all of the following would be considered rebating except

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. How many days does the insurer have to deliver this notice? B Nothing, unless the remarks were in writing Will result in having to pay the highest premium due to health, history, habits, etc. All of the following would be considered to be rebating EXCEPT? A Applicant must be 18 years old A temporary license in this state is valid for a maximum of The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? The producer could be found guilty of All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? What does this mean? Autotrophs (like plants) produce glucose during photosynthesis. Which nonforfeiture option provides coverage for the longest period of time? The agent is guilty of? D A license to practice law. What is true about beneficiary designations? A Discrimination. 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? Thanks for choosing us. B Discrimination There are just too many details and specifications which you must be certain of when looking for one. When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? 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. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. 60 days. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. B Mailing an agency brochure to a prospective client Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? In this state, what type of violation is rebating? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? How could she obtain an individual policy? An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Rebates are allowed if it's in the best interest of the client. A 60 days 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? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? A temporary license may be issued for up to 180 days. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT 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? Asked 11/28/2019 3:15:17 PM. A Illegal until endorsed by the Guaranty Association An insured purchases a policy in 2008 and died in 2013. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. When would a misrepresentation on the insurance application be considered fraud? A Concealment. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. If the father becomes disabled, what will happen to the life insurance premiums? Variable life insurance is based on what kind of premium? C Cease and desist order Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. What percentage of a company's employees must take part in a noncontributory group life plan? Gender Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? B Applies to life, annuity, and accident and health licensees only. D. Commissioner. A 15 In which of the following situations is it legal to limit coverage based on marital status? B 30 An insured misstates her age at the time the life insurance application is taken. The agent is guilty of M may perform all of the following duties EXCEPT. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. In Michigan the state's continuing education requirement Which of the following acts would not get an insurance producer terminated "for cause"? What dividend option could she use? Which of the following is a true statement regarding taxation of the accelerated benefits? Search for an answer or ask Weegy. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. C Defamation. All of the following are true regarding rebates EXCEPT. 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". C Rebating If the corporation collects the policy benefit, then. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? If an insurer terminates a producer, the Commissioner must be notified. C Limited lines Rating. What license or licenses are required to sell variable life annuities? 3. All of the following would be considered rebating EXCEPT. B D The can be changed only with the written consent of that beneficiary. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone 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. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. What statement is correct? A Defamation The amount of payments will be determined by taking into account all of the following: 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.. An insured owns a $50,000 whole life policy. Categories . Licensed in the state where the individual resides. There are several types of whole life polices. How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. Under what circumstances could the daughter collect the death benefit? She would likely purchase a(n)? = 2 5/20 What option would allow her to do this? D Rebating. The integer 4 is considered all of the following except _____. All riders that will cause the death benefit to increase? C Twisting What best describes what will happen? This rider will not cause the death benefit to increase. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. A$500 Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. However, once there is solicitation, a license is required. Log in for more information. What is the purpose of a disclosure statement in life insurance policies? When does the policy coverage become effective? B Discriminating in benefits and coverages based on the insured's habits and lifestyle C A producer's license expires and is not renewed. The insurer's surrender the policy at its current cash value. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. Each of the following statements may (or may not) describe one of these technical terms. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT When may an insurance company use suicide as a defense against paying a death claim? Term used to name the no taxes return of unused premiums? C Listing the insurance companies the agency represents in a letter A salaried full-time employee who furnishes information for group insurance A Defamation If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? The producer could be found guilty of? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Which of the following is not a standard mounting dimension for an electric motor? C Twisting. Which of the following best describes the act? D Legal, provided that the information can be verified. Within how many days does a licensee have to inform the Commissioner of a change of address? A straight life policy has what type of premium? What is being defined as the degree to which something is related or useful to what is happening or being talked about? D Misrepresentation, How much is an agent's appointment fee? Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. What is the purpose of establishing the target premium for a universal life policy? Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). The policy contained an accidental death rider, offering a double indemnity benefit. A table showing the nonforfeiture values for the next 20 years must be included in the policy. Identify the types of assets assigned to each classification. 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. 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. 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? Formula: (Ann . When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. An insured had a continuous premium whole life policy. D Coercion. If an insured continually uses the automatic premium loan option to pay the policy premium. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples Expert answered|GaelM|Points 4547| Log in for more information. 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? