all of the following would be considered rebating except

Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. This is called.. 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 In an annuity, the accumulated money is converted into a stream of income during what time period? Home; About Us. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. An insured committed suicide 6 months after his life insurance policy was issued. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. 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. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. What is the official name for the Social Security program? What will she need to provide for proof of insurability? the spouse of a retiring insurance producer Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. 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? D False financial statement. D 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. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. Up to 12 excess credit hours of CE may be carried over to the next review period. D Unfair Discrimination. C Dividends from a mutual insurer. An insured has a life insurance policy from a participating company and receives quarterly dividends. A 15 Group life insurance is a single policy written to provide coverage to members of a group. C. the employee of a disabled licensed a producer Which of the following statements about the reinstatement provision is true? A Defamation This is considered to be an unfair claim settlement practice C Taxation on dividends in participating policies? And employee has group life insurance through her employer. "At the time of the application" is when interest must exist. Group life insurance is a single policy written to provide coverage to members of a group. For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. D Producer commission schedules. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? c) Dividends are not considered to be rebates. 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? 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. B Criminal offense The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. What settlement option should the policyowner choose? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation C 90 days If she terminates her group coverage, what is true? B Twisting This pays 2 or 3 times the face amount if death is the result of an accident as defined in the policy and occurs within 90 days of such an accident. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. All the following are true regarding rebates except? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? The dividend option that the insured has chosen is called? The following areas are regulated by the Insurance Department EXCEPT B 60 days The integer 4 is considered all of the following except a variable. Cradle. Azanswer team is here with the correct answer to your question. D Surplus lines. juan holds ________ power. Updated 10/30/2021 2:46:29 PM. 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. = 15 * 3/20 Correct Answer: A. A key person insurance policy can pay for what? 1 Answer/Comment. D Misrepresentation, How much is an agent's appointment fee? a constant a term a variable an expression. It is the premium paying period that is limited, not the maturity. He died on February 28. A 30 days What type of annuity is it? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? What must be acceptable in order for the ride to be able to waive the payment of premium? The policy endows when the insured turns 100. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. 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. What is the purpose of a free-look period in insurance policies? C 12 months D Coercion. A corporation is the owner and beneficiary of the key person life policy. What dividend option could she use? What statement concerning group life is true? In which instance would the premium be tax deductible? d) Rebates are allowed if it's in the best interest of the client. B Nonresident Expert answered|GaelM|Points 4547| Log in for more information. If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years, which of the following would be taxable annually? 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. 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 Within how many days does a licensee have to inform the Commissioner of a change of address? If an insured continually uses the automatic premium loan option to pay the policy premium.. 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? D Department of Education. Cradle. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. The policyowner of an adjustable life policy wants to increase the death benefit. In Michigan the state's continuing education requirement Number of credits required for fully insured status for Social Security disability benefits? -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. What does this mean to the beneficiaries? He wants to withdraw some money in order to pay medical bills. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. An employee quits her job where she has a balance of $10,000 in her qualified plan. C Law of large numbers This misstatement may result in? New answers. C In the last 5 years. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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. The purpose of the Tennessee Guaranty Association is to. What type of policy is this? 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. It is never legal to limit coverage based on marital status. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. Commissions are set by a schedule or negotiation between the producer and the insurance company. D Rebating. C Cease and desist order What best describes what will happen? A key person insurance policy can pay for which of the following? The producer could be found guilty of M may perform all of the following duties EXCEPT. C Mutual Company 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. C Illegal under any circumstances Time during which accumulated money is converted into an income stream. There are just too many details and specifications which you must be certain of when looking for one. His wife dies 10 years later. During replacement of life insurance, or replacing ensure musky which of the following? 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. 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. A. the spouse or legal representative of a deceased insurance producer The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. 60. 3. Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. What is the advantage of reinstating a policy instead of applying for a new one? What is the required percentage of participants in a contributory group plan? Most horse (1). 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? This year, she did not receive a check fin from the insurer. C Limited lines B What relationship is not an example of insurable interest? 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.the spouse of a retiring insurance producer Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? What statement is true concerning buy-sell agreements? B Discrimination What must be presented before an applicant submits a premium? If an insurer terminates a producer, the Commissioner must be notified. C. An insurance company director who performs executive, administrative and managerial duties A Temporary Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. What happens when a policy is surrendered for its cash value? What would be the face amount of the new term policy? Synonym for a substandard risk classification. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . baja fresh queso recipe; Tags . Only any excess of value is taxable as income. In order to enforce the insurance code the commissioner has the power to conduct which of the following? What policy component contains the company's promise to pay? The policy contained an accidental death rider, offering a double indemnity benefit. May be used to customize a permanent life insurance policy to meet the needs of the policyowner, Mandatory free look in a life insurance policy. 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? 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. C Charging applicants with similar health histories different premiums based on their ethnicity When an insurer's underwriter approves coverage and issues a policy. A father owns a life insurance policy on his 15-year-old daughter. Upon policy delivery, the producer may be required to obtain? B Undercutting File an application with the Director b. The advantage of qualified plans to employers is. A 30 days Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. D$5,000. What is the result of this? