Life Insurance 3 Flashcards | Chegg.com Which of the following best describes the unfair trade practices of defamation? Beneficiaries do not have to have an insurable interest in the policyholder. 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? Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? This year, she did not receive a check fin from the insurer. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? A A good business reputation and good moral character. Once the policyholder opts for cash surrender, the policy is immediately inactive. If a company has a simplified employee pension plan, what type of plant is it? Licensed, however, not in the state the indivisible resides. 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. The policyowner is entitled to policy loans. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Number of credits required for fully insured status for Social Security disability benefits? Log in for more information. B A reasonable understanding of the Michigan insurance code A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. D. A salaried employee who advertises and solicits insurance. 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. The premiums paid by the employer in a business life insurance policy are. Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? The integer 4 is considered all of the following except a variable. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. Annuities can also be used to.. Michigan's continuing education requirement has each of the following characteristics EXCEPT D What term best describes this arrangement? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. A Cannot be extended or waived under any circumstances. Question. Insurers are also not allowed to cancel individual coverage due to a change in marital status. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. Question. D Slandering. The agent is guilty of? What is the other term for the cash payment settlement option? 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. D User: 3/4 16/9 Weegy: 3/4 ? Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. 45 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. The dividend option that the insured has chosen is called? What must be presented before an applicant submits a premium? D 30 days. I no the truth.Ans: I know the truth.(2). Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? When would a 20-pay whole life policy endow? In which of the following situations is it legal to limit coverage based on marital status? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? They want to start a program through their practice that will provide retirement benefits for themselves and three employees. This is called.. In order to enforce the insurance code the commissioner has the power to conduct which of the following? An insured had a continuous premium whole life policy. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. A. D Misrepresentation, How much is an agent's appointment fee? What option does this describe? C Defamation What is this called? Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. C Coercion. B. Twisting. Which of the following persons is required to hold a producer license? C Within how many days does a licensee have to inform the Commissioner of a change of address? 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? All of the following acts are considered unfair trade - Course Hero Heavy Cream is in Aisle A31 of the Dairy section in Walmart. ________________ are owned and controlled by their policyholders. This practice is considered? Which of the following is an eligibility requirement for all Social Security disability income benefits? 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. C Class C violation What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? A temporary license may be issued for up to 180 days. Which of the following activities is not performed by an insurance producer? all of the following would be considered rebating except Follow us. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. C How do you get to Motion settings on iPhone? What is the purpose of establishing the target premium for a universal life policy? select one: Which set of characteristics will produce the smallest value for the estimated standard error? B - In order to collect premiums and explain coverages, a person would need to be licensed. The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". Which of the following would be required to be licensed as an insurance producer? C The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. B C Consists of completing 24 hours of CE each biennium. 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. Discrimination. A Defamation there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. 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. Department of Education. A$500 Rebates include money, sharing of commissions, promises, inducements and personal services. C A producer's license expires and is not renewed. 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 The policyowner of an adjustable life policy wants to increase the death benefit. A Restriction of authority 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. A 30 days Which type of life insurance policy generates immediate cash value? What option could the insured utilize? D A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. The can be changed only with the written consent of that beneficiary. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? 10 czerwca 2022 . Which of the following would NOT have a policy loans provision? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. What is the advantage of reinstating a policy instead of applying for a new one? When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Under what circumstances could the daughter collect the death benefit? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? What is true concerning a buy-sell agreement? 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. User: She worked really hard on the project. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. all of the following would be considered rebating except B Applies to life, annuity, and accident and health licensees only. A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. A key person insurance policy can pay for which of the following? An agent's license may also be suspended or revoked. 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. Vscode No server install found in WSL, needs x64. all of the following would be considered rebating except Which of the following best describes this practice? Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? D Any time in the past. Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. 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? B At least 3 hours must cover ethics. Up to 12 excess credit hours of CE may be carried over to the next review period. A tax-sheltered annuity is a special tax-favored retirement plan available to. C Mutual Company Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? The applicant must file a certificate of completion of the prelicensing courses taken to prove that the courses were not taken more than 12 months before the Commissioner received the application. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? An agent who offers a cash reward to a prospect for buying a policy is guilty of. And employee is insured under her employers group life plan. A Defamation What best describes what will happen? D A license to practice law. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? When an insurer's underwriter approves coverage and issues a policy. all of the following would be considered rebating except. D Cancelling individual coverage based on the insured's marital status. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? In Connecticut, continuing education courses must be approved by the. In this situation, a licensee would have to apply for a resident's license within 90 days. D. Sexual orientation. An insured has a life insurance policy from a participating company and receives quarterly dividends. A Assigning different risk classifications to applicants based on gender identity 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. Flashcards - WA Common Law Practice Exam - FreezingBlue 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. 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. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. What is this called? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? The Insurance Department regulations are to protect the insurance-buying public. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. There is a limit for a withdrawal and the insurer charges a fee. What relationship is not an example of insurable interest? Because of this, the company charged him a higher rate for his insurance. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Shopping for electric motors can be tricky. What is the maximum fine for submitting a false or fraudulent claim to the insurer? What type of life insurance policy would be best suited to this situation? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. Synonym for a substandard risk classification. Why is an equity Indexed annuity considered to be a fixed annuity? 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. Age How can she obtain an individual policy? D Audit or abstract insurance policies or annuities. A In this case, what will the policy beneficiary receive? And employee quits her job where she has a balance of $10,000 in her qualified plan. Search for an answer or ask Weegy. D False financial statement. The policyowner of an adjustable life policy wants to increase the death benefit. Because of this, the company charged him a higher rate for his insurance. A key person insurance policy can pay for what? The integer 4 is considered all of the following except _____. a A$500 After five years, she decides to leave the company and work independently. The company also guarantees the specified dollar amount for each payment and the length of the payout period. juan holds ________ power. D Inviting prospective clients to the grand opening of the producer's new office. How are contributions to a tax-sheltered annuity treated with regards to taxation? A Adverse selection 90 days. Which of the following acts would not get an insurance producer terminated "for cause"? B False advertising. D Misrepresentation. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? B A Certificate of Completion from the required pre-licensing study course D Coercion. C Dividends from a mutual insurer. Which of the following would be required to complete pre-licensing education? This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. He died on February 28. All of the following are true regarding rebates - Course Hero Flashcards - Connecticut Insurance Test 2021 - FreezingBlue New answers. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? 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. What can they do? An insured pays $1,200 annually for her life insurance premium. An insured committed suicide 6 months after his life insurance policy was issued. C 12 months A temporary producer license could be issued without examination to all the following EXCEPT? In a life settlement contract, whom does the life settlement broker represent? What will she need to provide for proof of insurability? A Concealment. 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. A Payment of restitution all of the following would be considered rebating except The balance is paid out directly to the employee in order for her to move the funds to a new account. What is the required percentage of participants in a contributory group plan? Thanks for choosing us. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? A. What statement is correct? C File an application with the Director b. What amount would his beneficiary receive as a settlement? What would be the face amount of the new term policy? D False advertising. Unintentional misspellings are not a misrepresentation. A This pays 2 or 3 times the face amount if death is the result of an accident as defined in the policy and occurs within 90 days of such an accident. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. D Misrepresentation. A banker is ready to close on a customer's loan. A. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. What is the term for how frequently a policyowner is required to pay the policy premium? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. A candidate for life insurance producer's license must complete how many hours of prelicensing education? All Of The Following Are True Regarding Rebates Except When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. C Illegal under any circumstances Group life insurance is a single policy written to provide coverage to members of a group. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65.