A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. Licensed in the state where the individual resides. Updated 10/30/2021 2:46:29 PM. This is considered to be an unfair claim settlement practice Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? As the local coffee shop is just initiating the segmentation and targeting process, what has . How could she obtain an individual policy? What does this mean? C Defamation A 7 days B Discrimination D 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. Group life insurance is a single policy written to provide coverage to members of a group. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? It was determined that the accident was his fault. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. How much would the beneficiary receive from the policy? As it turns out, the answer to this question depends upon a variety of factors. An agent's license may also be suspended or revoked. He has instructed the company to apply the policy dividends to increase the death benefit. D Business Entity. User: She worked really hard on the project. All of the following would be considered to be rebating EXCEPT? The policyowner of an adjustable life policy wants to increase the death benefit. d) Rebates are allowed if it's in the best interest of the client. f. Get an answer. Unintentional misspellings are not a misrepresentation. When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. MI Insurance Regulation Flashcards | Quizlet Taxation on dividends in participating policies? 30 What will she need to provide for proof of insurability? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. C all of the following would be considered rebating except The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. The policyowner pays for her life insurance annually. If she terminates her group coverage, what is true? B. Twisting. All of the following acts are considered unfair trade - Course Hero 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? In this state, what type of violation is rebating? -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. B What are the classifications of net assets reported in the statement of financial position by private colleges? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. An insured pays $1,200 annually for her life insurance premium. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? An insured purchases a policy in 2008 and died in 2013. Question. A Natural Group An insured had a $10,000 term life policy. A Adverse selection Department of Education. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are, Amount of coverage is determined according to nondiscriminatory rules, individuals covered, under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? What characteristic makes whole life permanent protection? The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. In order to enforce the insurance code the commissioner has the power to conduct which of the following? Because of this, the company charged him a higher rate for his insurance. 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? C Misrepresentation C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation When would a misrepresentation on the insurance application be considered fraud? From what type of insurer did the insured purchase the policy? C A producer's license expires and is not renewed. A 60 days If a company has a simplified employee pension plan, what type of plant is it? Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT An annuity owner is funding an annuity that will supplement her retirement. Life Insurance 3 Flashcards | Chegg.com Which statement best defines an insurance producer? Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. He's insured under a life insurance policy with the accelerated benefits rider. In this situation, the Commissioner must be notified within 30 days. B Community service B An offer to share in commissions generated by the sale. C 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. Old-age and retirement benefits, disability benefits, death benefits. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? Which of the following will NOT be considered unfair discrimination by insurers? B A new Commissioner or Director is put into office. B Advertise & solicit business as an insurance counselor or consultant The policy contains the optional Payor Benefit rider. Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. Any surplus money is returned to the policyholders as dividends. B Coercion. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. Shopping for electric motors can be tricky. And employee has group life insurance through her employer. An insured receives an annual life insurance dividend check. The purpose of the Tennessee Guaranty Association is to. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except 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 . 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. D 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? Which of the following allows different operating systems to coexist on the same physical computer? What is the purpose of a disclosure statement in life insurance policies? A table showing the nonforfeiture values for the next 20 years must be included in the policy. D Adverse selection. Cradle. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. D. Sexual orientation. c) An offer of employment. This year, she did not receive a check fin from the insurer. D Felony. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Rebating is an unfair trade practice and is regulated by law. All of What is true about beneficiary designations? Which of the following would be required to be licensed as an insurance producer? What is being defined as the degree to which something is related or useful to what is happening or being talked about? Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. D False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. What is this an example of? What policy component contains the company's promise to pay? D Misrepresentation, How much is an agent's appointment fee? The dividend option that the insured has chosen is called? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. B Mailing an agency brochure to a prospective client Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Categories . Insurers are also not allowed to cancel individual coverage due to a change in marital status. Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old What type of license should the producer obtain? A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. D 10 days. Identify the types of assets assigned to each classification. A B Suspension of authority 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. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces A temporary producer license could be issued without examination to all the following EXCEPT? 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? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Age 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. 15 What protects the insured from an unintentional policy lapse due to a nonpayment of premium? What is the official name for the Social Security program? B All of the following are true regarding rebates - Course Hero C A legal advertising strategy What best describes this practice? B Twisting Which of the following is NOT a pathway in the oxidation of glucose. User: 3/4 16/9 Weegy: 3/4 ? Will result in having to pay the highest premium due to health, history, habits, etc. C Rebating D Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. The agent is guilty of Last year, she received a dividend check from the insurance company that was not taxable. Which of the following would be considered an illegal inducement to purchase insurance? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. In this situation, a licensee would have to apply for a resident's license within 90 days. