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An agent's license may also be suspended or revoked. If the producer continues to violate the entrance code, I knew so penalty will be assessed every? If a company has a simplified employee pension plan, what type of plant is it? Like a fixed annuity, EIA's have guaranteed minimum interest rates, also less risky than variable annuities, the insurance company also keeps a percentage of the returns. D Unfair Discrimination. B Misleading advertising. What would be the face amount of the new term policy? A salaried full-time employee who furnishes information for group insurance 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. Correct Answer: A. For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? A corporation is the owner and beneficiary of the key person life policy. A producer in tensional he violated insurance statues. Part 2 of the application for life insurance provides questions regarding all of the following.. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. B$1,000 And employee is insured under her employers group life plan. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. 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? Term used to name the no taxes return of unused premiums? Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. B Applies to life, annuity, and accident and health licensees only. Which of the following persons is required to hold a producer license? A Assigning different risk classifications to applicants based on gender identity What does this mean? D Any time in the past. The protocol for replacement does not apply to which of the following situations? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. C Dividends from a mutual insurer. An insured misstates her age at the time the life insurance application is taken. 20/3 B A. D. Sexual orientation. A Deals with insurance outside the scope of the license. C Misrepresentation Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? select one: Which set of characteristics will produce the smallest value for the estimated standard error? C Limited lines SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. What type of life insurance policy would be best suited to this situation? A. D Other than the 3 hours of ethics, licensees may take courses in any line. What happens when a policy is surrendered for its cash value? Rating. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. 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? 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. B At least 3 hours must cover ethics. 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. Azanswer team is here with the correct answer to your question. D Coercion. Thanks for choosing us. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. B What is the purpose of a free-look period in insurance policies? Categories . Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. What percentage of a company's employees must take part in a noncontributory group life plan? B Insurer financial requirements. 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 The policyowner of an adjustable life policy wants to increase the death benefit. C 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? 1 Answer/Comment. All of the following are true regarding rebates EXCEPT. What is this called? In order to enforce the insurance code the commissioner has the power to conduct which of the following? Heavy Cream is in Aisle A31 of the Dairy section in Walmart. D Misrepresentation, How much is an agent's appointment fee? Number of credits required for fully insured status for Social Security disability benefits? 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.. Each agent must pay a $5 appointment fee to the Commissioner. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. A corporation is the owner and beneficiary of the key person life policy. This rider will not cause the death benefit to increase. Formula: (Ann . B A Certificate of Completion from the required pre-licensing study course B 30 The ownership provision entitles the policyowner to do what? 3. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. An insured has chosen joint and 2/3 survivor as the settlement option. There is a limit for a withdrawal and the insurer charges a fee. M may perform all of the following duties EXCEPT. 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. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Once the policyholder opts for cash surrender, the policy is immediately inactive. Synonym for a substandard risk classification. A Applicant must be 18 years old What is the official name for the Social Security program? Which of the following best describes the act? The insured knows that his financial state will worsen even more with upcoming medical expenses. An insured committed suicide 6 months after his life insurance policy was issued. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Beneficiaries do not have to have an insurable interest in the policyholder. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. NAIC. Commissioner. D Legal, provided that the information can be verified. Home; About Us. Who can make a fully deductible contribution to a traditional IRA? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Attorney General. How do you get to Motion settings on iPhone? What is this called? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. Which of the following terms best describes the advertisement? Ownership is the difference between these two companies. Log in for more information. What policy component contains the company's promise to pay? 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. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? 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. "At the time of the application" is when interest must exist. 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. New answers. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. The insurer's surrender the policy at its current cash value. C Twisting. The person or interest to whom the policy proceeds will be paid upon the death of the insured. A domestic insurer issuing variable contracts must establish one or more.. What option could the insured utilize? I no the truth.Ans: I know the truth.(2). What characteristic makes whole life permanent protection? B. Twisting. In a life settlement contract, whom does the life settlement broker represent? Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. The producer could be found guilty of unit 3: personal and business finance grade boundaries. Search for an answer or ask Weegy. Corporation is the owner and beneficiary of the key person life policy. 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. When an insurer's underwriter approves coverage and issues a policy. In which of the following situations is it legal to limit coverage based on marital status? A$500 D An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. 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? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Describe the relationship between potential difference and electrical potential energy. Age 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. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. As the local coffee shop is just initiating the segmentation and targeting process, what has . She has decided that she would rather use the dividends to help pay for her next premium. B Legal, provided that the other insurers are paid royalties for the usage of their names An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. 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. However, once there is solicitation, a license is required. B Mailing an agency brochure to a prospective client A. the spouse or legal representative of a deceased insurance producer An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. There are several types of whole life polices. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Which policy component decreases in decreasing term insurance? All riders that will cause the death benefit to increase? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. D. Coercion and intimidation. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Autotrophs (like plants) produce glucose during photosynthesis. B Community service If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? The policyowner may assign a part of the policy or the entire policy. Your email address will not be published. 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. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . 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. There are just too many details and specifications which you must be certain of when looking for one. What best describes what will happen? All of the following would be considered rebating except. D B. Most horse (1). Search for an answer or ask Weegy. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. 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? D.the spouse of a retiring insurance producer This practice is considered? B A reasonable understanding of the Michigan insurance code The policy contained an accidental death rider, offering a double indemnity benefit. 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. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education?