legal to limit coverage based on marital status? Which of the following documents must be provided to the policyowner or applicant during policy replacement? E The spouse of a deceased insurance producer. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? M may perform all of the following duties 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. C. Rebating. B$1 B A reasonable understanding of the Michigan insurance code 15 Which of the following would NOT have a policy loans provision? C. the employee of a disabled licensed a producer B Advertise & solicit business as an insurance counselor or consultant select one: Which set of characteristics will produce the smallest value for the estimated standard error? A tax-sheltered annuity is a special tax-favored retirement plan available to. "At the time of the application" is when interest must exist. What statement is true concerning buy-sell agreements? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. Which of the following would be required to be licensed as an insurance producer? The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. Once the policyholder opts for cash surrender, the policy is immediately inactive. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. In life insurance policies, cash value increases. Which of the following best describes the unfair trade practices of defamation? C 30 days The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. B. Twisting. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. A Unfair claims Log in for more information. D Engages in fraud. All of the following events will terminate a producer's certificate of appointment EXCEPT This is a personal use of life insurance known as. C Controlled business. Unintentional misspellings are not a misrepresentation. 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. Required by state law to be included in the policy, and cannot be altered by the policyowner. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? all of the following would be considered rebating except Follow us. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. What is true regarding taxation of accelerated benefits under life insurance policy? B B Insurer financial requirements. Which of the following allows different operating systems to coexist on the same physical computer? 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? What information will be stated in the consideration clause of a life insurance policy? Which of the following best describes the act? Which of the following individuals could qualify for a temporary insurance license? Which of the following would be required to complete pre-licensing education? Which of the following has not been taken to court for further interpretation? Rating. 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. What is true? C Accidentally misspells the name of the insurance policy in a written communication to a customer. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. Search for an answer or ask Weegy. Time during which accumulated money is converted into an income stream. A Twisting. 10 czerwca 2022 . baja fresh queso recipe; Tags . D 2 years. This is due to what provision? A Concealment. The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". Variable life insurance is based on what kind of premium? C. An insurance company director who performs executive, administrative and managerial duties Log in for more information. Synonym for a substandard risk classification. A rebate is a type of purchasing discount that is paid as a reduction. What type of annuity is it? A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. Will result in having to pay the highest premium due to health, history, habits, etc. How much would the beneficiary receive from the policy? New answers. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . New answers. B 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? Department of Education. A 7 days 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). A In the preceding 12 months. How long must an insurer keep a copy of an authorized form in its records? Which of the following terms best describes the advertisement? Employer contributions are not included in the employee's gross income, SEP's allow the employer to make annual tax-deductible contributions of the 25% of an employee's earned income, SEP's have a higher tax deductible contribution limit than an IRA. Old-age and retirement benefits, disability benefits, death benefits. 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? 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. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. The requirement that an agent not co-mingle insurance monies with their own fund is known as? A straight life policy has what type of premium? 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 The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer What policy would have an IRS required corridor or gap between the cash value and the death benefit? Requires the entire premium to be paid in one limp sum at the policy's inception. Cash surrender, extended term, reduced paid-up. D Imprisonment. User: 3/4 16/9 Weegy: 3/4 ? Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Any surplus money is returned to the policyholders as dividends. 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 To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Which two terms are associated directly with the premium? What is true concerning a buy-sell agreement? In order to to do that, what may happen? An agent offers to share his commission with a policyholder. 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. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. Search for an answer or ask Weegy. The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? 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. f. Get an answer. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. A key person insurance policy can pay for which of the following? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. When would a 20-pay whole life policy endow? D Coercion. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples 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.

Alabama Funeral Home Obituaries, Articles A