Licensed in the state where the individual resides. D Stop action order. 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? D False advertising. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. What is the official name for the Social Security program? Is a program that assesses and reports information about various computer resources and devices. 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? Discrimination. 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. 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? In order to to do that, what may happen? 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.. Ownership is the difference between these two companies. An insured receives an annual life insurance dividend check. B Advertise & solicit business as an insurance counselor or consultant What is the purpose of establishing the target premium for a universal life policy? 20/3 What must be acceptable in order for the ride to be able to waive the payment of premium? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. B Unfair claim practice. 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. He never remarried and dies at age 61, leaving 2 grown-up children. D 10 days. M may perform all of the following duties EXCEPT. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? In a life settlement contract, whom does the life settlement broker represent? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. His wife dies 10 years later. Death benefits payable to a beneficiary under a life insurance policy are generally. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? unit 3: personal and business finance grade boundaries. 3. D A termination issued by the appointing insurer. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. 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. A Unfair claims The ownership provision entitles the policyowner to do what? D An offer of employment. 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? After five years, she decides to leave the company and work independently. New answers. An out-of-state producer wants to start selling insurance in this state. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. C Twisting This is considered to be false, deceptive or misleading advertising. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. 10 czerwca 2022 . The policy contained an accidental death rider, offering a double indemnity benefit. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. Which of the following documents must be provided to the policyowner or applicant during policy replacement? The policy contains the optional Payor Benefit rider. A person whose activities are limited to producing insurance advertisements If she terminates her group coverage, what is true? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? D Rebating. D Inviting prospective clients to the grand opening of the producer's new office. A banker is ready to close on a customer's loan. Y was killed in an automobile accident on August 22, before the policy was issued. A father owns a life insurance policy on his 15-year-old daughter. User: 3/4 16/9 Weegy: 3/4 ? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. 15 Added 30 days ago|10/30/2021 2:46:29 PM. Group life insurance is a single policy written to provide coverage to members of a group. D Misrepresentation. The Insurance Department regulations are to protect the insurance-buying public. NAIC. D 30 days. Because of this, the company charged him a higher rate for his insurance. 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 A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. Thanks for choosing us. Which statement best defines an insurance producer? Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? Department of Education. B In the preceding 2 years. In level term and increasing term policies, the premium also remains level for the term of the policy. All of the following would be considered rebating except. She has decided that she would rather use the dividends to help pay for her next premium. D Cancelling individual coverage based on the insured's marital status. Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. 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 annuity income payments are scheduled to begin after 1 year since the annuity was purchased. Expert answered|GaelM|Points 4547| Log in for more information. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. A corporation is the owner and beneficiary of the key person life policy. B - In order to collect premiums and explain coverages, a person would need to be licensed. A Discrimination. A Concealment. 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. 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. How much would the beneficiary receive from the policy? The death protection component of Universal Life Insurance is always.. A return of Premium term life policy is written as what type of term coverage? Each of the following statements may (or may not) describe one of these technical terms. Which of the following is possible? The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. All paid by the time the insured reaches age 65. Which of the following statements about the reinstatement provision is true? Telling a client that his first premium will be waived if he purchases the insurance policy today. The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? A salaried full-time employee who furnishes information for group insurance 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. What is the minimum required age for an insurance producer in this state? In return, the insurer promised to pay benefits in accordance with the terms of the contract. 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. User: She worked really hard on the project. D A license to practice law. He dies in a freak accident on June 1. However, once there is solicitation, a license is required. C Sharing commission with the insured The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? B B Suspension of authority The agent is guilty of? Search for an answer or ask Weegy. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. 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. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT An Insurer wants to begin underwriting procedures for an applicant. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. Mutual-policyholders; Stock-stockholders. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. I love when a hack helps me to recycle, and makes my life easier. Log in for more information. Which of the following would be considered an illegal inducement to purchase insurance? D. Commissioner. Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. D Other than the 3 hours of ethics, licensees may take courses in any line. 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. A Misdemeanor An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. Which of the following has not been taken to court for further interpretation? Which of the following is true? When an insurer's underwriter approves coverage and issues a policy. Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old A domestic insurer issuing variable contracts must establish one or more.. Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral D Engages in fraud. 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. B Nonresident What is the minimum civil fine per violation of the Insurance Code of this state? What does this mean to the beneficiaries? D Audit or abstract insurance policies or annuities. 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. How many days does the insurer have to deliver this notice? Follow the following are true of the federal tax advantages of a qualified plan.