As the local coffee shop is just initiating the segmentation and targeting process, what has . In this situation, the Commissioner must be notified within 30 days. This answer has been confirmed as correct and helpful. What option does this describe? C 30 days Which of the following is possible? The producer could be found guilty of? A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? 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 Legal, provided that the other insurers are paid royalties for the usage of their names The person or interest to whom the policy proceeds will be paid upon the death of the insured. In which of the following situations is it legal to limit coverage based on marital status? 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. What type of insurance policy may be used to fund this agreement? An individual has been making periodic payments on an annuity. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. Because of this, the company charged him a higher rate for his insurance. However, once there is solicitation, a license is required.
C Misrepresentation 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? 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. The policy contains the optional Payor Benefit rider. C Twisting An insured has a life insurance policy from a participating company and receives quarterly dividends. Asked 11/28/2019 3:15:17 PM. C Coercion. What is this an example of? The insured had his wife named as the beneficiary of his life insurance policy. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. A 30 days B A Certificate of Completion from the required pre-licensing study course After 5 years, she decides to leave the company and work independently. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A$500 D 10. 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. Expert answered|GaelM|Points 4547| Log in for more information. = 15 * 3/20 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. How can she obtain an individual policy?
Chapter 11 part 2 Flashcards | Quizlet He discovered that his policy.. Which of the following best describes this practice? During replacement of life insurance, or replacing ensure musky which of the following? A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. B Stock Company D Misrepresentation. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Most horse (1). Which of the following is an example of a producer being involved in an unfair trade practices of rebating? Which of the following allows different operating systems to coexist on the same physical computer? C Dividends from a mutual insurer. D False advertising. Discrimination. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force.
All of the following are true regarding rebates - Course Hero 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? And employee quits her job where she has a balance of $10,000 in her qualified plan. The insurance company discovers at that time that the insured concealed info during the application process. In order to enforce the insurance code the commissioner has the power to conduct which of the following? Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. 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. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. 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? What does this mean to the beneficiaries? 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? C Limited lines A all of the following would be considered rebating except. A Assigning different risk classifications to applicants based on gender identity (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. Which of the following is NOT a pathway in the oxidation of glucose. A Payment of restitution [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . C What is the total, monetary penalty this producer can expect to receive? Why is an equity Indexed annuity considered to be a fixed annuity? Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. What settlement option should the policyowner choose? 20/3 If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? 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? A domestic insurer issuing variable contracts must establish one or more.. Log in for more information. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? He wants to withdraw some money in order to pay medical bills. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. What is true?
Flashcards - Connecticut Insurance Test 2021 - FreezingBlue E The spouse of a deceased insurance producer. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? What best describes this practice? What type of policy does the insured most likely have? Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. C Charging applicants with similar health histories different premiums based on their ethnicity An agent misrepresents policy benefits to convince a policyowner to replace policies. Commissioner. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Insurers are also not allowed to cancel individual coverage due to a change in marital status. 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? 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. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? = 45/20
All of the following would be considered rebating except 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? Which of the following would be considered false advertising? Which of the following documents must be provided to the policyowner or applicant during policy replacement? B Nonresident C$1,500 D Collecting a lower premium than what's specified in a policy as a token of client appreciation. Search for an answer or ask Weegy. There are just too many details and specifications which you must be certain of when looking for one. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. What statement about a suicide clause in a life insurance policy is true? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? Old-age and retirement benefits, disability benefits, death benefits. In life insurance policies, cash value increases. any person acting as an insurance producer without a valid license may be fined up to. C A legal advertising strategy f. Get an answer. Ownership is the difference between these two companies. In a life settlement contract, whom does the life settlement broker represent? Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. C Controlled business. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? A. All of the following would be considered rebating except. In this case, what will the policy beneficiary receive? D. Sexual orientation. The policyowner of an adjustable life policy wants to increase the death benefit. 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. 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. C$100 What policy would have an IRS required corridor or gap between the cash value and the death benefit? Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? 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 . What is the purpose of a fixed-period settlement option? To combat the Where is heavy cream in Walmart? If the father becomes disabled, what will happen to the life insurance premiums? If an insured continually uses the automatic premium loan option to pay the policy premium.. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law.
All of the following would be considered rebating except 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. What type of annuity is it? Search for an answer or ask Weegy. B 30 A Illegal until endorsed by the Guaranty Association User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics.