Taxation on dividends in participating policies? The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? B A reasonable understanding of the Michigan insurance code Ownership is the difference between these two companies. Which of the following terms best describes the advertisement? What determines the amount of each installment paid in a life income option arrangement? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. Until now, she has collected a nontaxable dividend check each year. any person acting as an insurance producer without a valid license may be fined up to. 180 days. What is the result of this? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What is this an example of? Death benefits payable to a beneficiary under a life insurance policy are generally. C Controlled business. 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. 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. All of the following would be considered rebating except. 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? As it turns out, the answer to this question depends upon a variety of factors. C. Rebating. Part 2 of the application for life insurance provides questions regarding all of the following.. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. In life insurance policies, cash value increases. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? This answer has been confirmed as correct and helpful. C Misrepresentation In Connecticut, continuing education courses must be approved by the. 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 D Rating. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. An insured had a $10,000 term life policy. And any controversy between the insured or the insured's beneficiary and the insured that arises from the application for insurance of any policy issued a connection with the application, the producer is considered to be the agent and which of the following? How long must an insurer keep a copy of an authorized form in its records? A Producer regulations and testing requirements. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. What type of policy is this? C For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. a constant a term a variable an expression. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. D Business Entity. A. What will she need to provide for proof of insurability? What option does this describe? An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. His wife dies 10 years later. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces 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? If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? C A legal advertising strategy A Rebating. 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. This is considered to be an unfair claim settlement practice B Coercion. Which of the following is an eligibility requirement for all Social Security disability income benefits? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. All of the following would be considered rebating EXCEPT. In a direct rollover, how is the money transferred from one plan to the new one? All of the following would be considered to be rebating EXCEPT? What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? What are the two components of a universal policy? All of the following would be considered to be rebating EXCEPT 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 If the father becomes disabled, what will happen to the life insurance premiums? 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". When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? Correlation and Causation What are correlation and causation and how are they different? A Defamation Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. B Ultimately, the commissioner determined that there were a total of 25 separate violations. Azanswer team is here with the correct answer to your question. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? To combat the Where is heavy cream in Walmart? User: She worked really hard on the project. A producer in tensional he violated insurance statues. the spouse of a retiring insurance producer All of the following could own a group life insurance EXCEPT A group needing low-cost life insurance An applicant for a producer's license has successfully completed all of the steps to obtain the license. Thanks for choosing us. A Unfair claims What is being defined as the degree to which something is related or useful to what is happening or being talked about? 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. The company is guilty of 10 czerwca 2022 . B$1,000 What is true regarding taxation of accelerated benefits under life insurance policy? Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. As the local coffee shop is just initiating the segmentation and targeting process, what has . If an insurer terminates a producer, the Commissioner will receive a notification. B Applies to life, annuity, and accident and health licensees only. Which of the following activities is not performed by an insurance producer? In this situation, the Commissioner must be notified within 30 days. This is a personal use of life insurance known as.. Group life insurance is a single policy written to provide coverage to members of a group. What must be presented before an applicant submits a premium? D A license to practice law. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. An insured purchases a policy in 2008 and died in 2013. Employer contributions made to a qualified plan.. B 30 Follow the following are true of the federal tax advantages of a qualified plan. When would a 20-pay whole life policy endow? Rebates include money, sharing of commissions, promises, inducements and personal services. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. What happens when a policy is surrendered for its cash value? c) Dividends are not considered to be rebates. What is the purpose of a disclosure statement in life insurance policies? In the best interests of the client, rebates are allowed. Synonym for a substandard risk classification. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer Question. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT C 7 What type of insurance policy would perform the function of cash accumulation? all of the following would be considered rebating except. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. In which of the following situations is it legal to limit coverage based on marital status? An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. If a licensee fails to earn 24 hours of CE by the required review date, the license will be suspended for up to 90 days. C What relationship is not an example of insurable interest? 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? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. This misstatement may result in? In return, the insurer promised to pay benefits in accordance with the terms of the contract. Company Information; FAQ; Stone Materials. 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? Licensed in the state where the individual resides. B Criminal offense In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. B It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. C Rebating What does this mean? If an individual licensee's violation of the entrance code was known or should have been down by one or more of the partners, officers, or managers of the agency, what could happen to agency? What type of policy does the insured most likely have? 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. What option could the insured utilize? Y was killed in an automobile accident on August 22, before the policy was issued. D Engages in fraud. 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. In which instance would the premium be tax deductible? B Stock Company If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? The dividend option that the insured has chosen is called? A 30 days D An offer of employment. C Defamation And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? D = 15 ? What term best describes this arrangement? D Stop action order. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. C Policyowner rights and disclosures. This rider will not cause the death benefit to increase. 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? Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. He died on February 28. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. What is true regarding a non-qualified retirement plan? Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. 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 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?