all of the following would be considered rebating except all of the following would be considered rebating except

In this situation, a licensee would have to apply for a resident's license within 90 days. Licensed, however, not in the state the indivisible resides. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. C$100 Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. Which of the following persons is required to hold a producer license? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? The insured had his wife named as the beneficiary of his life insurance policy. D Business Entity. If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. New answers. B A new Commissioner or Director is put into office. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. C Controlled business. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? Each agent must pay a $5 appointment fee to the Commissioner. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. In an annuity, the accumulated money is converted into a stream of income during what time period? What type of policy is this? When an insurer's underwriter approves coverage and issues a policy. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. 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. If the father becomes disabled, what will happen to the life insurance premiums? A Defamation An insured misstates her age at the time the life insurance application is taken. From what type of insurer did the insured purchase the policy? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. 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. It was determined that the accident was his fault. D Coercion. D An offer of employment. Which of the following has not been taken to court for further interpretation? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. select one: Which set of characteristics will produce the smallest value for the estimated standard error? I love when a hack helps me to recycle, and makes my life easier. D$5. C Sharing commission with the insured Which nonforfeiture option provides coverage for the longest period of time? If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? If a licensee fails to earn 24 hours of CE by the required review date, the license will be suspended for up to 90 days. Thanks for choosing us. Insurers are also not allowed to cancel individual coverage due to a change in marital status. D Controlled business. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. There is a limit for a withdrawal and the insurer charges a fee. What statement about a suicide clause in a life insurance policy is true? When would a 20-pay whole life policy endow? Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. 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. What is the required percentage of participants in a contributory group plan? 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? In this situation, the Commissioner must be notified within 30 days. 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} What percentage of a company's employees must take part in a noncontributory group life plan? 45 To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity What relationship is not an example of insurable interest? Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. B 90 days Correlation and Causation What are correlation and causation and how are they different? C A Payment of restitution The agent is guilty of? D Slandering. 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. As it turns out, the answer to this question depends upon a variety of factors. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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. When does the policy coverage become effective? C. Rebating. C. An insurance company director who performs executive, administrative and managerial duties 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. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? 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". A Restriction of authority If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years, which of the following would be taxable annually? Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. And insured has a modified endowment contract. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). 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 the corporation collect the policy benefit, then. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? In this case, what will the policy beneficiary receive? An insured pays $1,200 annually for her life insurance premium. 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. C Defamation. How do you get to Motion settings on iPhone? Company Information; FAQ; Stone Materials. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. C Illegal under any circumstances B$1,000 What type of annuity is it? What source will it consult for the majority of its underwriting information? B 3 days An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. Which of the following best describes the unfair trade practices of defamation? Both the offer and acceptance of a rebate are illegal. B A Certificate of Completion from the required pre-licensing study course 90 days. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. Ultimately, the commissioner determined that there were a total of 25 separate violations. Which of the following is possible? What option would allow her to do this? Asked 10/30/2021 2:23:39 PM. Within how many days of this notification must the producer be sent a copy? D An offer of employment. MI Life Insurance Policy Provisions, Options, Federal Tax Considerations for Health Insuran, Qualified Plans, and Federal Tax Consideratio, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. A Producer regulations and testing requirements. Which policy provision allows this? Which of the following would be considered false advertising? A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. Azanswer team is here with the correct answer to your question. Commissioner. The policyowner of an adjustable life policy wants to increase the death benefit. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant What policy component decreases in decreasing term insurance? 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? All the following are true regarding rebates except? B 60 days Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. What will she need to provide for proof of insurability? An out-of-state producer wants to start selling insurance in this state. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Ownership is the difference between these two companies. What happens to the premium on the children's rider in a life insurance policy? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. What amount would his beneficiary receive as a settlement? D Must be completed by all licensed resident and nonresident producers. C Dividends from a mutual insurer. A salaried full-time employee who furnishes information for group insurance 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 Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. What license or licenses are required to sell variable life annuities? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. B Suspension of authority Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? 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. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. Rebates are allowed if it's in the best interest of the client. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? Attorney General. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? Term used to name the no taxes return of unused premiums? What is the purpose of a disclosure statement in life insurance policies? This is a personal use of life insurance known as. The purpose of the Tennessee Guaranty Association is to. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. A candidate for life insurance producer's license must complete how many hours of prelicensing education? E The spouse of a deceased insurance producer. C 90 days Describe the relationship between potential difference and electrical potential energy. 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? D A termination issued by the appointing insurer. 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. In level term and increasing term policies, the premium also remains level for the term of the policy. C 7 What type of policy does the insured most likely have? And employee is insured under her employers group life plan. During replacement of life insurance, or replacing ensure musky which of the following? A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. The requirement that an agent not co-mingle insurance monies with their own fund is known as? Only any excess of value is taxable as income. Telling a client that his first premium will be waived if he purchases the insurance policy today. [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 . Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. The person or interest to whom the policy proceeds will be paid upon the death of the insured. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. NAIC. Which nonforfeiture option has the highest amount of insurance protection? Why is an equity Indexed annuity considered to be a fixed annuity? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Which two terms are associated directly with the premium? A corporation is the owner and beneficiary of the key person life policy. Which of the following best describes this act? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. A temporary license in this state is valid for a maximum of 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. C For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. 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. What is the primary purpose of a 401(k) plan? d) Rebates are allowed if it's in the best interest of the client. 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. What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? B An offer to share in commissions generated by the sale. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? Which of the following would NOT be considered rebating? D. Coercion and intimidation. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? 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. Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. B False advertising. C Charging applicants with similar health histories different premiums based on their ethnicity Commissions are set by a schedule or negotiation between the producer and the insurance company. Rebates are allowed if it's in the best interest of the client. Added 30 days ago|10/30/2021 2:46:29 PM. A Deals with insurance outside the scope of the license. B At least 3 hours must cover ethics. C Twisting Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? Which is NOT required of an applicant for an insurance license in Michigan? Most horse (1). 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? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. What is the maximum fine for submitting a false or fraudulent claim to the insurer? 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? Vscode No server install found in WSL, needs x64. The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. 6 2/3 What is this called? A. Misrepresentation. It is never legal to limit coverage based on marital status. A Adverse selection All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. An insured has chosen joint and 2/3 survivor as the settlement option. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. D Until now, she has collected a nontaxable dividend check each year. 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? C Law of large numbers 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. B Community service 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? Which statement best defines an insurance producer? A. This is a personal use of life insurance known as.. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? Up to 12 excess credit hours of CE may be carried over to the next review period. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. This rider will not cause the death benefit to increase. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties.