An agent offers to share his commission with a policyholder. juan holds ________ power. Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? Employer contributions are not included in the employee's gross income, SEP's allow the employer to make annual tax-deductible contributions of the 25% of an employee's earned income, SEP's have a higher tax deductible contribution limit than an IRA. User: 3/4 16/9 Weegy: 3/4 ? Discrimination. In a direct rollover, how is the money transferred from one plan to the new one? An insured has a life insurance policy from a participating company and receives quarterly dividends. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. C 7 C Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. An agent's license may also be suspended or revoked. All riders that will cause the death benefit to increase? C Misrepresentation The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. Because of this, the company charged him a higher rate for his insurance. 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. B Criminal offense The purpose of the Tennessee Guaranty Association is to. D Slandering. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation A 30 days 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. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. What is true? What is the purpose of a free-look period in insurance policies? An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which type of life insurance policy generates immediate cash value? Which of the following is NOT a pathway in the oxidation of glucose. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? C 90 days An insured had a $10,000 term life policy. A Stocks, securities, or bonds. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? If an individual licensee's violation of the entrance code was known or should have been down by one or more of the partners, officers, or managers of the agency, what could happen to agency? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? C Coercion. Term used to name the no taxes return of unused premiums? A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. B 90 days All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. D Imprisonment. What type of life insurance policy would be best suited to this situation? B$1 Eligibility requirements for a license are established by the Insurance Code. When is the earliest a policy may go into effect? 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? 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. He never remarried and dies at age 61, leaving 2 grown-up children. Licensed, however, not in the state the indivisible resides. What is being defined as the degree to which something is related or useful to what is happening or being talked about? An Insurer wants to begin underwriting procedures for an applicant. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT A 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. What is the total, monetary penalty this producer can expect to receive? Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? What is true of the cash surrender nonforfeiture option? 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. What is this an example of? You dont have to worry about it anymore. In this state, what type of violation is rebating? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Added 30 days ago|10/30/2021 2:46:29 PM. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. A Assigning different risk classifications to applicants based on gender identity there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Number of credits required for fully insured status for Social Security disability benefits? She also wished to retain all of the rights of ownership. The policy contains the optional Payor Benefit rider. 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. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. D A A producer's license is suspended or revoked by the Department of Insurance. How much would the beneficiary receive from the policy? Any surplus money is returned to the policyholders as dividends. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? 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. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Which of the following is a true statement regarding taxation of the accelerated benefits? What would be the face amount of the new term policy? His wife dies 10 years later. 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. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. What is the other term for the cash payment settlement option? What are the classifications of net assets reported in the statement of financial position by private colleges? What license or licenses are required to sell variable life annuities? A. Misrepresentation. B Applies to life, annuity, and accident and health licensees only. 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. Search for an answer or ask Weegy. 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. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. D.the spouse of a retiring insurance producer 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). D 120 days. 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? 0. In which instance would the premium be tax deductible? all of the following would be considered rebating except. All the following would be considered an unfair and deceptive practice. Question. A banker is ready to close on a customer's loan. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. D Misrepresentation, How much is an agent's appointment fee? A Natural Group Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Group life insurance is a single policy written to provide coverage to members of a group. 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? C Charging applicants with similar health histories different premiums based on their ethnicity 15 What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. Only any excess of value is taxable as income. Gender Which of the following provisions would NOT be found in Term Life Insurance? What relationship is not an example of insurable interest? Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? What determines the amount of each installment paid in a life income option arrangement? Which of the following has not been taken to court for further interpretation? A Defamation What source will it consult for the majority of its underwriting information? If an insurer terminates a producer, the Commissioner must be notified. Correct Answer: A. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. 1 Answer/Comment. The advantage of qualified plans to employers is. After five years, she decides to leave the company and work independently. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Annuities can also be used to.. From what type of insurer did the insured purchase the policy? A temporary producer license could be issued without examination to all the following EXCEPT? 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 . B 30 Azanswer team is here with the correct answer to your question. A key person insurance policy can pay for what? What percentage of a company's employees must take part in a noncontributory group life plan? B Discriminating in benefits and coverages based on the insured's habits and lifestyle He died on February 28. What dividend option could she use? Define electric potential and electric potential energy. Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. A candidate for life insurance producer's license must complete how many hours of prelicensing education? the spouse of a retiring insurance producer Which nonforfeiture option has the highest amount of insurance protection? I love when a hack helps me to recycle, and makes my life easier. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old Last year, she received a dividend check from the insurance company that was not taxable. When may an insurance company use suicide as a defense against paying a death claim? D Adverse selection. D An offer of employment. What is the purpose of establishing the target premium for a universal life policy? The company is guilty of B An offer to share in commissions generated by the sale. C. the employee of a disabled licensed a producer The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. Which statement best defines an insurance producer? must ensure a pair that's benefit claim after receiving the product of death? 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. 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? C Policyowner rights and disclosures. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. Which policy component decreases in decreasing term insurance? 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. Which of the following would be considered false advertising? 90 days. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT A domestic insurer issuing variable contracts must establish one or more.. The policyowner is entitled to policy loans. Thanks for choosing us. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. 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? Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. He dies in a freak accident on June 1. B Unfair claim practice. [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. Address When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? The Insurance Department regulations are to protect the insurance-buying public. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? When an insurer's underwriter approves coverage and issues a policy. B Advertise & solicit business as an insurance counselor or consultant The insurer's surrender the policy at its current cash value. What does this mean to the beneficiaries? A$500 A licensed counselor MAY NOT perform which of the following duties? D Felony. D Audit or abstract insurance policies or annuities. 180 days. 60. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. B Insurer financial requirements. d) Rebates are allowed if it's in the best interest of the client. Licensed in the state where the individual resides. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? What are examples of a business use of life insurance? 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.