Which of the following would be required to be licensed as an insurance producer? What does this mean? Rebating can be anything of . 1 to 75. D Only any excess of value is taxable as income. A straight life policy has what type of premium? What is the required percentage of participants in a contributory group plan? 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. 15 They want to start a program through their practice that will provide retirement benefits for themselves and three employees. 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. B 7 days All of the following would be considered rebating except A temporary license in this state is valid for a maximum of ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. It was determined that the accident was his fault. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. D All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. A rebate is a type of purchasing discount that is paid as a reduction. Time during which accumulated money is converted into an income stream. What is the result of this? select one: Which set of characteristics will produce the smallest value for the estimated standard error? The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer 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. After 5 years, she decides to leave the company and work independently. The policy contained an accidental death rider, offering a double indemnity benefit. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. D Search for an answer or ask Weegy. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. What term best describes this arrangement? C Controlled business. D Engages in fraud. D Adverse selection. To combat the Where is heavy cream in Walmart? What determines the length of time that benefits will be received under the fixed-amount settlement option? Which of the following would be considered an illegal inducement to purchase insurance? A Misdemeanor To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. What is the purpose of a disclosure statement in life insurance policies? What settlement option should the policyowner choose? C Mutual Company An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT An appointment by an insurer is based upon the person maintaining a valid insurance license. B$1,000 What brand of castor oil is best for hair? C 90 days It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. The minimum age at which a person can sign a life insurance application is. Chapter 11 part 2 Flashcards | Quizlet What policy component contains the company's promise to pay? You dont have to worry about it anymore. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. D Coercion. [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 type of policy does the insured most likely have? 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? Which of the following is NOT a pathway in the oxidation of glucose. Ultimately, the commissioner determined that there were a total of 25 separate violations. D Inviting prospective clients to the grand opening of the producer's new office. In Michigan the state's continuing education requirement What required provision protects against unintentional lapse of the policy? B Stock Company 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} What type of life insurance policy would be best suited to this situation? 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. Shopping for electric motors can be tricky. D A temporary producer license could be issued without examination to all the following EXCEPT? In life insurance policies, cash value increases. A temporary license may be issued for up to 180 days. B False advertising. 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. A Illegal until endorsed by the Guaranty Association What must be presented before an applicant submits a premium? Each agent must pay a $5 appointment fee to the Commissioner. C Policyowner rights and disclosures. 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. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Commissions are set by a schedule or negotiation between the producer and the insurance company. Company Information; FAQ; Stone Materials. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. A. the spouse or legal representative of a deceased insurance producer The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. The following areas are regulated by the Insurance Department EXCEPT D Stop action order. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? 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. B Applies to life, annuity, and accident and health licensees only. 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. 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? Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. B A reasonable understanding of the Michigan insurance code This is a personal use of life insurance known as. D Must be completed by all licensed resident and nonresident producers. Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape Which of the following statements about the reinstatement provision is true? A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. C$1,500 Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? 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? Vscode No server install found in WSL, needs x64. Rebating is an unfair trade practice and is regulated by law. All of False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. 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. 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. The insured knows that his financial state will worsen even more with upcoming medical expenses. And insured has a modified endowment contract. 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 person whose activities are limited to producing insurance advertisements D Business Entity. What is true concerning a buy-sell agreement? all of the following would be considered rebating except 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? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Attorney General. 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. B 3 days Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. She has decided that she would rather use the dividends to help pay for her next premium. All paid by the time the insured reaches age 65. all of the following would be considered rebating except 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. 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? D Unfair Discrimination. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? 20/3 An agent's license may also be suspended or revoked. If an insured continually uses the automatic premium loan option to pay the policy premium. This is a personal use of life insurance known as.. The policyowner of an adjustable life policy wants to increase the death benefit. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces What is this an example of? 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. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity What best describes what will happen? C Rebating. If an insurer terminates a producer, the Commissioner must be notified. All riders that will cause the death benefit to increase? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. What describes the tax advantage of a qualified retirement plan? How long must an insurer keep a copy of an authorized form in its records? An agent offers to share his commission with a 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? A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT C Defamation When may an insurance company use suicide as a defense against paying a death claim? Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Part 2 of the application for life insurance provides questions regarding all of the following.. Is a program that assesses and reports information about various computer resources and devices. Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. Licensed in the state where the individual resides. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? A Payment of restitution The policyowner is entitled to policy loans. What dividend option could she use? User: 3/4 16/9 Weegy: 3/4 ? This is considered to be an unfair claim settlement practice The policy contains the optional Payor Benefit rider. the spouse of a retiring insurance producer baja fresh queso recipe; Tags . A producer in tensional he violated insurance statues. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? What determines the amount of each installment paid in a life income option arrangement? Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. What is the maximum fine for submitting a false or fraudulent claim to the insurer? What statement is true concerning buy-sell agreements? What is this called? Thanks for choosing us. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. It is never legal to limit coverage based on marital status. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Synonym for a substandard risk classification. All of the following would be considered rebating EXCEPT. Which of the following best describes this act? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. M may perform all of the following duties EXCEPT. A. D Your email address will not be published. C Defamation. B Insurer financial requirements. During replacement of life insurance, or replacing ensure musky which of the following? 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? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? An insured pays $1,200 annually for her life insurance premium. This rider will not cause the death benefit to increase. What is being defined as the degree to which something is related or useful to what is happening or being talked about? What option does this describe? He discovered that his policy.. Within how many days of this notification must the producer be sent a copy? What would be the right policy for this client? Formula: (Ann . launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples A$500 What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? 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). All of the following would be considered rebating except. "At the time of the application" is when interest must exist. Which of the following allows different operating systems to coexist on the same physical computer? 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. 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? B Suspension of authority Because of this, the company charged him a higher rate for his insurance. Home; About Us. A 60 days Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Which of the following best describes the unfair trade practices of defamation? An insured misstates her age at the time the life insurance application is taken. 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? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. B Twisting. 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. He's insured under a life insurance policy with the accelerated benefits rider. In this situation, a licensee would have to apply for a resident's license within 90 days. Most horse (1). When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. It is the premium paying period that is limited, not the maturity. B Advertise & solicit business as an insurance counselor or consultant If she terminates her group coverage, what is true? What policy would have an IRS required corridor or gap between the cash value and the death benefit? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. D Legal, provided that the information can be verified. all of the following would be considered rebating except However, once there is solicitation, a license is required. In order to to do that, what may happen? Rebates are allowed if it's in the best interest of the client. D Cancelling individual coverage based on the insured's marital status. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments.