all of the following would be considered rebating except

3. What type of annuity is it? The balance is paid out directly to the employee in order for her to move the funds to a new account. An Insurer wants to begin underwriting procedures for an applicant. D Ownership is the difference between these two companies. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT During replacement of life insurance, or replacing ensure musky which of the following? What is the minimum civil fine per violation of the Insurance Code of this state? C Mutual Company Like a fixed annuity, EIA's have guaranteed minimum interest rates, also less risky than variable annuities, the insurance company also keeps a percentage of the returns. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? A Temporary = 45/20 An individual has been making periodic payments on an annuity. 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? B At least 3 hours must cover ethics. There are just too many details and specifications which you must be certain of when looking for one. B. Twisting. 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.. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Which of the following documents must be provided to the policyowner or applicant during policy replacement? Paid cash to cover desk purchased on account. A key person insurance policy can pay for what? If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? Flashcards - WA Common Law Practice Exam - FreezingBlue What is this an example of? User: She worked really hard on the project. Which of the following activities is not performed by an insurance producer? B Nothing, unless the remarks were in writing May be structured to allow for specific additional amounts of insurance to be purchased at specific ages, dates, and events without proving insurability; however, the coverage is purchased at the insured's attained age and the maximum allowable purchase is specified in the base policy. C Solicit business as an insurance producer What is true regarding taxation of accelerated benefits under life insurance policy? Identify the types of assets assigned to each classification. The president of a company is starting an annuity and decides that his corporation will be the annuitant. Chapter 11 part 2 Flashcards | Quizlet C Limited lines During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? 3. What is this called? = 15 * 3/20 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. A In the preceding 12 months. B Coercion. f. Get an answer. User: 3/4 16/9 Weegy: 3/4 ? 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? Which of the following is possible? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. All of the following would be considered to be rebating EXCEPT? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. D Cancelling individual coverage based on the insured's marital status. C Rebating. C. Address D Unfair Discrimination. Asked 10/30/2021 2:23:39 PM. What is the total, monetary penalty this producer can expect to receive? A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. 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. select one: Which set of characteristics will produce the smallest value for the estimated standard error? B. C Twisting. A Deals with insurance outside the scope of the license. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? File an application with the Director b. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Taxation on dividends in participating policies? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? 20/3 What is not an example of a business use of life insurance? The regulation of the insurance industry primarily rest with. What characteristic makes whole life permanent protection? The integer 4 is considered all of the following except a variable. D A Producer regulations and testing requirements. D The passing of a written examination. Cradle. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. 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. = 2 5/20 B Illegal What policy component contains the company's promise to pay? What is the purpose of a free-look period in insurance policies? Rebates are allowed if it's in the best interest of the client. What is the purpose of a fixed-period settlement option? His wife dies 10 years later. C Defamation. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. The designee of a producer that is called to active service with the Navy. 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.. To combat the Where is heavy cream in Walmart? D. Coercion and intimidation. B$1,000 What describes the tax advantage of a qualified retirement plan? Question. What is the term for how frequently a policyowner is required to pay the policy premium? 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) 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. Each of the following statements may (or may not) describe one of these technical terms. 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. 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 c) Dividends are not considered to be rebates. B Insurer financial requirements. A 30 days D$5. What happens to the premium on the children's rider in a life insurance policy? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. An employee quits her job where she has a balance of $10,000 in her qualified plan. When does the policy coverage become effective? This is a personal use of life insurance known as. 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. What is the maximum fine for submitting a false or fraudulent claim to the insurer? Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. Insurers are also not allowed to cancel individual coverage due to a change in marital status. 0. Y was killed in an automobile accident on August 22, before the policy was issued. 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. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Added 30 days ago|10/30/2021 2:46:29 PM. A Published by at June 10, 2022. And insured has a modified endowment contract. Which of the following is true? 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. An insured had a continuous premium whole life policy. 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? D$5,000. This is a personal use of life insurance known as.. All of the following would be considered rebating except A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. all of the following would be considered rebating except If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. C Charging applicants with similar health histories different premiums based on their ethnicity An annuity owner is funding an annuity that will supplement her retirement. He dies in a freak accident on June 1. C Defamation. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? The policy contains the optional Payor Benefit rider. There are several types of whole life polices. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? B Advertise & solicit business as an insurance counselor or consultant What is the required percentage of participants in a contributory group plan? D 10 days. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. All of the following would be considered rebating except Within how many days of this notification must the producer be sent a copy? Group life insurance is a single policy written to provide coverage to members of a group. B A Certificate of Completion from the required pre-licensing study course In Connecticut, continuing education courses must be approved by the. all of the following would be considered rebating except. This is considered to be false, deceptive or misleading advertising. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. An insured has a life insurance policy from a participating company and receives quarterly dividends. A Adverse selection If the producer continues to violate the entrance code, I knew so penalty will be assessed every? What source will it consult for the majority of its underwriting information? A Misdemeanor Which of the following best describes this act? 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. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. This is due to what provision? She would likely purchase a(n)? All of the following actions can be described as twisting EXCEPT. What does this mean to the beneficiaries? Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. must ensure a pair that's benefit claim after receiving the product of death? An agent who offers a cash reward to a prospect for buying a policy is guilty of. A key person insurance policy can pay for which of the following? The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? 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 will she need to provide for proof of insurability? All of the following would be considered to be rebating EXCEPT. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation 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. What is the purpose of establishing the target premium for a universal life policy? 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? 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? c) An offer of employment. A Stocks, securities, or bonds. D Engages in fraud. B 60 days A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity 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? D 2 years. What option would allow her to do this? A banker is ready to close on a customer's loan. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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. In which of the following situations is it legal to limit coverage based on marital status? New answers. C 90 days All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. Added 149 days ago|10/30/2021 2:46:29 PM. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? 6 2/3 B Materially misrepresents an insurance policy. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. The integer 4 is considered all of the following except _____. a This is considered to be an unfair claim settlement practice The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. A candidate for life insurance producer's license must complete how many hours of prelicensing education? A Rebating. The minimum age at which a person can sign a life insurance application is. What is this an example of? If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. Rebating can be anything of . 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? The insured knows that his financial state will worsen even more with upcoming medical expenses. Who can make a fully deductible contribution to a traditional IRA? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. 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. Which is NOT required of an applicant for an insurance license in Michigan? When would a misrepresentation on the insurance application be considered fraud? All of the following are true regarding rebates - Course Hero What would be the face amount of the new term policy? Group life insurance is a single policy written to provide coverage to members of a group. What type of policy is this? What can they do? C Cash surrender, extended term, reduced paid-up. An insured owns a life insurance policy. Correct Answer: A. 90 days. An insured has chosen joint and 2/3 survivor as the settlement option. 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.

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