Which of the following best describes this act? An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. What is the purpose of a free-look period in insurance policies? 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. C. An insurance company director who performs executive, administrative and managerial duties It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. 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. Coercion and intimidation. C. Rebating. A. An individual has been diagnosed with Alzheimer's disease. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Time during which accumulated money is converted into an income stream. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. C Sharing commission with the insured What statement is correct? Is a program that assesses and reports information about various computer resources and devices. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? What type of insurance policy may be used to fund this agreement? This rider usually expires at the insured's age of 40. Annuities can also be used to.. It is the premium paying period that is limited, not the maturity. Which of the following best describes the act? 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. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Only any excess of value is taxable as income. A 60 days What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? B Legal, provided that the other insurers are paid royalties for the usage of their names What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? What does this mean? What is the purpose of establishing the target premium for a universal life policy? An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. C. the employee of a disabled licensed a producer A banker is ready to close on a customer's loan. A Rebating. 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. Formula: (Ann . In this case, what will the policy beneficiary receive? 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? D False financial statement. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. 60 days. If the father becomes disabled, what will happen to the life insurance premiums? The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. He dies in a freak accident on June 1. Vscode No server install found in WSL, needs x64. D False advertising. M may perform all of the following duties EXCEPT. What type of policy is this? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? The designee of a producer that is called to active service with the Navy. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. 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. 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. 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? Why is an equity Indexed annuity considered to be a fixed annuity? He has instructed the company to apply the policy dividends to increase the death benefit. In order to to do that, what may happen? What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? All of the following would be considered to be rebating EXCEPT. Required by state law to be included in the policy, and cannot be altered by the policyowner. Which of the following best describes the unfair trade practices of defamation? Thanks for choosing us. D 10 days. B Twisting. The protocol for replacement does not apply to which of the following situations? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? An employee quits her job where she has a balance of $10,000 in her qualified plan. 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. C Solicit business as an insurance producer Number of credits required for fully insured status for Social Security disability benefits? Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? What type of policy is this? A 40 year old man buys a whole life policy and names his wife as his only beneficiary. A Discrimination. 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? = 15 ? Search for an answer or ask Weegy. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? 90 days. What statement about a suicide clause in a life insurance policy is true? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces Question. D Cancelling individual coverage based on the insured's marital status. What type of insurance policy would perform the function of cash accumulation? What settlement option should the policyowner choose? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT A. the spouse or legal representative of a deceased insurance producer B A Temporary B Coercion All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . 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. However, once there is solicitation, a license is required. Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. Within how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? D Misrepresentation, How much is an agent's appointment fee? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? What is true concerning a buy-sell agreement? C Twisting. A Defamation 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. Published by at June 10, 2022. = 2 5/20 What is the purpose of a fixed-period settlement option? all of the following would be considered rebating except. She would likely purchase a(n)? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. D Business Entity. A Rebating. 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 would be required to complete pre-licensing education? An insured committed suicide 6 months after his life insurance policy was issued. An insured pays an annual premium to his insurer. The policyowner is entitled to policy loans. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. What describes the tax advantage of a qualified retirement plan? C Consists of completing 24 hours of CE each biennium. There is a limit for a withdrawal and the insurer charges a fee. Which of the following is NOT a pathway in the oxidation of glucose. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. How many days does the insurer have to deliver this notice? b) Rebating can be anything of economic value, given as an inducement to buy. B Nothing, unless the remarks were in writing An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. What statement is true concerning buy-sell agreements? What term best describes this arrangement? launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Which of the following would be considered false advertising? B Applies to life, annuity, and accident and health licensees only. A Misdemeanor An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. 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 "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A Defamation Which of the following activities is not performed by an insurance producer? Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. An insured has a life insurance policy from a participating company and receives quarterly dividends. What type of annuity is it? D 10. = 15 * 3/20 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. B Coercion. 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. Define electric potential and electric potential energy. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. As the local coffee shop is just initiating the segmentation and targeting process, what has . When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? What type of policy does the insured most likely have? C It requires satisfactory completion of at least 24 hours of approved training every biennium. Home; About Us. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? She also wished to retain all of the rights of ownership. C Controlled business. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? In which of the following situations is it legal to limit coverage based on marital status? They want to start a program through their practice that will provide retirement benefits for themselves and three employees. B At least 3 hours must cover ethics. What is the minimum required age for an insurance producer in this state? Juan is the person employees go to when knowledge of a topic was needed. If an insured continually uses the automatic premium loan option to pay the policy premium. If the corporation collects the policy benefit, then. What is the purpose of a disclosure statement in life insurance policies? If a live insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST. A 15 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. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. This is called.. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy.