A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. What amount would his beneficiary receive as a settlement? A Assigning different risk classifications to applicants based on gender identity Rating. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. The person or interest to whom the policy proceeds will be paid upon the death of the insured. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. B Community service 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. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. The integer 4 is considered all of the following except a variable. 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. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. All the following could be considered rebates if offered to an insured in the sale of insurance except? Convertible without proof of insurability up to the full term death benefit. Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as What is true concerning a buy-sell agreement? For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. C Class C violation A A good business reputation and good moral character. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. 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. Which is NOT required of an applicant for an insurance license in Michigan? Employer contributions made to a qualified plan.. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. During replacement of life insurance, or replacing ensure musky which of the following? What term best describes this arrangement? An insured misstates her age at the time the life insurance application is taken. 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? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? In an annuity, the accumulated money is converted into a stream of income during what time period? Updated 10/30/2021 2:46:29 PM. 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. Follow the following are true of the federal tax advantages of a qualified plan. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. Who is the main purpose of the seven-pay test? In order to to do that, what may happen? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What is the purpose of a free-look period in insurance policies? Michigan's continuing education requirement has each of the following characteristics EXCEPT Which of the following is a true statement regarding taxation of the accelerated benefits? The company also guarantees the specified dollar amount for each payment and the length of the payout period. b) Rebating can be anything of economic value, given as an inducement to buy. C In the last 5 years. What is being defined as the degree to which something is related or useful to what is happening or being talked about? All riders that will cause the death benefit to increase? In this state, what type of violation is rebating? All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q B An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. The designee of a producer that is called to active service with the Navy. C Dividends from a mutual insurer. Published by at June 10, 2022. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? 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. What is the total, monetary penalty this producer can expect to receive? He never remarried and dies at age 61, leaving 2 grown-up children. ________________ are owned and controlled by their policyholders. D Felony. 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? Added 30 days ago|10/30/2021 2:46:29 PM. Once the policyholder opts for cash surrender, the policy is immediately inactive. Which of the following best describes the unfair trade practices of 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. 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. The policy contained an accidental death rider, offering a double indemnity benefit. 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? 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 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. 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? Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation And employee is insured under her employers group life plan. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. C Law of large numbers Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. Required by state law to be included in the policy, and cannot be altered by the policyowner. In this situation, the Commissioner must be notified within 30 days. D Other than the 3 hours of ethics, licensees may take courses in any line. C Rebating. Search for an answer or ask Weegy. A 30 days Your email address will not be published. D Inviting prospective clients to the grand opening of the producer's new office. An insured purchased an insurance policy 5 years ago. She has decided that she would rather use the dividends to help pay for her next premium. 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. Search for an answer or ask Weegy. 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.. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? C$1,500 = 15 * 3/20 juan holds ________ power. C Cease and desist order What is the purpose of establishing the target premium for a universal life policy? Commissioner. 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. All of the following events will terminate a producer's certificate of appointment 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. B Discrimination If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? An insured pays $1,200 annually for her life insurance premium. The minimum age at which a person can sign a life insurance application is. How are contributions to a tax-sheltered annuity treated with regards to taxation? What is true regarding a non-qualified retirement plan? 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? However, once there is solicitation, a license is required. What characteristic makes whole life permanent protection? Which of the following best describes the act? The purpose of the Tennessee Guaranty Association is to. If an individual licensee's violation of the entrance code was known or should have been down by one or more of the partners, officers, or managers of the agency, what could happen to agency? D False advertising. Requires the entire premium to be paid in one limp sum at the policy's inception. A. What type of insurance policy may be used to fund this agreement? Unintentional misspellings are not a misrepresentation. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? 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? A banker is ready to close on a customer's loan. all of the following would be considered rebating except. And insured has a modified endowment contract. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. 3. D All the following would be considered an unfair and deceptive practice. Asked 11/28/2019 3:15:17 PM. 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. C 90 days C Illegal under any circumstances Most horse (1). A Twisting. A 30 days Which of the following is NOT a pathway in the oxidation of glucose. 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? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. A Defamation What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount?
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