30 days. What is true concerning a buy-sell agreement? Cash surrender, extended term, reduced paid-up. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. C$1,500 Which of the following provisions would NOT be found in Term Life Insurance? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? What is this an example of? What information will be stated in the consideration clause of a life insurance policy? A 30 days 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? D Must be completed by all licensed resident and nonresident producers. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? The producer could be found guilty of If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? 1 to 75. Search for an answer or ask Weegy. Why is an equity Indexed annuity considered to be a fixed annuity? 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? Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. D Imprisonment. 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. Which of the following best describes this act? 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? This is considered to be an unfair claim settlement practice The insurance company discovers at that time that the insured concealed info during the application process. C Charging applicants with similar health histories different premiums based on their ethnicity Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? The protocol for replacement does not apply to which of the following situations? 60 days. How much would the beneficiary receive from the policy? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. In life insurance policies, cash value increases. What happens to the premium on the children's rider in a life insurance policy? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. unit 3: personal and business finance grade boundaries. 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 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 policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. What is the minimum civil fine per violation of the Insurance Code of this state? A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. All of the following acts are considered unfair trade - Course Hero Nonforfeiture values guarantee which policyowner? New answers. The policyowner pays for her life insurance annually. Define electric potential and electric potential energy. NAIC. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process Will result in having to pay the highest premium due to health, history, habits, etc. B Nonresident D Slandering. What type of license should the producer obtain? 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. An insured had a continuous premium whole life policy. Corporation is the owner and beneficiary of the key person life policy. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. baja fresh queso recipe; Tags . Cradle. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. 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? 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. A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. A Payment of restitution An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. All of the following would be considered rebating except In order to to do that, what may happen? Chapter 11 part 2 Flashcards | Quizlet 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. Which of the following allows different operating systems to coexist on the same physical computer? All riders that will cause the death benefit to increase? Which of the following terms best describes the advertisement? 3. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Life Insurance 3 Flashcards | Chegg.com select one: Which set of characteristics will produce the smallest value for the estimated standard error? All of the following are true regarding rebates EXCEPT. Which of the following statements about the reinstatement provision is true? Which of the following is possible? A Twisting. 1 to 50. 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? What is the minimum required age for an insurance producer in this state? Which statement best defines an insurance producer? B$1,000 If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. User: 3/4 16/9 Weegy: 3/4 ? What determines the length of time that benefits will be received under the fixed-amount settlement option? What is the other term for the cash payment settlement option? B$1 A 7 days 3. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. What is the total, monetary penalty this producer can expect to receive? 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. A tax-sheltered annuity is a special tax-favored retirement plan available to. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. 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. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? C Cease and desist order C Rebating. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? B Illegal Flashcards - Connecticut Insurance Test 2021 - FreezingBlue Rebating is an unfair trade practice and is regulated by law. All of Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. A Defamation Only any excess of value is taxable as income. 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.. Which of the following will NOT be considered unfair discrimination by insurers? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT What type of policy is this? A Unfair claims Employer contributions made to a qualified plan.. The can be changed only with the written consent of that beneficiary. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. all of the following would be considered rebating except D Any time in the past. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. D False advertising. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. 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. A person whose activities are limited to producing insurance advertisements Formula: (Ann . Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. Both the offer and acceptance of a rebate are illegal. This is called.. All Of The Following Are True Regarding Rebates Except All of the following would be considered rebating except D False financial statement. An annuity owner is funding an annuity that will supplement her retirement. Confirming future dividends in a life insurance proposal There is a limit for a withdrawal and the insurer charges a fee. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Which of the following activities is not performed by an insurance producer? What is the purpose of a fixed-period settlement option? What is the primary purpose of a 401(k) plan? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? Which type of life insurance policy generates immediate cash value? all of the following would be considered rebating except Which is NOT required of an applicant for an insurance license in Michigan? 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. If a company has a simplified employee pension plan, what type of plant is it? 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 What would be the right policy for this client? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. What statement about a suicide clause in a life insurance policy is true? Question. Rebates are allowed if it's in the best interest of the client. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Rebates include money, sharing of commissions, promises, inducements and personal services. 15 = 2 1/4. 45 Death benefits payable to a beneficiary under a life insurance policy are generally. What type of life insurance policy would be best suited to this situation? all of the following would be considered rebating except. D 30 days. 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. The requirement that an agent not co-mingle insurance monies with their own fund is known as? An insured committed suicide 6 months after his life insurance policy was issued. What type of policy is this? 1 Answer/Comment. Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? B Legal, provided that the other insurers are paid royalties for the usage of their names What policy component contains the company's promise to pay? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. Updated 10/30/2021 2:46:29 PM. D An offer of employment. What type of insurance policy may be used to fund this agreement? 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. A rebate is a type of purchasing discount that is paid as a reduction. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. Missouri Statutes, Rules, and Regulations common to all lines *revised What would be the face amount of the new term policy? This answer has been confirmed as correct and helpful. D Other than the 3 hours of ethics, licensees may take courses in any line. juan holds ________ power. all of the following would be considered rebating except B A new Commissioner or Director is put into office. 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? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. 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? A Defamation C Which of the following best describes this practice? When would a misrepresentation on the insurance application be considered fraud? Follow the following are true of the federal tax advantages of a qualified plan. B 90 days When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . This is considered to be false, deceptive or misleading advertising. There are several types of whole life polices. The balance is paid out directly to the employee in order for her to move the funds to a new account. What is true regarding taxation of accelerated benefits under life insurance policy? B Undercutting Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? What statement concerning group life is true? And insured has a modified endowment contract. B Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? C Defamation Most horse (1). All of the following would be considered to be rebating EXCEPT? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone A A producer's license is suspended or revoked by the Department of Insurance. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. In order to enforce the insurance code the commissioner has the power to conduct which of the following? C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. D Felony. The company is guilty of 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?
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