all of the following would be considered rebating except all of the following would be considered rebating except

60. This year, she did not receive a check fin from the insurer. She also wished to retain all of the rights of ownership. How could she obtain an individual policy? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? Which of the following is an eligibility requirement for all Social Security disability income benefits? Term used to name the no taxes return of unused premiums? Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. What is true concerning a buy-sell agreement? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Added 149 days ago|10/30/2021 2:46:29 PM. 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. B 90 days D What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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 D Engages in fraud. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. In order to to do that, what may happen? 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). B. B Twisting. Employer contributions made to a qualified plan.. A Unfair claims And employee is insured under her employers group life plan. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. Requires the entire premium to be paid in one limp sum at the policy's inception. A How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. An agent offers to share his commission with a policyholder. Time during which accumulated money is converted into an income stream. 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. 6 2/3 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. The purpose of the Tennessee Guaranty Association is to. D Felony. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. User: She worked really hard on the project. D Other than the 3 hours of ethics, licensees may take courses in any line. B False advertising. 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. unit 3: personal and business finance grade boundaries. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? An employee quits her job where she has a balance of $10,000 in her qualified plan. D If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. What is this called? A 15 All the following are true regarding rebates except? In order for an insurer to legally transact insurance, it must obtain what? A Concealment. The insured knows that his financial state will worsen even more with upcoming medical expenses. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. What type of license should the producer obtain? In Michigan the state's continuing education requirement It was determined that the accident was his fault. And insured has a modified endowment contract. D$5. 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? C Charging applicants with similar health histories different premiums based on their ethnicity A temporary license in this state is valid for a maximum of Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? A 30 days 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 A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. all of the following would be considered rebating except. Who can make a fully deductible contribution to a traditional IRA? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. B 30 C What type of annuity is it? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? [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 . Required by state law to be included in the policy, and cannot be altered by the policyowner. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. And employee quits her job where she has a balance of $10,000 in her qualified plan. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? Which of the following has not been taken to court for further interpretation? D Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? Why is an equity Indexed annuity considered to be a fixed annuity? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. D An offer of employment. 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. 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? In this state, a temporary license may be issued for any of the following reasons EXCEPT. 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 is the total, monetary penalty this producer can expect to receive? C Accidentally misspells the name of the insurance policy in a written communication to a customer. D Business Entity. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance 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 60 days. D Misrepresentation. A B Applies to life, annuity, and accident and health licensees only. C Listing the insurance companies the agency represents in a letter Is a program that assesses and reports information about various computer resources and devices. File an application with the Director b. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. 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. Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? C A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. Juan is the person employees go to when knowledge of a topic was needed. What type of life insurance policy would be best suited to this situation? C B Criminal offense D 30 days. 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. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. There is a limit for a withdrawal and the insurer charges a fee. Up to 12 excess credit hours of CE may be carried over to the next review period. C Consists of completing 24 hours of CE each biennium. c) An offer of employment. 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} The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. What must be presented before an applicant submits a premium? There are several types of whole life polices. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity This is considered to be an unfair claim settlement practice Your email address will not be published. The insurer has 15 days to file a notice of producer appointment. What is this called? What describes the tax advantage of a qualified retirement plan? I love when a hack helps me to recycle, and makes my life easier. An insured purchased an insurance policy 5 years ago. 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. The ownership provision entitles the policyowner to do what? The Weegy: A modal verb (also modal, modal auxiliary verb, modal auxiliary) is a type of auxiliary verb that is used to All of the following would be considered rebating except, Which of the following types of insurance policies is most commonly used in credit life insurance, In order to reinstate a life insurance policy the insured must do all of the following except. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. All of the following could own a group life insurance EXCEPT A group needing low-cost life insurance An applicant for a producer's license has successfully completed all of the steps to obtain the license. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. I no the truth.Ans: I know the truth.