A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. 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. 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. 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 C Limited lines Department of Education. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. D. Sexual orientation. Rebating can be anything of . All of the following would be considered rebating EXCEPT. C 12 months 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. B$1,000 D. A salaried employee who advertises and solicits insurance. D Business Entity. Commissioner. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. The producer could be found guilty of Which of the following will NOT be considered unfair discrimination by insurers? A key person insurance policy can pay for what? A temporary license may be issued for up to 180 days. The policyowner of an adjustable life policy wants to increase the death benefit. 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. Rebates are allowed if it's in the best interest of the client. D Unfair Discrimination. Ownership is the difference between these two companies. "At the time of the application" is when interest must exist. The insurer has 15 days to file a notice of producer appointment. C Charging applicants with similar health histories different premiums based on their ethnicity Within how many days of this notification must the producer be sent a copy? In level term and increasing term policies, the premium also remains level for the term of the policy. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation A rebate is a type of purchasing discount that is paid as a reduction. The insurance company discovers at that time that the insured concealed info during the application process. 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. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as What is the purpose of a disclosure statement in life insurance policies? This practice is considered After five years, she decides to leave the company and work independently. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces D An offer of employment. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. In which instance would the premium be tax deductible? Which of the following activities is not performed by an insurance producer? The insurer's surrender the policy at its current cash value. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. What is the required percentage of participants in a contributory group plan? What best describes what will happen? 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. D False advertising. D Rebating. 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. C When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? = 15 * 3/20 What statement concerning group life is true? C 90 days Under what circumstances could the daughter collect the death benefit? What statement is true concerning buy-sell agreements? A producer in tensional he violated insurance statues. A Defamation Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? There is a limit for a withdrawal and the insurer charges a fee. [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 . 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? A 7 days Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? B Nothing, unless the remarks were in writing D What happens when a policy is surrendered for its cash value? B Suspension of authority B Materially misrepresents an insurance policy. If an insurer terminates a producer, the Commissioner must be notified. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? E The spouse of a deceased insurance producer. D A license to practice law. D C 30 days Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT C Dividends from a mutual insurer. D. Commissioner. 60 days. C Defamation. Eligibility requirements for a license are established by the Insurance Code. Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. 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? C Defamation. NAIC. Beneficiaries do not have to have an insurable interest in the policyholder. An insured purchased an insurance policy 5 years ago. This misstatement may result in? How are contributions to a tax-sheltered annuity treated with regards to taxation? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? A Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. The soon-to-be producer does not want to wait until he receives his license in order to begin working. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. Ultimately, the commissioner determined that there were a total of 25 separate violations. 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. Cradle. To combat the Where is heavy cream in Walmart? The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. A Unfair claims B Advertise & solicit business as an insurance counselor or consultant He never remarried and dies at age 61, leaving 2 grown-up children. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. D Felony. What information will be stated in the consideration clause of a life insurance policy? From what type of insurer did the insured purchase the policy? The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. B Misleading advertising. c) Dividends are not considered to be rebates. A table showing the nonforfeiture values for the next 20 years must be included in the policy. A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. B Legal, provided that the other insurers are paid royalties for the usage of their names A Illegal until endorsed by the Guaranty Association A salaried full-time employee who furnishes information for group insurance If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? 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. The amount of payments will be determined by taking into account all of the following: 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.. An insured owns a $50,000 whole life policy. I love when a hack helps me to recycle, and makes my life easier. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. What must be presented before an applicant submits a premium? 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? C Twisting. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? When does the policy coverage become effective? Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. What does this mean to the beneficiaries? D Any time in the past. C Categories . Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? All of the following actions can be described as twisting EXCEPT. 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? What statement about a suicide clause in a life insurance policy is true? B In the preceding 2 years. What required provision protects against unintentional lapse of the policy? Taxation on dividends in participating policies? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Added 30 days ago|10/30/2021 2:46:29 PM. Which of the following is true? What is the purpose of a fixed-period settlement option? Which of the following best describes the unfair trade practices of defamation? D Engages in fraud. 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? User: She worked really hard on the project. 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. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . A$500 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. C. Address Paid cash to cover desk purchased on account. A All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A tax-sheltered annuity is a special tax-favored retirement plan available to. Old-age and retirement benefits, disability benefits, death benefits. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? B Community service Follow the following are true of the federal tax advantages of a qualified plan. 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. In an annuity, the accumulated money is converted into a stream of income during what time period? Which statement best defines an insurance producer? Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Define electric potential and electric potential energy. 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? When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. Commissioner. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. ________________ are owned and controlled by their policyholders. New answers. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. A Payment of restitution A 60 days This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? 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. The integer 4 is considered all of the following except _____. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. D Inviting prospective clients to the grand opening of the producer's new office. An insured misstates her age at the time the life insurance application is taken. What is the result of this? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. C Coercion. D This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. A. A. Misrepresentation. When would a 20-pay whole life policy endow? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. 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. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. What is true of the cash surrender nonforfeiture option? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral 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 insured purchases a policy in 2008 and died in 2013. C Defamation And employee quits her job where she has a balance of $10,000 in her qualified plan. A licensed counselor MAY NOT perform which of the following duties? Which of the following is an example of a producer being involved in an unfair trade practices of rebating? 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. 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? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. A 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 . Which of the following would be required to be licensed as an insurance producer? Which two terms are associated directly with the premium? All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. Log in for more information. What type of license should the producer obtain? C. the employee of a disabled licensed a producer All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Which of the following best describes this act? A 30 days What will she need to provide for proof of insurability? B Undercutting When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? B Mailing an agency brochure to a prospective client 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. Required by state law to be included in the policy, and cannot be altered by the policyowner. Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? 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.
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