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. Correct Answer: A. The regulation of the insurance industry primarily rest with. 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? She has decided that she would rather use the dividends to help pay for her next premium. The policyowner is entitled to policy loans. 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. B Misleading advertising. Log in for more information. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. However, once there is solicitation, a license is required. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. 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} A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. A Applicant must be 18 years old 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. Attorney General. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? The policyowner of an adjustable life policy wants to increase the death benefit. What best describes this practice? Which nonforfeiture option provides coverage for the longest period of time? If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant What policy component decreases in decreasing term insurance? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. I no the truth.Ans: I know the truth.(2). The following areas are regulated by the Insurance Department EXCEPT An out-of-state producer wants to start selling insurance in this state. If an insurer terminates a producer, the Commissioner will receive a notification. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation Company Information; FAQ; Stone Materials. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. C Accidentally misspells the name of the insurance policy in a written communication to a customer. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT The agent is guilty of Cradle. Which of the following best describes this act? For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. What is the primary purpose of a 401(k) plan? This rider will not cause the death benefit to increase. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. D The passing of a written examination. C Defamation. D Inviting prospective clients to the grand opening of the producer's new office. Search for an answer or ask Weegy. A Restriction of authority Up to 12 excess credit hours of CE may be carried over to the next review period. A Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? Which statement best defines an insurance producer? C$100 Missouri Statutes, Rules, and Regulations common to all lines *revised D Unfair Discrimination. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? Which of the following best describes this practice? C 30 days All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What will she need to provide for proof of insurability? all of the following would be considered rebating except B Coercion Which of the following will NOT be considered unfair discrimination by insurers? An insured committed suicide 6 months after his life insurance policy was issued. In order to enforce the insurance code the commissioner has the power to conduct which of the following? What amount would his beneficiary receive as a settlement? The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? There is a limit for a withdrawal and the insurer charges a fee. C Defamation. Question is All of the following species are considered coliforms Within how many days does a licensee have to inform the Commissioner of a change of address? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. A table showing the nonforfeiture values for the next 20 years must be included in the policy. Which of the following would NOT have a policy loans provision? What is the official name for the Social Security program? He dies in a freak accident on June 1. B Illegal C. An insurance company director who performs executive, administrative and managerial duties In return, the insurer promised to pay benefits in accordance with the terms of the contract. 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. What source will it consult for the majority of its underwriting information? 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. An insured purchases a policy in 2008 and died in 2013. What is the term for how frequently a policyowner is required to pay the policy premium? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? B Undercutting An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. Eligibility requirements for a license are established by the Insurance Code. 60. File an application with the Director b. In which of the following situations is it legal to limit coverage based on marital status? Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? How could she obtain an individual policy? Which of the following provisions would NOT be found in Term Life Insurance? What type of policy is this? All of the following acts are considered unfair trade - Course Hero C 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. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. The producer could be found guilty of Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? A A good business reputation and good moral character. D$5. A. Misrepresentation. A corporation is the owner and beneficiary of the key person life policy. 3. And insured has a modified endowment contract. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. What would be the face amount of the new term policy? E The spouse of a deceased insurance producer. 30 This is a personal use of life insurance known as.. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. 60 days. M may perform all of the following duties EXCEPT. 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). 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. Which type of life insurance policy generates immediate cash value? 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. 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. D False advertising. A$500 An agent's license may also be suspended or revoked. An agent who offers a cash reward to a prospect for buying a policy is guilty of. D An offer of employment. A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. all of the following would be considered rebating except 45 A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. A temporary producer license could be issued without examination to all the following EXCEPT? And employee has group life insurance through her employer. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With All of the following actions are considered rebating except An individual has been diagnosed with Alzheimer's disease. Required by state law to be included in the policy, and cannot be altered by the policyowner. Gender An agent misrepresents policy benefits to convince a policyowner to replace policies. Which nonforfeiture option has the highest amount of insurance protection? A temporary license in this state is valid for a maximum of A C Sharing commission with the insured all of the following would be considered rebating except All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. all of the following would be considered rebating except What type of annuity is it? This is due to what provision? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces D An agent offers to share his commission with a policyholder. And employee quits her job where she has a balance of $10,000 in her qualified plan. B Suspension of authority D 2 years. 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? 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? 20/3 D 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? The insurer has 15 days to file a notice of producer appointment. All the following would be considered an unfair and deceptive practice. c) An offer of employment. 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? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. Confirming future dividends in a life insurance proposal Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Corporation is the owner and beneficiary of the key person life policy. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. B 30 A A Temporary Which of the following individuals could qualify for a temporary insurance license? B A new Commissioner or Director is put into office. B$1,000 What is the name of the insured who enters into a viatical settlement. 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. The balance is paid out directly to the employee in order for her to move the funds to a new account. This practice is considered? A temporary license may be issued for up to 180 days. An insured purchased an insurance policy 5 years ago. Who can make a fully deductible contribution to a traditional IRA? D Stop action order. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process An appointment by an insurer is based upon the person maintaining a valid insurance license. Autotrophs (like plants) produce glucose during photosynthesis. During replacement of life insurance, or replacing ensure musky which of the following? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? C$1,500 Upon policy delivery, the producer may be required to obtain? What dividend option could she use? Which of the following acts would not get an insurance producer terminated "for cause"? All the following could be considered rebates if offered to an insured in the sale of insurance except? = 15 ? baja fresh queso recipe; Tags . Which of the following would be required to complete pre-licensing education? MI Insurance Regulation Flashcards | Quizlet 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. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Telling a client that his first premium will be waived if he purchases the insurance policy today. Rebates include money, sharing of commissions, promises, inducements and personal services. A producer in tensional he violated insurance statues. Correlation and Causation What are correlation and causation and how are they different? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. In this case, what will the policy beneficiary receive? If an insured continually uses the automatic premium loan option to pay the policy premium. Rebating is an unfair trade practice and is regulated by law. All of She would likely purchase a(n)? C Twisting. D 10. D. Commissioner. What brand of castor oil is best for hair? B Applies to life, annuity, and accident and health licensees only. D Misrepresentation. A domestic insurer issuing variable contracts must establish one or more.. User: She worked really hard on the project. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. What would be the right policy for this client? If she terminates her group coverage, what is true? B Discrimination 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? How much would the beneficiary receive from the policy? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). D B A Certificate of Completion from the required pre-licensing study course A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. Michigan's continuing education requirement has each of the following characteristics EXCEPT D Audit or abstract insurance policies or annuities. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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? All of the following would be considered to be rebating EXCEPT? Which of the following is an example of a producer being involved in an unfair trade practices of rebating? Part 2 of the application for life insurance provides questions regarding all of the following.. 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? All of the following would be considered rebating except. What is the result of this? Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. C It requires satisfactory completion of at least 24 hours of approved training every biennium. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? A What settlement option should the policyowner choose? What percentage of a company's employees must take part in a noncontributory group life plan? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. f. Get an answer. What option could the insured utilize? There are just too many details and specifications which you must be certain of when looking for one. D Legal, provided that the information can be verified. 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. A Rebating. Juan is the person employees go to when knowledge of a topic was needed. What is the minimum required age for an insurance producer in this state? all of the following would be considered rebating except. New answers. What happens when a policy is surrendered for its cash value? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. 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. 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. A rebate is a type of purchasing discount that is paid as a reduction. 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. all of the following would be considered rebating except When an employee terminates coverage under group insurance policy, coverage continues in force for how long? A Stocks, securities, or bonds. A$500 What is the total, monetary penalty this producer can expect to receive? What is the required percentage of participants in a contributory group plan? Which of the following statements about the reinstatement provision is true? What characteristic makes whole life permanent protection? What determines the amount of each installment paid in a life income option arrangement? C Limited lines To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. And employee is insured under her employers group life plan. A 7 days When would a 20-pay whole life policy endow? 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. A Discrimination. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. What happens to the premium on the children's rider in a life insurance policy? What is the advantage of reinstating a policy instead of applying for a new one? 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. D Any time in the past. D Misrepresentation, How much is an agent's appointment fee? What is the maximum fine for submitting a false or fraudulent claim to the insurer?