B Mailing an agency brochure to a prospective client 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? 1 to 75. all of the following would be considered rebating except. He discovered that his policy.. A Assigning different risk classifications to applicants based on gender identity What type of insurance policy would perform the function of cash accumulation? Search for an answer or ask Weegy. Because of this, the company charged him a higher rate for his insurance. Question. She also wished to retain all of the rights of ownership. A An insured misstates her age at the time the life insurance application is taken. An individual has been making periodic payments on an annuity. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. What policy component contains the company's promise to pay? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. An insured has chosen joint and 2/3 survivor as the settlement option. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them.
Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com 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. 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? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? C Charging applicants with similar health histories different premiums based on their ethnicity C Sharing commission with the insured An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? This is called.. The insured knows that his financial state will worsen even more with upcoming medical expenses. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? C Dividends from a mutual insurer. The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. This is due to what provision? C
Life Insurance 3 Flashcards | Chegg.com The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. Cradle. The producer could be found guilty of? Which of the following would be required to be licensed as an insurance 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. B Nothing, unless the remarks were in writing What term best describes this arrangement? Ownership is the difference between these two companies. Group life insurance is a single policy written to provide coverage to members of a group.
MI Insurance Regulation Flashcards | Quizlet In which of the following situations is it legal to limit coverage based on marital status? How much would the beneficiary receive from the policy? This is a personal use of life insurance known as..
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? Telling a client that his first premium will be waived if he purchases the insurance policy today. 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? B Coercion. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. 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 The policyowner of an adjustable life policy wants to increase the death benefit. Old-age and retirement benefits, disability benefits, death benefits. D Audit or abstract insurance policies or annuities. A 30 days Both the offer and acceptance of a rebate are illegal. 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. D 30 days. In order to qualify for conversion from a group life policy to an individual policy of the same coverage, a person must have been insured under the group plan for how many years? Which of the following documents must be provided to the policyowner or applicant during policy replacement? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. A 7 days The insured had his wife named as the beneficiary of his life insurance policy. unit 3: personal and business finance grade boundaries. B$1,000 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. Upon policy delivery, the producer may be required to obtain? C Policyowner rights and disclosures. 30 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. D Which of the following acts would not get an insurance producer terminated "for cause"? An insured pays $1,200 annually for her life insurance premium. Commissions are set by a schedule or negotiation between the producer and the insurance company. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? 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. 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 Restriction of authority Who is the main purpose of the seven-pay test? B. Employer contributions are not included in the employee's gross income, SEP's allow the employer to make annual tax-deductible contributions of the 25% of an employee's earned income, SEP's have a higher tax deductible contribution limit than an IRA. Licensed, however, not in the state the indivisible resides. The Insurance Department regulations are to protect the insurance-buying public. To combat the Where is heavy cream in Walmart? What is this called? 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 insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Which of the following would NOT have a policy loans provision? Nonforfeiture values guarantee which policyowner? What is the minimum civil fine per violation of the Insurance Code of this state? What determines the length of time that benefits will be received under the fixed-amount settlement option? When does the policy coverage become effective? Shopping for electric motors can be tricky. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The policy contained an accidental death rider, offering a double indemnity benefit. = 45/20 When may an insurance company use suicide as a defense against paying a death claim? The integer 4 is considered all of the following except a variable. When twin brothers applied for life insurance from company a, the company found that while neither of them smoke and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other.
The integer 4 is considered all of the following except _____. a These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. It is never legal to limit coverage based on marital status. What is this called? 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. C Consists of completing 24 hours of CE each biennium. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. If a company has a simplified employee pension plan, what type of plant is it? All riders that will cause the death benefit to increase? Which of the following statements about the reinstatement provision is true? Correlation and Causation What are correlation and causation and how are they different? The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? 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? 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? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. A. C B 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? C Defamation. What is being defined as the degree to which something is related or useful to what is happening or being talked about? D. Sexual orientation. This answer has been confirmed as correct and helpful. Which of the following is an eligibility requirement for all Social Security disability income benefits? User: She worked really hard on the project. A 15 What will she need to provide for proof of insurability? C Limited lines Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? B Community service Which of the following will NOT be considered unfair discrimination by insurers? C$100 An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? D Imprisonment. A. Misrepresentation. The paid-up addition option uses the dividend to.. What life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? B Stock Company Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. Why is an equity Indexed annuity considered to be a fixed annuity? A 60 days An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS.
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