Explaining to client the advantages of permanent insurance over term and suggesting changing policies. In which instance would the premium be tax deductible? An insured had a $10,000 term life policy. An insured purchased an insurance policy 5 years ago. A temporary license in this state is valid for a maximum of Which of the following allows different operating systems to coexist on the same physical computer? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. D False financial statement. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. Death benefits payable to a beneficiary under a life insurance policy are generally. What type of insurance policy may be used to fund this agreement? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? D A termination issued by the appointing insurer. An agent who offers a cash reward to a prospect for buying a policy is guilty of. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. And insured has a modified endowment contract. What type of policy is this? Nonforfeiture values guarantee which policyowner? What brand of castor oil is best for hair? What are examples of a business use of life insurance?
All of the following would be considered rebating except C Coercion. 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. B Criminal offense
All of the following would be considered rebating except To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. In a life settlement contract, whom does the life settlement broker represent? If the corporation collects the policy benefit, then.
Rebating is an unfair trade practice and is regulated by law. All of A 30 days The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. An insured has a life insurance policy from a participating company and receives quarterly dividends. Company Information; FAQ; Stone Materials. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. The policyowner pays for her life insurance annually. What is the other term for the cash payment settlement option? In a direct rollover, how is the money transferred from one plan to the new one? 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? A. B. 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. Insurers are also not allowed to cancel individual coverage due to a change in marital status.
all of the following would be considered rebating except There is a limit for a withdrawal and the insurer charges a fee. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT Rebating can be anything of . The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. 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. The following areas are regulated by the Insurance Department EXCEPT Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A Unfair claims What is the term for how frequently a policyowner is required to pay the policy premium? What policy component contains the company's promise to pay? A Twisting. 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.. All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q The advantage of qualified plans to employers is. D Inviting prospective clients to the grand opening of the producer's new office. A Discrimination. Rebates are allowed if it's in the best interest of the client. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. C$2,000 B Undercutting After five years, she decides to leave the company and work independently. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? What does this mean? A B Misleading advertising. B 90 days What is true regarding a non-qualified retirement plan? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? C A legal advertising strategy B Insurer financial requirements. If an insurer terminates a producer, the Commissioner will receive a notification. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. An individual has been diagnosed with Alzheimer's disease. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? A. the spouse or legal representative of a deceased insurance producer Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? All of the following would be considered to be rebating EXCEPT? Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except When twin brothers applied for life insurance from company a, the company found that while neither of them smoke and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the . A Defamation all of the following would be considered rebating except. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? Telling a client that his first premium will be waived if he purchases the insurance policy today. An insured receives an annual life insurance dividend check. 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. C 90 days A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. C Law of large numbers C It requires satisfactory completion of at least 24 hours of approved training every biennium. If she terminates her group coverage, what is true? Group life insurance is a single policy written to provide coverage to members of a group. She also wished to retain all of the rights of ownership. = 2 5/20 An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. What term best describes this arrangement? B Discriminating in benefits and coverages based on the insured's habits and lifestyle 60. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. 1 to 75. On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What is the name of the insured who enters into a viatical settlement. B A Certificate of Completion from the required pre-licensing study course Added 149 days ago|10/30/2021 2:46:29 PM. All the following are true regarding rebates except? standard form contract facebook; how to treat mange in cats at home twitter; moon drop grapes uk instagram; arrow olivia sewing table youtube; custom teku glassware mail Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? This is considered to be false, deceptive or misleading advertising. Once the policyholder opts for cash surrender, the policy is immediately inactive. D B Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? 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. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. What statement is true concerning buy-sell agreements? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? The insured knows that his financial state will worsen even more with upcoming medical expenses. C Defamation. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples D Collecting a lower premium than what's specified in a policy as a token of client appreciation. What are the classifications of net assets reported in the statement of financial position by private colleges? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? Time during which accumulated money is converted into an income stream. A Natural Group What is the result of this? In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. The can be changed only with the written consent of that beneficiary. D Misrepresentation. D Stop action order. C Accidentally misspells the name of the insurance policy in a written communication to a customer. D. A salaried employee who advertises and solicits insurance. Number of credits required for fully insured status for Social Security disability benefits? The president of a company is starting an annuity and decides that his corporation will be the annuitant. B Nothing, unless the remarks were in writing In return, the insurer promised to pay benefits in accordance with the terms of the contract. Last year, she received a dividend check from the insurance company that was not taxable. Each agent must pay a $5 appointment fee to the Commissioner. C Controlled business. 90 days. A Deals with insurance outside the scope of the license. Any surplus money is returned to the policyholders as dividends. C Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. The dividend option that the insured has chosen is called? C Twisting C Dividends from a mutual insurer. B Coercion A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. The policy contained an accidental death rider, offering a double indemnity benefit. 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. Most horse (1). 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. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity B A Defamation A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. 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? What is true concerning a buy-sell agreement? How are contributions to a tax-sheltered annuity treated with regards to taxation? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. 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. This practice is considered? Identify the types of assets assigned to each classification. C Under what circumstances could the daughter collect the death benefit? Which of the following is an eligibility requirement for all Social Security disability income benefits? 60 days. What license or licenses are required to sell variable life annuities? Why is an equity Indexed annuity considered to be a fixed annuity? Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? A domestic insurer issuing variable contracts must establish one or more.. This rider usually expires at the insured's age of 40. What happens to the premium on the children's rider in a life insurance policy? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. C$100 Employer contributions made to a qualified plan.. 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] 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? D. Sexual orientation. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. A father owns a life insurance policy on his 15-year-old daughter. 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. The requirement that an agent not co-mingle insurance monies with their own fund is known as? 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. A Assigning different risk classifications to applicants based on gender identity This is called.. A corporation is the owner and beneficiary of the key person life policy. Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? An individual has been making periodic payments on an annuity. In an annuity, the accumulated money is converted into a stream of income during what time period?
