Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? I love when a hack helps me to recycle, and makes my life easier. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. The policyowner of an adjustable life policy wants to increase the death benefit. B An offer to share in commissions generated by the sale. D Unfair Discrimination. This answer has been confirmed as correct and helpful. What amount would his beneficiary receive as a settlement? NAIC. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. The agent is guilty of? D 10. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. Both the offer and acceptance of a rebate are illegal. 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? What is the official name for the Social Security program? 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. A salaried full-time employee who furnishes information for group insurance If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. In which of the following situations is it legal to limit coverage based on marital status? 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. Your email address will not be published. Minimum number of credits required for partially insured status for Social Security disability benefits is. Which two terms are associated directly with the premium? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. User: 3/4 16/9 Weegy: 3/4 ? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. B$1 What is the required percentage of participants in a contributory group plan? Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. B A new Commissioner or Director is put into office. C A legal advertising strategy A temporary license in this state is valid for a maximum of It was determined that the accident was his fault. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? A. 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. He has instructed the company to apply the policy dividends to increase the death benefit. 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. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? 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? The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. Ultimately, the commissioner determined that there were a total of 25 separate violations. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. What is true of the cash surrender nonforfeiture option? = 2 5/20 In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. 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? As it turns out, the answer to this question depends upon a variety of factors. It is never legal to limit coverage based on marital status. The amount of payments will be determined by taking into account all of the following: When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount.. An insured owns a $50,000 whole life policy. A In the preceding 12 months. Requires the entire premium to be paid in one limp sum at the policy's inception. What option would allow her to do this? What is true about beneficiary designations? They want to start a program through their practice that will provide retirement benefits for themselves and three employees. Annuities can also be used to.. What describes the tax advantage of a qualified retirement plan? Age What statement about a suicide clause in a life insurance policy is true? 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. C$100 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. A Rebating. A Misdemeanor All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. You dont have to worry about it anymore. In this situation, the Commissioner must be notified within 30 days. 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. Upon policy delivery, the producer may be required to obtain? 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. A Producer regulations and testing requirements. B Legal, provided that the other insurers are paid royalties for the usage of their names An Insurer wants to begin underwriting procedures for an applicant. A Illegal until endorsed by the Guaranty Association Michigan's continuing education requirement has each of the following characteristics EXCEPT All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? This misstatement may result in? An insured pays $1,200 annually for her life insurance premium. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Which policy component decreases in decreasing term insurance? 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 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. What is the result of this? She would likely purchase a(n)? A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? D False advertising. In which instance would the premium be tax deductible? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? B. 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. Which nonforfeiture option has the highest amount of insurance protection? Commissions are set by a schedule or negotiation between the producer and the insurance company. The policyowner pays for her life insurance annually. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? A. Part 2 of the application for life insurance provides questions regarding all of the following.. In an annuity, the accumulated money is converted into a stream of income during what time period? A$500 The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. 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. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone The insured had his wife named as the beneficiary of his life insurance policy. Y was killed in an automobile accident on August 22, before the policy was issued. In order to to do that, what may happen? An agent's license may also be suspended or revoked. Unintentional misspellings are not a misrepresentation. Which of the following would be considered an illegal inducement to purchase insurance? Rating. It is the premium paying period that is limited, not the maturity. This rider will not cause the death benefit to increase. C Illegal under any circumstances An insured owns a life insurance policy. What settlement option should the policyowner choose? all of the following would be considered rebating except. A temporary producer license could be issued without examination to all the following EXCEPT? A key person insurance policy can pay for what? A 40 year old man buys a whole life policy and names his wife as his only beneficiary. User: She worked really hard on the project. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? 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? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. Thanks for choosing us. B Advertise & solicit business as an insurance counselor or consultant When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. The person or interest to whom the policy proceeds will be paid upon the death of the insured. Because of this, the company charged him a higher rate for his insurance. The soon-to-be producer does not want to wait until he receives his license in order to begin working. What relationship is not an example of insurable interest? unit 3: personal and business finance grade boundaries. D An offer of employment. All paid by the time the insured reaches age 65. Old-age and retirement benefits, disability benefits, death benefits. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. Which of the following is true? 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? Updated 10/30/2021 2:46:29 PM. When an insurer's underwriter approves coverage and issues a policy. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. What policy would have an IRS required corridor or gap between the cash value and the death benefit? 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. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. D 30 days. B Coercion launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples An agent who offers a cash reward to a prospect for buying a policy is guilty of. D A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. 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? What is this called? B Illegal After five years, she decides to leave the company and work independently. C It requires satisfactory completion of at least 24 hours of approved training every biennium. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? C Coercion. Rebating can be anything of . All of the following are true regarding rebates EXCEPT. All of the following actions can be described as twisting EXCEPT. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Paid cash to cover desk purchased on account. An insured pays an annual premium to his insurer. C Misrepresentation The policyowner of an adjustable life policy wants to increase the death benefit. all of the following would be considered rebating except. What are the two components of a universal policy? 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. There are just too many details and specifications which you must be certain of when looking for one. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. In Connecticut, continuing education courses must be approved by the. How much would the beneficiary receive from the policy? 90 days. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. The following areas are regulated by the Insurance Department EXCEPT B 30 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. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents.
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