all of the following would be considered rebating except

D Producer commission schedules. 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? Whenever an individual stops drinking, the BAL will ________________. Which of the following would be considered an illegal inducement to purchase insurance? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. The company also guarantees the specified dollar amount for each payment and the length of the payout period. In level term and increasing term policies, the premium also remains level for the term of the policy. I love when a hack helps me to recycle, and makes my life easier. all of the following would be considered rebating except A. Only any excess of value is taxable as income. A Stocks, securities, or bonds. What dividend option could she use? Flashcards - WA Common Law Practice Exam - FreezingBlue If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Thanks for choosing us. 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. A key person insurance policy can pay for what? Department of Education. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? D Imprisonment. D. Commissioner. A$500 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. Rebates are allowed if it's in the best interest of the client. He dies in a freak accident on June 1. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. In this situation, the Commissioner must be notified within 30 days. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . 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? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. 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. 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. Which policy component decreases in decreasing term insurance? Mutual-policyholders; Stock-stockholders. Missouri Statutes, Rules, and Regulations common to all lines *revised Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? D The death protection component of Universal Life Insurance is always.. A return of Premium term life policy is written as what type of term coverage? He has instructed the company to apply the policy dividends to increase the death benefit. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? The can be changed only with the written consent of that beneficiary. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. The following areas are regulated by the Insurance Department EXCEPT 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. 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. What required provision protects against unintentional lapse of the policy? Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. What license or licenses are required to sell variable life annuities? An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. If an insurer terminates a producer, the Commissioner must be notified. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except 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 . What is the purpose of a fixed-period settlement option? Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com User: 3/4 16/9 Weegy: 3/4 ? D There are several types of whole life polices. What is this called? all of the following would be considered rebating except. 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. 20/3 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. Attorney General. She has decided that she would rather use the dividends to help pay for her next premium. "At the time of the application" is when interest must exist. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. D This is a personal use of life insurance known as. B Insurer financial requirements. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. A Concealment. If an insured continually uses the automatic premium loan option to pay the policy premium. A temporary producer license could be issued without examination to all the following EXCEPT? B False advertising. Part 2 of the application for life insurance provides questions regarding all of the following.. The policyowner pays for her life insurance annually. D Misrepresentation. Follow the following are true of the federal tax advantages of a qualified plan. What statement concerning group life is true? Juan is the person employees go to when knowledge of a topic was needed. The insurance company discovers at that time that the insured concealed info during the application process. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? 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? C A legal advertising strategy All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? 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 agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Variable life insurance is based on what kind of premium? A A producer's license is suspended or revoked by the Department of Insurance. The protocol for replacement does not apply to which of the following situations? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral An insured purchases a policy in 2008 and died in 2013. 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? 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. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? What type of policy is this? What is the purpose of establishing the target premium for a universal life policy? There are just too many details and specifications which you must be certain of when looking for one. Rating. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. C 90 days A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. D Stop action order. Paid cash to cover desk purchased on account. A banker is ready to close on a customer's loan. This practice is considered? Commissioner. B Suspension of authority What settlement option should the policyowner choose? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? Which of the following would NOT have a policy loans provision? An agent misrepresents policy benefits to convince a policyowner to replace policies. To combat the Where is heavy cream in Walmart? In this state, what type of violation is rebating? M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. any person acting as an insurance producer without a valid license may be fined up to. 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. B Nothing, unless the remarks were in writing Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Which statement best defines an insurance producer? A 30 days All of the following events will terminate a producer's certificate of appointment EXCEPT When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount. D Coercion. 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. User: She worked really hard on the project. C Ultimately, the commissioner determined that there were a total of 25 separate violations. What term best describes this arrangement? All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. Licensed, however, not in the state the indivisible resides. Which nonforfeiture option provides coverage for the longest period of time? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. D Audit or abstract insurance policies or annuities. C Cease and desist order 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. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. unit 3: personal and business finance grade boundaries. 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. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. 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.. Added 149 days ago|10/30/2021 2:46:29 PM. Which of the following best describes the act? all of the following would be considered rebating except To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. How can she obtain an individual policy? D 10 days. What is the term for how frequently a policyowner is required to pay the policy premium? C$100 Discrimination. Which type of life insurance policy generates immediate cash value? A corporation is the owner and beneficiary of the key person life policy. c) Dividends are not considered to be rebates. What will she need to provide for proof of insurability? B Coercion Which of the following allows different operating systems to coexist on the same physical computer? He wants to withdraw some money in order to pay medical bills. Number of credits required for fully insured status for Social Security disability benefits? B Misleading advertising. D Engages in fraud. D 10. What is being defined as the degree to which something is related or useful to what is happening or being talked about? 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. 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? In life insurance policies, cash value increases. Which of the following is true? B An offer to share in commissions generated by the sale. 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? What is this an example of? 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? Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. 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. What is the official name for the Social Security program? C all of the following would be considered rebating except Follow us. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. It was determined that the accident was his fault. If the corporation collect the policy benefit, then. D Felony. Taxation on dividends in participating policies? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. In order to enforce the insurance code the commissioner has the power to conduct which of the following? If an insurer terminates a producer, the Commissioner will receive a notification. What amount would his beneficiary receive as a settlement? Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. In this case, what will the policy beneficiary receive? Vscode No server install found in WSL, needs x64. D$5. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. A Deals with insurance outside the scope of the license. all of the following would be considered rebating except C. the employee of a disabled licensed a producer Last year, she received a dividend check from the insurance company that was not taxable. The policy endows when the insured turns 100. You dont have to worry about it anymore. What happens to the premium on the children's rider in a life insurance policy? 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. The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. All of the following acts are considered unfair trade - Course Hero A$500 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 Which of the following is not a standard mounting dimension for an electric motor? Employer contributions made to a qualified plan.. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. C 90 days All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. She would likely purchase a(n)? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? B Discrimination It is never legal to limit coverage based on marital status. What is the result of this? C 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? must ensure a pair that's benefit claim after receiving the product of death? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. C Defamation. What are the two components of a universal policy? The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. This is considered to be false, deceptive or misleading advertising. A Adverse selection 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. Home; About Us. = 15 * 3/20 Search for an answer or ask Weegy. Group life insurance is a single policy written to provide coverage to members of a group. What is this called? A Rebating. A. the spouse or legal representative of a deceased insurance producer Rebates include money, sharing of commissions, promises, inducements and personal services. The policyowner may assign a part of the policy or the entire policy. all of the following would be considered rebating except C Consists of completing 24 hours of CE each biennium. What statement about a suicide clause in a life insurance policy is true? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. Old-age and retirement benefits, disability benefits, death benefits. Your email address will not be published. The minimum age at which a person can sign a life insurance application is. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? All of the following would be considered to be rebating EXCEPT. A Discrimination. What happens when a policy is surrendered for its cash value? B Legal, provided that the other insurers are paid royalties for the usage of their names B A new Commissioner or Director is put into office. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? C Controlled business. The integer 4 is considered all of the following except _____. a He never remarried and dies at age 61, leaving 2 grown-up children. B$1,000 A Misdemeanor A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. 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? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. After 5 years, she decides to leave the company and work independently. D 30 days. A 60 days What is true? A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. C Solicit business as an insurance producer Azanswer team is here with the correct answer to your question. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. A. And employee has group life insurance through her employer. In the best interests of the client, rebates are allowed. His wife dies 10 years later. 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. 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. D Misrepresentation, How much is an agent's appointment fee? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? There is a limit for a withdrawal and the insurer charges a fee. A producer in tensional he violated insurance statues. What is true about beneficiary designations? Which of the following statements about the reinstatement provision is true? D Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. In Michigan the state's continuing education requirement 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? Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. What would be the right policy for this client? 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? When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . 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? 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. What is the other term for the cash payment settlement option? launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples D Rebating. 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). A What option could the insured utilize? Cash surrender, extended term, reduced paid-up. What relationship is not an example of insurable interest? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? The insured had his wife named as the beneficiary of his life insurance policy. All of the following would be considered rebating except. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? A domestic insurer issuing variable contracts must establish one or more.. C Rebating D A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. B At least 3 hours must cover ethics. all of the following would be considered rebating except

all of the following would be considered rebating except 2023