Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? A Temporary 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. All of the following are true regarding rebates EXCEPT. D Legal, provided that the information can be verified. How many days does the insurer have to deliver this notice? C Mutual Company = 2 5/20 When may an insurance company use suicide as a defense against paying a death claim? There are several types of whole life polices. 1 Answer/Comment. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. 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. D. Sexual orientation. D All the following are true regarding rebates except? What option would allow her to do this? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. all of the following would be considered rebating except Follow us. The policy endows when the insured turns 100. B Insurer financial requirements. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. 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 In this state, a temporary license may be issued for any of the following reasons EXCEPT. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. The Insurance Department regulations are to protect the insurance-buying public. c) An offer of employment. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. And employee is insured under her employers group life plan. Y was killed in an automobile accident on August 22, before the policy was issued. This misstatement may result in? This rider usually expires at the insured's age of 40. What type of insurance policy would perform the function of cash accumulation? The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. A Rebating. And employee has group life insurance through her employer. A candidate for life insurance producer's license must complete how many hours of prelicensing education? Attorney General. What information will be stated in the consideration clause of a life insurance policy? What is true regarding a non-qualified retirement plan? The policyowner may assign a part of the policy or the entire policy. D Producer commission schedules. 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. B Nonresident In which of the following situations is it legal to limit coverage based on marital status? What policy would have an IRS required corridor or gap between the cash value and the death benefit? 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.. In level term and increasing term policies, the premium also remains level for the term of the policy. A person whose activities are limited to producing insurance advertisements If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. An insured pays $1,200 annually for her life insurance premium. A Producer regulations and testing requirements. D An offer of employment. After 5 years, she decides to leave the company and work independently. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. What type of license should the producer obtain? In an annuity, the accumulated money is converted into a stream of income during what time period? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. B$1 All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? B A new Commissioner or Director is put into office. The insured knows that his financial state will worsen even more with upcoming medical expenses. A Discrimination. C$100 Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. Which of the following would be considered an illegal inducement to purchase insurance? The agent is guilty of 30 days. 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. 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. What is the purpose of a free-look period in insurance policies? all of the following would be considered rebating except. After five years, she decides to leave the company and work independently. 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. C A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. Which of the following is an eligibility requirement for all Social Security disability income benefits? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. All paid by the time the insured reaches age 65. In this situation, a licensee would have to apply for a resident's license within 90 days. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. A. Misrepresentation. 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] B Applies to life, annuity, and accident and health licensees only. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Which of the following individuals could qualify for a temporary insurance license? When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? Which type of life insurance policy generates immediate cash value? Ownership is the difference between these two companies. Commissioner. D.the spouse of a retiring insurance producer The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer B Stock Company Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? Azanswer team is here with the correct answer to your question. Which of the following provisions would NOT be found in Term Life Insurance? And insurance producer license may be renewed at the producer has paid the applicable fees, submitted the renewal form to the commissioner, and.. Having a client in inducement to a sale not stated in the policy is an unlawful practice known as? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. all of the following would be considered rebating except. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. A Misdemeanor C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. B Nothing, unless the remarks were in writing What happens when a policy is surrendered for its cash value? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. C Rebating. Which of the following best describes this practice? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. An out-of-state producer wants to start selling insurance in this state. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. What amount would his beneficiary receive as a settlement? B 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. Added 30 days ago|10/30/2021 2:46:29 PM. An insured owns a life insurance policy. 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. A A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity Which of the following is an example of a producer being involved in an unfair trade practice of rebating? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. D What brand of castor oil is best for hair? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except 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 . In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? If the producer continues to violate the entrance code, I knew so penalty will be assessed every? C A legal advertising strategy Which of the following would be required to be licensed as an insurance producer? Because of this, the company charged him a higher rate for his insurance. C Defamation In a life settlement contract, whom does the life settlement broker represent? All of the following actions can be described as twisting EXCEPT. B An offer to share in commissions generated by the sale. C Limited lines Which nonforfeiture option has the highest amount of insurance protection? Which nonforfeiture option provides coverage for the longest period of time? D An offer of employment. f. Get an answer. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Which two terms are associated directly with the premium? Convertible without proof of insurability up to the full term death benefit. Minimum number of credits required for partially insured status for Social Security disability benefits is. Department of Education. C. Rebating. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. In this case, what will the policy beneficiary receive? A Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. B. Defamation. 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. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? What is the purpose of a disclosure statement in life insurance policies? What is the purpose of establishing the target premium for a universal life policy? B At least 3 hours must cover ethics. Required by state law to be included in the policy, and cannot be altered by the policyowner. D An insured has chosen joint and 2/3 survivor as the settlement option. 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 She also wished to retain all of the rights of ownership. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces What type of annuity is it? It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. NAIC. C. the employee of a disabled licensed a producer When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. A producer in tensional he violated insurance statues. A Illegal until endorsed by the Guaranty Association B$1,000 An insured purchased an insurance policy 5 years ago. = 15 * 3/20 Old-age and retirement benefits, disability benefits, death benefits. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? An appointment by an insurer is based upon the person maintaining a valid insurance license. An agent misrepresents policy benefits to convince a policyowner to replace policies. Cradle. D Misrepresentation. B$1,000 D Adverse selection. 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? B 30 D Audit or abstract insurance policies or annuities. D Rebating. D 10 days. 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. Published by at June 10, 2022. A Adverse selection 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. Beneficiaries do not have to have an insurable interest in the policyholder. 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? He died on February 28. B. 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. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? C Accidentally misspells the name of the insurance policy in a written communication to a customer. How are contributions to a tax-sheltered annuity treated with regards to taxation? What statement about a suicide clause in a life insurance policy is true? Shopping for electric motors can be tricky. B 7 days Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. If a live insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST. What is true of the cash surrender nonforfeiture option? All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates

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