D. A salaried employee who advertises and solicits insurance. A Defamation They want to start a program through their practice that will provide retirement benefits for themselves and three employees. C Class C violation There are several types of whole life polices. Annuities can also be used to.. Number of credits required for fully insured status for Social Security disability benefits? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. D. Coercion and intimidation. Each of the following statements may (or may not) describe one of these technical terms. All of the following acts are considered unfair trade - Course Hero The president of a company is starting an annuity and decides that his corporation will be the annuitant. An agent who offers a cash reward to a prospect for buying a policy is guilty of. D An offer of employment. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What is the total, monetary penalty this producer can expect to receive? C Dividends from a mutual insurer. Which of the following activities is not performed by an insurance producer? What is this called? When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. Attorney General. B Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com Age D 10. Life Insurance 3 Flashcards | Chegg.com What statement about a suicide clause in a life insurance policy is true? The minimum age at which a person can sign a life insurance application is. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. C Policyowner rights and disclosures. Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. all of the following would be considered rebating except In this state, what type of violation is rebating? C 30 days Any surplus money is returned to the policyholders as dividends. Log in for more information. D Slandering. Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. D Last year, she received a dividend check from the insurance company that was not taxable. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral B$1,000 A A good business reputation and good moral character. B Insurer financial requirements. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Which of the following allows different operating systems to coexist on the same physical computer? the spouse of a retiring insurance producer An individual has been diagnosed with Alzheimer's disease. 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? Both the offer and acceptance of a rebate are illegal. Cradle. What is the purpose of a free-look period in insurance policies? 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? An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. What relationship is not an example of insurable interest? It is never legal to limit coverage based on marital status. Shopping for electric motors can be tricky. When would a 20-pay whole life policy endow? 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. Term used to name the no taxes return of unused premiums? The company is guilty of juan holds ________ power. A A producer's license is suspended or revoked by the Department of Insurance. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? May be used to customize a permanent life insurance policy to meet the needs of the policyowner, Mandatory free look in a life insurance policy. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. Published by at June 10, 2022. A Producer regulations and testing requirements. All of the following would be considered rebating EXCEPT. B 7 days 180 days. What option does this describe? Which of the following will NOT be considered unfair discrimination by insurers? 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? Discrimination. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. 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. I no the truth.Ans: I know the truth.(2). In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? An insured misstates her age at the time the life insurance application is taken. A straight life policy has what type of premium? D Controlled business. What statement is correct? Which nonforfeiture option has the highest amount of insurance protection? What type of annuity is it? D 120 days. What are the two components of a universal policy? In order to to do that, what may happen? Each agent must pay a $5 appointment fee to the Commissioner. Which of the following is a true statement regarding taxation of the accelerated benefits? The producer could be found guilty of? all of the following would be considered rebating except Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. D 10 days. What type of license should the producer obtain? 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 Misdemeanor 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. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. 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. What is the name of the insured who enters into a viatical settlement. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. 60. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. Mutual-policyholders; Stock-stockholders. What must be acceptable in order for the ride to be able to waive the payment of premium? This is due to what provision? Within how many days of this notification must the producer be sent a copy? A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation What license or licenses are required to sell variable life annuities? C Illegal under any circumstances Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? B Discrimination 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? An insured pays $1,200 annually for her life insurance premium. 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] Taxation on dividends in participating policies? User: 3/4 16/9 Weegy: 3/4 ? C 90 days D Legal, provided that the information can be verified. 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. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. If an insured continually uses the automatic premium loan option to pay the policy premium. 1 Answer/Comment. She also wished to retain all of the rights of ownership. Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract. Like a fixed annuity, EIA's have guaranteed minimum interest rates, also less risky than variable annuities, the insurance company also keeps a percentage of the returns. D When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. A Rebating. A corporation is the owner and beneficiary of the key person life policy. Expert answered|GaelM|Points 4547| Log in for more information. If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? C Mutual Company Correlation and Causation What are correlation and causation and how are they different? She has decided that she would rather use the dividends to help pay for her next premium. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? The integer 4 is considered all of the following except a variable. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. D Imprisonment. What is not an example of a business use of life insurance? For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? = 2 5/20 An insured owns a life insurance policy. Commissions are set by a schedule or negotiation between the producer and the insurance company. Nonforfeiture values guarantee which policyowner? B Twisting To combat the Where is heavy cream in Walmart? The policy contains the optional Payor Benefit rider. Upon policy delivery, the producer may be required to obtain? B 30 A candidate for life insurance producer's license must complete how many hours of prelicensing education? What is the maximum fine for submitting a false or fraudulent claim to the insurer? The dividend option that the insured has chosen is called? Which of the following best describes the act? Rebates are allowed if it's in the best interest of the client. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? What does this mean? In the best interests of the client, rebates are allowed. D$2,000. Insurers are also not allowed to cancel individual coverage due to a change in marital status. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly.
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