A 30 days If an insurer terminates a producer, the Commissioner must be notified. 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. 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? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? C Consists of completing 24 hours of CE each biennium. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. D Misrepresentation. What is true? A. C 90 days C Illegal under any circumstances During replacement of life insurance, or replacing ensure musky which of the following? 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. Which of the following would be considered false advertising? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. C Dividends from a mutual insurer. 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. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? D 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. 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. 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? B Twisting What is the name of the insured who enters into a viatical settlement. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation A Restriction of authority A Giving an applicant a $5 pen with the insurer's logo during the insurance application process 45 B Nonresident B False advertising. This is a personal use of life insurance known as. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? Licensed, however, not in the state the indivisible resides. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? D 30 days. It is the premium paying period that is limited, not the maturity. In Michigan the state's continuing education requirement The policyowner pays for her life insurance annually. 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. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. 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? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. = 45/20 A rebate is a type of purchasing discount that is paid as a reduction. All of the following would be considered rebating except. D 2 years. What type of license should the producer obtain? 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? 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? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. A Unfair claims C Cease and desist order In which of the following situations is it legal to limit coverage based on marital status? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. 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. = 15 * 3/20 To combat the Where is heavy cream in Walmart? B A Certificate of Completion from the required pre-licensing study course C Dividends from a mutual insurer. 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 determines the amount of each installment paid in a life income option arrangement? Because of this, the company charged him a higher rate for his insurance. must ensure a pair that's benefit claim after receiving the product of death? D Surplus lines. She would likely purchase a(n)? His wife dies 10 years later. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? B Misleading advertising. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? Age And employee is insured under her employers group life plan. What happens when a policy is surrendered for its cash value? The policy contains the optional Payor Benefit rider. Added 30 days ago|10/30/2021 2:46:29 PM. 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. [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 . f. Get an answer. A. Search for an answer or ask Weegy. D Slandering. Shopping for electric motors can be tricky. 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. What does this mean to the beneficiaries? 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. D Any time in the past. 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. B Undercutting How can she obtain an individual policy? A Payment of restitution Autotrophs (like plants) produce glucose during photosynthesis. Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? A Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? The policy contained an accidental death rider, offering a double indemnity benefit. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. 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? They want to start a program through their practice that will provide retirement benefits for themselves and three employees. What statement is correct? 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. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. How could she obtain an individual policy? The premiums paid by the employer in a business life insurance policy are. The president of a company is starting an annuity and decides that his corporation will be the annuitant. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Up to 12 excess credit hours of CE may be carried over to the next review period. If an insured continually uses the automatic premium loan option to pay the policy premium. Which statement best defines an insurance producer? Which of the following is NOT a pathway in the oxidation of glucose. The policyowner may assign a part of the policy or the entire policy. 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 Therefore, in the other types of level policies, the first-year premium would not be different from any other year. All of the following would be considered to be rebating EXCEPT. On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? An insured pays an annual premium to his insurer. The protocol for replacement does not apply to which of the following situations? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. 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. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? any person acting as an insurance producer without a valid license may be fined up to. What is the term for how frequently a policyowner is required to pay the policy premium? A In the preceding 12 months. Who is the main purpose of the seven-pay test? When an insurer's underwriter approves coverage and issues a policy. 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? Which of the following persons is required to hold a producer license? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. A. D Misrepresentation, How much is an agent's appointment fee? C Coercion. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? = 15 ? This answer has been confirmed as correct and helpful. What is the minimum civil fine per violation of the Insurance Code of this state? D What must be acceptable in order for the ride to be able to waive the payment of premium? Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? 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 constant a term a variable an expression. There is a limit for a withdrawal and the insurer charges a fee. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? 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? All the following are true regarding rebates except? c) An offer of employment. Department of Education. D$2,000. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy?
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