all of the following would be considered rebating except all of the following would be considered rebating except

Formula: (Ann . all of the following would be considered rebating except C Controlled business. C Defamation 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. Upon conviction, a person who has submitted a false or fraudulent claim or report to the insurer may be fined, imprisoned, or both, and required to pay restitution. 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. Coercion and intimidation. What describes the tax advantage of a qualified retirement plan? 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 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. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Home; About Us. All riders that will cause the death benefit to increase? A salaried full-time employee who furnishes information for group insurance The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? A 60 days All of the following are true regarding rebates - Course Hero At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. A Temporary What is the advantage of reinstating a policy instead of applying for a new one? Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? A) An agent offers to share his commission with a policyholder, B) An agent offers tickets to a baseball game as an inducement to buy insurance, C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him, D) An agent offers the use of his lake house to person as an inducement to buy, Answer:C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him. Y was killed in an automobile accident on August 22, before the policy was issued. The agent is guilty of? Until now, she has collected a nontaxable dividend check each year. How long must an insurer keep a copy of an authorized form in its records? An individual has been making periodic payments on an annuity. Your email address will not be published. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? D What is the purpose of a fixed-period settlement option? What is the minimum required age for an insurance producer in this state? The purpose of the Tennessee Guaranty Association is to. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. 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? 6 2/3 And insured has a modified endowment contract. 60. The policyowner pays for her life insurance annually. C Fine The can be changed only with the written consent of that beneficiary. The requirement that an agent not co-mingle insurance monies with their own fund is known as? If an insured withdraws a portion of the death benefit by the use of this rider, the benefit payable at death will be reduced by that amount plus.. Rebates are allowed if it's in the best interest of the client. The ownership provision entitles the policyowner to do what? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? a constant a term a variable an expression. It was determined that the accident was his fault. 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. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. An out-of-state producer wants to start selling insurance in this state. He discovered that his policy.. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. D$2,000. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. Within how many days of this notification must the producer be sent a copy? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity The insured had his wife named as the beneficiary of his life insurance policy. What relationship is not an example of insurable interest? B Unfair claim practice. What brand of castor oil is best for hair? Life Insurance Exam Quiz pt. 5 Flashcards - Cram.com Licensed in the state where the individual resides. Which of the following provisions would NOT be found in Term Life Insurance? C 30 days C Rebating A A producer's license is suspended or revoked by the Department of Insurance. 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. There is a limit for a withdrawal and the insurer charges a fee. D C A legal advertising strategy This rider will not cause the death benefit to increase. all of the following would be considered rebating except D Other than the 3 hours of ethics, licensees may take courses in any line. C Policyowner rights and disclosures. C Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. A Defamation Question is All of the following species are considered coliforms Commissioner. What type of policy is this? Which of the following activities is not performed by an insurance producer? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Michigan's continuing education requirement has each of the following characteristics EXCEPT An Insurer wants to begin underwriting procedures for an applicant. The advantage of qualified plans to employers is. 1 to 75. What is the required percentage of participants in a contributory group plan? What type of life insurance policy would be best suited to this situation? The policyowner of an adjustable life policy wants to increase the death benefit. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). How much would the beneficiary receive from the policy? Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. 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? B Applies to life, annuity, and accident and health licensees only. An insured committed suicide 6 months after his life insurance policy was issued. Confirming future dividends in a life insurance proposal Because of this, the company charged him a higher rate for his insurance. What type of insurance policy would perform the function of cash accumulation? B Discriminating in benefits and coverages based on the insured's habits and lifestyle d) Rebates are allowed if it's in the best interest of the client. B. Twisting. B Criminal offense Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. D.the spouse of a retiring insurance producer c) An offer of employment. 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. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. From what type of insurer did the insured purchase the policy? A. the spouse or legal representative of a deceased insurance producer If an insured continually uses the automatic premium loan option to pay the policy premium.. C Limited lines An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. D Imprisonment. In which of the following situations is it legal to limit coverage based on marital status? She would likely purchase a(n)? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Log in for more information. C Misrepresentation Follow the following are true of the federal tax advantages of a qualified plan. A Assigning different risk classifications to applicants based on gender identity In this case, what will the policy beneficiary receive? C Rebating. Minimum number of credits required for partially insured status for Social Security disability benefits is. What option could the insured utilize? What type of annuity is it? c) Dividends are not considered to be rebates. B 30 If the corporation collects the policy benefit, then. 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. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. D Stop action order. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? 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. A Cannot be extended or waived under any circumstances. D 120 days. 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. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. 45 Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? 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? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Which two terms are associated directly with the premium? Any surplus money is returned to the policyholders as dividends. D Audit or abstract insurance policies or annuities. Which of the following is a true statement regarding taxation of the accelerated benefits? A Stocks, securities, or bonds. In a life settlement contract, whom does the life settlement broker represent? A temporary license in this state is valid for a maximum of Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. D. A salaried employee who advertises and solicits insurance. 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. Which of the following documents must be provided to the policyowner or applicant during policy replacement? Mutual-policyholders; Stock-stockholders. C Dividends from a mutual insurer. How can she obtain an individual policy? Which of the following best describes the unfair trade practices of defamation? = 15 ? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. 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. The producer could be found guilty of 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? The integer 4 is considered all of the following except _____. a This practice is considered Part 2 of the application for life insurance provides questions regarding all of the following.. What statement is true concerning buy-sell agreements? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. A A good business reputation and good moral character. All of the following would be considered rebating except. The insurer has 15 days to file a notice of producer appointment. 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. He dies in a freak accident on June 1. All the following would be considered an unfair and deceptive practice. Flashcards - WA Common Law Practice Exam - FreezingBlue Who can make a fully deductible contribution to a traditional IRA? 3. all of the following would be considered rebating except A licensed counselor MAY NOT perform which of the following duties? 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 license or licenses are required to sell variable life annuities? A Producer regulations and testing requirements. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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.