If an insured continually uses the automatic premium loan option to pay the policy premium. Which two terms are associated directly with the premium? An agent offers to share his commission with a policyholder. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Cradle. D Engages in fraud. 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. What policy would have an IRS required corridor or gap between the cash value and the death benefit? D An offer of employment. Time during which accumulated money is converted into an income stream. Old-age and retirement benefits, disability benefits, death benefits. What is the purpose of a fixed-period settlement option? In this state, a temporary license may be issued for any of the following reasons EXCEPT. d) Rebates are allowed if it's in the best interest of the client. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? D Coercion. What will she need to provide for proof of insurability? In which of the following situations is it legal to limit coverage based on marital status? 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. What policy component contains the company's promise to pay? D. Commissioner. What are the three basic types of term coverage available, based on how the face amount (death benefit) changes during the policy term: Best description of what an annuity period is: Policy which allows the partial withdrawal, or surrender, of the policy cash value. A$500 C$1,500 ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. B$1 In Connecticut, continuing education courses must be approved by the. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. She would likely purchase a(n)? 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 is NOT required of an applicant for an insurance license in Michigan? What term best describes this arrangement? B A new Commissioner or Director is put into office. Requires the entire premium to be paid in one limp sum at the policy's inception. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. B Twisting An appointment by an insurer is based upon the person maintaining a valid insurance license. D Surplus lines. 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? 6 2/3 What dividend option could she use? Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. D Audit or abstract insurance policies or annuities. 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. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? 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. all of the following would be considered rebating except 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. A banker is ready to close on a customer's loan. 30 days. B A reasonable understanding of the Michigan insurance code Rating. Each of the following statements may (or may not) describe one of these technical terms. Which of the following best describes the act? 10 czerwca 2022 . B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces The designee of a producer that is called to active service with the Navy. Licensed in the state where the individual resides. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. A licensed counselor MAY NOT perform which of the following duties? The policy contains the optional Payor Benefit rider. 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. A table showing the nonforfeiture values for the next 20 years must be included in the policy. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. 3. What is this an example of? Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. 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. 90 days. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. There is a limit for a withdrawal and the insurer charges a fee. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. In the best interests of the client, rebates are allowed. I no the truth.Ans: I know the truth.(2). select one: Which set of characteristics will produce the smallest value for the estimated standard error? A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. The balance is paid out directly to the employee in order for her to move the funds to a new account. Define electric potential and electric potential energy. 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. Y was killed in an automobile accident on August 22, before the policy was issued. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. He has instructed the company to apply the policy dividends to increase the death benefit. B Applies to life, annuity, and accident and health licensees only. D 120 days. B Undercutting juan holds ________ power. D A license to practice law. A Deals with insurance outside the scope of the license. Cradle. C Rebating. 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? False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. 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? D Rebating. B An offer to share in commissions generated by the sale. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. D An offer of employment. 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. 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. Updated 10/30/2021 2:46:29 PM. Which of the following persons is required to hold a producer license? B Unfair claim practice. Commissioner. The policyowner of an adjustable life policy wants to increase the death benefit. A Applicant must be 18 years old This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. B Discriminating in benefits and coverages based on the insured's habits and lifestyle Up to 12 excess credit hours of CE may be carried over to the next review period. The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. B Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. C 90 days D. Sexual orientation. A 7 days 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. 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. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? A Misdemeanor Death benefits payable to a beneficiary under a life insurance policy are generally. 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? What type of annuity is it? Heavy Cream is in Aisle A31 of the Dairy section in Walmart. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? Ultimately, the commissioner determined that there were a total of 25 separate violations. 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. Required by state law to be included in the policy, and cannot be altered by the policyowner. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Chapter 11 part 2 Flashcards | Quizlet = 45/20 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. How much would the beneficiary receive from the policy? Published by at June 10, 2022. The company is guilty of What option could the insured utilize? all of the following would be considered rebating except standard form contract facebook; how to treat mange in cats at home twitter; moon drop grapes uk instagram; arrow olivia sewing table youtube; custom teku glassware mail June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . Which of the following documents must be provided to the policyowner or applicant during policy replacement? any person acting as an insurance producer without a valid license may be fined up to. Juan is the person employees go to when knowledge of a topic was needed. Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as M may perform all of the following duties EXCEPT. unit 3: personal and business finance grade boundaries. C. Address B Advertise & solicit business as an insurance counselor or consultant D 30 days. Age If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. A temporary license may be issued for up to 180 days. Because of this, the company charged him a higher rate for his insurance. If the corporation collects the policy benefit, then. This misstatement may result in? How do you get to Motion settings on iPhone? C Rebating A In the preceding 12 months. 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). Which of the following is a true statement regarding taxation of the accelerated benefits? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? 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. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. This practice is considered If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. 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. D All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT Which of the following allows different operating systems to coexist on the same physical computer? C Class C violation Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. What is this called? An employee quits her job where she has a balance of $10,000 in her qualified plan. 180 days. The dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. Question. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? A Assigning different risk classifications to applicants based on gender identity B Illegal The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. B Materially misrepresents an insurance policy. Which of the following individuals could qualify for a temporary insurance license? A. D The passing of a written examination. In an annuity, the accumulated money is converted into a stream of income during what time period? 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. An individual has been making periodic payments on an annuity. C Coercion. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? D 2 years. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. Cash surrender, extended term, reduced paid-up. D$5. 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? Under what circumstances could the daughter collect the death benefit? Why is an equity Indexed annuity considered to be a fixed annuity? All the following would be considered an unfair and deceptive practice. What are the classifications of net assets reported in the statement of financial position by private colleges? Which of the following would NOT have a policy loans provision? 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 regulations and testing requirements. 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. The integer 4 is considered all of the following except _____. All of the following would be considered to be rebating EXCEPT? Vscode No server install found in WSL, needs x64. If a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? Which of the following best describes this act? Rebating is an unfair trade practice and is regulated by law. All of Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. All of the following would be considered rebating except 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? Who can make a fully deductible contribution to a traditional IRA? A candidate for life insurance producer's license must complete how many hours of prelicensing education? When an insurer's underwriter approves coverage and issues a policy. C A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. Which policy component decreases in decreasing term insurance? This practice is considered? Added 149 days ago|10/30/2021 2:46:29 PM. C B A Restriction of authority Which of the following is an eligibility requirement for all Social Security disability income benefits? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? B 90 days Which of the following is possible? A producer in tensional he violated insurance statues. In this case, what will the policy beneficiary receive? 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. B Discrimination This is a personal use of life insurance known as. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Michigan's continuing education requirement has each of the following characteristics EXCEPT Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Corporation is the owner and beneficiary of the key person life policy. C Defamation. C Dividends from a mutual insurer. 45 To combat the Where is heavy cream in Walmart? This rider usually expires at the insured's age of 40. A rebate is a type of purchasing discount that is paid as a reduction. Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. 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? D False advertising. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. What type of policy does the insured most likely have? B Twisting. 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. Answer-All of the following are considered key logistic functions in When may an insurance company use suicide as a defense against paying a death claim? According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. f. Get an answer. Taxation on dividends in participating policies? Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. A. All of the following statements concerning an employer sponsored non-qualified retirement plan are true as follows: Two attorneys at law and operate their practice as a partnership. E The spouse of a deceased insurance producer. MI Insurance Regulation Flashcards | Quizlet Which of the following acts would not get an insurance producer terminated "for cause"? An insured receives an annual life insurance dividend check. What option would allow her to do this? When does the policy coverage become effective? In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? He's insured under a life insurance policy with the accelerated benefits rider. 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. He wants to withdraw some money in order to pay medical bills. D Misrepresentation. A$500 When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. ________________ are owned and controlled by their policyholders. Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans? What is the minimum civil fine per violation of the Insurance Code of this state? An applicant for a counselor's license must possess a reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel, as well as a reasonable understanding of the Michigan insurance code and possess a good business reputation and good moral character. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? 30 An insured pays an annual premium to his insurer. Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. Annuities can also be used to.. What is the name of the insured who enters into a viatical settlement. There are just too many details and specifications which you must be certain of when looking for one. What is the term for how frequently a policyowner is required to pay the policy premium? C. Rebating. In Michigan the state's continuing education requirement Home; About Us. This is considered to be an unfair claim settlement practice B. From what type of insurer did the insured purchase the policy? The purpose of the Tennessee Guaranty Association is to. A corporation is the owner and beneficiary of the key person life policy. 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. Flashcards - WA Common Law Practice Exam - FreezingBlue Which of the following will NOT be considered unfair discrimination by insurers? a constant a term a variable an expression. Group life insurance is a single policy written to provide coverage to members of a group.

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