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? The policy endows when the insured turns 100. The insured knows that his financial state will worsen even more with upcoming medical expenses. A corporation is the owner and beneficiary of the key person life policy. baja fresh queso recipe; Tags . D$5. A What is the purpose of a free-look period in insurance policies? B At least 3 hours must cover ethics. What would be the right policy for this client? C Defamation. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? B$1 Which of the following individuals could qualify for a temporary insurance license? 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. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. B Advertise & solicit business as an insurance counselor or consultant How are contributions to a tax-sheltered annuity treated with regards to taxation? What can they do? Any surplus money is returned to the policyholders as dividends. Why is an equity Indexed annuity considered to be a fixed annuity? Y was killed in an automobile accident on August 22, before the policy was issued. 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. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? A banker is ready to close on a customer's loan. Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? Whenever an individual stops drinking, the BAL will ________________. What type of life insurance policy would be best suited to this situation? Telling a client that his first premium will be waived if he purchases the insurance policy today. The dividend option that the insured has chosen is called? A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. What describes the tax advantage of a qualified retirement plan? The insurance company discovers at that time that the insured concealed info during the application process. 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. 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. B Suspension of authority 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? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. Which of the following would NOT have a policy loans provision? What statement about a suicide clause in a life insurance policy is true? Which nonforfeiture option has the highest amount of insurance protection? B Community service An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. Because of this, the company charged him a higher rate for his insurance. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. 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? The soon-to-be producer does not want to wait until he receives his license in order to begin working. NAIC. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? The minimum age at which a person can sign a life insurance application is. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. Which of the following would be required to be licensed as an insurance producer? C. the employee of a disabled licensed a producer This answer has been confirmed as correct and helpful. Which of the following provisions would NOT be found in Term Life Insurance? Eligibility requirements for a license are established by the Insurance Code. The designee of a producer that is called to active service with the Navy. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. C. Rebating. Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. This misstatement may result in? In order to to do that, what may happen? B Legal, provided that the other insurers are paid royalties for the usage of their names 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. What is the other term for the cash payment settlement option? A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. C Defamation 3. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. B 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. 90 days. The accelerated benefits provision for an early payment of the death benefit when the insured.. An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. A Stocks, securities, or bonds. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? A person whose activities are limited to producing insurance advertisements Group life insurance is a single policy written to provide coverage to members of a group. What amount would his beneficiary receive as a settlement? 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. 45 The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. An annuity owner is funding an annuity that will supplement her retirement. What determines the length of time that benefits will be received under the fixed-amount settlement option? Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. In order to enforce the insurance code the commissioner has the power to conduct which of the following? Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. How much would the beneficiary receive from the policy? [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 . Within how many days of this notification must the producer be sent a copy? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. And employee has group life insurance through her employer. Only any excess of value is taxable as income. 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. All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q 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? D 10 days. D$2,000. Insurers are also not allowed to cancel individual coverage due to a change in marital status. Rebates include money, sharing of commissions, promises, inducements and personal services. All the following could be considered rebates if offered to an insured in the sale of insurance except? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. A D A termination issued by the appointing insurer. A A good business reputation and good moral character. Which of the following best describes this practice? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. D.the spouse of a retiring insurance producer A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT D Any time in the past. C 7 An Insurer wants to begin underwriting procedures for an applicant. An insured has a life insurance policy from a participating company and receives quarterly dividends. All paid by the time the insured reaches age 65. 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? 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. What term best describes this arrangement? A Rebating. And insured has a modified endowment contract. D B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral Commissions are set by a schedule or negotiation between the producer and the insurance company. This pays 2 or 3 times the face amount if death is the result of an accident as defined in the policy and occurs within 90 days of such an accident. What type of insurance policy may be used to fund this agreement? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? D 10. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. D Must be completed by all licensed resident and nonresident producers. And employee quits her job where she has a balance of $10,000 in her qualified plan. The following areas are regulated by the Insurance Department EXCEPT D It is never legal to limit coverage based on marital status. To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within how many days? C Policyowner rights and disclosures. Once the policyholder opts for cash surrender, the policy is immediately inactive. C Illegal under any circumstances The insured had his wife named as the beneficiary of his life insurance policy. Cradle. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance..

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all of the following would be considered rebating except