Who can make a fully deductible contribution to a traditional IRA? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. He has instructed the company to apply the policy dividends to increase the death benefit. 30 When would a misrepresentation on the insurance application be considered fraud? B Suspension of authority Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. Why is an equity Indexed annuity considered to be a fixed annuity? Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. A domestic insurer issuing variable contracts must establish one or more.. Added 149 days ago|10/30/2021 2:46:29 PM. The policyowner may assign a part of the policy or the entire policy. What required provision protects against unintentional lapse of the policy? What determines the length of time that benefits will be received under the fixed-amount settlement option? = 45/20 What would be the face amount of the new term policy? A temporary license in this state is valid for a maximum of A temporary license may be issued for up to 180 days. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. d) Rebates are allowed if it's in the best interest of the client. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. A producer in tensional he violated insurance statues. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. An insured had a $10,000 term life policy. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples A 15 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 is not an example of a business use of life insurance? The insured knows that his financial state will worsen even more with upcoming medical expenses. 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? Number of credits required for fully insured status for Social Security disability benefits? What type of insurance policy would perform the function of cash accumulation? An insured committed suicide 6 months after his life insurance policy was issued. Which of the following is true? D Rebating. Which of the following best describes this act? A temporary producer license could be issued without examination to all the following EXCEPT? 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? However, once there is solicitation, a license is required. The regulation of the insurance industry primarily rest with. What is this called? 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. Department of Education. C It requires satisfactory completion of at least 24 hours of approved training every biennium. A Applicant must be 18 years old 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. Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. Convertible without proof of insurability up to the full term death benefit. Who is the main purpose of the seven-pay test? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT C Defamation. 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. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. Which policy component decreases in decreasing term insurance? Y was killed in an automobile accident on August 22, before the policy was issued. If she terminates her group coverage, what is true? What is true regarding a non-qualified retirement plan? C Limited lines A. D.the spouse of a retiring insurance producer Death benefits payable to a beneficiary under a life insurance policy are generally. A Rebating. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? B 30 A Assigning different risk classifications to applicants based on gender identity Most horse (1). 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. An insured pays $1,200 annually for her life insurance premium. Which of the following best describes this practice? 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. What is true concerning a buy-sell agreement? What is the purpose of a free-look period in insurance policies? D Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. Which of the following is not a standard mounting dimension for an electric motor? The Insurance Department regulations are to protect the insurance-buying public. 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? B All of the following would be considered to be rebating EXCEPT? How could she obtain an individual policy? B 7 days An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. A Stocks, securities, or bonds. B A new Commissioner or Director is put into office. 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. What type of annuity is it? Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? In return, the insurer promised to pay benefits in accordance with the terms of the contract. Vscode No server install found in WSL, needs x64. A An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Follow the following are true of the federal tax advantages of a qualified plan. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. 6 2/3 The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. D An offer of employment. Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. What is the primary purpose of a 401(k) plan? C Accidentally misspells the name of the insurance policy in a written communication to a customer. After five years, she decides to leave the company and work independently. Attorney General. D Producer commission schedules. In a life settlement contract, whom does the life settlement broker represent? 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. The can be changed only with the written consent of that beneficiary. The company is guilty of 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. 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 other. D$5. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? ________________ are owned and controlled by their policyholders. Term used to name the no taxes return of unused premiums? Corporation is the owner and beneficiary of the key person life policy. What does this mean? A key person insurance policy can pay for what? 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.. All the following could be considered rebates if offered to an insured in the sale of insurance except? What is true of the cash surrender nonforfeiture option? A Adverse selection C 12 months "At the time of the application" is when interest must exist. This practice is considered? The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. During replacement of life insurance, or replacing ensure musky which of the following? A father owns a life insurance policy on his 15-year-old daughter. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral Unless revoked or suspended how long does a producers license remain in effect in Tennessee? 90 days. Which of the following allows different operating systems to coexist on the same physical computer? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? D 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. His wife dies 10 years later. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. D 120 days. A Discrimination. The policy endows when the insured turns 100. Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old