all of the following would be considered rebating except

The minimum age at which a person can sign a life insurance application is. What are examples of a business use of life insurance? She also wished to retain all of the rights of ownership. 1 to 50. Rebates include money, sharing of commissions, promises, inducements and personal services. Which of the following activities is not performed by an insurance producer? 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? All of the following would be considered to be rebating EXCEPT. D False advertising. What will she need to provide for proof of insurability? User: She worked really hard on the project. The policyowner of an adjustable life policy wants to increase the death benefit. A A producer's license is suspended or revoked by the Department of Insurance. C Coercion. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. The policy contains the optional Payor Benefit rider. Up to 12 excess credit hours of CE may be carried over to the next review period. She has decided that she would rather use the dividends to help pay for her next premium. If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant What policy component decreases in decreasing term insurance? Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. 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? 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. D A license to practice law. Department of Education. Home; About Us. An out-of-state producer wants to start selling insurance in this state. Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. This misstatement may result in? 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. D Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. 45 What determines the amount of each installment paid in a life income option arrangement? The soon-to-be producer does not want to wait until he receives his license in order to begin working. 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. The regulation of the insurance industry primarily rest with. c) Dividends are not considered to be rebates. How long must an insurer keep a copy of an authorized form in its records? [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . A key person insurance policy can pay for which of the following? D Slandering. Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] Follow the following are true of the federal tax advantages of a qualified plan. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? D Misrepresentation. What is this an example of? It is the premium paying period that is limited, not the maturity. 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. C Policyowner rights and disclosures. What does this mean to the beneficiaries? Which of the following is true? C Dividends from a mutual insurer. From what type of insurer did the insured purchase the policy? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. Once the policyholder opts for cash surrender, the policy is immediately inactive. 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? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral This rider usually expires at the insured's age of 40. 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 can they do? C Limited lines All of the following would be considered rebating except. Will result in having to pay the highest premium due to health, history, habits, etc. What must be presented before an applicant submits a premium? C Updated 10/30/2021 2:46:29 PM. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. must ensure a pair that's benefit claim after receiving the product of death? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. The policy endows when the insured turns 100. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. 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. C Illegal under any circumstances In order for an insurer to legally transact insurance, it must obtain what? C 3. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. Because of this, the company charged him a higher rate for his insurance. An insured purchases a policy in 2008 and died in 2013. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. New answers. 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? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? File an application with the Director b. What is the required percentage of participants in a contributory group plan? What is the maximum fine for submitting a false or fraudulent claim to the insurer? Which of the following would be required to complete pre-licensing education? C Class C violation Company Information; FAQ; Stone Materials. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT Within how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? 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. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? What type of policy is this? 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 What type of annuity is it? B$1 What is the total, monetary penalty this producer can expect to receive? I love when a hack helps me to recycle, and makes my life easier. Rebating is an unfair trade practice and is regulated by law. All of If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. C$100 Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? 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? How can she obtain an individual policy? In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? What happens to the premium on the children's rider in a life insurance policy? Which of the following best describes the act? B Undercutting When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. A key person insurance policy can pay for what? A 7 days Which of the following is an example of a producer being involved in an unfair trade practice of rebating? The applicant must file a certificate of completion of the prelicensing courses taken to prove that the courses were not taken more than 12 months before the Commissioner received the application. After 5 years, she decides to leave the company and work independently. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT Answer-All of the following are considered key logistic functions in A Discrimination. C Defamation. If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? 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. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? The person or interest to whom the policy proceeds will be paid upon the death of the insured. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. This answer has been confirmed as correct and helpful. C Law of large numbers Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? C. An insurance company director who performs executive, administrative and managerial duties An agent's license may also be suspended or revoked. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? This is called.. It was determined that the accident was his fault. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race?

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