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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. B The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. What is the name of the insured who enters into a viatical settlement. There is a limit for a withdrawal and the insurer charges a fee. D Stop action order. 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. Which statement best defines an insurance producer? B Materially misrepresents an insurance policy. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. Juan is the person employees go to when knowledge of a topic was needed. An insured has chosen joint and 2/3 survivor as the settlement option. Which of the following best describes the unfair trade practices of defamation? Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. 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. 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 What is the result of this? Shopping for electric motors can be tricky. What relationship is not an example of insurable interest? "At the time of the application" is when interest must exist. 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? If an insured continually uses the automatic premium loan option to pay the policy premium.. B$1,000 A. The ownership provision entitles the policyowner to do what? D Unfair Discrimination. Which of the following best describes this practice? All the following could be considered rebates if offered to an insured in the sale of insurance except? D 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. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. A salaried full-time employee who furnishes information for group insurance 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. In an annuity, the accumulated money is converted into a stream of income during what time period? An annuity owner is funding an annuity that will supplement her retirement. Which of the following is an eligibility requirement for all Social Security disability income benefits? Minimum number of credits required for partially insured status for Social Security disability benefits is. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Rebates are allowed if it's in the best interest of the client. Until now, she has collected a nontaxable dividend check each year. This answer has been confirmed as correct and helpful. This practice is considered? C Charging applicants with similar health histories different premiums based on their ethnicity The agent is guilty of Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. Annuities can also be used to.. 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). a constant a term a variable an expression. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Under what circumstances could the daughter collect the death benefit? All of the following would be considered to be rebating EXCEPT. To combat the Where is heavy cream in Walmart? A banker is ready to close on a customer's loan. Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. 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] After five years, she decides to leave the company and work independently. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? A Rebating. In order for an insurer to legally transact insurance, it must obtain what? 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. B. Defamation. A In the preceding 12 months. An appointment by an insurer is based upon the person maintaining a valid insurance license. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? New answers. 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? What is true regarding a non-qualified retirement plan? An employee quits her job where she has a balance of $10,000 in her qualified plan. B Community service Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. His wife dies 10 years later. An insured had a continuous premium whole life policy. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. In Connecticut, continuing education courses must be approved by the. 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? 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). Part 2 of the application for life insurance provides questions regarding all of the following.. B What is the minimum required age for an insurance producer in this state? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. A person whose activities are limited to producing insurance advertisements What percentage of a company's employees must take part in a noncontributory group life plan? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces What does this mean? She also wished to retain all of the rights of ownership. She would likely purchase a(n)? When would a 20-pay whole life policy endow? From what type of insurer did the insured purchase the policy? All of the following would be considered to be rebating EXCEPT? C Twisting This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? A 60 days What type of annuity is it? What type of life insurance policy would be best suited to this situation? This is considered to be false, deceptive or misleading advertising. What are the classifications of net assets reported in the statement of financial position by private colleges? All the following would be considered an unfair and deceptive practice. B Mailing an agency brochure to a prospective client B D B If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? New answers. B Misleading advertising. Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? 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. 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. 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. What is being defined as the degree to which something is related or useful to what is happening or being talked about? Log in for more information. Expert answered|GaelM|Points 4547| Log in for more information. What must be acceptable in order for the ride to be able to waive the payment of premium? 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. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Requires the entire premium to be paid in one limp sum at the policy's inception. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. A Unfair claims D A license to practice law. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. 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. In the best interests of the client, rebates are allowed. C Fine If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? 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. Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. D 10 days. Define electric potential and electric potential energy. If the corporation collects the policy benefit, then. C Coercion. = 15 ? The producer could be found guilty of User: She worked really hard on the project. This is a personal use of life insurance known as. 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 rebating except. 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. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. Which of the following is true? 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. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? C 90 days This is called.. Last year, she received a dividend check from the insurance company that was not taxable. In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. B Coercion D Imprisonment. How long must an insurer keep a copy of an authorized form in its records? A A producer's license is suspended or revoked by the Department of Insurance. A Deals with insurance outside the scope of the license. What type of insurance policy may be used to fund this agreement? Time during which accumulated money is converted into an income stream. 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? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT All of the following events will terminate a producer's certificate of appointment EXCEPT Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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. Cradle. To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is executed? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? B Unfair claim practice. What is the total, monetary penalty this producer can expect to receive? When would a misrepresentation on the insurance application be considered fraud? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. Which of the following allows different operating systems to coexist on the same physical computer? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. What is true? C. An insurance company director who performs executive, administrative and managerial duties Required by state law to be included in the policy, and cannot be altered by the policyowner. What is this called? What policy component contains the company's promise to pay? What determines the length of time that benefits will be received under the fixed-amount settlement option? D The passing of a written examination. 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 insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. B - In order to collect premiums and explain coverages, a person would need to be licensed. A Misdemeanor C Cease and desist order What settlement option should the policyowner choose? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. B A new Commissioner or Director is put into office. What type of policy is this? A. This is due to what provision? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. The requirement that an agent not co-mingle insurance monies with their own fund is known as? C Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. The purpose of the Tennessee Guaranty Association is to. C Dividends from a mutual insurer. What are the two components of a universal policy? D Felony. D Other than the 3 hours of ethics, licensees may take courses in any line. 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? Correct Answer: A. The insurance company discovers at that time that the insured concealed info during the application process. Formula: (Ann . In this case, what will the policy beneficiary receive? When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner?