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 Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? baja fresh queso recipe; Tags . Part 2 of the application for life insurance provides questions regarding all of the following.. = 2 5/20 Why is an equity Indexed annuity considered to be a fixed annuity? = 2 1/4. Within how many days does a licensee have to inform the Commissioner of a change of address? If the father becomes disabled, what will happen to the life insurance premiums? What policy component contains the company's promise to pay? The insurer's surrender the policy at its current cash value. She has decided that she would rather use the dividends to help pay for her next premium. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. What happens when a policy is surrendered for its cash value? What is the term for how frequently a policyowner is required to pay the policy premium? What is the required percentage of participants in a contributory group plan? Number of credits required for fully insured status for Social Security disability benefits? D Felony. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? 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. What is the advantage of reinstating a policy instead of applying for a new one? 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} D Which of the following activities is not performed by an insurance producer? D Rebating. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. An individual has been diagnosed with Alzheimer's disease. The president of a company is starting an annuity and decides that his corporation will be the annuitant. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? D Producer commission schedules. 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. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. 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. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. 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? C Who can make a fully deductible contribution to a traditional IRA? What are examples of a business use of life insurance? A. B If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? Which of the following is possible? Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Which of the following individuals could qualify for a temporary insurance license? C$100 Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com Because of this, the company charged him a higher rate for his 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. C 90 days 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. What is true regarding taxation of accelerated benefits under life insurance policy? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. What is the purpose of a disclosure statement in life insurance policies? Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. 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] If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? = 45/20 The policyowner of an adjustable life policy wants to increase the death benefit. 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). B Twisting When does the policy coverage become effective? 10 czerwca 2022 . Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. What would be the face amount of the new term policy? Cash surrender, extended term, reduced paid-up. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? A Illegal until endorsed by the Guaranty Association (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. As it turns out, the answer to this question depends upon a variety of factors. The policyowner of an adjustable life policy wants to increase the death benefit. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. The premiums paid by the employer in a business life insurance policy are. 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. A Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. 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. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? D Slandering. B - In order to collect premiums and explain coverages, a person would need to be licensed. Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. D Misrepresentation. 0. The insured knows that his financial state will worsen even more with upcoming medical expenses. Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? C Dividends from a mutual insurer. 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. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT What is the result of this? What are the classifications of net assets reported in the statement of financial position by private colleges? The dividend option that the insured has chosen is called? The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. D Misrepresentation. 45 B A Certificate of Completion from the required pre-licensing study course Group life insurance is a single policy written to provide coverage to members of a group. = 15 ? If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? 60 days. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. In which instance would the premium be tax deductible? What option could the insured utilize? Which of the following is an eligibility requirement for all Social Security disability income benefits? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant What policy component decreases in decreasing term insurance? What is the minimum required age for an insurance producer in this state? Beneficiaries do not have to have an insurable interest in the policyholder. C Policyowner rights and disclosures. An insured had a $10,000 term life policy. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. B Illegal What must be presented before an applicant submits a premium? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? A Defamation Which of the following would be required to be licensed as an insurance producer? 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. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. D 120 days. What type of annuity is it? A. Misrepresentation. C. Address B A new Commissioner or Director is put into office. What type of policy does the insured most likely have? 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. 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. Which of the following allows different operating systems to coexist on the same physical computer? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. How do you get to Motion settings on iPhone? What is being defined as the degree to which something is related or useful to what is happening or being talked about? Which of the following persons is required to hold a producer license? Which nonforfeiture option provides coverage for the longest period of time? An annuity owner is funding an annuity that will supplement her retirement. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? A Cannot be extended or waived under any circumstances. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces 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. Which of the following would be required to complete pre-licensing education? Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? Published by at June 10, 2022. B In the preceding 2 years. After five years, she decides to leave the company and work independently. His wife dies 10 years later. Which of the following terms best describes the advertisement? A Rebating. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. 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.. 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? This misstatement may result in? C Solicit business as an insurance producer 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 An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. B Discrimination Search for an answer or ask Weegy. D An offer of employment. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. Which of the following is NOT a pathway in the oxidation of glucose. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? 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. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? B A reasonable understanding of the Michigan insurance code A key person insurance policy can pay for what? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? Last year, she received a dividend check from the insurance company that was not taxable. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within how many days? Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Ownership is the difference between these two companies. An insured pays an annual premium to his insurer. c) Dividends are not considered to be rebates. An agent's license may also be suspended or revoked. What characteristic makes whole life permanent protection? Taxation on dividends in participating policies? A Misdemeanor The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. C Twisting. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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. B Materially misrepresents an insurance policy. The person or interest to whom the policy proceeds will be paid upon the death of the insured. B$1,000 all of the following would be considered rebating except Follow us. The producer could be found guilty of? C Charging applicants with similar health histories different premiums based on their ethnicity When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Because of this, the company charged him a higher rate for his insurance. An insured has a life insurance policy from a participating company and receives quarterly dividends. 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. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. Within how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Azanswer team is here with the correct answer to your question. 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? Which of the following best describes this practice? An insured committed suicide 6 months after his life insurance policy was issued. What relationship is not an example of insurable interest? Question. The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. The producer could be found guilty of Rebates are allowed if it's in the best interest of the client. In which of the following situations is it legal to limit coverage based on marital status? Thanks for choosing us. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. What is the name of the insured who enters into a viatical settlement. 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? B An offer to share in commissions generated by the sale. An individual has been making periodic payments on an annuity. 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. What are the two components of a universal policy? Which of the following would be considered false advertising? Updated 10/30/2021 2:46:29 PM. C Coercion. When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. must ensure a pair that's benefit claim after receiving the product of death? Shopping for electric motors can be tricky. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? An employee quits her job where she has a balance of $10,000 in her qualified plan. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? A table showing the nonforfeiture values for the next 20 years must be included in the policy. How can she obtain an individual policy? In order to enforce the insurance code the commissioner has the power to conduct which of the following? C What is not an example of a business use of life insurance? What is the other term for the cash payment settlement option? What is the purpose of a fixed-period settlement option? C Which of the following would NOT be considered rebating? 180 days. What brand of castor oil is best for hair? What settlement option should the policyowner choose? An agent offers to share his commission with a policyholder. An agent who offers a cash reward to a prospect for buying a policy is guilty of. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. All of the following would be considered to be rebating EXCEPT? Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Variable life insurance is based on what kind of premium? When would a 20-pay whole life policy endow? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Will result in having to pay the highest premium due to health, history, habits, etc. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. A Restriction of authority Which of the following is true? E The spouse of a deceased insurance producer. When would a misrepresentation on the insurance application be considered fraud? As the local coffee shop is just initiating the segmentation and targeting process, what has . Who is the main purpose of the seven-pay test? B$1 B Nothing, unless the remarks were in writing It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. B Unfair claim practice. Log in for more information. 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. User: She worked really hard on the project. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. In this state, what type of violation is rebating? Company Information; FAQ; Stone Materials. Identify the types of assets assigned to each classification. A tax-sheltered annuity is a special tax-favored retirement plan available to. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. C Fine All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. In the best interests of the client, rebates are allowed. 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 When an insurer's underwriter approves coverage and issues a policy. Old-age and retirement benefits, disability benefits, death benefits. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. What is this an example of? All of the following are true regarding rebates - Course Hero All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT All of the following could own a group life insurance EXCEPT A group needing low-cost life insurance An applicant for a producer's license has successfully completed all of the steps to obtain the license. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. Log in for more information. Define electric potential and electric potential energy. C A legal advertising strategy A Payment of restitution A$500 If she terminates her group coverage, what is true? What is the minimum civil fine per violation of the Insurance Code of this state? B Mailing an agency brochure to a prospective client
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