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If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? What is the name of the insured who enters into a viatical settlement. all of the following would be considered rebating except In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. A Discrimination. 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. Synonym for a substandard risk classification. What is the purpose of a fixed-period settlement option? Which of the following would be required to be licensed as an insurance producer? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT Who can make a fully deductible contribution to a traditional IRA? Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. Upon conviction, a person who has submitted a false or fraudulent claim or report to the insurer may be fined, imprisoned, or both, and required to pay restitution. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? 3. B Insurer financial requirements. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. The regulation of the insurance industry primarily rest with. What is this called? A Defamation B Twisting Which of the following is an example of a producer being involved in an unfair trade practices of rebating? B A Certificate of Completion from the required pre-licensing study course in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Nonforfeiture values guarantee which policyowner? B 60 days Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. After five years, she decides to leave the company and work independently. What policy component contains the company's promise to pay? B. 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. C If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. An insured purchases a policy in 2008 and died in 2013. What type of insurance policy would perform the function of cash accumulation? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. How do you get to Motion settings on iPhone? 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. An individual has been making periodic payments on an annuity. D$2,000. A key person insurance policy can pay for what? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? He wants to withdraw some money in order to pay medical bills. Which of the following is possible? In return, the insurer promised to pay benefits in accordance with the terms of the contract. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? All the following would be considered an unfair and deceptive practice. D If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? An employee quits her job where she has a balance of $10,000 in her qualified plan. 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. Commissions are set by a schedule or negotiation between the producer and the insurance company. 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? 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). What will she need to provide for proof of insurability? A temporary producer license could be issued without examination to all the following EXCEPT? D. A salaried employee who advertises and solicits insurance. D Adverse selection. Both the offer and acceptance of a rebate are illegal. Group life insurance is a single policy written to provide coverage to members of a group. = 2 5/20 All the following are true regarding rebates except? User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. What is the minimum required age for an insurance producer in this state? Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? all of the following would be considered rebating except. Eligibility requirements for a license are established by the Insurance Code. All of the following are true regarding rebates EXCEPT. C 30 days What percentage of a company's employees must take part in a noncontributory group life plan? C. Rebating. B Nothing, unless the remarks were in writing What source will it consult for the majority of its underwriting information? Will result in having to pay the highest premium due to health, history, habits, etc. 30 What information will be stated in the consideration clause of a life insurance policy? A Producer regulations and testing requirements. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? A Discrimination. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. A. The ownership provision entitles the policyowner to do what? A$500 What does this mean to the beneficiaries? As the local coffee shop is just initiating the segmentation and targeting process, what has . If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. 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? He's insured under a life insurance policy with the accelerated benefits rider. NAIC. D An offer of employment. all of the following would be considered rebating except Follow us. If an insured continually uses the automatic premium loan option to pay the policy premium.. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer Vscode No server install found in WSL, needs x64. However, once there is solicitation, a license is required. Up to 12 excess credit hours of CE may be carried over to the next review period. You dont have to worry about it anymore. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. What amount would his beneficiary receive as a settlement? What best describes this practice? A candidate for life insurance producer's license must complete how many hours of prelicensing education? 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. 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? COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With He dies in a freak accident on June 1. B Twisting. If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? A Defamation 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. all of the following would be considered rebating except In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? C Illegal under any circumstances 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 purpose of a free-look period in insurance policies? The policy contains the optional Payor Benefit rider. B Advertise & solicit business as an insurance counselor or consultant Which of the following is an eligibility requirement for all Social Security disability income benefits? D Business Entity. C Mutual Company D Which nonforfeiture option provides coverage for the longest period of time? C Fine Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? The premiums paid by the employer in a business life insurance policy are. A. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. All of the following events will terminate a producer's certificate of appointment EXCEPT A Stocks, securities, or bonds. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following would be required to be licensed as an insurance producer? 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. Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? Which of the following activities is not performed by an insurance producer? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. B Criminal offense The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? A Twisting. Categories . A Only any excess of value is taxable as income. In which of the following situations is it legal to limit coverage based on marital status? 30 days. B Azanswer team is here with the correct answer to your question. In the best interests of the client, rebates are allowed. In order for an insurer to legally transact insurance, it must obtain what? A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? 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. What determines the amount of each installment paid in a life income option arrangement? A corporation is the owner and beneficiary of the key person life policy. C Coercion. 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? What is the minimum civil fine per violation of the Insurance Code of this state? B - In order to collect premiums and explain coverages, a person would need to be licensed. According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? The insured knows that his financial state will worsen even more with upcoming medical expenses. An insured had a $10,000 term life policy. The president of a company is starting an annuity and decides that his corporation will be the annuitant. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? 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: sharing commissions with other licensed and appointed agents. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Y was killed in an automobile accident on August 22, before the policy was issued. Shopping for electric motors can be tricky. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Taxation on dividends in participating policies? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Which of the following would NOT have a policy loans provision? Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? This answer has been confirmed as correct and helpful. 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? juan holds ________ power. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. A 7 days An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. What type of license should the producer obtain? The dividend option that the insured has chosen is called? A$500 Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments.