all of the following would be considered rebating except

Which is NOT required of an applicant for an insurance license in Michigan? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. 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? Required by state law to be included in the policy, and cannot be altered by the policyowner. C Coercion. As the local coffee shop is just initiating the segmentation and targeting process, what has . The policy contained an accidental death rider, offering a double indemnity benefit. All of the following events will terminate a producer's certificate of appointment EXCEPT A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. Michigan's continuing education requirement has each of the following characteristics EXCEPT 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. Sexual orientation. D Must be completed by all licensed resident and nonresident producers. 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. all of the following would be considered rebating except All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer He died on February 28. What is true? 10 czerwca 2022 . A Discrimination. A A good business reputation and good moral character. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. D Adverse selection. 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 is the purpose of a fixed-period settlement option? 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? Flashcards - WA Common Law Practice Exam - FreezingBlue C All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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? Log in for more information. B Twisting Which of the following is an example of a producer being involved in an unfair trade practices of rebating? A salaried full-time employee who furnishes information for group insurance All of the following would be considered rebating except Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Commissioner. -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. 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? All Of The Following Are True Regarding Rebates Except Discrimination. 3. 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. C B Community service Which of the following terms best describes the advertisement? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? A Defamation all of the following would be considered rebating except Which of the following allows different operating systems to coexist on the same physical computer? D Surplus lines. B$1 Which two terms are associated directly with the premium? For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. A Cannot be extended or waived under any circumstances. 180 days. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? An appointment by an insurer is based upon the person maintaining a valid insurance license. 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.. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. 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 C 90 days If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? B At least 3 hours must cover ethics. An insured had a continuous premium whole life policy. B Mailing an agency brochure to a prospective client This practice is considered? Once the policyholder opts for cash surrender, the policy is immediately inactive. An insured had a $10,000 term life policy. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. 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. 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. In Connecticut, continuing education courses must be approved by the. Formula: (Ann . This practice is considered How many days does the insurer have to deliver this notice? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Age And employee is insured under her employers group life plan. From what type of insurer did the insured purchase the policy? Rebates are allowed if it's in the best interest of the client. He never remarried and dies at age 61, leaving 2 grown-up children. Term used to name the no taxes return of unused premiums? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. C Illegal under any circumstances A$500 Question. 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] Rebating is an unfair trade practice and is regulated by law. All of 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? c) Dividends are not considered to be rebates. Which of the following would be required to be licensed as an insurance producer? Which of the following will NOT be considered unfair discrimination by insurers? Within how many days of this notification must the producer be sent a copy? And employee quits her job where she has a balance of $10,000 in her qualified plan. Asked 11/28/2019 3:15:17 PM. C A legal advertising strategy Attorney General. The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? Cash surrender, extended term, reduced paid-up. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. Shopping for electric motors can be tricky. 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. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? C. the employee of a disabled licensed a producer = 45/20 Which of the following is a true statement regarding taxation of the accelerated benefits? Department of Education. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Last year, she received a dividend check from the insurance company that was not taxable. b) Rebating can be anything of economic value, given as an inducement to buy. What type of annuity is it? There are several types of whole life polices. The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? MI Insurance Regulation Flashcards | Quizlet A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Annuities can also be used to.. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . New answers. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? A The person or interest to whom the policy proceeds will be paid upon the death of the insured. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? All of the following would be considered to be rebating EXCEPT. 1 to 50. 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 Discrimination. Identify the types of assets assigned to each classification. Which of the following would be considered an illegal inducement to purchase insurance? B A Certificate of Completion from the required pre-licensing study course What type of insurance policy may be used to fund this agreement? Which of the following is possible? Which of the following documents must be provided to the policyowner or applicant during policy replacement? 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. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. 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. How could she obtain an individual policy? B Criminal offense The Weegy: A modal verb (also modal, modal auxiliary verb, modal auxiliary) is a type of auxiliary verb that is used to All of the following would be considered rebating except, Which of the following types of insurance policies is most commonly used in credit life insurance, In order to reinstate a life insurance policy the insured must do all of the following except. During replacement of life insurance, or replacing ensure musky which of the following? 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? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. Home; About Us. Which of the following persons is required to hold a producer license? The advantage of qualified plans to employers is. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? The insurer has 15 days to file a notice of producer appointment. B Twisting. What describes the tax advantage of a qualified retirement plan? D Imprisonment. Requires the entire premium to be paid in one limp sum at the policy's inception. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. However, once there is solicitation, a license is required. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. An agent misrepresents policy benefits to convince a policyowner to replace policies. Which of the following would NOT be considered rebating? A straight life policy has what type of premium? Group life insurance is a single policy written to provide coverage to members of a group. M may perform all of the following duties EXCEPT. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. 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. An insured has a life insurance policy from a participating company and receives quarterly dividends. B Advertise & solicit business as an insurance counselor or consultant Your email address will not be published. D Producer commission schedules. She also wished to retain all of the rights of ownership. The policyowner of an adjustable life policy wants to increase the death benefit. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? C Law of large numbers The applicant must file a certificate of completion of the prelicensing courses taken to prove that the courses were not taken more than 12 months before the Commissioner received the application. What license or licenses are required to sell variable life annuities? The purpose of the Tennessee Guaranty Association is to. 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. D 10 days. D Inviting prospective clients to the grand opening of the producer's new office. What percentage of a company's employees must take part in a noncontributory group life plan? A$500 All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. What option could the insured utilize? D A key person insurance policy can pay for what? All the following are true regarding rebates except? C. Address If an insured withdraws a portion of the death benefit by the use of this rider, the benefit payable at death will be reduced by that amount plus.. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. C Class C violation 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? A corporation is the owner and beneficiary of the key person life policy. This is considered to be an unfair claim settlement practice After five years, she decides to leave the company and work independently. = 2 1/4. The regulation of the insurance industry primarily rest with. Under what circumstances could the daughter collect the death benefit? Which of the following individuals could qualify for a temporary insurance license? A 40 year old man buys a whole life policy and names his wife as his only beneficiary. If an insurer terminates a producer, the Commissioner must be notified. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? B Stock Company What is true of the cash surrender nonforfeiture option? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. He discovered that his policy.. B Unfair claim practice. Employer contributions made to a qualified plan.. 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? 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. The premiums paid by the employer in a business life insurance policy are. Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract. In this case, what will the policy beneficiary receive? D Any time in the past. C Rebating D Cancelling individual coverage based on the insured's marital status. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. all of the following would be considered rebating except D 6 2/3 B Misleading advertising. The integer 4 is considered all of the following except _____. Life Insurance 3 Flashcards | Chegg.com A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. 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 A temporary producer license could be issued without examination to all the following EXCEPT? all of the following would be considered rebating except According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? B In the preceding 2 years. What is the term for how frequently a policyowner is required to pay the policy premium? D Audit or abstract insurance policies or annuities. Variable life insurance is based on what kind of premium? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. Rating. B$1,000 The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? In a life settlement contract, whom does the life settlement broker represent? What information will be stated in the consideration clause of a life insurance policy? What best describes this practice? 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? All riders that will cause the death benefit to increase? Each of the following statements may (or may not) describe one of these technical terms. 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 Coercion. You dont have to worry about it anymore. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Which of the following best describes the act? Which of the following would be required to be licensed as an insurance producer? D 10. 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} When is the earliest a policy may go into effect? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. How long must an insurer keep a copy of an authorized form in its records? = 15 * 3/20 A. the spouse or legal representative of a deceased insurance producer A rebate is a type of purchasing discount that is paid as a reduction. 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. There is a limit for a withdrawal and the insurer charges a fee. Which of the following is not a standard mounting dimension for an electric motor? The company is guilty of Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? 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. Mutual-policyholders; Stock-stockholders. 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 He has instructed the company to apply the policy dividends to increase the death benefit. What relationship is not an example of insurable interest? D If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. B. Defamation. What is the purpose of a disclosure statement in life insurance policies? 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 of the following would be considered rebating except. What statement is true concerning buy-sell agreements? An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. Because of this, the company charged him a higher rate for his insurance. All the following could be considered rebates if offered to an insured in the sale of insurance except? any person acting as an insurance producer without a valid license may be fined up to.

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