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? In this situation, a licensee would have to apply for a resident's license within 90 days. A. B Taxation on dividends in participating policies? A What is the primary purpose of a 401(k) plan? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Illegal until endorsed by the Guaranty Association A Producer regulations and testing requirements. Upon policy delivery, the producer may be required to obtain? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? She also wished to retain all of the rights of ownership. The integer 4 is considered all of the following except _____. D Misrepresentation. What is this an example of? Which nonforfeiture option has the highest amount of insurance protection? C$1,500 This is considered to be an unfair claim settlement practice Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. Group life insurance is a single policy written to provide coverage to members of a group. A corporation is the owner and beneficiary of the key person life policy. C Listing the insurance companies the agency represents in a letter An insured purchases a policy in 2008 and died in 2013. B Community service Nonforfeiture values guarantee which policyowner? What type of license should the producer obtain? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. 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? 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 Payment of restitution B Mailing an agency brochure to a prospective client Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. all of the following would be considered rebating except. Which of the following best describes this practice? Paid cash to cover desk purchased on account. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. All of the following actions can be described as twisting EXCEPT. D Producer commission schedules. D Engages in fraud. Question. B Why is an equity Indexed annuity considered to be a fixed annuity? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? = 45/20 What type of insurance policy would perform the function of cash accumulation? B A new Commissioner or Director is put into office. 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. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? Rebates include money, sharing of commissions, promises, inducements and personal services. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. The insured had his wife named as the beneficiary of his life insurance policy. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. 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. During replacement of life insurance, or replacing ensure musky which of the following? 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. What policy would have an IRS required corridor or gap between the cash value and the death benefit? The minimum age at which a person can sign a life insurance application is. Juan is the person employees go to when knowledge of a topic was needed. Follow the following are true of the federal tax advantages of a qualified plan. C Fine Minimum number of credits required for partially insured status for Social Security disability benefits is. Home; About Us. f. Get an answer. A Applicant must be 18 years old C Twisting Azanswer team is here with the correct answer to your question. The requirement that an agent not co-mingle insurance monies with their own fund is known as? 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. C What type of insurance policy may be used to fund this agreement? E The spouse of a deceased insurance producer. C. Rebating. Discrimination. Synonym for a substandard risk classification. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? D Legal, provided that the information can be verified. What must be presented before an applicant submits a premium? This rider will not cause the death benefit to increase. B Coercion. What is the required percentage of participants in a contributory group plan? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Published by at June 10, 2022. All of the following would be considered rebating except. A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. Only any excess of value is taxable as income. In order to to do that, what may happen? 45 What required provision protects against unintentional lapse of the policy? C Cease and desist order D Cancelling individual coverage based on the insured's marital status. 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. C. Address In this state, what type of violation is rebating? What would be the face amount of the new term policy? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. 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. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. 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. [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . B. Twisting. 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. C It requires satisfactory completion of at least 24 hours of approved training every biennium. 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 D Must be completed by all licensed resident and nonresident producers. A banker is ready to close on a customer's loan. If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. What information will be stated in the consideration clause of a life insurance policy? B Materially misrepresents an insurance policy. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. C Search for an answer or ask Weegy. New answers. Michigan's continuing education requirement has each of the following characteristics EXCEPT How are contributions to a tax-sheltered annuity treated with regards to taxation? Shopping for electric motors can be tricky. B Stock Company 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? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. A key person insurance policy can pay for what? Expert answered|GaelM|Points 4547| Log in for more information. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Under what circumstances could the daughter collect the death benefit? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. C Defamation. B At least 3 hours must cover ethics. 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. A Misdemeanor Explaining to client the advantages of permanent insurance over term and suggesting changing policies. 60 days. C The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? Commissioner. Which policy component decreases in decreasing term insurance? Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? A Adverse selection What is the other term for the cash payment settlement option? 1 to 50. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. This misstatement may result in? I no the truth.Ans: I know the truth.(2). Which of the following allows different operating systems to coexist on the same physical computer? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? What statement concerning group life is true? Unintentional misspellings are not a misrepresentation. As it turns out, the answer to this question depends upon a variety of factors. What is the term for how frequently a policyowner is required to pay the policy premium? What happens when a policy is surrendered for its cash value? A Temporary An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. 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. A B D A license to practice law. If the corporation collect the policy benefit, then. 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. Licensed, however, not in the state the indivisible resides. any person acting as an insurance producer without a valid license may be fined up to. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. Thanks for choosing us. C Consists of completing 24 hours of CE each biennium. D A termination issued by the appointing insurer. 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. In this situation, the Commissioner must be notified within 30 days. B Misleading advertising. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Most horse (1). A Discrimination. D An offer of employment. What is the maximum fine for submitting a false or fraudulent claim to the insurer? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. What determines the amount of each installment paid in a life income option arrangement? All of the following would be considered to be rebating 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? Any surplus money is returned to the policyholders as dividends. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? D.the spouse of a retiring insurance producer If an insurer terminates a producer, the Commissioner will receive a notification. C Controlled business. Both the offer and acceptance of a rebate are illegal. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? What settlement option should the policyowner choose? Licensed in the state where the individual resides. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. D Inviting prospective clients to the grand opening of the producer's new office. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. He dies in a freak accident on June 1. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. D Felony. Which of the following is true? It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. C Policyowner rights and disclosures. 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. C In the last 5 years. 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 What option could the insured utilize? ________________ are owned and controlled by their policyholders. 15 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.

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