A Restriction of authority Number of credits required for fully insured status for Social Security disability benefits? Follow the following are true of the federal tax advantages of a qualified plan. What is this an example of? What source will it consult for the majority of its underwriting information? B$1 What are the classifications of net assets reported in the statement of financial position by private colleges? A straight life policy has what type of premium? A$500 (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. What type of insurance policy would perform the function of cash accumulation? The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. Correct Answer: A. If a company has a simplified employee pension plan, what type of plant is it? B Applies to life, annuity, and accident and health licensees only. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. The agent is guilty of? B How are contributions to a tax-sheltered annuity treated with regards to taxation? An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. He died on February 28. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. What is the total, monetary penalty this producer can expect to receive? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? In a life settlement contract, whom does the life settlement broker represent? 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 is true? Cash surrender, extended term, reduced paid-up. B In the preceding 2 years. A rebate is a type of purchasing discount that is paid as a reduction. 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. C Cease and desist order 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? Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans? The integer 4 is considered all of the following except _____. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? What type of policy is this? A D 10. C Class C violation = 2 5/20 Discrimination. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? C Twisting Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. C Dividends from a mutual insurer. An insured pays $1,200 annually for her life insurance premium. If an insurer terminates a producer, the Commissioner will receive a notification. 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. D False advertising. What is the minimum civil fine per violation of the Insurance Code of this state? In this state, what type of violation is rebating? A The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. A$500 What happens when a policy is surrendered for its cash value? When may an insurance company use suicide as a defense against paying a death claim? What best describes this practice? A Producer regulations and testing requirements. D The person or interest to whom the policy proceeds will be paid upon the death of the insured. D. Sexual orientation. A Unfair claims 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. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT An annuity owner is funding an annuity that will supplement her retirement. If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? Which of the following would NOT have a policy loans provision? A domestic insurer issuing variable contracts must establish one or more.. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? E The spouse of a deceased insurance producer. Who is the main purpose of the seven-pay test? 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. D Felony. D 120 days. D Slandering. 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. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. The policyowner is entitled to policy loans. 3. An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. 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. Department of Education. Which of the following has not been taken to court for further interpretation? 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 insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. The policyowner pays for her life insurance annually. 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. 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. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone An appointment by an insurer is based upon the person maintaining a valid insurance license. This rider will not cause the death benefit to increase. What statement concerning group life is true? must ensure a pair that's benefit claim after receiving the product of death? The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. C Listing the insurance companies the agency represents in a letter A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT And employee quits her job where she has a balance of $10,000 in her qualified plan. An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. 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? Which policy component decreases in decreasing term insurance? f. Get an answer. 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. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? What is the term for how frequently a policyowner is required to pay the policy premium? It is the premium paying period that is limited, not the maturity. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. C. An insurance company director who performs executive, administrative and managerial duties In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. What best describes what will happen? The can be changed only with the written consent of that beneficiary. What characteristic makes whole life permanent protection? 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. D. A salaried employee who advertises and solicits insurance. C Charging applicants with similar health histories different premiums based on their ethnicity Which of the following individuals could qualify for a temporary insurance license? C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. B Insurer financial requirements. From what type of insurer did the insured purchase the policy? What is this called? What is the minimum required age for an insurance producer in this state? All of the following would be considered to be rebating EXCEPT 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 The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? The ownership provision entitles the policyowner to do what? Which is NOT required of an applicant for an insurance license in Michigan? The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. Group life insurance is a single policy written to provide coverage to members of a group. An insured purchases a policy in 2008 and died in 2013. The regulation of the insurance industry primarily rest with. All the following are true regarding rebates except? all of the following would be considered rebating except Follow us. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. If a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? C A producer's license expires and is not renewed. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? 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? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. What is the result of this? In this state, a temporary license may be issued for any of the following reasons EXCEPT. This practice is considered Which of the following activities is not performed by an insurance producer? All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? 10 czerwca 2022 . B 90 days Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. 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? D.the spouse of a retiring insurance producer Which of the following would be required to be licensed as an insurance producer? D Legal, provided that the information can be verified. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. There is a limit for a withdrawal and the insurer charges a fee. "At the time of the application" is when interest must exist. C Accidentally misspells the name of the insurance policy in a written communication to a customer. 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? Rebates are allowed if it's in the best interest of the client. The company also guarantees the specified dollar amount for each payment and the length of the payout period. 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? An insured purchased an insurance policy 5 years ago. What can they do? An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. A Assigning different risk classifications to applicants based on gender identity Which of the following best describes the act? If she terminates her group coverage, what is true? D Misrepresentation, How much is an agent's appointment fee? Added 149 days ago|10/30/2021 2:46:29 PM. 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? Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Last year, she received a dividend check from the insurance company that was not taxable. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? C Twisting. 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. What amount would his beneficiary receive as a settlement? 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. c) Dividends are not considered to be rebates. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. 1 to 75. What statement is correct? Under what circumstances could the daughter collect the death benefit? Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. = 2 1/4. A Applicant must be 18 years old The policy endows when the insured turns 100. What required provision protects against unintentional lapse of the policy? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? An Insurer wants to begin underwriting procedures for an applicant. B Materially misrepresents an insurance policy. D Must be completed by all licensed resident and nonresident producers. What determines the length of time that benefits will be received under the fixed-amount settlement option? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT C Defamation Corporation is the owner and beneficiary of the key person life policy. In a direct rollover, how is the money transferred from one plan to the new one? What is the maximum fine for submitting a false or fraudulent claim to the insurer? C 90 days In this situation, the Commissioner must be notified within 30 days. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. The insured knows that his financial state will worsen even more with upcoming medical expenses. What is being defined as the degree to which something is related or useful to what is happening or being talked about? Employer contributions made to a qualified plan.. 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. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Once the policyholder opts for cash surrender, the policy is immediately inactive. 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? 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 are the three basic types of term coverage available, based on how the face amount (death benefit) changes during the policy term: Best description of what an annuity period is: Policy which allows the partial withdrawal, or surrender, of the policy cash value. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. 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? He discovered that his policy.. C When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. C A legal advertising strategy -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. How can she obtain an individual policy? In level term and increasing term policies, the premium also remains level for the term of the policy. A Discrimination. Which two terms are associated directly with the premium? C 90 days 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. Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. a constant a term a variable an expression. all of the following would be considered rebating except. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? In which instance would the premium be tax deductible? Log in for more information. In life insurance policies, cash value increases. ________________ are owned and controlled by their policyholders. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? An insured has chosen joint and 2/3 survivor as the settlement option. What is the purpose of a disclosure statement in life insurance policies? C Limited lines What policy component contains the company's promise to pay? Within how many days of this notification must the producer be sent a copy? As it turns out, the answer to this question depends upon a variety of factors. 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. Rating. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. In order to to do that, what may happen? B A new Commissioner or Director is put into office. 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. 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 Search for an answer or ask Weegy. [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . What would be the right policy for this client? In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? A Stocks, securities, or bonds. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. A Defamation Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. c) An offer of employment. All of the following would be considered to be rebating EXCEPT. And employee is insured under her employers group life plan. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. Commissioner. Beneficiaries do not have to have an insurable interest in the policyholder. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. An insured had a $10,000 term life policy. f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. 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. What type of life insurance policy would be best suited to this situation? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. M may perform all of the following duties EXCEPT. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? Term used to name the no taxes return of unused premiums? You dont have to worry about it anymore. A A good business reputation and good moral character. How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? 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? A producer in tensional he violated insurance statues. D Rebating. This answer has been confirmed as correct and helpful.