all of the following would be considered rebating except D$5. C Class C violation (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. Flashcards - WA Common Law Practice Exam - FreezingBlue Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. A B Nothing, unless the remarks were in writing 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? What type of insurance policy may be used to fund this agreement? A key person insurance policy can pay for which of the following? In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. In Michigan the state's continuing education requirement What statement concerning group life is true? D Engages in fraud. B Applies to life, annuity, and accident and health licensees only. 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. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. 1 to 50. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. Death benefits payable to a beneficiary under a life insurance policy are generally. c) An offer of employment. The integer 4 is considered all of the following except a variable. What is the minimum required age for an insurance producer in this state? Corporation is the owner and beneficiary of the key person life policy. C 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. C$2,000 Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. 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. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? 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? D Misrepresentation, How much is an agent's appointment fee? Question. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. What is the name of the insured who enters into a viatical settlement. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. How are contributions to a tax-sheltered annuity treated with regards to taxation? 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. Search for an answer or ask Weegy. D. Commissioner. A$500 D Misrepresentation. 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. The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. Which policy provision allows this? I love when a hack helps me to recycle, and makes my life easier. Number of credits required for fully insured status for Social Security disability benefits? 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. 60. The policyowner of an adjustable life policy wants to increase the death benefit. 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. An insured receives an annual life insurance dividend check. Variable life insurance is based on what kind of premium? If an insured continually uses the automatic premium loan option to pay the policy premium.. What percentage of a company's employees must take part in a noncontributory group life plan? 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. All the following would be considered an unfair and deceptive practice. 60 days. This is considered to be false, deceptive or misleading advertising. What best describes this practice? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? If an insurer terminates a producer, the Commissioner must be notified. All of the following are true regarding rebates EXCEPT. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Paid cash to cover desk purchased on account. D Rebating. A Illegal until endorsed by the Guaranty Association During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. = 15 * 3/20 Which of the following activities is not performed by an insurance producer? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? 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. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process The designee of a producer that is called to active service with the Navy. An insured pays $1,200 annually for her life insurance premium. 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. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone Most horse (1). Which of the following provisions would NOT be found in Term Life Insurance? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. 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? C Defamation. D 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 insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. What is this called? D An offer of employment. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. In order for an insurer to legally transact insurance, it must obtain what? B Undercutting MI Insurance Regulation Flashcards | Quizlet d) Rebates are allowed if it's in the best interest of the client. = 15 ? 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? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? What is the purpose of a free-look period in insurance policies? A table showing the nonforfeiture values for the next 20 years must be included in the policy. The premiums paid by the employer in a business life insurance policy are. 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? What is this an example of? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. 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 other. An individual has been diagnosed with Alzheimer's disease. How can she obtain an individual policy? A temporary license in this state is valid for a maximum of Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . Which of the following best describes this practice? B The producer could be found guilty of? User: She worked really hard on the project. Which of the following is an eligibility requirement for all Social Security disability income benefits? B Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? 6 2/3 And employee quits her job where she has a balance of $10,000 in her qualified plan. "At the time of the application" is when interest must exist. Within how many days of this notification must the producer be sent a copy? All Of The Following Are True Regarding Rebates Except Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? B What would be the face amount of the new term policy? This rider usually expires at the insured's age of 40. 20/3 Synonym for a substandard risk classification. 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. 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. A. Commissioner. Rebating can be anything of . Missouri Statutes, Rules, and Regulations common to all lines *revised the spouse of a retiring insurance producer Cradle. 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? From what type of insurer did the insured purchase the policy? Rating. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. He wants to withdraw some money in order to pay medical bills. 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. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. all of the following would be considered rebating except All riders that will cause the death benefit to increase? In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. In which of the following situations is it legal to limit coverage based on marital status? Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? A straight life policy has what type of premium? Convertible without proof of insurability up to the full term death benefit. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? They could be sold for an amount greater than the current cash value, they involve insurance policies with large face amounts, they could be use for a key person coverage. Which nonforfeiture option has the highest amount of insurance protection? A 60 days In this situation, the Commissioner must be notified within 30 days. A Defamation D Producer commission schedules. What dividend option could she use? Which of the following statements about the reinstatement provision is true? A A producer's license is suspended or revoked by the Department of Insurance. Upon policy delivery, the producer may be required to obtain? Answer-All of the following are considered key logistic functions in What is the result of this? B Illegal In order to to do that, what may happen? Because of this, the company charged him a higher rate for his insurance. any person acting as an insurance producer without a valid license may be fined up to. 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? D 10. A. the spouse or legal representative of a deceased insurance producer A Defamation 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. What is the purpose of establishing the target premium for a universal life policy? B An offer to share in commissions generated by the sale. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A Concealment. A father owns a life insurance policy on his 15-year-old daughter. 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. B Stock Company B 7 days What statement about a suicide clause in a life insurance policy is true? 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. The ownership provision entitles the policyowner to do what? 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? all of the following would be considered rebating 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 B Twisting C. An insurance company director who performs executive, administrative and managerial duties 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. Mutual-policyholders; Stock-stockholders. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? Rebates are allowed if it's in the best interest of the client. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. D A license to practice law. 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? Michigan's continuing education requirement has each of the following characteristics EXCEPT Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. A An insured has chosen joint and 2/3 survivor as the settlement option. A Deals with insurance outside the scope of the license. 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 company is guilty of An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. 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. C 90 days Which of the following best describes the unfair trade practices of defamation? If she terminates her group coverage, what is true? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? 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. C$1,500 D Stop action order. D Coercion. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation 1 Answer/Comment. In this situation, a licensee would have to apply for a resident's license within 90 days. The insured knows that his financial state will worsen even more with upcoming medical expenses. However, once there is solicitation, a license is required. All of the following would be considered rebating EXCEPT. In a direct rollover, how is the money transferred from one plan to the new one? All the following could be considered rebates if offered to an insured in the sale of insurance except? And employee has group life insurance through her employer. Which of the following is possible? In this state, what type of violation is rebating? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. Old-age and retirement benefits, disability benefits, death benefits. all of the following would be considered rebating except B Twisting Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? What is true concerning a buy-sell agreement? Y was killed in an automobile accident on August 22, before the policy was issued. When may an insurance company use suicide as a defense against paying a death claim? c) Dividends are not considered to be rebates. Which nonforfeiture option provides coverage for the longest period of time? Search for an answer or ask Weegy. You dont have to worry about it anymore. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. B Community service An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks.