A 15 Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. 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. C 30 days What must be acceptable in order for the ride to be able to waive the payment of premium? D Any time in the past. 3. What type of insurance policy may be used to fund this agreement? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. 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? D An offer of employment. A key person insurance policy can pay for which of the following? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? All the following could be considered rebates if offered to an insured in the sale of insurance except? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. What is the purpose of a fixed-period settlement option? What characteristic makes whole life permanent protection? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone Gender M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? An insured committed suicide 6 months after his life insurance policy was issued. Licensed, however, not in the state the indivisible resides. [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 . 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 participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. How can she obtain an individual policy? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces The insurance company discovers at that time that the insured concealed info during the application process. You dont have to worry about it anymore. D What type of annuity is it? Which of the following best describes this practice? D An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. The policyowner is entitled to policy loans. What type of insurance policy would perform the function of cash accumulation? B Applies to life, annuity, and accident and health licensees only. 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. New answers. To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is executed? He dies in a freak accident on June 1. B. Defamation. C. the employee of a disabled licensed a producer C$100 C Rebating. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. D 120 days. M may perform all of the following duties EXCEPT. If the corporation collects the policy benefit, then. C Fine B Community service When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. What is this called? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? = 15 * 3/20 All of the following would be considered rebating except. Commissioner. An insured receives an annual life insurance dividend check. A Defamation Under what circumstances could the daughter collect the death benefit? B 30 Expert answered|GaelM|Points 4547| Log in for more information. In this state, what type of violation is rebating? What type of policy is this? 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. In which instance would the premium be tax deductible? C Dividends from a mutual insurer. 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? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. 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. Asked 11/28/2019 3:15:17 PM. A Rebating. 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. He's insured under a life insurance policy with the accelerated benefits rider. 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. Log in for more information. Time during which accumulated money is converted into an income stream. 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? If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? What is the purpose of a free-look period in insurance policies? June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . 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. The Insurance Department regulations are to protect the insurance-buying public. What is the name of the insured who enters into a viatical settlement. f. Get an answer. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? 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? 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. What is true of the cash surrender nonforfeiture option? On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Which of the following statements about the reinstatement provision is true? And employee is insured under her employers group life plan. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. 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. All of the following would be considered to be rebating EXCEPT? A Payment of restitution 1 to 50. Mutual-policyholders; Stock-stockholders. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? Which statement best defines an insurance producer? In order for an insurer to legally transact insurance, it must obtain what? Which of the following is an eligibility requirement for all Social Security disability income benefits? 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? What is the purpose of a disclosure statement in life insurance policies? What settlement option should the policyowner choose? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. What are examples of a business use of life insurance? There are several types of whole life polices. What dividend option could she use? What is the total, monetary penalty this producer can expect to receive? In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. D The passing of a written examination. In Michigan the state's continuing education requirement A Defamation Which of the following is NOT a pathway in the oxidation of glucose. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A rebate is a type of purchasing discount that is paid as a reduction. What determines the length of time that benefits will be received under the fixed-amount settlement option? A$500 What is the maximum fine for submitting a false or fraudulent claim to the insurer? 180 days. A Defamation A Natural Group New answers. All of the following events will terminate a producer's certificate of appointment EXCEPT A person whose activities are limited to producing insurance advertisements B. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. What describes the tax advantage of a qualified retirement plan? B As the local coffee shop is just initiating the segmentation and targeting process, what has . D Felony. In return, the insurer promised to pay benefits in accordance with the terms of the contract. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? The policyowner of an adjustable life policy wants to increase the death benefit. Which of the following is a true statement regarding taxation of the accelerated benefits? There is a limit for a withdrawal and the insurer charges a fee. What must be presented before an applicant submits a premium? C 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. 10 czerwca 2022 . unit 3: personal and business finance grade boundaries. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? D Audit or abstract insurance policies or annuities. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). 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. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT 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? C Dividends from a mutual insurer. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. What type of annuity is it? And insured has a modified endowment contract. From what type of insurer did the insured purchase the policy? Asked 10/30/2021 2:23:39 PM. What is the purpose of establishing the target premium for a universal life policy? The insured had his wife named as the beneficiary of his life insurance policy. Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. What brand of castor oil is best for hair? After 5 years, she decides to leave the company and work independently. The policy contained an accidental death rider, offering a double indemnity benefit. Beneficiaries do not have to have an insurable interest in the policyholder. Which of the following is not a standard mounting dimension for an electric motor? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner?
Wordpress Header Image Not Showing On All Pages, Nathan Harvey Brother, Is Arlene Cody Bashnett Still Alive, Morningside College Past President's, How Does Elisa Change In The Chrysanthemums, Articles A