The requirement that an agent not co-mingle insurance monies with their own fund is known as? Which of the following best describes this act? When may an insurance company use suicide as a defense against paying a death claim? Convertible without proof of insurability up to the full term death benefit. C. Address B. A In the preceding 12 months. B At least 3 hours must cover ethics. During replacement of life insurance, or replacing ensure musky which of the following? An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A Defamation When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. Your email address will not be published. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. In a direct rollover, how is the money transferred from one plan to the new one? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. The designee of a producer that is called to active service with the Navy. When would a misrepresentation on the insurance application be considered fraud? C Dividends from a mutual insurer. C$100 These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. This rider will not cause the death benefit to increase. B$1,000 B. B Undercutting What is the purpose of establishing the target premium for a universal life policy? What type of license should the producer obtain? Identify the types of assets assigned to each classification. Licensed in the state where the individual resides. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? 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? Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? The policy contains the optional Payor Benefit rider. 90 days. B Unfair claim practice. B - In order to collect premiums and explain coverages, a person would need to be licensed. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples User: 3/4 16/9 Weegy: 3/4 ? C There are just too many details and specifications which you must be certain of when looking for one. C Cease and desist order Required by state law to be included in the policy, and cannot be altered by the policyowner. After five years, she decides to leave the company and work independently. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. This is a personal use of life insurance known as. 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? All the following are true regarding rebates except? What percentage of a company's employees must take part in a noncontributory group life plan? D 2 years. What option would allow her to do this? 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. What are the classifications of net assets reported in the statement of financial position by private colleges? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. What best describes this practice? What is the maximum fine for submitting a false or fraudulent claim to the insurer? 1 to 50. A Payment of restitution All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Juan is the person employees go to when knowledge of a topic was needed. 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? B Coercion all of the following would be considered rebating except The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. C 3. 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? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. Company Information; FAQ; Stone Materials. In order to enforce the insurance code the commissioner has the power to conduct which of the following? What relationship is not an example of insurable interest? And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? A A producer's license is suspended or revoked by the Department of Insurance. The person or interest to whom the policy proceeds will be paid upon the death of the insured. C$1,500 The producer could be found guilty of D Producer commission schedules. What policy component contains the company's promise to pay? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. B An offer to share in commissions generated by the sale. 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? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. Synonym for a substandard risk classification. 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. 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 . It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. The agent is guilty of Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. Last year, she received a dividend check from the insurance company that was not taxable. And employee is insured under her employers group life plan. In this case, what will the policy beneficiary receive? 60 days. Unintentional misspellings are not a misrepresentation. C Charging applicants with similar health histories different premiums based on their ethnicity This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? 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? Describe the relationship between potential difference and electrical potential energy. An Insurer wants to begin underwriting procedures for an applicant. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? What policy would have an IRS required corridor or gap between the cash value and the death benefit? Flashcards - Connecticut Insurance Test 2021 - FreezingBlue The insured had his wife named as the beneficiary of his life insurance policy. D 10 days. In which of the following situations is it legal to limit coverage based on marital status? The balance is paid out directly to the employee in order for her to move the funds to a new account. Insurers are also not allowed to cancel individual coverage due to a change in marital status. Who is the main purpose of the seven-pay test? In this state, a temporary license may be issued for any of the following reasons EXCEPT. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. B. Twisting. All of the following actions are considered rebating except D Felony. 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? D 1 to 75. After 5 years, she decides to leave the company and work independently. In this state, what type of violation is rebating? D$5. Old-age and retirement benefits, disability benefits, death benefits. In return, the insurer promised to pay benefits in accordance with the terms of the contract. A temporary producer license could be issued without examination to all the following EXCEPT? Rebating can be anything of . Chapter 11 part 2 Flashcards | Quizlet A Rebating. Eligibility requirements for a license are established by the Insurance Code. He wants to withdraw some money in order to pay medical bills. A candidate for life insurance producer's license must complete how many hours of prelicensing education? Autotrophs (like plants) produce glucose during photosynthesis. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. The following areas are regulated by the Insurance Department EXCEPT 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. An out-of-state producer wants to start selling insurance in this state. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. Categories . C 12 months 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. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? What is the minimum civil fine per violation of the Insurance Code of this state? A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. In this situation, a licensee would have to apply for a resident's license within 90 days. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. Which policy provision allows this? D Slandering. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. 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. D An offer of employment. Any surplus money is returned to the policyholders as dividends. 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. What is the required percentage of participants in a contributory group plan? C Sharing commission with the insured Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? Question is All of the following species are considered coliforms D False financial statement. C Policyowner rights and disclosures. What type of insurance policy would perform the function of cash accumulation? C Coercion. A 15 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. 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. D Stop action order. In which of the following situations is it legal to limit coverage based on marital status? 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. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. What is the result of this? What is true concerning a buy-sell agreement? D False advertising. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? Correct Answer: A. B Misleading advertising. C Class C violation 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 type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? What must be acceptable in order for the ride to be able to waive the payment of premium? For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? What amount would his beneficiary receive as a settlement? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. 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. Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). 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. B 3 days Mutual-policyholders; Stock-stockholders. Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract.
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