A Defamation 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. Which nonforfeiture option provides coverage for the longest period of time? 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 Which statement best defines an insurance producer? False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. A temporary license in this state is valid for a maximum of b) Rebating can be anything of economic value, given as an inducement to buy. B$1,000 Licensed, however, not in the state the indivisible resides. Which of the following would NOT have a policy loans provision? What are the classifications of net assets reported in the statement of financial position by private colleges? 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. 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? Which of the following would be considered an illegal inducement to purchase insurance? Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? He died on February 28. C Rebating 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. Which of the following persons is required to hold a producer license? Which of the following would be required to be licensed as an insurance producer? B Twisting A. The advantage of qualified plans to employers is. 180 days. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Which of the following is NOT a pathway in the oxidation of glucose. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. How can she obtain an individual policy? This is considered to be false, deceptive or misleading advertising. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. D 10. Employer contributions made to a qualified plan.. 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 30 days Which of the following individuals could qualify for a temporary insurance license? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. The insured had his wife named as the beneficiary of his life insurance policy. What is true? What statement concerning group life is true? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. C Class C violation 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 He never remarried and dies at age 61, leaving 2 grown-up children. 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? A candidate for life insurance producer's license must complete how many hours of prelicensing education? A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT 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. 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. D. A salaried employee who advertises and solicits insurance. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. Licensed in the state where the individual resides. D Business Entity. Published by at June 10, 2022. The can be changed only with the written consent of that beneficiary. 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. 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? B Applies to life, annuity, and accident and health licensees only. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. D Slandering. Up to 12 excess credit hours of CE may be carried over to the next review period. He has instructed the company to apply the policy dividends to increase the death benefit. This rider usually expires at the insured's age of 40. 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? B Coercion. D Misrepresentation. Which of the following acts would not get an insurance producer terminated "for cause"? Correlation and Causation What are correlation and causation and how are they different? An individual has been making periodic payments on an annuity. A Twisting. 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. 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. In life insurance policies, cash value increases. Telling a client that his first premium will be waived if he purchases the insurance policy today. A rebate is a type of purchasing discount that is paid as a reduction. B 90 days In which of the following situations is it legal to limit coverage based on marital status? If an insurer terminates a producer, the Commissioner must be notified. C 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. The requirement that an agent not co-mingle insurance monies with their own fund is known as? Which of the following is an eligibility requirement for all Social Security disability income benefits? Both the offer and acceptance of a rebate are illegal. 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? All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? any person acting as an insurance producer without a valid license may be fined up to. Whenever an individual stops drinking, the BAL will ________________. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. 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? An individual has been diagnosed with Alzheimer's disease. What is the required percentage of participants in a contributory group plan? He's insured under a life insurance policy with the accelerated benefits rider. Company Information; FAQ; Stone Materials. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? 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. D Unfair Discrimination. An applicant for a counselor's license must possess a reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel, as well as a reasonable understanding of the Michigan insurance code and possess a good business reputation and good moral character. B Undercutting Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? A 60 days A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. Which two terms are associated directly with the premium? Each agent must pay a $5 appointment fee to the Commissioner. Search for an answer or ask Weegy. D Producer commission schedules. What determines the length of time that benefits will be received under the fixed-amount settlement option? 10 czerwca 2022 . A As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. Which of the following documents must be provided to the policyowner or applicant during policy replacement? A. the spouse or legal representative of a deceased insurance producer baja fresh queso recipe; Tags . What brand of castor oil is best for hair? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? D False advertising. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Ownership is the difference between these two companies. 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 would be considered to be rebating EXCEPT. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Nonforfeiture values guarantee which policyowner? When an insurer's underwriter approves coverage and issues a policy. In Michigan the state's continuing education requirement A launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples The purpose of the Tennessee Guaranty Association is to. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. 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 New answers. Added 30 days ago|10/30/2021 2:46:29 PM. An insured pays $1,200 annually for her life insurance premium. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Attorney General. All paid by the time the insured reaches age 65. B Stock Company A Defamation Explaining to client the advantages of permanent insurance over term and suggesting changing policies. The policy contains the optional Payor Benefit rider. B$1 What is this an example of? standard form contract facebook; how to treat mange in cats at home twitter; moon drop grapes uk instagram; arrow olivia sewing table youtube; custom teku glassware mail D Surplus lines. If an insured continually uses the automatic premium loan option to pay the policy premium.. 3. In a life settlement contract, whom does the life settlement broker represent? Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. This practice is considered? Within how many days of this notification must the producer be sent a copy? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. 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. Asked 11/28/2019 3:15:17 PM. B B Discriminating in benefits and coverages based on the insured's habits and lifestyle An agent who offers a cash reward to a prospect for buying a policy is guilty of. 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. D 30 days. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium?