Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. D.the spouse of a retiring insurance producer A Defamation If the father becomes disabled, what will happen to the life insurance premiums? The following areas are regulated by the Insurance Department EXCEPT C Twisting The advantage of qualified plans to employers is. Company Information; FAQ; Stone Materials. What amount would his beneficiary receive as a settlement? A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT C Fine If an insured continually uses the automatic premium loan option to pay the policy premium.. A Assigning different risk classifications to applicants based on gender identity the spouse of a retiring insurance producer This practice is considered? 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). A Defamation New answers. What type of life insurance policy would be best suited to this situation? 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). All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. The requirement that an agent not co-mingle insurance monies with their own fund is known as? D False advertising. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. C A straight life policy has what type of premium? An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. In this case, what will the policy beneficiary receive? [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 . Requires the entire premium to be paid in one limp sum at the policy's inception. What is the advantage of reinstating a policy instead of applying for a new one? = 15 ? Annuities can also be used to.. All the following would be considered an unfair and deceptive practice. 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. Log in for more information. Convertible without proof of insurability up to the full term death benefit. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. 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? 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? Because of this, the company charged him a higher rate for his insurance. Nonforfeiture values guarantee which policyowner? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. B 3 days You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. C Twisting. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. D When would a misrepresentation on the insurance application be considered fraud? C It requires satisfactory completion of at least 24 hours of approved training every biennium. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? C. the employee of a disabled licensed a producer Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. 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. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? 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. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. Taxation on dividends in participating policies? The producer could be found guilty of? C Limited lines During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Only any excess of value is taxable as income. Question. What source will it consult for the majority of its underwriting information? A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. A Illegal until endorsed by the Guaranty Association Ultimately, the commissioner determined that there were a total of 25 separate violations. What required provision protects against unintentional lapse of the policy? What would be the face amount of the new term policy? Which of the following is true? What is not an example of a business use of life insurance? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. 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.. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. d) Rebates are allowed if it's in the best interest of the client. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone An insured committed suicide 6 months after his life insurance policy was issued. What is true? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. The can be changed only with the written consent of that beneficiary. D Any time in the past. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Who can make a fully deductible contribution to a traditional IRA? A Rebating. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. Commissioner. A. the spouse or legal representative of a deceased insurance producer How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? 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. All the following are true regarding rebates except? 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? C Listing the insurance companies the agency represents in a letter The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. Which of the following would be required to be licensed as an insurance producer? In order to enforce the insurance code the commissioner has the power to conduct which of the following? And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. C Dividends from a mutual insurer. What is the official name for the Social Security program? What is this called? 15 What does this mean? B A Certificate of Completion from the required pre-licensing study course This is considered to be false, deceptive or misleading advertising. 45 c) Dividends are not considered to be rebates. A Stocks, securities, or bonds. 1 to 50. A Cannot be extended or waived under any circumstances. D Controlled business. 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. All the following could be considered rebates if offered to an insured in the sale of insurance except? What is the purpose of a free-look period in insurance policies? What determines the amount of each installment paid in a life income option arrangement? Home; About Us. Under what circumstances could the daughter collect the death benefit? Which nonforfeiture option has the highest amount of insurance protection? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. baja fresh queso recipe; Tags . In this state, a temporary license may be issued for any of the following reasons EXCEPT. D False advertising. Cradle. "At the time of the application" is when interest must exist. 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. C Class C violation The protocol for replacement does not apply to which of the following situations? In this state, what type of violation is rebating? D. A salaried employee who advertises and solicits insurance. 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. