Which of the following documents must be provided to the policyowner or applicant during policy replacement? The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? Azanswer team is here with the correct answer to your question. A corporation is the owner and beneficiary of the key person life policy. All the following are true regarding rebates except? An insured owns a life insurance policy. What source will it consult for the majority of its underwriting information? 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. In this situation, a licensee would have to apply for a resident's license within 90 days. D$2,000. 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". The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. 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. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. What employee insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? Only any excess of value is taxable as income. An insured pays $1,200 annually for her life insurance premium. If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? All of the following would be considered to be rebating EXCEPT 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 Upon policy delivery, the producer may be required to obtain? 1 to 75. Who can make a fully deductible contribution to a traditional IRA? C A producer's license expires and is not renewed. B Legal, provided that the other insurers are paid royalties for the usage of their names B 7 days D$5,000. Licensed in the state where the individual resides. B In the preceding 2 years. The insurance company discovers at that time that the insured concealed info during the application process. 1 to 50. 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? Department of Education. Which of the following would NOT be considered rebating? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . An insured had a $10,000 term life policy. Formula: (Ann . What statement is correct? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. When may an insurance company use suicide as a defense against paying a death claim? What would be the face amount of the new term policy? If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Each agent must pay a $5 appointment fee to the Commissioner. 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. unit 3: personal and business finance grade boundaries. B A new Commissioner or Director is put into office. Which of the following is a true statement regarding taxation of the accelerated benefits? Which statement best defines an insurance producer? What does this mean? All of the following would be considered rebating except. This is a personal use of life insurance known as. If the corporation collect the policy benefit, then. B Materially misrepresents an insurance policy. 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 . Therefore, in the other types of level policies, the first-year premium would not be different from any other year. 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? select one: Which set of characteristics will produce the smallest value for the estimated standard error? What would be the right policy for this client? B Twisting. = 15 * 3/20 Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? This misstatement may result in? An agent offers to share his commission with a policyholder. A Illegal until endorsed by the Guaranty Association In this situation, the Commissioner must be notified within 30 days. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. Which of the following statements about the reinstatement provision is true? D Surplus lines. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? If the corporation collects the policy benefit, then. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Your email address will not be published. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? The ownership provision entitles the policyowner to do what? What is the maximum fine for submitting a false or fraudulent claim to the insurer? A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT An insured misstates her age at the time the life insurance application is taken. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract. It is the premium paying period that is limited, not the maturity. In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? 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. 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. The company is guilty of 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. Time during which accumulated money is converted into an income stream. During replacement of life insurance, or replacing ensure musky which of the following? The insured knows that his financial state will worsen even more with upcoming medical expenses. all of the following would be considered rebating except Follow us. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. B$1 She would likely purchase a(n)? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Which of the following best describes the act? If she terminates her group coverage, what is true? Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. D 2 years. Rebating can be anything of . In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. 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. Which of the following best describes this act? D 10 days. 180 days. c) Dividends are not considered to be rebates. D Legal, provided that the information can be verified. B Most horse (1). A 30 days The requirement that an agent not co-mingle insurance monies with their own fund is known as? How do you get to Motion settings on iPhone? A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. What information will be stated in the consideration clause of a life insurance policy? Which of the following is an eligibility requirement for all Social Security disability income benefits? 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. 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. A Adverse selection In Connecticut, continuing education courses must be approved by the. This is due to what provision? How are contributions to a tax-sheltered annuity treated with regards to taxation? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as = 15 ? B 60 days False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. C Dividends from a mutual insurer. A 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. Search for an answer or ask Weegy. A Defamation What must be acceptable in order for the ride to be able to waive the payment of premium? 20/3 Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. D False advertising. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? 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. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. B 90 days 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 other. How can she obtain an individual policy? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. C Illegal under any circumstances Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. What is the purpose of a free-look period in insurance policies? What statement about a suicide clause in a life insurance policy is true? He dies in a freak accident on June 1. A$500 All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? In life insurance policies, cash value increases. 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. Log in for more information. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. What type of insurance policy would perform the function of cash accumulation? Updated 10/30/2021 2:46:29 PM. Corporation is the owner and beneficiary of the key person life policy. D 10. If an insurer terminates a producer, the Commissioner will receive a notification. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? D Felony. standard form contract facebook; how to treat mange in cats at home twitter; moon drop grapes uk instagram; arrow olivia sewing table youtube; custom teku glassware mail An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. C What determines the amount of each installment paid in a life income option arrangement? What policy component contains the company's promise to pay? Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? D A Payment of restitution A 15 As the local coffee shop is just initiating the segmentation and targeting process, what has . All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT This rider will not cause the death benefit to increase. What does this mean to the beneficiaries? C Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. 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? The policyowner pays for her life insurance annually. Which of the following acts would not get an insurance producer terminated "for cause"? There are just too many details and specifications which you must be certain of when looking for one. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? 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} 60 days. From what type of insurer did the insured purchase the policy? Because of this, the company charged him a higher rate for his insurance. Who is the main purpose of the seven-pay test? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT Log in for more information. D Adverse selection. c) An offer of employment. What percentage of a company's employees must take part in a noncontributory group life plan? Convertible without proof of insurability up to the full term death benefit. Whenever an individual stops drinking, the BAL will ________________. And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. And insurance producer license may be renewed at the producer has paid the applicable fees, submitted the renewal form to the commissioner, and.. Having a client in inducement to a sale not stated in the policy is an unlawful practice known as? C Limited lines C Defamation. 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. What type of annuity is it? D 120 days. If an insured continually uses the automatic premium loan option to pay the policy premium.. What is the official name for the Social Security program? 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. It is never legal to limit coverage based on marital status. C. Rebating. What is being defined as the degree to which something is related or useful to what is happening or being talked about? A Rebating. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. She has decided that she would rather use the dividends to help pay for her next premium. B An offer to share in commissions generated by the sale. B Stock Company Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Minimum number of credits required for partially insured status for Social Security disability benefits is. 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? This practice is considered Eligibility requirements for a license are established by the Insurance Code. What type of life insurance policy would be best suited to this situation? 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? A banker is ready to close on a customer's loan. C Listing the insurance companies the agency represents in a letter The insurer has 15 days to file a notice of producer appointment. What is the term for how frequently a policyowner is required to pay the policy premium? An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. D Rebating. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. The advantage of qualified plans to employers is. What is the primary purpose of a 401(k) plan? A father owns a life insurance policy on his 15-year-old daughter. Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? He never remarried and dies at age 61, leaving 2 grown-up children. 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. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. D Misrepresentation. Which of the following is an example of a producer being involved in an unfair trade practices of rebating? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? The designee of a producer that is called to active service with the Navy. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? Variable life insurance is based on what kind of premium? He discovered that his policy.. D. Commissioner. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. An employee quits her job where she has a balance of $10,000 in her qualified plan. A Defamation Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. This practice is considered? Paid cash to cover desk purchased on account. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. This year, she did not receive a check fin from the insurer. Log in for more information. all of the following would be considered rebating except. 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. D.the spouse of a retiring insurance producer B$1,000 C Rebating What are the two components of a universal policy? Discrimination. The dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary.
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