Which of the following is NOT a pathway in the oxidation of glucose. A$500 What statement is correct? An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. 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? A tax-sheltered annuity is a special tax-favored retirement plan available to. 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. 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? NAIC. All the following could be considered rebates if offered to an insured in the sale of insurance except? Will result in having to pay the highest premium due to health, history, habits, etc. Home; About Us. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. 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 Unfair claim practice. C Rebating If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? During replacement of life insurance, or replacing ensure musky which of the following? In life insurance policies, cash value increases. An appointment by an insurer is based upon the person maintaining a valid insurance license. What term best describes this arrangement? There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. Vscode No server install found in WSL, needs x64. D Stop action order. Telling a client that his first premium will be waived if he purchases the insurance policy today. Nonforfeiture values guarantee which policyowner? Eligibility requirements for a license are established by the Insurance Code. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. What is true regarding a non-qualified retirement plan? If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? Which of the following is possible? D An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. 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 Dividends from a mutual insurer. A 60 days D Must be completed by all licensed resident and nonresident producers. All of the following would be considered rebating except. C Policyowner rights and disclosures. C. the employee of a disabled licensed a producer B An offer to share in commissions generated by the sale. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT This is considered to be false, deceptive or misleading advertising. 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. B This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. D.the spouse of a retiring insurance producer In which of the following situations is it legal to limit coverage based on marital status? Which of the following is true? As the local coffee shop is just initiating the segmentation and targeting process, what has . Only any excess of value is taxable as income. What characteristic makes whole life permanent protection? Under what circumstances could the daughter collect the death benefit? For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are, Amount of coverage is determined according to nondiscriminatory rules, individuals covered, under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability. What option could the insured utilize? This rider will not cause the death benefit to increase. B Discrimination B Illegal D Collecting a lower premium than what's specified in a policy as a token of client appreciation. All of the following would be considered rebating except. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. The purpose of the Tennessee Guaranty Association is to. A temporary license in this state is valid for a maximum of Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. Which of the following documents must be provided to the policyowner or applicant during policy replacement? An insured pays an annual premium to his insurer. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? The policyowner is entitled to policy loans. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. A domestic insurer issuing variable contracts must establish one or more.. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. C Consists of completing 24 hours of CE each biennium. The insured knows that his financial state will worsen even more with upcoming medical expenses. B A reasonable understanding of the Michigan insurance code What statement about a suicide clause in a life insurance policy is true? 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. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? 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. In order for an insurer to legally transact insurance, it must obtain what? From what type of insurer did the insured purchase the policy? What is this an example of? 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. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? A Producer regulations and testing requirements. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? Is a program that assesses and reports information about various computer resources and devices. B Misleading advertising. An agent misrepresents policy benefits to convince a policyowner to replace policies. A temporary producer license could be issued without examination to all the following EXCEPT? 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". All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. D. Coercion and intimidation. 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. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces C It requires satisfactory completion of at least 24 hours of approved training every biennium. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? D$5. 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. A. B$1,000 Unintentional misspellings are not a misrepresentation. All the following would be considered an unfair and deceptive practice. C In the last 5 years. As it turns out, the answer to this question depends upon a variety of factors. Required by state law to be included in the policy, and cannot be altered by the policyowner. any person acting as an insurance producer without a valid license may be fined up to. 0. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? 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. D Felony. In this case, what will the policy beneficiary receive? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). D. Sexual orientation. Which of the following provisions would NOT be found in Term Life Insurance? And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? The Insurance Department regulations are to protect the insurance-buying public. Death benefits payable to a beneficiary under a life insurance policy are generally. The paid-up addition option uses the dividend to.. What life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? A Discrimination. A Temporary B A new Commissioner or Director is put into office. Cradle. If she terminates her group coverage, what is true? A Applicant must be 18 years old An insured had a $10,000 term life policy. B Advertise & solicit business as an insurance counselor or consultant unit 3: personal and business finance grade boundaries. It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. C Coercion. Azanswer team is here with the correct answer to your question. How much would the beneficiary receive from the policy? The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. 6 2/3 B Coercion. What is the result of this? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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. What is the purpose of a disclosure statement in life insurance policies? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. 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.. How can she obtain an individual policy? An insured purchases a policy in 2008 and died in 2013. C 90 days The producer could be found guilty of What is being defined as the degree to which something is related or useful to what is happening or being talked about? Paid cash to cover desk purchased on account. Question. Which of the following individuals could qualify for a temporary insurance license? B Mailing an agency brochure to a prospective client Last year, she received a dividend check from the insurance company that was not taxable. User: She worked really hard on the project. A licensed counselor MAY NOT perform which of the following duties? A banker is ready to close on a customer's loan. D Imprisonment. This is a personal use of life insurance known as. B If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. The requirement that an agent not co-mingle insurance monies with their own fund is known as? What option would allow her to do this? D Cancelling individual coverage based on the insured's marital status. D A license to practice law. Commissioner. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. A Rebating. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. A. B C Twisting. A A producer's license is suspended or revoked by the Department of Insurance. D Rebating. It is never legal to limit coverage based on marital status. He has instructed the company to apply the policy dividends to increase the death benefit. Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old In which instance would the premium be tax deductible? In Michigan the state's continuing education requirement Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. 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? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? The insurer has 15 days to file a notice of producer appointment. In order to to do that, what may happen? In this case, the insurance company will Must be delivered along with the policy and will provide the producer's name & address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value & death benefit figures for specific policy years. the spouse of a retiring insurance producer C. An insurance company director who performs executive, administrative and managerial duties What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? 20/3 The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. all of the following would be considered rebating except. The ownership provision entitles the policyowner to do what? C A producer's license expires and is not renewed. c) An offer of employment. Taxation on dividends in participating policies? Shopping for electric motors can be tricky. 3. When an insurer's underwriter approves coverage and issues a policy. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. "At the time of the application" is when interest must exist. C Law of large numbers Search for an answer or ask Weegy. All paid by the time the insured reaches age 65. 1 to 50. What policy would have an IRS required corridor or gap between the cash value and the death benefit? A$500 If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. 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? Once the policyholder opts for cash surrender, the policy is immediately inactive. D False financial statement. Your email address will not be published. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. ________________ are owned and controlled by their policyholders. C$2,000 Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. C Who can make a fully deductible contribution to a traditional IRA? B$1,000 What does this mean? A candidate for life insurance producer's license must complete how many hours of prelicensing education? C Twisting In an annuity, the accumulated money is converted into a stream of income during what time period? In level term and increasing term policies, the premium also remains level for the term of the policy. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. He's insured under a life insurance policy with the accelerated benefits rider. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. What determines the length of time that benefits will be received under the fixed-amount settlement option? 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. In the best interests of the client, rebates are allowed. Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] Which of the following would be required to be licensed as an insurance producer? Which of the following has not been taken to court for further interpretation? B. Twisting. D 2 years. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. What source will it consult for the majority of its underwriting information? A salaried full-time employee who furnishes information for group insurance Which policy component decreases in decreasing term insurance? What is not an example of a business use of life insurance? The policy endows when the insured turns 100. 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? Asked 10/30/2021 2:23:39 PM. Search for an answer or ask Weegy. B Nonresident Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? An agent who offers a cash reward to a prospect for buying a policy is guilty of. 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 ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? An annuity owner is funding an annuity that will supplement her retirement. A Defamation You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law.
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