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. D A license to practice law. What relationship is not an example of insurable interest? Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Formula: (Ann . 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. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? 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. The balance is paid out directly to the employee in order for her to move the funds to a new account. A Applicant must be 18 years old Describe the relationship between potential difference and electrical potential energy. A 30 days B Materially misrepresents an insurance policy. Required by state law to be included in the policy, and cannot be altered by the policyowner. B$1,000 What is the total, monetary penalty this producer can expect to receive? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. A salaried full-time employee who furnishes information for group insurance What is the name of the insured who enters into a viatical settlement. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A$500 A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Commissions are set by a schedule or negotiation between the producer and the insurance company. What information will be stated in the consideration clause of a life insurance policy? COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? How long must an insurer keep a copy of an authorized form in its records? 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? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone Each agent must pay a $5 appointment fee to the Commissioner. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. There are just too many details and specifications which you must be certain of when looking for one. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? C Twisting A Giving an applicant a $5 pen with the insurer's logo during the insurance application process Once the policyholder opts for cash surrender, the policy is immediately inactive. And employee quits her job where she has a balance of $10,000 in her qualified plan. 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. A. the spouse or legal representative of a deceased insurance producer In level term and increasing term policies, the premium also remains level for the term of the policy. A Discrimination. D Controlled business. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. Autotrophs (like plants) produce glucose during photosynthesis. A Unfair claims All of the following would be considered rebating except Which of the following persons is required to hold a producer license? Cradle. all of the following would be considered rebating except 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. All of the following actions can be described as twisting EXCEPT. Michigan's continuing education requirement has each of the following characteristics EXCEPT 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? A Variable life insurance is based on what kind of premium? all of the following would be considered rebating except Group life insurance is a single policy written to provide coverage to members of a group. A Payment of restitution The designee of a producer that is called to active service with the Navy. To combat the Where is heavy cream in Walmart? 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? The advantage of qualified plans to employers is. The president of a company is starting an annuity and decides that his corporation will be the annuitant. B 60 days Confirming future dividends in a life insurance proposal Which of the following would be required to be licensed as an insurance producer? 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. C Cease and desist order Thanks for choosing us. What brand of castor oil is best for hair? If an insured continually uses the automatic premium loan option to pay the policy premium.. Mutual-policyholders; Stock-stockholders. A father owns a life insurance policy on his 15-year-old daughter. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. 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. C$2,000 1 to 75. If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? The policyowner of an adjustable life policy wants to increase the death benefit. The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". What is the minimum civil fine per violation of the Insurance Code of this state? If an insurer terminates a producer, the Commissioner must be notified. An agent offers to share his commission with a policyholder. What type of annuity is it? A temporary license in this state is valid for a maximum of Each of the following statements may (or may not) describe one of these technical terms. He never remarried and dies at age 61, leaving 2 grown-up children. What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? all of the following would be considered rebating except. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Search for an answer or ask Weegy. Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. Flashcards - Connecticut Insurance Test 2021 - FreezingBlue Ownership is the difference between these two companies. This practice is considered A Restriction of authority D Misrepresentation. In Michigan the state's continuing education requirement Search for an answer or ask Weegy. A rebate is a type of purchasing discount that is paid as a reduction. When an insurer's underwriter approves coverage and issues a policy. When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. What is the term for how frequently a policyowner is required to pay the policy premium? To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is executed? Is a program that assesses and reports information about various computer resources and devices. During replacement of life insurance, or replacing ensure musky which of the following? An appointment by an insurer is based upon the person maintaining a valid insurance license. B Nothing, unless the remarks were in writing Because of this, the company charged him a higher rate for his insurance. In a direct rollover, how is the money transferred from one plan to the new one? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? 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? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A Defamation If the corporation collects the policy benefit, then. Which of the following best describes this practice? C Illegal under any circumstances Search for an answer or ask Weegy. B Undercutting baja fresh queso recipe; Tags . = 2 1/4. Which of the following best describes the unfair trade practices of defamation? D Cancelling individual coverage based on the insured's marital status. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. After 5 years, she decides to leave the company and work independently. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity C Sharing commission with the insured The main difference between immediate and deferred annuities is What does "level" refer to in level term 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. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. Define electric potential and electric potential energy. D Must be completed by all licensed resident and nonresident producers. Licensed, however, not in the state the indivisible resides. D Audit or abstract insurance policies or annuities. 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? B A reasonable understanding of the Michigan insurance code An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. In which instance would the premium be tax deductible? An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? = 15 * 3/20 This is a personal use of life insurance known as.. D Rebating. unit 3: personal and business finance grade boundaries. An insured has chosen joint and 2/3 survivor as the settlement option. An insured has a life insurance policy from a participating company and receives quarterly dividends. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents.