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? Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. 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? juan holds ________ power. Which policy component decreases in decreasing term insurance? What dividend option could she use? 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. The accelerated benefits provision for an early payment of the death benefit when the insured.. An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. What policy component contains the company's promise to pay? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? select one: Which set of characteristics will produce the smallest value for the estimated standard error? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? What required provision protects against unintentional lapse of the policy? A$500 What is the other term for the cash payment settlement option? The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. This is a personal use of life insurance known as. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? unit 3: personal and business finance grade boundaries. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. Which two terms are associated directly with the premium? Azanswer team is here with the correct answer to your question. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? B False advertising. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. C Mutual Company Annuities can also be used to.. What determines the amount of each installment paid in a life income option arrangement? Taxation on dividends in participating policies? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. A Misdemeanor 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. C 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? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. There is a limit for a withdrawal and the insurer charges a fee. When would a misrepresentation on the insurance application be considered fraud? There are several types of whole life polices. What option does this describe? What is the purpose of a disclosure statement in life insurance policies? Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? When would a 20-pay whole life policy endow? New answers. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? 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". What characteristic makes whole life permanent protection? Nonforfeiture values guarantee which policyowner? Insurers are also not allowed to cancel individual coverage due to a change in marital status. In this state, a temporary license may be issued for any of the following reasons EXCEPT. 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? C Cease and desist order The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? D$5,000. C$100 1 to 50. 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. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. Updated 10/30/2021 2:46:29 PM. A temporary license in this state is valid for a maximum of B Advertise & solicit business as an insurance counselor or consultant When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. Published by at June 10, 2022. What is true? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. The policyowner pays for her life insurance annually. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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? Which of the following would be considered false advertising? D 10 days. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. B 90 days A What best describes what will happen? C Dividends from a mutual insurer. The requirement that an agent not co-mingle insurance monies with their own fund is known as? 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. B. Who is the main purpose of the seven-pay test? D Adverse selection. Within how many days does a licensee have to inform the Commissioner of a change of address? The following areas are regulated by the Insurance Department EXCEPT What is the maximum fine for submitting a false or fraudulent claim to the insurer? During replacement of life insurance, or replacing ensure musky which of the following? 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. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. What source will it consult for the majority of its underwriting information? 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. Cash surrender, extended term, reduced paid-up. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A Defamation Why is an equity Indexed annuity considered to be a fixed annuity? Rebates are allowed if it's in the best interest of the client. 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? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral What is the required percentage of participants in a contributory group plan? A Payment of restitution Which nonforfeiture option provides coverage for the longest period of time? Rebates include money, sharing of commissions, promises, inducements and personal services. An insured pays an annual premium to his insurer. A rebate is a type of purchasing discount that is paid as a reduction. May be structured to allow for specific additional amounts of insurance to be purchased at specific ages, dates, and events without proving insurability; however, the coverage is purchased at the insured's attained age and the maximum allowable purchase is specified in the base policy. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? What term best describes this arrangement? C 90 days What are the classifications of net assets reported in the statement of financial position by private colleges? And insured has a modified endowment contract. A A producer's license is suspended or revoked by the Department of Insurance. B Illegal A Discrimination. What type of policy does the insured most likely have? An annuity owner is funding an annuity that will supplement her retirement. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? c) An offer of employment. What is the primary purpose of a 401(k) plan? Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. He's insured under a life insurance policy with the accelerated benefits rider. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? D Which of the following best describes this act? A 15 Asked 11/28/2019 3:15:17 PM. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT What will she need to provide for proof of insurability? If a company has a simplified employee pension plan, what type of plant is it? An insured owns a life insurance policy. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. A A good business reputation and good moral character. You dont have to worry about it anymore. C Accidentally misspells the name of the insurance policy in a written communication to a customer. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. What option would allow her to do this? A. D False advertising. 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. A Unfair claims What information will be stated in the consideration clause of a life insurance policy? C Defamation 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 Eligibility requirements for a license are established by the Insurance Code. D Which provision of a life insurance policy states that the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? What determines the length of time that benefits will be received under the fixed-amount settlement option? 20/3 All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What type of insurance policy may be used to fund this agreement? An insured purchased an insurance policy 5 years ago. A 60 days What is not an example of a business use of life insurance? B At least 3 hours must cover ethics. A straight life policy has what type of premium? Which of the following will NOT be considered unfair discrimination by insurers? Most horse (1). An insured misstates her age at the time the life insurance application is taken. 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? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. Which type of life insurance policy generates immediate cash value? An out-of-state producer wants to start selling insurance in this state. the spouse of a retiring insurance producer Rebating can be anything of . 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?

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