The integer 4 is considered all of the following except _____. a B A A good business reputation and good moral character. D Coercion. f. Get an answer. An agent's license may also be suspended or revoked. C Twisting. This is due to what provision? It is never legal to limit coverage based on marital status. Which of the following has not been taken to court for further interpretation? C Defamation Categories . C 7 M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Unintentional misspellings are not a misrepresentation. What type of annuity is it? If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? I no the truth.Ans: I know the truth.(2).
Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. A person whose activities are limited to producing insurance advertisements Synonym for a substandard risk classification.
What statement concerning group life is true? What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. If an insured continually uses the automatic premium loan option to pay the policy premium.. User: 3/4 16/9 Weegy: 3/4 ? D$2,000. Which of the following acts would not get an insurance producer terminated "for cause"?
all of the following would be considered rebating except Log in for more information. C Cease and desist order What best describes what will happen? Each of the following statements may (or may not) describe one of these technical terms. Requires the entire premium to be paid in one limp sum at the policy's inception. The following are nine technical accounting terms introduced or emphasized in this chapter: ResponsibilitymarginTransferpriceCommonfixedcostsContributionmarginCost-plustransferpriceTraceablefixedcostsPerformancemarginProductcostsCommittedfixedcosts\begin{array}{lll}\text { Responsibility margin } & \text { Transfer price } & \text { Common fixed costs } \\ \text { Contribution margin } & \text { Cost-plus transfer price } & \text { Traceable fixed costs } \\ \text { Performance margin } & \text { Product costs } & \text { Committed fixed costs }\end{array} Within how many days of this notification must the producer be sent a copy? Autotrophs (like plants) produce glucose during photosynthesis. What is the maximum fine for submitting a false or fraudulent claim to the insurer? C Defamation. Which nonforfeiture option provides coverage for the longest period of time? C A producer's license expires and is not renewed. The balance is paid out directly to the employee in order for her to move the funds to a new account. 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. Old-age and retirement benefits, disability benefits, death benefits. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. An appointment by an insurer is based upon the person maintaining a valid insurance license. The producer could be found guilty of According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? 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. If an insured continually uses the automatic premium loan option to pay the policy premium. D Other than the 3 hours of ethics, licensees may take courses in any line. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? B 60 days Define electric potential and electric potential energy. Search for an answer or ask Weegy. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. A salaried full-time employee who furnishes information for group insurance If the father becomes disabled, what will happen to the life insurance premiums? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. B 30 Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market.
all of the following would be considered rebating except The integer 4 is considered all of the following except _____. c) An offer of employment. Variable life insurance is based on what kind of premium? What is the official name for the Social Security program? Mutual-policyholders; Stock-stockholders. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Which two terms are associated directly with the premium? In life insurance policies, cash value increases. Gender An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. Required by state law to be included in the policy, and cannot be altered by the policyowner. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Is a program that assesses and reports information about various computer resources and devices. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. As it turns out, the answer to this question depends upon a variety of factors. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Which type of life insurance policy generates immediate cash value? B A new Commissioner or Director is put into office.
all of the following would be considered rebating except What is true? Which of the following would be considered an illegal inducement to purchase insurance? Log in for more information. Which of the following is true? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. D The passing of a written examination. Part 2 of the application for life insurance provides questions regarding all of the following.. Within how many days does a licensee have to inform the Commissioner of a change of address? What is the total, monetary penalty this producer can expect to receive? Which nonforfeiture option has the highest amount of insurance protection? If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? 15 Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Updated 10/30/2021 2:46:29 PM. C Rebating. 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. 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 B Advertise & solicit business as an insurance counselor or consultant 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. In this state, what type of violation is rebating? In the best interests of the client, rebates are allowed. However, once there is solicitation, a license is required. A key person insurance policy can pay for which of the following? All of the following would be considered rebating except. 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. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. B Unfair claim practice. She would likely purchase a(n)? Which policy component decreases in decreasing term insurance? 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. There are several types of whole life polices. Age It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. When does the policy coverage become effective? The agent is guilty of D Any time in the past. Which of the following best describes the act? The regulation of the insurance industry primarily rest with. C. the employee of a disabled licensed a producer A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. 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?