all of the following would be considered rebating except
C. An insurance company director who performs executive, administrative and managerial duties What is the result of this? A banker is ready to close on a customer's loan. User: 3/4 16/9 Weegy: 3/4 ? Log in for more information. Why is an equity Indexed annuity considered to be a fixed annuity? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. Telling a client that his first premium will be waived if he purchases the insurance policy today. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? A father owns a life insurance policy on his 15-year-old daughter. C$2,000 D 10 days. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. Paid cash to cover desk purchased on account. C When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. Shopping for electric motors can be tricky. 15 A Illegal until endorsed by the Guaranty Association What is the name of the insured who enters into a viatical settlement. A A good business reputation and good moral character. = 2 5/20 B 90 days If an insurer terminates a producer, the Commissioner must be notified. What is the total, monetary penalty this producer can expect to receive? How many days does the insurer have to deliver this notice? C Solicit business as an insurance producer B Discrimination 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. Minimum number of credits required for partially insured status for Social Security disability benefits is. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as A salaried full-time employee who furnishes information for group insurance Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? C Sharing commission with the insured A Rebating. 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? It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. D Adverse selection. To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is executed? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. Rebates are allowed if it's in the best interest of the client. = 15 ? The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. B In the preceding 2 years. What is the purpose of a fixed-period settlement option? 60. B Community service C Misrepresentation The company also guarantees the specified dollar amount for each payment and the length of the payout period. The purpose of the Tennessee Guaranty Association is to. During replacement of life insurance, or replacing ensure musky which of the following? A Assigning different risk classifications to applicants based on gender identity The company is guilty of There is a limit for a withdrawal and the insurer charges a fee. B Suspension of authority This answer has been confirmed as correct and helpful. C. the employee of a disabled licensed a producer 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. The insured had his wife named as the beneficiary of his life insurance policy. 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? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? All of the following events will terminate a producer's certificate of appointment EXCEPT Rebating can be anything of . When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. The premiums paid by the employer in a business life insurance policy are. What is this called? C In the last 5 years. In this state, what type of violation is rebating? C Policyowner rights and disclosures. 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 insurer devises an intimidation strategy in order to corner a large portion of the insurance market. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. Until now, she has collected a nontaxable dividend check each year. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? 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. C Cease and desist order A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. The following areas are regulated by the Insurance Department EXCEPT Log in for more information. Search for an answer or ask Weegy. What type of policy is this? B A new Commissioner or Director is put into office. B A Certificate of Completion from the required pre-licensing study course A temporary producer license could be issued without examination to all the following EXCEPT? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What is the other term for the cash payment settlement option? 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? Correct Answer: A. She would likely purchase a(n)? C What relationship is not an example of insurable interest? The policyowner of an adjustable life policy wants to increase the death benefit. What is not an example of a business use of life insurance? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? D$5,000. Which of the following individuals could qualify for a temporary insurance license? 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. 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. His wife dies 10 years later. C An agent who offers a cash reward to a prospect for buying a policy is guilty of. An annuity owner is funding an annuity that will supplement her retirement. any person acting as an insurance producer without a valid license may be fined up to. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? Which of the following would be considered false advertising? A Rebating. Which of the following best describes the unfair trade practices of defamation? D Business Entity. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? D An offer of employment. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? D Cancelling individual coverage based on the insured's marital status. A It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. What would be the face amount of the new term policy? D Coercion. B Stock Company A Defamation 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. This year, she did not receive a check fin from the insurer. D What type of insurance policy would perform the function of cash accumulation? In Michigan the state's continuing education requirement C Accidentally misspells the name of the insurance policy in a written communication to a customer. Which type of life insurance policy generates immediate cash value? A table showing the nonforfeiture values for the next 20 years must be included in the policy. 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? A Defamation Age If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Insurers are also not allowed to cancel individual coverage due to a change in marital status. Group life insurance is a single policy written to provide coverage to members of a group. Mutual-policyholders; Stock-stockholders. 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. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. D. Coercion and intimidation. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? D C Listing the insurance companies the agency represents in a letter Which policy provision allows this? "At the time of the application" is when interest must exist. 1 to 50. 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. B Undercutting 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. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. This rider will not cause the death benefit to increase. How can she obtain an individual policy? What is the purpose of a free-look period in insurance policies? How could she obtain an individual policy? Cradle. 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..
Does Aoc Have Tattoo,
Hertfordshire County Council,
Articles A
