A Payment of restitution 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? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity In Connecticut, continuing education courses must be approved by the. The can be changed only with the written consent of that beneficiary. What is true concerning a buy-sell agreement? He wants to withdraw some money in order to pay medical bills. And insured has a modified endowment contract. Search for an answer or ask Weegy. A person whose activities are limited to producing insurance advertisements After five years, she decides to leave the company and work independently. If an insurer terminates a producer, the Commissioner must be notified. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? A Applicant must be 18 years old What is the minimum required age for an insurance producer in this state? C What type of policy is this? As it turns out, the answer to this question depends upon a variety of factors. d) Rebates are allowed if it's in the best interest of the client. 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 C Cease and desist order Which type of life insurance policy generates immediate cash value? Telling a client that his first premium will be waived if he purchases the insurance policy today. Most horse (1). When an employee terminates coverage under group insurance policy, coverage continues in force for how long? 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? This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. B 30 The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). all of the following would be considered rebating except Follow us. 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. An individual has been making periodic payments on an annuity. 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. C Defamation The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. What is the purpose of a disclosure statement in life insurance policies? all of the following would be considered rebating except 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? 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? Which of the following is NOT a pathway in the oxidation of glucose. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? B A Certificate of Completion from the required pre-licensing study course A$500 Which of the following provisions would NOT be found in Term Life Insurance? Answer-All of the following are considered key logistic functions in A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. Question is All of the following species are considered coliforms If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? 90 days. D All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? He's insured under a life insurance policy with the accelerated benefits rider. An insured pays $1,200 annually for her life insurance premium. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. All of the following would be considered rebating except He never remarried and dies at age 61, leaving 2 grown-up children. Once the policyholder opts for cash surrender, the policy is immediately inactive. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. What type of insurance policy would perform the function of cash accumulation? 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? 3. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. D A termination issued by the appointing insurer. An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. Which is NOT required of an applicant for an insurance license in Michigan? D 120 days. A$500 all of the following would be considered rebating except 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 . b) Rebating can be anything of economic value, given as an inducement to buy. A Defamation Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . She would likely purchase a(n)? All of the following would be considered to be rebating EXCEPT? 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. A Deals with insurance outside the scope of the license. B. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . D Stop action order. An insured misstates her age at the time the life insurance application is taken. What statement is correct? If the corporation collects the policy benefit, then. C Limited lines Department of Education. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? D The passing of a written examination. I no the truth.Ans: I know the truth.(2). An individual has been diagnosed with Alzheimer's disease. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Rebates are allowed if it's in the best interest of the client. 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. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. C Confirming future dividends in a life insurance proposal B 60 days What can they do? C Defamation. The ownership provision entitles the policyowner to do what? 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". The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? A An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. B Nonresident Which of the following is true? Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). C In the last 5 years. 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. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. When would a misrepresentation on the insurance application be considered fraud? Variable life insurance is based on what kind of premium? What happens to the premium on the children's rider in a life insurance policy? The requirement that an agent not co-mingle insurance monies with their own fund is known as? Which nonforfeiture option has the highest amount of insurance protection? D 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. B Coercion. B Discrimination All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. B In the preceding 2 years. 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. A. A temporary producer license could be issued without examination to all the following EXCEPT? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? What required provision protects against unintentional lapse of the policy? If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? B Suspension of authority Heavy Cream is in Aisle A31 of the Dairy section in Walmart. A ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. In this state, a temporary license may be issued for any of the following reasons EXCEPT. In order for an insurer to legally transact insurance, it must obtain what? 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. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? In a life settlement contract, whom does the life settlement broker represent? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. 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. A straight life policy has what type of premium? B Twisting. His wife dies 10 years later. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces The policyowner may assign a part of the policy or the entire policy. Y was killed in an automobile accident on August 22, before the policy was issued. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? What option could the insured utilize? A Unfair claims How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. What type of annuity is it? The policy endows when the insured turns 100. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. He discovered that his policy.. D Misrepresentation. A Defamation Up to 12 excess credit hours of CE may be carried over to the next review period. 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? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. c) An offer of employment. 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. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. 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? Requires the entire premium to be paid in one limp sum at the policy's inception. Azanswer team is here with the correct answer to your question. The integer 4 is considered all of the following except _____. B$1,000 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. all of the following would be considered rebating except. 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. 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. Log in for more information. A salaried full-time employee who furnishes information for group insurance During replacement of life insurance, or replacing ensure musky which of the following? 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. D Controlled business. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. He died on February 28. In a direct rollover, how is the money transferred from one plan to the new one? 180 days. Commissioner. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. D False financial statement. The integer 4 is considered all of the following except _____. a 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. A tax-sheltered annuity is a special tax-favored retirement plan available to. 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). Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? You dont have to worry about it anymore. The protocol for replacement does not apply to which of the following situations? All of the following would be considered to be rebating EXCEPT. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. What is the required percentage of participants in a contributory group plan? The producer could be found guilty of? From what type of insurer did the insured purchase the policy? What is the term for how frequently a policyowner is required to pay the policy premium? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? What must be acceptable in order for the ride to be able to waive the payment of premium? Both the offer and acceptance of a rebate are illegal. 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 60. 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? D Business Entity. It is the premium paying period that is limited, not the maturity. A Discrimination. What is this called? 6 2/3 What describes the tax advantage of a qualified retirement plan? D Coercion. She also wished to retain all of the rights of ownership. The integer 4 is considered all of the following except a variable. A Assigning different risk classifications to applicants based on gender identity B A reasonable understanding of the Michigan insurance code any person acting as an insurance producer without a valid license may be fined up to. D Slandering. A temporary license in this state is valid for a maximum of An out-of-state producer wants to start selling insurance in this state. C. Rebating. Synonym for a substandard risk classification. This is considered to be false, deceptive or misleading advertising. Which of the following documents must be provided to the policyowner or applicant during policy replacement? Rating. C Fine If the father becomes disabled, what will happen to the life insurance premiums? The producer could be found guilty of B Shopping for electric motors can be tricky. Which of the following would be required to complete pre-licensing education? D Any time in the past. Search for an answer or ask Weegy. A. D Legal, provided that the information can be verified. This is due to what provision? Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape D They want to start a program through their practice that will provide retirement benefits for themselves and three employees. A A good business reputation and good moral character. 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 person or interest to whom the policy proceeds will be paid upon the death of the insured. If an insured continually uses the automatic premium loan option to pay the policy premium.. In the best interests of the client, rebates are allowed. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. 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. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. C$100 all of the following would be considered rebating except Added 30 days ago|10/30/2021 2:46:29 PM. After 5 years, she decides to leave the company and work independently. Discrimination. 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. How much would the beneficiary receive from the policy? Rebating can be anything of . In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A producer in tensional he violated insurance statues. What type of policy is this? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? This year, she did not receive a check fin from the insurer. A 15 Which of the following best describes this practice? 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. Part 2 of the application for life insurance provides questions regarding all of the following.. An insured has chosen joint and 2/3 survivor as the settlement option.

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