(2). A C Controlled business. 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] Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? In order to enforce the insurance code the commissioner has the power to conduct which of the following? In which of the following situations is it legal to limit coverage based on marital status? Commissioner. 20/3 Most horse (1). C. An insurance company director who performs executive, administrative and managerial duties Insurers are also not allowed to cancel individual coverage due to a change in marital status. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. An insured owns a life insurance policy. A key person insurance policy can pay for which of the following? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. An insured has a life insurance policy from a participating company and receives quarterly dividends. In return, the insurer promised to pay benefits in accordance with the terms of the contract. D A termination issued by the appointing insurer. Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. C$1,500 A$500 Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? Annuities can also be used to.. 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. Which of the following is NOT a pathway in the oxidation of glucose. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? 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? The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? 1 to 50. Upon policy delivery, the producer may be required to obtain? The dividend option that the insured has chosen is called? 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. C Rebating A Adverse selection If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? D$5,000. The producer could be found guilty of Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. 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. B Which of the following is a true statement regarding taxation of the accelerated benefits? What type of annuity is it? An insured had a continuous premium whole life policy. B A reasonable understanding of the Michigan insurance code In level term and increasing term policies, the premium also remains level for the term of the policy. D Stop action order. B Misleading advertising. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? A Payment of restitution Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Convertible without proof of insurability up to the full term death benefit. The designee of a producer that is called to active service with the Navy. Asked 11/28/2019 3:15:17 PM. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. 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. 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? B E The spouse of a deceased insurance producer. B Suspension of authority Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. What is the name of the insured who enters into a viatical settlement. What is true regarding taxation of accelerated benefits under life insurance policy? A Misdemeanor When does the policy coverage become effective? B Twisting Rebates are allowed if it's in the best interest of the client. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? A licensed counselor MAY NOT perform which of the following duties? D Imprisonment. What is not an example of a business use of life insurance? 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. D False financial statement. D Producer commission schedules. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. 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? The president of a company is starting an annuity and decides that his corporation will be the annuitant. What is true regarding a non-qualified retirement plan? 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? 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. What must be acceptable in order for the ride to be able to waive the payment of premium? An insured had a $10,000 term life policy. Death benefits payable to a beneficiary under a life insurance policy are generally. 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. An agent misrepresents policy benefits to convince a policyowner to replace policies. D False advertising. What type of policy is this? An insured committed suicide 6 months after his life insurance policy was issued. the spouse of a retiring insurance producer How are contributions to a tax-sheltered annuity treated with regards to taxation? A Cannot be extended or waived under any circumstances. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. All of the following would be considered to be rebating EXCEPT? Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. What type of policy is this? Mutual-policyholders; Stock-stockholders. = 45/20 C. Rebating. What is this an example of? 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. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. = 15 * 3/20 The person or interest to whom the policy proceeds will be paid upon the death of the insured. A key person insurance policy can pay for what? A 30 days A Rebating. All of the following would be considered rebating except. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. Variable life insurance is based on what kind of premium? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? B Nothing, unless the remarks were in writing Within how many days does a licensee have to inform the Commissioner of a change of address? Nonforfeiture values guarantee which policyowner? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone He wants to withdraw some money in order to pay medical bills. The insurance company discovers at that time that the insured concealed info during the application process. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. A A good business reputation and good moral character. Rebates include money, sharing of commissions, promises, inducements and personal services. all of the following would be considered rebating except. This answer has been confirmed as correct and helpful. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? The agent is guilty of If the producer continues to violate the entrance code, I knew so penalty will be assessed every? 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. What option could the insured utilize? Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. B A Defamation 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. An agent who offers a cash reward to a prospect for buying a policy is guilty of. In Connecticut, continuing education courses must be approved by the. He's insured under a life insurance policy with the accelerated benefits rider. 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. Question. A temporary license may be issued for up to 180 days. The policy contained an accidental death rider, offering a double indemnity benefit. B Insurer financial requirements. A. the spouse or legal representative of a deceased insurance producer 3. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner?