She also wished to retain all of the rights of ownership. During replacement of life insurance, or replacing ensure musky which of the following? The policyowner may assign a part of the policy or the entire policy. B. A 40 year old man buys a whole life policy and names his wife as his only beneficiary.
Rebating is an unfair trade practice and is regulated by law. All of C Dividends from a mutual insurer. What statement is true concerning buy-sell agreements? Employer contributions made to a qualified plan.. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? B Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. 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. A Illegal until endorsed by the Guaranty Association 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? On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. 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. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. In order for an insurer to legally transact insurance, it must obtain what? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. 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? Michigan's continuing education requirement has each of the following characteristics EXCEPT 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? The president of a company is starting an annuity and decides that his corporation will be the annuitant. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. C C Solicit business as an insurance producer
All of the following would be considered rebating except All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). What is the other term for the cash payment settlement option? A Rebating. What option would allow her to do this? An insured owns a life insurance policy. D Adverse selection. What would be the face amount of the new term policy? D Unfair Discrimination. A What type of annuity is it? Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. And employee quits her job where she has a balance of $10,000 in her qualified plan. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. 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. An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. B Discrimination C Defamation. In return, the insurer promised to pay benefits in accordance with the terms of the contract. Which of the following would be required to be licensed as an insurance producer? If an insurer terminates a producer, the Commissioner must be notified. The balance is paid out directly to the employee in order for her to move the funds to a new account. What policy would have an IRS required corridor or gap between the cash value and the death benefit? 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} Licensed in the state where the individual resides. D Inviting prospective clients to the grand opening of the producer's new office.
All of the following would be considered rebating except If the corporation collect the policy benefit, then. C Policyowner rights and disclosures. A. C$2,000 A Temporary When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral A Twisting. Number of credits required for fully insured status for Social Security disability benefits? New answers. What is true regarding taxation of accelerated benefits under life insurance policy? D Audit or abstract insurance policies or annuities. 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. 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. C Twisting. Until now, she has collected a nontaxable dividend check each year. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. 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. A$500 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? This misstatement may result in? D Misrepresentation, How much is an agent's appointment fee? 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.
Chapter 11 part 2 Flashcards | Quizlet The following areas are regulated by the Insurance Department EXCEPT
all of the following would be considered rebating except C In level term and increasing term policies, the premium also remains level for the term of the policy. How long must an insurer keep a copy of an authorized form in its records? B 3 days 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? C. An insurance company director who performs executive, administrative and managerial duties 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.. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Search for an answer or ask Weegy. C Dividends from a mutual insurer. B A Certificate of Completion from the required pre-licensing study course 20/3 Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? An agent offers to share his commission with a policyholder. 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. Which of the following statements about the reinstatement provision is true? They want to start a program through their practice that will provide retirement benefits for themselves and three employees.
Flashcards - WA Common Law Practice Exam - FreezingBlue What determines the length of time that benefits will be received under the fixed-amount settlement option? Define electric potential and electric potential energy. Which of the following best describes this practice? Which of the following best describes the act? What option does this describe? B Nothing, unless the remarks were in writing What relationship is not an example of insurable interest? She would likely purchase a(n)? What statement concerning group life is true? The integer 4 is considered all of the following except _____. Which provision of a life insurance policy states that the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? What best describes this practice? This is due to what provision?
All Of The Following Are True Regarding Rebates Except The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. 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. 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. D An offer of employment. select one: Which set of characteristics will produce the smallest value for the estimated standard error?
The integer 4 is considered all of the following except _____. a B 60 days 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? Company Information; FAQ; Stone Materials. Which of the following would NOT have a policy loans provision? B$1,000 B Community service B 90 days Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A Payment of restitution 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] You dont have to worry about it anymore. A straight life policy has what type of premium? He's insured under a life insurance policy with the accelerated benefits rider. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. Which of the following has not been taken to court for further interpretation? How many days does the insurer have to deliver this notice? 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? Age
All of the following actions are considered rebating except A producer in tensional he violated insurance statues. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Gender
all of the following would be considered rebating except What type of license should the producer obtain? C Dividends from a mutual insurer. 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? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. D. Sexual orientation. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. What is this called? What type of insurance policy may be used to fund this agreement? Identify the types of assets assigned to each classification. C Class C violation 3. Will result in having to pay the highest premium due to health, history, habits, etc. As the local coffee shop is just initiating the segmentation and targeting process, what has . Which of the following is a true statement regarding taxation of the accelerated benefits? b) Rebating can be anything of economic value, given as an inducement to buy. B Coercion B Misleading advertising. Variable life insurance is based on what kind of premium? What best describes what will happen? Which of the following activities is not performed by an insurance producer? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. If she terminates her group coverage, what is true? 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? Which of the following individuals could qualify for a temporary insurance license? When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. His wife dies 10 years later. Any surplus money is returned to the policyholders as dividends. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. must ensure a pair that's benefit claim after receiving the product of death? What source will it consult for the majority of its underwriting information? Azanswer team is here with the correct answer to your question. Why is an equity Indexed annuity considered to be a fixed annuity?