What is true? Upon policy delivery, the producer may be required to obtain? A licensed counselor MAY NOT perform which of the following duties? An agent misrepresents policy benefits to convince a policyowner to replace policies. D All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. The following are nine technical accounting terms introduced or emphasized in this chapter: ResponsibilitymarginTransferpriceCommonfixedcostsContributionmarginCost-plustransferpriceTraceablefixedcostsPerformancemarginProductcostsCommittedfixedcosts\begin{array}{lll}\text { Responsibility margin } & \text { Transfer price } & \text { Common fixed costs } \\ \text { Contribution margin } & \text { Cost-plus transfer price } & \text { Traceable fixed costs } \\ \text { Performance margin } & \text { Product costs } & \text { Committed fixed costs }\end{array} 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? Taxation on dividends in participating policies? A Rebating. B 60 days 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? B 90 days The following areas are regulated by the Insurance Department EXCEPT A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. 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. D Legal, provided that the information can be verified. M may perform all of the following duties EXCEPT. 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. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. This practice is considered? Until now, she has collected a nontaxable dividend check each year. Beneficiaries do not have to have an insurable interest in the policyholder. 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. Which two terms are associated directly with the premium? A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. 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). = 45/20 What dividend option could she use? 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? 0. This answer has been confirmed as correct and helpful. Discrimination. What type of insurance policy may be used to fund this agreement? C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. A$500 B Unfair claim practice. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Who can make a fully deductible contribution to a traditional IRA? C 7 All of the following actions can be described as twisting EXCEPT. A Defamation C Dividends from a mutual insurer. And employee is insured under her employers group life plan. An insured pays $1,200 annually for her life insurance premium. What is the result of this? 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. An insured purchases a policy in 2008 and died in 2013. All of the following would be considered to be rebating EXCEPT. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? The Insurance Department regulations are to protect the insurance-buying public. What is the primary purpose of a 401(k) plan? The balance is paid out directly to the employee in order for her to move the funds to a new account. 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? 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? a constant a term a variable an expression. A Stocks, securities, or bonds. A. Misrepresentation. B 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: 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 In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. A 30 days 60. What is true about beneficiary designations? USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. Asked 11/28/2019 3:15:17 PM. B Legal, provided that the other insurers are paid royalties for the usage of their names 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? False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. B A new Commissioner or Director is put into office. D Misrepresentation, How much is an agent's appointment fee? Each agent must pay a $5 appointment fee to the Commissioner. The insurer has 15 days to file a notice of producer appointment. What does this mean to the beneficiaries? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. B 7 days 1 to 50. What is this called? B Advertise & solicit business as an insurance counselor or consultant What type of license should the producer obtain? C Cease and desist order An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. What type of policy is this? An employee quits her job where she has a balance of $10,000 in her qualified plan. Both the offer and acceptance of a rebate are illegal. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. A There is a limit for a withdrawal and the insurer charges a fee. What is this an example of? 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? The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. The agent is guilty of 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. D Audit or abstract insurance policies or annuities. This misstatement may result in? B Coercion. D A B A reasonable understanding of the Michigan insurance code I no the truth.Ans: I know the truth.(2). Unless revoked or suspended how long does a producers license remain in effect in Tennessee? How could she obtain an individual policy? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. C Rebating. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? The policyowner pays for her life insurance annually. Employer contributions made to a qualified plan.. This rider usually expires at the insured's age of 40. He has instructed the company to apply the policy dividends to increase the death benefit. What option would allow her to do this? D. A salaried employee who advertises and solicits insurance. It is never legal to limit coverage based on marital status. A 30 days Describe the relationship between potential difference and electrical potential energy. What must be presented before an applicant submits a premium? Who is the main purpose of the seven-pay test? C Dividends from a mutual insurer. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. A Assigning different risk classifications to applicants based on gender identity C Law of large numbers D Slandering. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as D Producer commission schedules. The designee of a producer that is called to active service with the Navy. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. D 30 days. 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? B What type of policy does the insured most likely have? A$500 D Which of the following provisions would NOT be found in Term Life Insurance? And employee quits her job where she has a balance of $10,000 in her qualified plan. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? Age B An insured owns a life insurance policy. Log in for more information. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Rebating can be anything of . Which of the following acts would not get an insurance producer terminated "for cause"? New answers. 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. D False advertising. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. Corporation is the owner and beneficiary of the key person life policy. Which of the following would NOT be considered rebating? 20/3 B$1,000 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. All the following could be considered rebates if offered to an insured in the sale of insurance except? Convertible without proof of insurability up to the full term death benefit. 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 120 days. B Twisting Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? 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? In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? C Policyowner rights and disclosures. Cradle. And any controversy between the insured or the insured's beneficiary and the insured that arises from the application for insurance of any policy issued a connection with the application, the producer is considered to be the agent and which of the following? The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". User: 3/4 16/9 Weegy: 3/4 ? What type of insurance policy would perform the function of cash accumulation? Define electric potential and electric potential energy. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. C Which of the following statements about the reinstatement provision is true? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. B$1,000 Which of the following is true? For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. 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. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. Which statement best defines an insurance producer? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. The minimum age at which a person can sign a life insurance application is. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? C Which of the following is an example of a producer being involved in an unfair trade practices of rebating? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. D False financial statement. All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? A. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. A. D Adverse selection. The policy contains the optional Payor Benefit rider. Question. An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral What source will it consult for the majority of its underwriting information? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. B Criminal offense You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? A In the preceding 12 months. C Twisting. A Unfair claims The person or interest to whom the policy proceeds will be paid upon the death of the insured. the spouse of a retiring insurance producer The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. Which nonforfeiture option provides coverage for the longest period of time? All of the following actions are considered rebating except sharing commissions with other licensed and appointed agents An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. What amount would his beneficiary receive as a settlement? An annuity owner is funding an annuity that will supplement her retirement. D An offer of employment. D An offer of employment. Number of credits required for fully insured status for Social Security disability benefits? What type of annuity is it? Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. A salaried full-time employee who furnishes information for group insurance E The spouse of a deceased insurance producer. f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Commissioner. All of the following would be considered rebating except. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. This is a personal use of life insurance known as.. She would likely purchase a(n)? The insurer's surrender the policy at its current cash value. B A Certificate of Completion from the required pre-licensing study course A$500 An insured has chosen joint and 2/3 survivor as the settlement option. What option could the insured utilize? D Stop action order. 6 2/3 What can they do? juan holds ________ power. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. All of the following events will terminate a producer's certificate of appointment EXCEPT What characteristic makes whole life permanent protection? The dividend option that the insured has chosen is called? In this situation, a licensee would have to apply for a resident's license within 90 days. = 2 5/20 B - In order to collect premiums and explain coverages, a person would need to be licensed. What is true regarding taxation of accelerated benefits under life insurance policy? What would be the face amount of the new term policy? The insurance company discovers at that time that the insured concealed info during the application process. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT

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