Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. Which of the following allows different operating systems to coexist on the same physical computer? What is true regarding a non-qualified retirement plan? B A reasonable understanding of the Michigan insurance code Department of Education. D Controlled business. 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. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT Insurers are also not allowed to cancel individual coverage due to a change in marital status. In the best interests of the client, rebates are allowed. C Cease and desist order D. Coercion and intimidation. He dies in a freak accident on June 1. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. C Dividends from a mutual insurer. Which of the following would be considered an illegal inducement to purchase insurance? The agent is guilty of? File an application with the Director b. 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. B Criminal offense A. the spouse or legal representative of a deceased insurance producer Cradle. Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. 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. A tax-sheltered annuity is a special tax-favored retirement plan available to. Which of the following would be required to be licensed as an insurance producer? A Adverse selection B Nonresident The policyowner of an adjustable life policy wants to increase the death benefit. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. A Deals with insurance outside the scope of the license. What amount would his beneficiary receive as a settlement? A 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 . A Discrimination. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Any person found guilty of a violation of the Insurance Code of this state may be subject to a civil fine of up to $1,000 for each violation, or up to $5,000 for willful violations (not to exceed $50,000). A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. Ownership is the difference between these two companies. Who is the main purpose of the seven-pay test? 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? 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. In level term and increasing term policies, the premium also remains level for the term of the policy. To combat the Where is heavy cream in Walmart? 3. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. All of the following would be considered to be rebating EXCEPT? C There are just too many details and specifications which you must be certain of when looking for one. The policyowner pays for her life insurance annually. What does this mean? A In the preceding 12 months. D False advertising. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. C. Address In life insurance policies, cash value increases. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. If she terminates her group coverage, what is true? Which of the following is an example of a producer being involved in an unfair trade practices of rebating? Rebates include money, sharing of commissions, promises, inducements and personal services. Synonym for a substandard risk classification. Commissioner. 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. C Dividends from a mutual insurer. 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? An insured has a life insurance policy from a participating company and receives quarterly dividends. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? D If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. Group life insurance is a single policy written to provide coverage to members of a group. D A termination issued by the appointing insurer. D False advertising. The premiums paid by the employer in a business life insurance policy are. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? In this state, a temporary license may be issued for any of the following reasons EXCEPT. D An offer of employment. Which of the following would NOT be considered rebating? 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. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? unit 3: personal and business finance grade boundaries. C Misrepresentation Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Attorney General. Which of the following would be considered false advertising? How do you get to Motion settings on iPhone? The advantage of qualified plans to employers is. a constant a term a variable an expression. 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. An insured pays $1,200 annually for her life insurance premium. B Coercion. This rider will not cause the death benefit to increase. This is called.. D 10. The premiums paid by the employer in a business life insurance policy are All of the following are true of a key person insurance.. A Misdemeanor This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. When an insurer's underwriter approves coverage and issues a policy. 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? B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral What is the total, monetary penalty this producer can expect to receive? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Number of credits required for fully insured status for Social Security disability benefits? C The insurer has 15 days to file a notice of producer appointment. 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. A key person insurance policy can pay for what? Which of the following has not been taken to court for further interpretation? -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. If the corporation collect the policy benefit, then. A Illegal until endorsed by the Guaranty Association How many days does the insurer have to deliver this notice? Which of the following best describes the unfair trade practices of defamation? 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? In this situation, a licensee would have to apply for a resident's license within 90 days. Which of the following is a true statement regarding taxation of the accelerated benefits? Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. Term used to name the no taxes return of unused premiums? The person or interest to whom the policy proceeds will be paid upon the death of the insured. B Materially misrepresents an insurance policy. What is true about beneficiary designations? All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates 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? What term best describes this arrangement? Which of the following will NOT be considered unfair discrimination by insurers? What is the result of this? A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. A Defamation The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? Question. 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. 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 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. 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. A Stocks, securities, or bonds. What would be the right policy for this client? B 30 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. What would be the face amount of the new term policy? What brand of castor oil is best for hair? C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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. As it turns out, the answer to this question depends upon a variety of factors. Corporation is the owner and beneficiary of the key person life policy. The ownership provision entitles the policyowner to do what? 45 Beneficiaries do not have to have an insurable interest in the policyholder. This misstatement may result in? C Solicit business as an insurance producer The insurance company discovers at that time that the insured concealed info during the application process. C Illegal under any circumstances D. A salaried employee who advertises and solicits insurance. All of the following would be considered rebating except. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. Which two terms are associated directly with the premium? Question. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? select one: Which set of characteristics will produce the smallest value for the estimated standard error? Commissioner. 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 What is true concerning a buy-sell agreement? 3. The requirement that an agent not co-mingle insurance monies with their own fund is known as? B. Defamation. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? D Must be completed by all licensed resident and nonresident producers. 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? The agent is guilty of [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 . What percentage of a company's employees must take part in a noncontributory group life plan? 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? What best describes what will happen? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT What are examples of a business use of life insurance? the spouse of a retiring insurance producer D Producer commission schedules. 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. The dividend option that the insured has chosen is called?
Dylan Paul Conner,
Small Dogs For Sale Buffalo Ny,
Surgical Tech Programs In Atlanta,
Dokkan Team Tier List,
Articles A