The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the.. Life income joint and survivor settlement option guarantees. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. An insured has chosen joint and 2/3 survivor as the settlement option. D Engages in fraud. d) Rebates are allowed if it's in the best interest of the client. Age All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT 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. C Policyowner rights and disclosures. C$100 Which of the following is an example of a producer being involved in an unfair trade practices of rebating? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. 3. What type of annuity is it? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. How much would the beneficiary receive from the policy? In life insurance policies, cash value increases. B Legal, provided that the other insurers are paid royalties for the usage of their names any person acting as an insurance producer without a valid license may be fined up to. B 3 days A Log in for more information. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). juan holds ________ power. NAIC. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. 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 company is guilty of A Restriction of authority What is the term for how frequently a policyowner is required to pay the policy premium? 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. D$2,000. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. A$500 Follow the following are true of the federal tax advantages of a qualified plan. Which of the following would be considered an illegal inducement to purchase insurance? 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. A candidate for life insurance producer's license must complete how many hours of prelicensing education? He's insured under a life insurance policy with the accelerated benefits rider. Each agent must pay a $5 appointment fee to the Commissioner. Rating. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. What is the primary purpose of a 401(k) plan? A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. D 2 years. Updated 10/30/2021 2:46:29 PM. D$5,000. An insured misstates her age at the time the life insurance application is taken. C 7 Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? Which of the following would be required to be licensed as an insurance producer? D. Sexual orientation. A The integer 4 is considered all of the following except a variable. Which of the following is a true statement regarding taxation of the accelerated benefits? A corporation is the owner and beneficiary of the key person life policy. From what type of insurer did the insured purchase the policy? What is the purpose of a free-look period in insurance policies? The insured knows that his financial state will worsen even more with upcoming medical expenses. C Rebating. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. What statement is true concerning buy-sell agreements? D$5. Death benefits payable to a beneficiary under a life insurance policy are generally. It is never legal to limit coverage based on marital status. What is not an example of a business use of life insurance? b) Rebating can be anything of economic value, given as an inducement to buy. Which of the following provisions would NOT be found in Term Life Insurance? Vscode No server install found in WSL, needs x64. Which of the following best describes the act? 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. In Connecticut, continuing education courses must be approved by the. B 30 Which policy component decreases in decreasing term insurance? 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 the maximum fine for submitting a false or fraudulent claim to the insurer? D Surplus lines. Annuities can also be used to.. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. What is this an example of? A straight life policy has what type of premium? An agent's license may also be suspended or revoked. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? What brand of castor oil is best for hair? How could she obtain an individual policy? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. 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? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. 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? A Rebating. 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. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? 60. After five years, she decides to leave the company and work independently. 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? Under what circumstances could the daughter collect the death benefit? D False financial statement. 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. He wants to withdraw some money in order to pay medical bills. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? 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? What type of policy is this? 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? Expert answered|GaelM|Points 4547| Log in for more information. Unintentional misspellings are not a misrepresentation. A C. An insurance company director who performs executive, administrative and managerial duties The producer could be found guilty of? 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. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. In this state, what type of violation is rebating? The dividend option that the insured has chosen is called? A. the spouse or legal representative of a deceased insurance producer A$500 This year, she did not receive a check fin from the insurer. 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? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Only any excess of value is taxable as income. A Rebating. B Misleading advertising. Requires the entire premium to be paid in one limp sum at the policy's inception. Which of the following best describes this practice? When would a 20-pay whole life policy endow? C Class C violation Categories . Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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. Autotrophs (like plants) produce glucose during photosynthesis. If the father becomes disabled, what will happen to the life insurance premiums? C In the last 5 years. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. User: She worked really hard on the project. B$1,000 Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? C. the employee of a disabled licensed a producer B Twisting D 30 days. Correlation and Causation What are correlation and causation and how are they different? Within how many days of this notification must the producer be sent a copy? B Suspension of authority 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. the spouse of a retiring insurance producer 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. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? 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. The balance is paid out directly to the employee in order for her to move the funds to a new account. Which of the following is true? Which of the following terms best describes the advertisement? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? His wife dies 10 years later. This misstatement may result in? B 60 days Because of this, the company charged him a higher rate for his insurance. In level term and increasing term policies, the premium also remains level for the term of the policy. The regulation of the insurance industry primarily rest with. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). D Audit or abstract insurance policies or annuities. 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. Rating. And employee is insured under her employers group life plan. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. An insured pays an annual premium to his insurer. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? 90 days. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. If an insurer terminates a producer, the Commissioner will receive a notification. Commissioner. C Twisting If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. What is true regarding taxation of accelerated benefits under life insurance policy? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. B Criminal offense Log in for more information. 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? 0. B False advertising. A Defamation Which of the following acts would not get an insurance producer terminated "for cause"? 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? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? A Deals with insurance outside the scope of the license. C A = 15 * 3/20 The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? Which of the following individuals could qualify for a temporary insurance license? 1 Answer/Comment. C Defamation. 15 Which of the following would be required to complete pre-licensing education? The can be changed only with the written consent of that beneficiary. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? Which nonforfeiture option provides coverage for the longest period of time? Because of this, the company charged him a higher rate for his insurance. A Cannot be extended or waived under any circumstances. c) Dividends are not considered to be rebates. An insured purchased an insurance policy 5 years ago. This is considered to be an unfair claim settlement practice What statement is correct? As it turns out, the answer to this question depends upon a variety of factors. 10 czerwca 2022 . Attorney General. What type of insurance policy may be used to fund this agreement? 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. What is this called?
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