all of the following would be considered rebating except

All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? 45 What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. Which of the following is possible? 90 days. B$1,000 Which of the following provisions would NOT be found in Term Life Insurance? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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. 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. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Y was killed in an automobile accident on August 22, before the policy was issued. 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 Imprisonment. Which of the following acts would not get an insurance producer terminated "for cause"? Which of the following is an example of a producer being involved in an unfair trade practices of rebating? D Unfair Discrimination. Which of the following is true? In order to enforce the insurance code the commissioner has the power to conduct which of the following? Rating. Attorney General. = 2 5/20 Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? After 5 years, she decides to leave the company and work independently. 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] If an insurer terminates a producer, the Commissioner will receive a notification. A Rebating. An insured has a life insurance policy from a participating company and receives quarterly dividends. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? The following are nine technical accounting terms introduced or emphasized in this chapter: ResponsibilitymarginTransferpriceCommonfixedcostsContributionmarginCost-plustransferpriceTraceablefixedcostsPerformancemarginProductcostsCommittedfixedcosts\begin{array}{lll}\text { Responsibility margin } & \text { Transfer price } & \text { Common fixed costs } \\ \text { Contribution margin } & \text { Cost-plus transfer price } & \text { Traceable fixed costs } \\ \text { Performance margin } & \text { Product costs } & \text { Committed fixed costs }\end{array} Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. Whenever an individual stops drinking, the BAL will ________________. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? Question. What is the primary purpose of a 401(k) plan? Which policy component decreases in decreasing term insurance? Formula: (Ann . A key person insurance policy can pay for what? Which of the following persons is required to hold a producer license? Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples A Which of the following is an eligibility requirement for all Social Security disability income benefits? 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. D The passing of a written examination. A temporary license in this state is valid for a maximum of D 10. Follow the following are true of the federal tax advantages of a qualified plan. This rider usually expires at the insured's age of 40. Eligibility requirements for a license are established by the Insurance Code. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? Corporation is the owner and beneficiary of the key person life policy. An employee quits her job where she has a balance of $10,000 in her qualified plan. Which of the following would be required to be licensed as an insurance producer? Updated 10/30/2021 2:46:29 PM. In a direct rollover, how is the money transferred from one plan to the new one? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? The policyowner pays for her life insurance annually. Requires the entire premium to be paid in one limp sum at the policy's inception. If she terminates her group coverage, what is true? What statement about a suicide clause in a life insurance policy is true? 30 days. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. An insured owns a life insurance policy. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. 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? C In the last 5 years. The policy contained an accidental death rider, offering a double indemnity benefit. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). The regulation of the insurance industry primarily rest with. A$500 Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. The insurer's surrender the policy at its current cash value. 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. Search for an answer or ask Weegy. c) An offer of employment. The insurer has 15 days to file a notice of producer appointment. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? All of the following would be considered rebating except Michigan's continuing education requirement has each of the following characteristics EXCEPT 60 days. 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? B Applies to life, annuity, and accident and health licensees only. A Discrimination. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT 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 rebating except B Materially misrepresents an insurance policy. Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? A Misdemeanor What dividend option could she use? 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? The agent is guilty of? Part 2 of the application for life insurance provides questions regarding all of the following.. He never remarried and dies at age 61, leaving 2 grown-up children. Department of Education. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? A Natural Group 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). C Defamation. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. What is being defined as the degree to which something is related or useful to what is happening or being talked about? All of the following events will terminate a producer's certificate of appointment EXCEPT D Misrepresentation. An appointment by an insurer is based upon the person maintaining a valid insurance license. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. D Misrepresentation, How much is an agent's appointment fee? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. 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? 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. The premiums paid by the employer in a business life insurance policy are. An individual has been making periodic payments on an annuity. Question. An Insurer wants to begin underwriting procedures for an applicant. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. 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? Commissions are set by a schedule or negotiation between the producer and the insurance company. I love when a hack helps me to recycle, and makes my life easier. If the father becomes disabled, what will happen to the life insurance premiums? B. A Defamation 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? What happens when a policy is surrendered for its cash value? All of the following would be considered rebating except Which type of life insurance policy generates immediate cash value? B Unfair claim practice. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? Shopping for electric motors can be tricky. All of the following would be considered to be rebating EXCEPT. 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? A Rebating. What policy component contains the company's promise to pay? C Rebating = 15 * 3/20 Which two terms are associated directly with the premium? A Deals with insurance outside the scope of the license. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. This is due to what provision? Both the offer and acceptance of a rebate are illegal. 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. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? 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. Home; About Us. I no the truth.Ans: I know the truth.(2). D A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity How long must an insurer keep a copy of an authorized form in its records? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. 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. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. She would likely purchase a(n)? What is the maximum fine for submitting a false or fraudulent claim to the insurer? 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. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. All of the following actions are considered rebating except What term best describes this arrangement? In return, the insurer promised to pay benefits in accordance with the terms of the contract. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. Death benefits payable to a beneficiary under a life insurance policy are generally. An insured pays $1,200 annually for her life insurance premium. C Dividends from a mutual insurer. D A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. What type of policy does the insured most likely have? Search for an answer or ask Weegy. C$100 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. As the local coffee shop is just initiating the segmentation and targeting process, what has . In which instance would the premium be tax deductible? What characteristic makes whole life permanent protection? 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. B The integer 4 is considered all of the following except _____. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? C 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. 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. A The policyowner of an adjustable life policy wants to increase the death benefit. A Payment of restitution B At least 3 hours must cover ethics. Which statement best defines an insurance producer? Until now, she has collected a nontaxable dividend check each year. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? ________________ are owned and controlled by their policyholders. What statement is correct? A. How are contributions to a tax-sheltered annuity treated with regards to taxation? 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? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? Last year, she received a dividend check from the insurance company that was not taxable. All of the following would be considered rebating except C Consists of completing 24 hours of CE each biennium. C It requires satisfactory completion of at least 24 hours of approved training every biennium. In level term and increasing term policies, the premium also remains level for the term of the policy. Ultimately, the commissioner determined that there were a total of 25 separate violations. = 2 1/4. An out-of-state producer wants to start selling insurance in this state. It is never legal to limit coverage based on marital status. 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. Which is NOT required of an applicant for an insurance license in Michigan? B Criminal offense Flashcards - Connecticut Insurance Test 2021 - FreezingBlue COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. The policyowner may assign a part of the policy or the entire policy. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? 15 The insurance company discovers at that time that the insured concealed info during the application process. What does this mean to the beneficiaries? B A Certificate of Completion from the required pre-licensing study course What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Commissioner. If a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? Answer-All of the following are considered key logistic functions in Is a program that assesses and reports information about various computer resources and devices. Company Information; FAQ; Stone Materials. A Twisting. B Misleading advertising. An insured had a $10,000 term life policy. Which of the following best describes this practice? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. Only any excess of value is taxable as income. D$5. The producer could be found guilty of? He wants to withdraw some money in order to pay medical bills. 180 days. 3. Discrimination. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? 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. And any controversy between the insured or the insured's beneficiary and the insured that arises from the application for insurance of any policy issued a connection with the application, the producer is considered to be the agent and which of the following? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. 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. B Undercutting 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 C Mutual Company B Legal, provided that the other insurers are paid royalties for the usage of their names Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. Search for an answer or ask Weegy. 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. The insured knows that his financial state will worsen even more with upcoming medical expenses. What statement is true concerning buy-sell agreements? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Cradle. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? How many days does the insurer have to deliver this notice? B Twisting False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. The designee of a producer that is called to active service with the Navy. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? An insured misstates her age at the time the life insurance application is taken. Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? A Discrimination. Minimum number of credits required for partially insured status for Social Security disability benefits is. the spouse of a retiring insurance producer What percentage of a company's employees must take part in a noncontributory group life plan? The company is guilty of C. Rebating. User: 3/4 16/9 Weegy: 3/4 ? D 2 years. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. C Sharing commission with the insured 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. B 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? In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. C 90 days What is the purpose of a fixed-period settlement option? Age C Class C violation A A good business reputation and good moral character. Which of the following terms best describes the advertisement? The soon-to-be producer does not want to wait until he receives his license in order to begin working. 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? If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? C Limited lines He has instructed the company to apply the policy dividends to increase the death benefit. B A new Commissioner or Director is put into office. A salaried full-time employee who furnishes information for group insurance What is the result of this? If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. The minimum age at which a person can sign a life insurance application is. Paid cash to cover desk purchased on account. She also wished to retain all of the rights of ownership. c) Dividends are not considered to be rebates. C 90 days Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Which of the following would be considered an illegal inducement to purchase insurance? 3. 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