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? B$1,000 Shopping for electric motors can be tricky. Which of the following is NOT a pathway in the oxidation of glucose. What best describes this practice? Beneficiaries do not have to have an insurable interest in the policyholder. The insured had his wife named as the beneficiary of his life insurance policy. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. B Insurer financial requirements. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? In return, the insurer promised to pay benefits in accordance with the terms of the contract. A C A person whose activities are limited to producing insurance advertisements When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. To combat the Where is heavy cream in Walmart? A Deals with insurance outside the scope of the license. A. B After 5 years, she decides to leave the company and work independently. 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? Ownership is the difference between these two companies. What is true of the cash surrender nonforfeiture option? 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 - In order to collect premiums and explain coverages, a person would need to be licensed. C 7 All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates Your email address will not be published. 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 Which of the following best describes this practice? What option does this describe? Part 2 of the application for life insurance provides questions regarding all of the following.. The regulation of the insurance industry primarily rest with. A candidate for life insurance producer's license must complete how many hours of prelicensing education? What are examples of a business use of life insurance? All riders that will cause the death benefit to increase? C What is this an example of? An insured had a $10,000 term life policy. A$500 A In the preceding 12 months. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. D Inviting prospective clients to the grand opening of the producer's new office. If a company has a simplified employee pension plan, what type of plant is it? There is a limit for a withdrawal and the insurer charges a fee. In order to to do that, what may happen? B Nothing, unless the remarks were in writing 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. Log in for more information. Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. Old-age and retirement benefits, disability benefits, death benefits. 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? Each agent must pay a $5 appointment fee to the Commissioner. An out-of-state producer wants to start selling insurance in this state. The policyowner may assign a part of the policy or the entire policy. What type of insurance policy would perform the function of cash accumulation? Nonforfeiture values guarantee which policyowner? And employee is insured under her employers group life plan. D Business Entity. Which of the following has not been taken to court for further interpretation? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? What type of policy does the insured most likely have? The policyowner pays for her life insurance annually. C Dividends from a mutual insurer. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. A licensed counselor MAY NOT perform which of the following duties? Unintentional misspellings are not a misrepresentation. Requires the entire premium to be paid in one limp sum at the policy's inception. Under what circumstances could the daughter collect the death benefit? MI Life Insurance Policy Provisions, Options, Federal Tax Considerations for Health Insuran, Qualified Plans, and Federal Tax Consideratio, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. Added 30 days ago|10/30/2021 2:46:29 PM. In this case, what will the policy beneficiary receive? An agent's license may also be suspended or revoked. D A termination issued by the appointing insurer. How could she obtain an individual policy? C Dividends from a mutual insurer. A$500 User: She worked really hard on the project. How much would the beneficiary receive from the policy? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. 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. Published by at June 10, 2022. User: 3/4 16/9 Weegy: 3/4 ? all of the following would be considered rebating except. A Twisting. 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". An appointment by an insurer is based upon the person maintaining a valid insurance license. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. B Unfair claim practice. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. What is the purpose of establishing the target premium for a universal life policy? Which policy provision allows this? In a direct rollover, how is the money transferred from one plan to the new one? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. He discovered that his policy.. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. In this situation, a licensee would have to apply for a resident's license within 90 days. What are the two components of a universal policy? C$100 What percentage of a company's employees must take part in a noncontributory group life plan? If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. B Advertise & solicit business as an insurance counselor or consultant = 45/20 C A legal advertising strategy B At least 3 hours must cover ethics. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. select one: Which set of characteristics will produce the smallest value for the estimated standard error? A 7 days Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? 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. 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. A. C Defamation. 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? D 2 years. 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. Thanks for choosing us. B C D False advertising. C Twisting What is the other term for the cash payment settlement option? What is the name of the insured who enters into a viatical settlement. Which of the following best describes the unfair trade practices of defamation? How do you get to Motion settings on iPhone? The soon-to-be producer does not want to wait until he receives his license in order to begin working. Log in for more information. C Defamation All the following could be considered rebates if offered to an insured in the sale of insurance except? This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. Which policy component decreases in decreasing term insurance? 15 Which two terms are associated directly with the premium? A salaried full-time employee who furnishes information for group insurance A Cannot be extended or waived under any circumstances. Question. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? Which nonforfeiture option has the highest amount of insurance protection? If the corporation collects the policy benefit, then. In life insurance policies, cash value increases. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? Any surplus money is returned to the policyholders as dividends. What determines the amount of each installment paid in a life income option arrangement? The president of a company is starting an annuity and decides that his corporation will be the annuitant. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Which of the following would NOT be considered rebating? B Legal, provided that the other insurers are paid royalties for the usage of their names 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? Convertible without proof of insurability up to the full term death benefit. Categories . What is true? A temporary license in this state is valid for a maximum of 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 to qualify for conversion from a group life policy to an individual policy of the same coverage, a person must have been insured under the group plan for how many years? This is due to what provision? Question. What statement is correct? 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. 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? It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. The Insurance Department regulations are to protect the insurance-buying public. 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? B 3 days A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. The person or interest to whom the policy proceeds will be paid upon the death of the insured.

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