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Life Insurance 3 Flashcards | Chegg.com An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. In which instance would the premium be tax deductible? Added 30 days ago|10/30/2021 2:46:29 PM. Rebating can be anything of . All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. d) Rebates are allowed if it's in the best interest of the client. You dont have to worry about it anymore. How are contributions to a tax-sheltered annuity treated with regards to taxation?
Rebating is an unfair trade practice and is regulated by law. All of 1 to 50. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? all of the following would be considered rebating except. C the spouse of a retiring insurance producer An insured pays $1,200 annually for her life insurance premium.
Answer-All of the following are considered key logistic functions in In level term and increasing term policies, the premium also remains level for the term of the policy. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. C Consists of completing 24 hours of CE each biennium. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. A table showing the nonforfeiture values for the next 20 years must be included in the policy. Which of the following would be considered an illegal inducement to purchase insurance? all of the following would be considered rebating except. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Which of the following would NOT be considered rebating? C In the last 5 years. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? Which of the following terms best describes the advertisement? 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. Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? C A legal advertising strategy 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? This practice is considered? Ultimately, the commissioner determined that there were a total of 25 separate violations. A$500 For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. The company is guilty of
all of the following would be considered rebating except 60 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. Ownership is the difference between these two companies. An insured purchases a policy in 2008 and died in 2013. Confirming future dividends in a life insurance proposal C Illegal under any circumstances Variable life insurance is based on what kind of premium? 10 czerwca 2022 . B Applies to life, annuity, and accident and health licensees only. Insurers are also not allowed to cancel individual coverage due to a change in marital status. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? C Coercion. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. A If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? In Connecticut, continuing education courses must be approved by the. C 7 C Dividends from a mutual insurer. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. C Twisting. D. Coercion and intimidation. An insured misstates her age at the time the life insurance application is taken. 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).
all of the following would be considered rebating except The agent is guilty of? D Imprisonment. Shopping for electric motors can be tricky. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. 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. He dies in a freak accident on June 1. How do you get to Motion settings on iPhone? When would a 20-pay whole life policy endow? C. Rebating. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. B What would be the right policy for this client? User: 3/4 16/9 Weegy: 3/4 ? Once the policyholder opts for cash surrender, the policy is immediately inactive. D Must be completed by all licensed resident and nonresident producers. 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. B Criminal offense C 12 months Expert answered|GaelM|Points 4547| Log in for more information. 45 A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? The minimum age at which a person can sign a life insurance application is. 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? When an insurer's underwriter approves coverage and issues a policy. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. D Misrepresentation. 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. What is the advantage of reinstating a policy instead of applying for a new one? The premiums paid by the employer in a business life insurance policy are. 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 result of this? Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old All of the following would be considered to be rebating EXCEPT?
all of the following would be considered rebating except In a direct rollover, how is the money transferred from one plan to the new one? Define electric potential and electric potential energy. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? 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. It is never legal to limit coverage based on marital status. What type of insurance policy may be used to fund this agreement? B A new Commissioner or Director is put into office. A 30 days 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. He never remarried and dies at age 61, leaving 2 grown-up children. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Part 2 of the application for life insurance provides questions regarding all of the following.. A Payment of restitution He has instructed the company to apply the policy dividends to increase the death benefit. A Natural Group An agent's license may also be suspended or revoked. B. If she terminates her group coverage, what is true? A. the spouse or legal representative of a deceased insurance producer 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
All of the following acts are considered unfair trade - Course Hero D. Sexual orientation. B Twisting. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. = 15 ? D Misrepresentation, How much is an agent's appointment fee? [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 . What is not an example of a business use of life insurance? This rider will not cause the death benefit to increase. There are several types of whole life polices.
A. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT Your email address will not be published. What must be presented before an applicant submits a premium? When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount. B all of the following would be considered rebating except Follow us. What type of policy does the insured most likely have? Who is the main purpose of the seven-pay test? All paid by the time the insured reaches age 65. What is the primary purpose of a 401(k) plan? Employer contributions made to a qualified plan..
All Of The Following Are True Regarding Rebates Except A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. 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 annual premium of $200 was due on February 1; however; the insured failed to pay the premium. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. A Stocks, securities, or bonds. Autotrophs (like plants) produce glucose during photosynthesis. He wants to withdraw some money in order to pay medical bills. D Formula: (Ann . = 2 5/20 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? -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. In an annuity, the accumulated money is converted into a stream of income during what time period? B Insurer financial requirements. All the following could be considered rebates if offered to an insured in the sale of insurance except? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. C 90 days What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? Who can make a fully deductible contribution to a traditional IRA? Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? 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. D What protects the insured from an unintentional policy lapse due to a nonpayment of premium? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. 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. B Suspension of authority D Adverse selection. The accelerated benefits provision for an early payment of the death benefit when the insured.. An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. 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? Requires the entire premium to be paid in one limp sum at the policy's inception. What are the classifications of net assets reported in the statement of financial position by private colleges? Published by at June 10, 2022. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines.
Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape must ensure a pair that's benefit claim after receiving the product of death? 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. D An offer of employment. An insured committed suicide 6 months after his life insurance policy was issued. If an insured continually uses the automatic premium loan option to pay the policy premium. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. As the local coffee shop is just initiating the segmentation and targeting process, what has . Which of the following best describes the unfair trade practices of defamation? 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). In this state, a temporary license may be issued for any of the following reasons EXCEPT. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Question. The Insurance Department regulations are to protect the insurance-buying public. Which of the following individuals could qualify for a temporary insurance license? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. 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. A Twisting. E The spouse of a deceased insurance producer. A Discrimination. 0. Both the offer and acceptance of a rebate are illegal. 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. Age 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? 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. What is this an example of? Commissions are set by a schedule or negotiation between the producer and the insurance company. B Coercion Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors?
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