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Which of the following best describes this practice? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. Question. What does this mean? 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 dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. A tax-sheltered annuity is a special tax-favored retirement plan available to. Only any excess of value is taxable as income. 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. A$500 A Deals with insurance outside the scope of the license. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. The soon-to-be producer does not want to wait until he receives his license in order to begin working. I love when a hack helps me to recycle, and makes my life easier. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What is the name of the insured who enters into a viatical settlement. Both the offer and acceptance of a rebate are illegal. C Rebating A Cannot be extended or waived under any circumstances. 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 Which of the following would NOT have a policy loans provision? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? All the following would be considered an unfair and deceptive practice. D D 120 days. This rider usually expires at the insured's age of 40. The premiums paid by the employer in a business life insurance policy are. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? In a life settlement contract, whom does the life settlement broker represent? Last year, she received a dividend check from the insurance company that was not taxable. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. What type of annuity is it? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. C Up to 12 excess credit hours of CE may be carried over to the next review period. 30 A Producer regulations and testing requirements. An insured misstates her age at the time the life insurance application is taken. 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. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. C Controlled business. After 5 years, she decides to leave the company and work independently. An insured has a life insurance policy from a participating company and receives quarterly dividends. A Restriction of authority Y was killed in an automobile accident on August 22, before the policy was issued. B An offer to share in commissions generated by the sale. Synonym for a substandard risk classification. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. 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. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. A Misdemeanor A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity A Assigning different risk classifications to applicants based on gender identity And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? An insured pays an annual premium to his insurer. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. C All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates Commissioner. A Rebating. What happens when a policy is surrendered for its cash value? = 2 5/20 If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? 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. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. A key person insurance policy can pay for which of the following? What is this called? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Which policy component decreases in decreasing term insurance? User: 3/4 16/9 Weegy: 3/4 ? 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. An agent's license may also be suspended or revoked. Shopping for electric motors can be tricky. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. C Consists of completing 24 hours of CE each biennium. The policyowner pays for her life insurance annually. C Illegal under any circumstances An appointment by an insurer is based upon the person maintaining a valid insurance license. In return, the insurer promised to pay benefits in accordance with the terms of the contract. Cradle. B Stock Company May be used to customize a permanent life insurance policy to meet the needs of the policyowner, Mandatory free look in a life insurance policy. What is not an example of a business use of life insurance? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. C Defamation. 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. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. A Natural Group Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. D Unfair Discrimination. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. f. Get an answer. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. B Advertise & solicit business as an insurance counselor or consultant 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. An insured purchases a policy in 2008 and died in 2013. B Legal, provided that the other insurers are paid royalties for the usage of their names D Rebating. A. Misrepresentation. It was determined that the accident was his fault. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. C Solicit business as an insurance producer [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 . Cradle. What describes the tax advantage of a qualified retirement plan? Which of the following documents must be provided to the policyowner or applicant during policy replacement? 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? What source will it consult for the majority of its underwriting information? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A Rebating. What is the total, monetary penalty this producer can expect to receive? The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. What would be the right policy for this client? What is the primary purpose of a 401(k) plan? And employee has group life insurance through her employer. Is a program that assesses and reports information about various computer resources and devices. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. C. Address When would a 20-pay whole life policy endow? An annuity owner is funding an annuity that will supplement her retirement. An insured committed suicide 6 months after his life insurance policy was issued. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. 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. All of the following are true regarding rebates EXCEPT. The insured had his wife named as the beneficiary of his life insurance policy. An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. D Adverse selection. 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? 3. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. C Class C violation C Mutual Company 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? What is this an example of? Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. B$1 B - In order to collect premiums and explain coverages, a person would need to be licensed. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. 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? The policy contained an accidental death rider, offering a double indemnity benefit. Correct Answer: A. 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. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. Log in for more information. The president of a company is starting an annuity and decides that his corporation will be the annuitant. D An offer of employment. B A new Commissioner or Director is put into office. A temporary license may be issued for up to 180 days. 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? 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? All of the following events will terminate a producer's certificate of appointment EXCEPT Corporation is the owner and beneficiary of the key person life policy. Which of the following persons is required to hold a producer license? Old-age and retirement benefits, disability benefits, death benefits. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. The agent is guilty of? What is the result of this? 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. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. 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. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. An Insurer wants to begin underwriting procedures for an applicant. NAIC. What is true regarding taxation of accelerated benefits under life insurance policy? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely.