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Beneficiaries do not have to have an insurable interest in the policyholder. All of the following would be considered rebating except. B Twisting Group life insurance is a single policy written to provide coverage to members of a group. B What type of annuity is it? A What must be acceptable in order for the ride to be able to waive the payment of premium? Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. What type of annuity is it? The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. Shopping for electric motors can be tricky. Published by at June 10, 2022. 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. 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. An insured had a continuous premium whole life policy. A D An offer of employment. 60 days. 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. An insured owns a life insurance policy. What percentage of a company's employees must take part in a noncontributory group life plan? Unintentional misspellings are not a misrepresentation. Synonym for a substandard risk classification. A candidate for life insurance producer's license must complete how many hours of prelicensing education? B 90 days As it turns out, the answer to this question depends upon a variety of factors. Will result in having to pay the highest premium due to health, history, habits, etc. The ownership provision entitles the policyowner to do what? f. Get an answer. must ensure a pair that's benefit claim after receiving the product of death? A In the preceding 12 months. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. D. A salaried employee who advertises and solicits insurance. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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? Categories . C. the employee of a disabled licensed a producer What are examples of a business use of life insurance? In this state, a temporary license may be issued for any of the following reasons EXCEPT. Convertible without proof of insurability up to the full term death benefit. C These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. How do you get to Motion settings on iPhone? Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as B Advertise & solicit business as an insurance counselor or consultant all of the following would be considered rebating except. 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? B Nothing, unless the remarks were in writing This is due to what provision? C. An insurance company director who performs executive, administrative and managerial duties All the following would be considered an unfair and deceptive practice. C Class C violation D Audit or abstract insurance policies or annuities. A Defamation A Producer regulations and testing requirements. This is considered to be an unfair claim settlement practice In order to enforce the insurance code the commissioner has the power to conduct which of the following? Each agent must pay a $5 appointment fee to the Commissioner. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? An agent who offers a cash reward to a prospect for buying a policy is guilty of. Only any excess of value is taxable as income. Rating. Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. In this state, what type of violation is rebating? All of the following events will terminate a producer's certificate of appointment EXCEPT Which of the following is an example of a producer being involved in an unfair trade practices of rebating? What is the purpose of a fixed-period settlement option? D False advertising. A 30 days C In the last 5 years. 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. D 120 days. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. What determines the length of time that benefits will be received under the fixed-amount settlement option? 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. Upon conviction, a person who has submitted a false or fraudulent claim or report to the insurer may be fined, imprisoned, or both, and required to pay restitution. He has instructed the company to apply the policy dividends to increase the death benefit. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. A Defamation D Must be completed by all licensed resident and nonresident producers. D Engages in fraud. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? D A license to practice law. D 30 days. What is true regarding a non-qualified retirement plan? Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. An insured purchases a policy in 2008 and died in 2013. 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. A rebate is a type of purchasing discount that is paid as a reduction. All paid by the time the insured reaches age 65. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? B. Defamation. B. Twisting. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. C Defamation What information will be stated in the consideration clause of a life insurance policy? This is considered to be false, deceptive or misleading advertising. Which of the following terms best describes the advertisement? A Unfair claims A Defamation A banker is ready to close on a customer's loan. B At least 3 hours must cover ethics. The policyowner of an adjustable life policy wants to increase the death benefit. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. 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. His wife dies 10 years later. 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. Which of the following would be required to be licensed as an insurance producer? Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. 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. When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? D.the spouse of a retiring insurance producer Ownership is the difference between these two companies. A tax-sheltered annuity is a special tax-favored retirement plan available to. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? What type of life insurance policy would be best suited to this situation? c) An offer of employment. 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. Discrimination. 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. 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? There are just too many details and specifications which you must be certain of when looking for one. The Insurance Department regulations are to protect the insurance-buying public. Which of the following is possible? = 15 ? The insurance company discovers at that time that the insured concealed info during the application process. 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? Requires the entire premium to be paid in one limp sum at the policy's inception. Which of the following acts would not get an insurance producer terminated "for cause"? Which statement best defines an insurance producer? Which of the following persons is required to hold a producer license? She also wished to retain all of the rights of ownership. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? D Producer commission schedules. Juan is the person employees go to when knowledge of a topic was needed. D Controlled business. It was determined that the accident was his fault. 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? Death benefits payable to a beneficiary under a life insurance policy are generally. What settlement option should the policyowner choose? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. B An offer to share in commissions generated by the sale. Ultimately, the commissioner determined that there were a total of 25 separate violations. unit 3: personal and business finance grade boundaries. What is the maximum fine for submitting a false or fraudulent claim to the insurer? Which of the following is an example of a producer being involved in an unfair trade practice of rebating? I love when a hack helps me to recycle, and makes my life easier. 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? Which two terms are associated directly with the premium? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. 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. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? In which instance would the premium be tax deductible? C Twisting. All of the following would be considered rebating EXCEPT. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. He dies in a freak accident on June 1. all of the following would be considered rebating except Follow us. 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. An insured had a $10,000 term life policy. The company is guilty of All of the following would be considered to be rebating EXCEPT? When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. C 90 days 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 = 15 * 3/20 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. D. Commissioner. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? D The passing of a written examination. 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.. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What type of insurance policy would perform the function of cash accumulation? 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 employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? 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. Home; About Us. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. C$1,500 If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? B Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. 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. 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. What is true concerning a buy-sell agreement? C Dividends from a mutual insurer. What is true of the cash surrender nonforfeiture option? C SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Which of the following best describes the act? An appointment by an insurer is based upon the person maintaining a valid insurance license. Which of the following activities is not performed by an insurance producer? A Misdemeanor She would likely purchase a(n)? C. Rebating. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Most horse (1). 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.