D$5. He discovered that his policy.. 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. A 30 days What type of annuity is it? B Nothing, unless the remarks were in writing The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? This answer has been confirmed as correct and helpful. What amount would his beneficiary receive as a settlement? 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. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Which of the following provisions would NOT be found in Term Life Insurance? All of the following actions can be described as twisting EXCEPT. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. 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. 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.. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. The insured had his wife named as the beneficiary of his life insurance policy. If she terminates her group coverage, what is true? Search for an answer or ask Weegy. This year, she did not receive a check fin from the insurer. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces Which of the following is an example of a producer being involved in an unfair trade practice of rebating? Flashcards - Connecticut Insurance Test 2021 - FreezingBlue 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? In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. C Consists of completing 24 hours of CE each biennium. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? 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 C 90 days B Materially misrepresents an insurance policy. What policy would have an IRS required corridor or gap between the cash value and the death benefit? all of the following would be considered rebating except. 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. C Controlled business. Search for an answer or ask Weegy. D What determines the length of time that benefits will be received under the fixed-amount settlement option? 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. In a direct rollover, how is the money transferred from one plan to the new one? Last year, she received a dividend check from the insurance company that was not taxable. B Misleading advertising. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. 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? Corporation is the owner and beneficiary of the key person life policy. What type of policy is this? Rating. And employee is insured under her employers group life plan. What license or licenses are required to sell variable life annuities? Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? 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 appointment by an insurer is based upon the person maintaining a valid insurance license. Correct Answer: A. All riders that will cause the death benefit to increase? all of the following would be considered rebating except. c) Dividends are not considered to be rebates. Which of the following will NOT be considered unfair discrimination by insurers? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? The regulation of the insurance industry primarily rest with. f. Get an answer. The premiums paid by the employer in a business life insurance policy are. Gender What statement about a suicide clause in a life insurance policy is true? The insured knows that his financial state will worsen even more with upcoming medical expenses. 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? What is true regarding taxation of accelerated benefits under life insurance policy? Within how many days does a licensee have to inform the Commissioner of a change of address? Which of the following persons is required to hold a producer license? What describes the tax advantage of a qualified retirement plan? New answers. 10 czerwca 2022 . The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. What is the purpose of a fixed-period settlement option? A. Follow the following are true of the federal tax advantages of a qualified plan. 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 Producer regulations and testing requirements. Azanswer team is here with the correct answer to your question. B Suspension of authority C 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? 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 The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. all of the following would be considered rebating except D Inviting prospective clients to the grand opening of the producer's new office. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Upon policy delivery, the producer may be required to obtain? C$100 In an annuity, the accumulated money is converted into a stream of income during what time period? An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. As it turns out, the answer to this question depends upon a variety of factors. 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. What required provision protects against unintentional lapse of the policy? Any surplus money is returned to the policyholders as dividends. D Imprisonment. 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 agent is guilty of 1 to 50. This is considered to be false, deceptive or misleading advertising. 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 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? Home; About Us. Commissioner. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? D An offer of employment. The policyowner is entitled to policy loans. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. A Defamation This is a personal use of life insurance known as. Which of the following statements about the reinstatement provision is true? What policy component contains the company's promise to pay? Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. A. Misrepresentation. 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? Formula: (Ann . B Twisting. B Insurer financial requirements. What is this an example of? In which instance would the premium be tax deductible? And insured has a modified endowment contract. He's insured under a life insurance policy with the accelerated benefits rider. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. When does the policy coverage become effective? 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? Which of the following would be considered false advertising? An insured pays an annual premium to his insurer. Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. How can she obtain an individual policy? This is a personal use of life insurance known as.. B. A. the spouse or legal representative of a deceased insurance producer She has decided that she would rather use the dividends to help pay for her next premium. A producer in tensional he violated insurance statues. 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. D 10. 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. Telling a client that his first premium will be waived if he purchases the insurance policy today. A Unfair claims 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. If an insurer terminates a producer, the Commissioner will receive a notification. He never remarried and dies at age 61, leaving 2 grown-up children. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? B Discriminating in benefits and coverages based on the insured's habits and lifestyle 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? 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? B A reasonable understanding of the Michigan insurance code Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone A Restriction of authority How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? This rider usually expires at the insured's age of 40. I love when a hack helps me to recycle, and makes my life easier. Why is an equity Indexed annuity considered to be a fixed annuity? Each agent must pay a $5 appointment fee to the Commissioner. 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. What option could the insured utilize? Y was killed in an automobile accident on August 22, before the policy was issued. D A Assigning different risk classifications to applicants based on gender identity C Limited lines How much would the beneficiary receive from the policy? B unit 3: personal and business finance grade boundaries. D Must be completed by all licensed resident and nonresident producers. User: She worked really hard on the project. 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. There are just too many details and specifications which you must be certain of when looking for one. An insured purchases a policy in 2008 and died in 2013. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. Define electric potential and electric potential energy. Insurers are also not allowed to cancel individual coverage due to a change in marital status. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age.
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