What relationship is not an example of insurable interest? What is true regarding a non-qualified retirement plan? Vscode No server install found in WSL, needs x64. Rating. D 30 days. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. In this case, what will the policy beneficiary receive? An insured pays $1,200 annually for her life insurance premium. In a direct rollover, how is the money transferred from one plan to the new one? A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. a constant a term a variable an expression. D Insurers are also not allowed to cancel individual coverage due to a change in marital status. A Defamation 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. What is the purpose of establishing the target premium for a universal life policy? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. B Twisting. If a company has a simplified employee pension plan, what type of plant is it? B Misleading advertising. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . A Producer regulations and testing requirements. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT 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? An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. Which of the following would NOT have a policy loans provision? B Stock Company Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. All of the following actions are considered rebating except And employee has group life insurance through her employer. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. C. An insurance company director who performs executive, administrative and managerial duties When an insurer's underwriter approves coverage and issues a policy. 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. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Which of the following is possible? B Nothing, unless the remarks were in writing In this situation, the Commissioner must be notified within 30 days. all of the following would be considered rebating except. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? C A legal advertising strategy C. Address B Which of the following would be considered an illegal inducement to purchase insurance? Which is NOT required of an applicant for an insurance license in Michigan? A Rebating. An insured purchased an insurance policy 5 years ago. Employer contributions made to a qualified plan.. B 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. B$1,000 How could she obtain an individual policy? D False advertising. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A. Misrepresentation. Term used to name the no taxes return of unused premiums? In which instance would the premium be tax deductible? An employee quits her job where she has a balance of $10,000 in her qualified plan. C Coercion. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape What is the total, monetary penalty this producer can expect to receive? I no the truth.Ans: I know the truth.(2). The ownership provision entitles the policyowner to do what? D Cancelling individual coverage based on the insured's marital status. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? D Legal, provided that the information can be verified. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer If she terminates her group coverage, what is true? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. Which of the following best describes the act? 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. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? C 90 days 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. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. How are contributions to a tax-sheltered annuity treated with regards to taxation? D. Sexual orientation. This is a personal use of life insurance known as. A key person insurance policy can pay for which of the following? Updated 10/30/2021 2:46:29 PM. The company is guilty of Which type of life insurance policy generates immediate cash value? 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. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? A What policy would have an IRS required corridor or gap between the cash value and the death benefit? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. All of the following events will terminate a producer's certificate of appointment EXCEPT the spouse of a retiring insurance producer In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. A 60 days C Dividends from a mutual insurer. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. What is the purpose of a disclosure statement in life insurance policies? 60. How can she obtain an individual policy? The insured knows that his financial state will worsen even more with upcoming medical expenses. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . 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 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? "At the time of the application" is when interest must exist. The policyowner may assign a part of the policy or the entire policy. The insurer has 15 days to file a notice of producer appointment. Answer-All of the following are considered key logistic functions in 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. 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 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.. 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? 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.. What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. C Cease and desist order There are just too many details and specifications which you must be certain of when looking for one. Which of the following is NOT a pathway in the oxidation of glucose. An insured committed suicide 6 months after his life insurance policy was issued. A Natural Group 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. D Stop action order. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. What must be acceptable in order for the ride to be able to waive the payment of premium? A Restriction of authority An insured has chosen joint and 2/3 survivor as the settlement option. Cradle. All of the following would be considered rebating except When would a 20-pay whole life policy endow? The amount of payments will be determined by taking into account all of the following: When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount.. An insured owns a $50,000 whole life policy. In an annuity, the accumulated money is converted into a stream of income during what time period? B Community service Once the policyholder opts for cash surrender, the policy is immediately inactive. If an insurer terminates a producer, the Commissioner must be notified. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. 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? Formula: (Ann . Because of this, the company charged him a higher rate for his insurance. 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. D 10 days. A Rebating. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? 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? A Concealment. Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). D 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. 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 10. The insured had his wife named as the beneficiary of his life insurance policy. 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). The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. B Undercutting The policy endows when the insured turns 100. Only any excess of value is taxable as income. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? D Any time in the past. all of the following would be considered rebating except 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 option would allow her to do this? All of the following would be considered rebating except 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? Paid cash to cover desk purchased on account. What is the purpose of a fixed-period settlement option? 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? Company Information; FAQ; Stone Materials. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. 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. C Twisting. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life 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. A 30 days Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? She has decided that she would rather use the dividends to help pay for her next premium. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? C Defamation The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? 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. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. 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. A 30 days Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? 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. If the corporation collect the policy benefit, then. How long must an insurer keep a copy of an authorized form in its records? B A Certificate of Completion from the required pre-licensing study course Whenever an individual stops drinking, the BAL will ________________. A. the spouse or legal representative of a deceased insurance producer This rider usually expires at the insured's age of 40. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. 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. An insured owns a life insurance policy. Requires the entire premium to be paid in one limp sum at the policy's inception. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as What would be the right policy for this client? any person acting as an insurance producer without a valid license may be fined up to. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples Azanswer team is here with the correct answer to your question. C$100 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. What determines the length of time that benefits will be received under the fixed-amount settlement option? Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. The balance is paid out directly to the employee in order for her to move the funds to a new account. 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. B Discriminating in benefits and coverages based on the insured's habits and lifestyle D 120 days. The premiums paid by the employer in a business life insurance policy are. all of the following would be considered rebating except In a life settlement contract, whom does the life settlement broker represent? Rebates include money, sharing of commissions, promises, inducements and personal services. D Inviting prospective clients to the grand opening of the producer's new office. B 30 What statement about a suicide clause in a life insurance policy is true? And employee quits her job where she has a balance of $10,000 in her qualified plan. D 2 years. 0. D Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone What required provision protects against unintentional lapse of the policy? What is this called? 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? A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? B Suspension of authority select one: Which set of characteristics will produce the smallest value for the estimated standard error? Minimum number of credits required for partially insured status for Social Security disability benefits is. An individual has been diagnosed with Alzheimer's disease. A Applicant must be 18 years old all of the following would be considered rebating except Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? The applicant must file a certificate of completion of the prelicensing courses taken to prove that the courses were not taken more than 12 months before the Commissioner received the application. If an insured continually uses the automatic premium loan option to pay the policy premium.. What is the minimum civil fine per violation of the Insurance Code of this state? f. Get an answer. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. 20/3 This misstatement may result in? A A producer's license is suspended or revoked by the Department of Insurance. When is the earliest a policy may go into effect? Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). D Engages in fraud. 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 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) An agent offers the use of his lake house to person as an inducement to buy, Answer:C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him. 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. Flashcards - WA Common Law Practice Exam - FreezingBlue Old-age and retirement benefits, disability benefits, death benefits. The policyowner of an adjustable life policy wants to increase the death benefit. C Defamation. His wife dies 10 years later. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. 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. C In the last 5 years. = 2 5/20 All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? Which of the following is an eligibility requirement for all Social Security disability income benefits? A person whose activities are limited to producing insurance advertisements And employee is insured under her employers group life plan. 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? D False advertising. D Slandering. A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. 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? C Dividends from a mutual insurer. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. As it turns out, the answer to this question depends upon a variety of factors. B An offer to share in commissions generated by the sale. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years, which of the following would be taxable annually? What type of annuity is it? A. 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. This is a personal use of life insurance known as.. In this state, what type of violation is rebating? d) Rebates are allowed if it's in the best interest of the client. Mutual-policyholders; Stock-stockholders. Within how many days does a licensee have to inform the Commissioner of a change of address? To combat the Where is heavy cream in Walmart? 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? User: 3/4 16/9 Weegy: 3/4 ? Expert answered|GaelM|Points 4547| Log in for more information. Which of the following activities is not performed by an insurance producer? B Unfair claim practice. B In the preceding 2 years. The insurance company discovers at that time that the insured concealed info during the application process. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. 90 days. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. The company also guarantees the specified dollar amount for each payment and the length of the payout period. An individual has been making periodic payments on an annuity. All of the following would be considered rebating except. A Defamation B Coercion When may an insurance company use suicide as a defense against paying a death claim? 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. What determines the amount of each installment paid in a life income option arrangement? Identify the types of assets assigned to each classification. D Adverse selection. The dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. Which of the following would be required to be licensed as an insurance producer? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. He wants to withdraw some money in order to pay medical bills. 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. If a licensee fails to earn 24 hours of CE by the required review date, the license will be suspended for up to 90 days. Follow the following are true of the federal tax advantages of a qualified plan. A salaried full-time employee who furnishes information for group insurance A Misdemeanor I love when a hack helps me to recycle, and makes my life easier. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments.