What are the three basic types of term coverage available, based on how the face amount (death benefit) changes during the policy term: Best description of what an annuity period is: Policy which allows the partial withdrawal, or surrender, of the policy cash value. E The spouse of a deceased insurance producer. When an insurer's underwriter approves coverage and issues a policy. all of the following would be considered rebating except If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? 180 days. 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. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. B Criminal offense Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. All of the following would be considered rebating except Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? B Twisting What option could the insured utilize? The agent is guilty of D c) Dividends are not considered to be rebates. D False advertising. Old-age and retirement benefits, disability benefits, death benefits. When may an insurance company use suicide as a defense against paying a death claim? Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. D Felony. = 15 ? Cash surrender, extended term, reduced paid-up. D False financial statement. Corporation is the owner and beneficiary of the key person life policy. All the following are true regarding rebates except? What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? all of the following would be considered rebating except The policyowner pays for her life insurance annually. All of the following would be considered rebating except In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? B 60 days C Fine A 15 The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? If a company has a simplified employee pension plan, what type of plant is it? 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 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. The policyowner may assign a part of the policy or the entire policy. A domestic insurer issuing variable contracts must establish one or more.. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. What is the result of this? When does the policy coverage become effective? A Temporary If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? D Business Entity. Asked 10/30/2021 2:23:39 PM. An agent offers to share his commission with a policyholder. B 30 If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? C Dividends from a mutual insurer. 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. I no the truth.Ans: I know the truth.(2). Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. The minimum age at which a person can sign a life insurance application is. User: 3/4 16/9 Weegy: 3/4 ? All of the following are true regarding rebates EXCEPT. 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. He discovered that his policy.. All of the following would be considered rebating 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 . 1 to 75. A A good business reputation and good moral character. C$1,500 The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. C Policyowner rights and disclosures. A A person whose activities are limited to producing insurance advertisements There is a limit for a withdrawal and the insurer charges a fee. A 7 days If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. The purpose of the Tennessee Guaranty Association is to. In which instance would the premium be tax deductible? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. 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. On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. Missouri Statutes, Rules, and Regulations common to all lines *revised A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Which of the following would be considered false advertising? A key person insurance policy can pay for which of the following? B Will result in having to pay the highest premium due to health, history, habits, etc. 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. C 7 What is the total, monetary penalty this producer can expect to receive? D.the spouse of a retiring insurance producer 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 can they do? A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. Annuities can also be used to.. Paid cash to cover desk purchased on account. C Coercion. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT The insurance company discovers at that time that the insured concealed info during the application process. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. 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? C 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? Which of the following acts would not get an insurance producer terminated "for cause"? What are examples of a business use of life insurance? What is the required percentage of participants in a contributory group plan? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation All of the following are true regarding rebates - Course Hero An out-of-state producer wants to start selling insurance in this state. Cradle. 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. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Which of the following has not been taken to court for further interpretation? In this situation, a licensee would have to apply for a resident's license within 90 days. Asked 11/28/2019 3:15:17 PM. What type of insurance policy would perform the function of cash accumulation? Cradle. How do you get to Motion settings on iPhone? And employee has group life insurance through her employer. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. a constant a term a variable an expression. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. Who can make a fully deductible contribution to a traditional IRA? NAIC. An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. What best describes what will happen? Each of the following statements may (or may not) describe one of these technical terms. D 10 days. She has decided that she would rather use the dividends to help pay for her next premium. 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. 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. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? Question. The designee of a producer that is called to active service with the Navy. 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. D Which of the following would NOT be considered rebating? How could she obtain an individual policy? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. All of the following would be considered rebating EXCEPT. The policyowner is entitled to policy loans. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT In order to enforce the insurance code the commissioner has the power to conduct which of the following? Which of the following is an example of a producer being involved in an unfair trade practice of rebating? An insured purchased an insurance policy 5 years ago. 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? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. The balance is paid out directly to the employee in order for her to move the funds to a new account. D 2 years. All of the following would be considered to be rebating EXCEPT. How are contributions to a tax-sheltered annuity treated with regards to taxation? B Suspension of authority c) An offer of employment. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Correct Answer: A. An insured has a life insurance policy from a participating company and receives quarterly dividends. Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. When would a 20-pay whole life policy endow? 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? Part 2 of the application for life insurance provides questions regarding all of the following.. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. C. the employee of a disabled licensed a producer A Producer regulations and testing requirements. In level term and increasing term policies, the premium also remains level for the term of the policy. And employee is insured under her employers group life plan. He died on February 28.

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