The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. B Illegal D False financial statement. What type of policy is this? Which of the following statements about the reinstatement provision is true? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? What type of license should the producer obtain? Which of the following would be required to complete pre-licensing education? 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? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. She would likely purchase a(n)? And employee is insured under her employers group life plan. A tax-sheltered annuity is a special tax-favored retirement plan available to. The purpose of the Tennessee Guaranty Association is to. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . What is the official name for the Social Security program? Vscode No server install found in WSL, needs x64. What are the two components of a universal policy? 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? Life Insurance 3 Flashcards | Chegg.com Which policy provision allows this? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. In Connecticut, continuing education courses must be approved by the. If an insurer terminates a producer, the Commissioner must be notified. Telling a client that his first premium will be waived if he purchases the insurance policy today. C Coercion. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? If the corporation collect the policy benefit, then. A Discrimination. How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. all of the following would be considered rebating except An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. As the local coffee shop is just initiating the segmentation and targeting process, what has . C Dividends from a mutual insurer. Until now, she has collected a nontaxable dividend check each year. B Twisting. Required by state law to be included in the policy, and cannot be altered by the policyowner. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. What does this mean to the beneficiaries? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? The advantage of qualified plans to employers is. 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. A Concealment. Most horse (1). B Coercion E The spouse of a deceased insurance producer. 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. C$2,000 D Identify the types of assets assigned to each classification. C Consists of completing 24 hours of CE each biennium. Under what circumstances could the daughter collect the death benefit? C Rebating. A 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 Which of the following is an example of a producer being involved in an unfair trade practice of rebating? D 2 years. 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. 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 could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. There are several types of whole life polices. What amount would his beneficiary receive as a settlement? 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. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. He died on February 28. The integer 4 is considered all of the following except _____. a If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral 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). The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. How much would the beneficiary receive from the policy? A Payment of restitution The integer 4 is considered all of the following except a variable. What is the purpose of a disclosure statement in life insurance policies? Gender C In the last 5 years. What dividend option could she use? Log in for more information. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. 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. All of the following would be considered to be rebating EXCEPT? 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. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. juan holds ________ power. An out-of-state producer wants to start selling insurance in this state. 30 days. Rebates are allowed if it's in the best interest of the client. The policy contained an accidental death rider, offering a double indemnity benefit. During replacement of life insurance, or replacing ensure musky which of the following? 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". Home; About Us. C Rebating C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? 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? Azanswer team is here with the correct answer to your question. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces How long must an insurer keep a copy of an authorized form in its records? He wants to withdraw some money in order to pay medical bills. In life insurance policies, cash value increases. C Fine His wife dies 10 years later. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. D When an insurer's underwriter approves coverage and issues a policy. An insured purchased an insurance policy 5 years ago. B Misleading advertising. 20/3 Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. C Charging applicants with similar health histories different premiums based on their ethnicity D A termination issued by the appointing insurer. Rating. What is the purpose of a free-look period in insurance policies? Which of the following best describes this act? To combat the Where is heavy cream in Walmart? C Dividends from a mutual insurer. Company Information; FAQ; Stone Materials. Missouri Statutes, Rules, and Regulations common to all lines *revised baja fresh queso recipe; Tags . 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 Term used to name the no taxes return of unused premiums? You dont have to worry about it anymore. The policyowner of an adjustable life policy wants to increase the death benefit. Nonforfeiture values guarantee which policyowner? 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. To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within how many days? What determines the amount of each installment paid in a life income option arrangement? If a company has a simplified employee pension plan, what type of plant is it? C Dividends from a mutual insurer. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. B Stock Company The producer could be found guilty of The insured knows that his financial state will worsen even more with upcoming medical expenses. What is the minimum civil fine per violation of the Insurance Code of this state? User: 3/4 16/9 Weegy: 3/4 ? An insured receives an annual life insurance dividend check. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? An agent who offers a cash reward to a prospect for buying a policy is guilty of. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. A straight life policy has what type of premium? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. D$2,000. Like a fixed annuity, EIA's have guaranteed minimum interest rates, also less risky than variable annuities, the insurance company also keeps a percentage of the returns. Whenever an individual stops drinking, the BAL will ________________. 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. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. D Misrepresentation. It was determined that the accident was his fault. Cash surrender, extended term, reduced paid-up. D Surplus lines. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? A Unfair claims What employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? A Producer regulations and testing requirements. What policy component contains the company's promise to pay? A. D$5,000. What statement about a suicide clause in a life insurance policy is true? D Who is the main purpose of the seven-pay test? B Legal, provided that the other insurers are paid royalties for the usage of their names 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? The insurer has 15 days to file a notice of producer appointment. C$100 Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. Commissions are set by a schedule or negotiation between the producer and the insurance company. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? D 10. In a life settlement contract, whom does the life settlement broker represent? A key person insurance policy can pay for 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. 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. 60 days. all of the following would be considered rebating except If an insured continually uses the automatic premium loan option to pay the policy premium. An insured owns a life insurance policy. C A legal advertising strategy 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. Paid cash to cover desk purchased on account. B What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? Asked 11/28/2019 3:15:17 PM. 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. An agent misrepresents policy benefits to convince a policyowner to replace policies. D 120 days. 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. B Mailing an agency brochure to a prospective client Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Annuities can also be used to.. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT The company also guarantees the specified dollar amount for each payment and the length of the payout period. A A good business reputation and good moral character. Flashcards - Connecticut Insurance Test 2021 - FreezingBlue If the father becomes disabled, what will happen to the life insurance premiums? A Which of the following is possible? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. What is the purpose of a fixed-period settlement option? D A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. All of the following actions are considered rebating except What characteristic makes whole life permanent protection? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? D An offer of employment. Licensed, however, not in the state the indivisible resides. b) Rebating can be anything of economic value, given as an inducement to buy. 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. This is considered to be false, deceptive or misleading advertising. A temporary license may be issued for up to 180 days. D Imprisonment. B Advertise & solicit business as an insurance counselor or consultant all of the following would be considered rebating except B Nonresident 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? What is this an example of? 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. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. Discrimination. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. 30 (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. D Controlled business. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. D Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape All of the following events will terminate a producer's certificate of appointment EXCEPT What option could the insured utilize? Log in for more information. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? C Solicit business as an insurance producer In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? B Materially misrepresents an insurance policy. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Cradle. D 30 days. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process When may an insurance company use suicide as a defense against paying a death claim? I love when a hack helps me to recycle, and makes my life easier. D. Sexual orientation. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. D Audit or abstract insurance policies or annuities. Rebates include money, sharing of commissions, promises, inducements and personal services. Which type of life insurance policy generates immediate cash value? All of the following actions are considered rebating except sharing commissions with other licensed and appointed agents An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. C Illegal under any circumstances Is a program that assesses and reports information about various computer resources and devices. Which of the following persons is required to hold a producer license? A corporation is the owner and beneficiary of the key person life policy. However, once there is solicitation, a license is required. A 30 days Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. 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. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . This is a personal use of life insurance known as. the spouse of a retiring insurance producer Each of the following statements may (or may not) describe one of these technical terms. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? D$5. If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? What is true? 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 You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. 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? The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business.

Stellaris: Console Edition 2022 Roadmap, Articles A