An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. After 5 years, she decides to leave the company and work independently. C Controlled business. The producer could be found guilty of? User: She worked really hard on the project. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? 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. She also wished to retain all of the rights of ownership. The advantage of qualified plans to employers is. What is being defined as the degree to which something is related or useful to what is happening or being talked about? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. A Restriction of authority Follow the following are true of the federal tax advantages of a qualified plan. It is the premium paying period that is limited, not the maturity. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. 30 days. A licensed counselor MAY NOT perform which of the following duties? Which type of life insurance policy generates immediate cash value? He wants to withdraw some money in order to pay medical bills. Updated 10/30/2021 2:46:29 PM. If the corporation collect the policy benefit, then. Which of the following best describes this act? The can be changed only with the written consent of that beneficiary. A A producer's license is suspended or revoked by the Department of Insurance. What settlement option should the policyowner choose? 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] Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Old-age and retirement benefits, disability benefits, death benefits. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? All riders that will cause the death benefit to increase? The balance is paid out directly to the employee in order for her to move the funds to a new account. In this situation, the Commissioner must be notified within 30 days. A corporation is the owner and beneficiary of the key person life policy. B 60 days The requirement that an agent not co-mingle insurance monies with their own fund is known as? All of the following actions can be described as twisting EXCEPT. If a live insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST. An insured had a $10,000 term life policy. = 2 5/20 What characteristic makes whole life permanent protection? 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. Life Insurance 3 Flashcards | Chegg.com If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? All of the following would be considered rebating EXCEPT. 180 days. 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. 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} The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Correct Answer: A. 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? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as C. Address A Defamation Which of the following activities is not performed by an insurance producer? Identify the types of assets assigned to each classification. C Mutual Company Vscode No server install found in WSL, needs x64. A salaried full-time employee who furnishes information for group insurance Who is the main purpose of the seven-pay test? A$500 Will result in having to pay the highest premium due to health, history, habits, etc. C However, once there is solicitation, a license is required. C Policyowner rights and disclosures. He discovered that his policy.. And employee has group life insurance through her employer. The soon-to-be producer does not want to wait until he receives his license in order to begin working. COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With D Rebating. An individual has been making periodic payments on an annuity. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. A. B Discrimination C 30 days The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. A temporary license in this state is valid for a maximum of 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. A Rebating. To combat the Where is heavy cream in Walmart? Added 30 days ago|10/30/2021 2:46:29 PM. The insured had his wife named as the beneficiary of his life insurance policy. 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? C Defamation D A license to practice law. And insured has a modified endowment contract. A Assigning different risk classifications to applicants based on gender identity All of the following would be considered rebating except An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. Which nonforfeiture option provides coverage for the longest period of time? What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. This is due to what provision? 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. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? In Michigan the state's continuing education requirement In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? I no the truth.Ans: I know the truth.(2). When an employee terminates coverage under group insurance policy, coverage continues in force for how long? Licensed, however, not in the state the indivisible resides. A 30 days A Defamation Search for an answer or ask Weegy. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. How could she obtain an individual policy? Commissioner. M may perform all of the following duties EXCEPT. f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. If an insurer terminates a producer, the Commissioner must be notified. Rebates are allowed if it's in the best interest of the client. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? 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.. C. Rebating. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? In this situation, a licensee would have to apply for a resident's license within 90 days. An Insurer wants to begin underwriting procedures for an applicant. B Legal, provided that the other insurers are paid royalties for the usage of their names Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? When may an insurance company use suicide as a defense against paying a death claim? Most horse (1). What is the advantage of reinstating a policy instead of applying for a new one? 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. C Sharing commission with the insured In a life settlement contract, whom does the life settlement broker represent? An insured had a continuous premium whole life policy. Which of the following has not been taken to court for further interpretation? 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? What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? The Insurance Department regulations are to protect the insurance-buying public. An out-of-state producer wants to start selling insurance in this state. B C Fine For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. B Advertise & solicit business as an insurance counselor or consultant The insurer's surrender the policy at its current cash value. Log in for more information. Question. 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? 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 Defamation. E The spouse of a deceased insurance producer. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone 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. B 30 Gender Y was killed in an automobile accident on August 22, before the policy was issued. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. C Limited lines All of the following events will terminate a producer's certificate of appointment EXCEPT 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. When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. C Coercion. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. What type of insurance policy would perform the function of cash accumulation? B Coercion. Log in for more information. D An offer of employment. Last year, she received a dividend check from the insurance company that was not taxable. B Illegal An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. 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. Which of the following documents must be provided to the policyowner or applicant during policy replacement? If an insurer terminates a producer, the Commissioner will receive a notification. Which of the following persons is required to hold a producer license? Which of the following provisions would NOT be found in Term Life Insurance? 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. C A legal advertising strategy Flashcards - WA Common Law Practice Exam - FreezingBlue D An offer of employment. 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? a constant a term a variable an expression. Because of this, the company charged him a higher rate for his insurance. An insured owns a life insurance policy. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. 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 . And insurance producer license may be renewed at the producer has paid the applicable fees, submitted the renewal form to the commissioner, and.. Having a client in inducement to a sale not stated in the policy is an unlawful practice known as? Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? Why is an equity Indexed annuity considered to be a fixed annuity? Is a program that assesses and reports information about various computer resources and devices. B When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . b) Rebating can be anything of economic value, given as an inducement to buy. C It requires satisfactory completion of at least 24 hours of approved training every biennium. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? User: 3/4 16/9 Weegy: 3/4 ? What would be the right policy for this client? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. She would likely purchase a(n)? 6 2/3 What is the purpose of a fixed-period settlement option? NAIC. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? 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? B. Twisting. Nonforfeiture values guarantee which policyowner? 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). Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? Only any excess of value is taxable as income. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? In Connecticut, continuing education courses must be approved by the. 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? All of the following would be considered rebating except An agent's license may also be suspended or revoked. This year, she did not receive a check fin from the insurer. Insurers are also not allowed to cancel individual coverage due to a change in marital status. This rider usually expires at the insured's age of 40. A banker is ready to close on a customer's loan. This is considered to be false, deceptive or misleading advertising. Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? In return, the insurer promised to pay benefits in accordance with the terms of the contract. Which policy provision allows this? B An offer to share in commissions generated by the sale. Which of the following is an eligibility requirement for all Social Security disability income benefits? f. Get an answer. C Twisting 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? D A termination issued by the appointing insurer. D Engages in fraud. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? A$500 I love when a hack helps me to recycle, and makes my life easier. If the producer continues to violate the entrance code, I knew so penalty will be assessed every?