D Misrepresentation. What is the minimum required age for an insurance producer in this state? Correct Answer: A. The purpose of the Tennessee Guaranty Association is to. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. What can they do? If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Added 30 days ago|10/30/2021 2:46:29 PM. The policyowner of an adjustable life policy wants to increase the death benefit. Which of the following would NOT be considered rebating? Old-age and retirement benefits, disability benefits, death benefits. C 90 days What is true about beneficiary designations? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. His wife dies 10 years later. What statement about a suicide clause in a life insurance policy is true? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? When does the policy coverage become effective? 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? What option would allow her to do this? All of the following would be considered rebating except. Search for an answer or ask Weegy. B Discriminating in benefits and coverages based on the insured's habits and lifestyle C Coercion. Which of the following acts would not get an insurance producer terminated "for cause"? In this situation, the Commissioner must be notified within 30 days. 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. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? a constant a term a variable an expression. When may an insurance company use suicide as a defense against paying a death claim? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. D False advertising. An agent offers to share his commission with a policyholder. Nonforfeiture values guarantee which policyowner? 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. 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. D 10 days. B A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT An agent who offers a cash reward to a prospect for buying a policy is guilty of. B$1,000 The policy contained an accidental death rider, offering a double indemnity benefit. In Michigan the state's continuing education requirement D 30 days. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. In which instance would the premium be tax deductible? 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 does not require an insurance producer license if he or she only advertises without intent to solicit insurance. What describes the tax advantage of a qualified retirement plan? 60. D A termination issued by the appointing insurer. This is due to what provision? If a company has a simplified employee pension plan, what type of plant is it? The insurer has 15 days to file a notice of producer appointment. 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? 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? Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? C 90 days Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. B Nothing, unless the remarks were in writing What type of insurance policy would perform the function of cash accumulation? This is called.. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. C C Sharing commission with the insured The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? C A producer's license expires and is not renewed. C Dividends from a mutual insurer. 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 primary purpose of a 401(k) plan? 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? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. the spouse of a retiring insurance producer c) Dividends are not considered to be rebates. Which of the following documents must be provided to the policyowner or applicant during policy replacement? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. 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 other. Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? Up to 12 excess credit hours of CE may be carried over to the next review period. A A producer's license is suspended or revoked by the Department of Insurance. 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? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? B Twisting There is a limit for a withdrawal and the insurer charges a fee. 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? Once the policyholder opts for cash surrender, the policy is immediately inactive. D D Must be completed by all licensed resident and nonresident producers. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? What is true? Mutual-policyholders; Stock-stockholders. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? 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} Because of this, the company charged him a higher rate for his insurance. A$500 all of the following would be considered rebating except. B$1,000 unit 3: personal and business finance grade boundaries. Age If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? A. The policyowner may assign a part of the policy or the entire policy. C 30 days He never remarried and dies at age 61, leaving 2 grown-up children. 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. If the father becomes disabled, what will happen to the life insurance premiums? What is the advantage of reinstating a policy instead of applying for a new one? An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. Rebates are allowed if it's in the best interest of the client. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? This is a personal use of life insurance known as. B 30 C Illegal under any circumstances D False advertising. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. An employee quits her job where she has a balance of $10,000 in her qualified plan. 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? A Temporary D A license to practice law. Which of the following has not been taken to court for further interpretation? Commissions are set by a schedule or negotiation between the producer and the insurance company. 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 option could the insured utilize? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. 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? Describe the relationship between potential difference and electrical potential energy. Added 149 days ago|10/30/2021 2:46:29 PM. 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. A table showing the nonforfeiture values for the next 20 years must be included in the policy. d) Rebates are allowed if it's in the best interest of the client. Cradle. In order for an insurer to legally transact insurance, it must obtain what? The following areas are regulated by the Insurance Department EXCEPT The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. The Insurance Department regulations are to protect the insurance-buying public. What type of insurance policy may be used to fund this agreement? A Assigning different risk classifications to applicants based on gender identity = 2 5/20 D Misrepresentation. B Community service Taxation on dividends in participating policies? 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. All of the following would be considered to be rebating EXCEPT. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Search for an answer or ask Weegy. 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. A Defamation A 7 days 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. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer A Home; About Us. 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. 180 days. A banker is ready to close on a customer's loan. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. C 7 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? D Inviting prospective clients to the grand opening of the producer's new office. This practice is considered? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. What is the minimum civil fine per violation of the Insurance Code of this state? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Which is NOT required of an applicant for an insurance license in Michigan? The premiums paid by the employer in a business life insurance policy are. C Defamation. B A new Commissioner or Director is put into office. D Imprisonment. Upon conviction, a person who has submitted a false or fraudulent claim or report to the insurer may be fined, imprisoned, or both, and required to pay restitution.
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