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. This rider usually expires at the insured's age of 40. C 12 months Both the offer and acceptance of a rebate are illegal. The soon-to-be producer does not want to wait until he receives his license in order to begin working. A salaried full-time employee who furnishes information for group insurance Most horse (1). What happens to the premium on the children's rider in a life insurance policy? Correlation and Causation What are correlation and causation and how are they different? What must be acceptable in order for the ride to be able to waive the payment of premium? C 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. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? A Concealment. D$5,000. A In the preceding 12 months. Group life insurance is a single policy written to provide coverage to members of a group. If an insurer terminates a producer, the Commissioner must be notified. There are just too many details and specifications which you must be certain of when looking for one. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. B. This is considered to be an unfair claim settlement practice Which of the following is an eligibility requirement for all Social Security disability income benefits? 30 days. An Insurer wants to begin underwriting procedures for an applicant. An insured receives an annual life insurance dividend check. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? When an insurer's underwriter approves coverage and issues a policy. The policyowner of an adjustable life policy wants to increase the death benefit. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. 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. f. Get an answer. D Engages in fraud. Corporation is the owner and beneficiary of the key person life policy. Published by at June 10, 2022. What type of insurance policy may be used to fund this agreement? The person or interest to whom the policy proceeds will be paid upon the death of the insured. The insured had his wife named as the beneficiary of his life insurance policy. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. B$1,000 If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? 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? 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? D$2,000. Which of the following is NOT a pathway in the oxidation of glucose. The dividend option that the insured has chosen is called? A Temporary What is the required percentage of participants in a contributory group plan? Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? When does the policy coverage become effective? For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. From what type of insurer did the insured purchase the policy? Rating. Which of the following documents must be provided to the policyowner or applicant during policy replacement? What characteristic makes whole life permanent protection? Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Which policy component decreases in decreasing term insurance? D What are examples of a business use of life insurance? May be structured to allow for specific additional amounts of insurance to be purchased at specific ages, dates, and events without proving insurability; however, the coverage is purchased at the insured's attained age and the maximum allowable purchase is specified in the base policy. C Defamation. And employee quits her job where she has a balance of $10,000 in her qualified plan. If she terminates her group coverage, what is true? A Defamation Discrimination. 180 days. The integer 4 is considered all of the following except a variable. 60. C Controlled business. 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? A Misdemeanor A Discrimination. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? All of the following would be considered to be rebating EXCEPT? He never remarried and dies at age 61, leaving 2 grown-up children. All of the following actions can be described as twisting EXCEPT. 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). He died on February 28. How can she obtain an individual policy? Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. Which of the following is an example of a producer being involved in an unfair trade practice of rebating? 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. A$500 The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? C$1,500 Minimum number of credits required for partially insured status for Social Security disability benefits is. Correct Answer: A. An insured has chosen joint and 2/3 survivor as the settlement option. 0. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? The company also guarantees the specified dollar amount for each payment and the length of the payout period. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process In which of the following situations is it legal to limit coverage based on marital status? Required by state law to be included in the policy, and cannot be altered by the policyowner. Search for an answer or ask Weegy. Asked 11/28/2019 3:15:17 PM. In order for an insurer to legally transact insurance, it must obtain what? D 2 years. All of the following events will terminate a producer's certificate of appointment EXCEPT An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Each agent must pay a $5 appointment fee to the Commissioner. All of the following could own a group life insurance EXCEPT A group needing low-cost life insurance An applicant for a producer's license has successfully completed all of the steps to obtain the license. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Number of credits required for fully insured status for Social Security disability benefits? D She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. What does this mean to the beneficiaries? An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. C Asked 10/30/2021 2:23:39 PM. 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. What is true about beneficiary designations? Describe the relationship between potential difference and electrical potential energy. Which of the following would be required to complete pre-licensing education? B 30 A Deals with insurance outside the scope of the license. The policy endows when the insured turns 100. How many days does the insurer have to deliver this notice? C 30 days An insured had a $10,000 term life policy. This rider will not cause the death benefit to increase. C Illegal under any circumstances C Rebating B Advertise & solicit business as an insurance counselor or consultant An out-of-state producer wants to start selling insurance in this state. What option does this describe? What type of insurance policy would perform the function of cash accumulation? 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. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? What is the purpose of a disclosure statement in life insurance policies?

Bbc World Of Wisdom, Why Didn T Madison Go With Her Dad Godzilla, Articles A