all of the following would be considered rebating except all of the following would be considered rebating except

If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT D$5. This rider usually expires at the insured's age of 40. Asked 11/28/2019 3:15:17 PM. In a direct rollover, how is the money transferred from one plan to the new one? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. C Coercion. 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? C Solicit business as an insurance producer Vscode No server install found in WSL, needs x64. 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? Term used to name the no taxes return of unused premiums? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. 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. C A legal advertising strategy An appointment by an insurer is based upon the person maintaining a valid insurance license. B Nonresident An agent who offers a cash reward to a prospect for buying a policy is guilty of. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. 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? B Twisting An agent misrepresents policy benefits to convince a policyowner to replace policies. Which of the following is true? What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? User: 3/4 16/9 Weegy: 3/4 ? What license or licenses are required to sell variable life annuities? What is the maximum fine for submitting a false or fraudulent claim to the insurer? C Rebating Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? Rebates are allowed if it's in the best interest of the client. 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? This is called.. The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. An insured had a $10,000 term life policy. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. An insured misstates her age at the time the life insurance application is taken. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? Which statement best defines an insurance producer? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral A temporary producer license could be issued without examination to all the following EXCEPT? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. B A Certificate of Completion from the required pre-licensing study course What is the purpose of a disclosure statement in life insurance policies? 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. What is the primary purpose of a 401(k) plan? This year, she did not receive a check fin from the insurer. Each of the following statements may (or may not) describe one of these technical terms. B Applies to life, annuity, and accident and health licensees only. a constant a term a variable an expression. And insured has a modified endowment contract. File an application with the Director b. The insurance company discovers at that time that the insured concealed info during the application process. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. He wants to withdraw some money in order to pay medical bills. A 30 days If she terminates her group coverage, what is true? C$1,500 C Limited lines What type of insurance policy would perform the function of cash accumulation? Commissions are set by a schedule or negotiation between the producer and the insurance company. 20/3 D 10 days. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces All paid by the time the insured reaches age 65. The balance is paid out directly to the employee in order for her to move the funds to a new account. Michigan's continuing education requirement has each of the following characteristics EXCEPT A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. If the father becomes disabled, what will happen to the life insurance premiums? C What is this called? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. What characteristic makes whole life permanent protection? Which policy provision allows this? A. Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] In life insurance policies, cash value increases. The insured had his wife named as the beneficiary of his life insurance policy. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. C 12 months An agent offers to share his commission with a policyholder. An insured receives an annual life insurance dividend check. Which of the following provisions would NOT be found in Term Life Insurance? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. 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. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. B In the preceding 2 years. C Defamation All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. The protocol for replacement does not apply to which of the following situations? If the corporation collects the policy benefit, then. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? A tax-sheltered annuity is a special tax-favored retirement plan available to. D A termination issued by the appointing insurer. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. What must be acceptable in order for the ride to be able to waive the payment of premium? D Felony. "At the time of the application" is when interest must exist. An employee quits her job where she has a balance of $10,000 in her qualified plan. In this situation, a licensee would have to apply for a resident's license within 90 days. 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? Why is an equity Indexed annuity considered to be a fixed annuity? 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? The president of a company is starting an annuity and decides that his corporation will be the annuitant. 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? What is being defined as the degree to which something is related or useful to what is happening or being talked about? They could be sold for an amount greater than the current cash value, they involve insurance policies with large face amounts, they could be use for a key person coverage. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. However, once there is solicitation, a license is required. Which two terms are associated directly with the premium? If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. all of the following would be considered rebating except. 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. She has decided that she would rather use the dividends to help pay for her next premium. Which of the following is possible? How do you get to Motion settings on iPhone? Annuities can also be used to.. D. A salaried employee who advertises and solicits insurance. Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. B 3 days What is the advantage of reinstating a policy instead of applying for a new one? What would be the face amount of the new term policy? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT 6 2/3 What is true about beneficiary designations? 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. A corporation is the owner and beneficiary of the key person life policy. What brand of castor oil is best for hair? C Defamation. If an insurer terminates a producer, the Commissioner must be notified. B. Defamation. What is the official name for the Social Security program? What term best describes this arrangement? Which nonforfeiture option provides coverage for the longest period of time? b) Rebating can be anything of economic value, given as an inducement to buy. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. 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. Up to 12 excess credit hours of CE may be carried over to the next review period. This rider will not cause the death benefit to increase. Published by at June 10, 2022. D$5,000. What is the total, monetary penalty this producer can expect to receive? D Coercion. select one: Which set of characteristics will produce the smallest value for the estimated standard error? A. What type of annuity is it? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. When is the earliest a policy may go into effect? 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 nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. 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. 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. A Rebating. It was determined that the accident was his fault. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? In this case, the insurance company will Must be delivered along with the policy and will provide the producer's name & address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value & death benefit figures for specific policy years. A Defamation The policyowner is entitled to policy loans. B. all of the following would be considered rebating except. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. The applicant must file a certificate of completion of the prelicensing courses taken to prove that the courses were not taken more than 12 months before the Commissioner received the application. What type of insurance policy may be used to fund this agreement? 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. D What required provision protects against unintentional lapse of the policy? Nonforfeiture values guarantee which policyowner? C. Rebating. Added 149 days ago|10/30/2021 2:46:29 PM. D Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Ownership is the difference between these two companies. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? 3. Expert answered|GaelM|Points 4547| Log in for more information. Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. In Connecticut, continuing education courses must be approved by the. A In the preceding 12 months. -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. An insured purchases a policy in 2008 and died in 2013. He died on February 28. 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. must ensure a pair that's benefit claim after receiving the product of death? Autotrophs (like plants) produce glucose during photosynthesis. The company also guarantees the specified dollar amount for each payment and the length of the payout period. The insurer's surrender the policy at its current cash value. An insured had a continuous premium whole life policy. B. Twisting. In this situation, the Commissioner must be notified within 30 days. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. Which of the following best describes the unfair trade practices of defamation? A Misdemeanor If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. If the corporation collect the policy benefit, then. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. The premiums paid by the employer in a business life insurance policy are. A producer in tensional he violated insurance statues. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. How could she obtain an individual policy? All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. What determines the length of time that benefits will be received under the fixed-amount settlement option? The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. New answers. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. An agent's license may also be suspended or revoked. In a life settlement contract, whom does the life settlement broker represent? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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). The can be changed only with the written consent of that beneficiary. The policy endows when the insured turns 100. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. What best describes this practice? The ownership provision entitles the policyowner to do what? Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? Commissioner. If a licensee fails to earn 24 hours of CE by the required review date, the license will be suspended for up to 90 days. A Illegal until endorsed by the Guaranty Association If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? Which of the following is a true statement regarding taxation of the accelerated benefits? What is true of the cash surrender nonforfeiture option? Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? = 15 ? Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? C Illegal under any circumstances An applicant for a counselor's license must possess a reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel, as well as a reasonable understanding of the Michigan insurance code and possess a good business reputation and good moral character. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. B Advertise & solicit business as an insurance counselor or consultant Log in for more information. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. A candidate for life insurance producer's license must complete how many hours of prelicensing education? What is this called? Employer contributions made to a qualified plan.. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? Azanswer team is here with the correct answer to your question. All of the following would be considered to be rebating EXCEPT 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 If an insured continually uses the automatic premium loan option to pay the policy premium. C Dividends from a mutual insurer. Paid cash to cover desk purchased on account. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. C 30 days 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? A 7 days M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. C Fine Which policy component decreases in decreasing term insurance? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. Home; About Us. What are examples of a business use of life insurance? What statement is true concerning buy-sell agreements? In order to enforce the insurance code the commissioner has the power to conduct which of the following? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. 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. If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. B 7 days This misstatement may result in? An out-of-state producer wants to start selling insurance in this state. B 90 days When does the policy coverage become effective? Log in for more information. From what type of insurer did the insured purchase the policy? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? 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? Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? A father owns a life insurance policy on his 15-year-old daughter. 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 is a personal use of life insurance known as. The policyowner may assign a part of the policy or the entire policy. This answer has been confirmed as correct and helpful. What is the purpose of establishing the target premium for a universal life policy? It is the premium paying period that is limited, not the maturity. C Policyowner rights and disclosures. If an insurer terminates a producer, the Commissioner will receive a notification. An insured pays an annual premium to his insurer. A Twisting. What is the result of this? 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.. In this case, what will the policy beneficiary receive? 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. M may perform all of the following duties EXCEPT. Synonym for a substandard risk classification. D False advertising. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. C Rebating. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. As the local coffee shop is just initiating the segmentation and targeting process, what has . When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . Within how many days does a licensee have to inform the Commissioner of a change of address? The agent is guilty of Old-age and retirement benefits, disability benefits, death benefits. Is a program that assesses and reports information about various computer resources and devices. D An offer of employment. Required by state law to be included in the policy, and cannot be altered by the policyowner. This practice is considered 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. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. B Insurer financial requirements. Because of this, the company charged him a higher rate for his insurance. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? The designee of a producer that is called to active service with the Navy. How are contributions to a tax-sheltered annuity treated with regards to taxation? D Imprisonment. In order to to do that, what may happen? 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 corporation is the owner and beneficiary of the key person life policy. Age His wife dies 10 years later. Cradle. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. New answers. A straight life policy has what type of premium? 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. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? C Last year, she received a dividend check from the insurance company that was not taxable. 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? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. What relationship is not an example of insurable interest? D Misrepresentation. B Unfair claim practice. D Business Entity. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? B Materially misrepresents an insurance policy. Which of the following documents must be provided to the policyowner or applicant during policy replacement? 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 Producer regulations and testing requirements. D Controlled business. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Both the offer and acceptance of a rebate are illegal. C Misrepresentation How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? D.the spouse of a retiring insurance producer B An offer to share in commissions generated by the sale.