When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. B Twisting. Rating. Which of the following documents must be provided to the policyowner or applicant during policy replacement? D 10. 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? An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. After 5 years, she decides to leave the company and work independently. B 7 days B$1,000 What type of policy does the insured most likely have? B What must be presented before an applicant submits a premium? B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? Unintentional misspellings are not a misrepresentation. Which of the following terms best describes the advertisement? 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. Published by at June 10, 2022. C Dividends from a mutual insurer. 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. D$5,000. C Dividends from a mutual insurer. 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 agent is guilty of? If the corporation collects the policy benefit, then. 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.. A key person insurance policy can pay for which of the following? User: 3/4 16/9 Weegy: 3/4 ? What is being defined as the degree to which something is related or useful to what is happening or being talked about? A Payment of restitution If the corporation collect the policy benefit, then. For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are, Amount of coverage is determined according to nondiscriminatory rules, individuals covered, under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability. the spouse of a retiring insurance producer C. the employee of a disabled licensed a producer Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. What best describes what will happen? Commissioner. NAIC. An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. Ownership is the difference between these two companies. D Imprisonment. D$5. Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? 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. C Consists of completing 24 hours of CE each biennium. launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? Log in for more information. What statement about a suicide clause in a life insurance policy is true? Until now, she has collected a nontaxable dividend check each year. The policyowner may assign a part of the policy or the entire policy. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. D. Coercion and intimidation. 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? 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. D 120 days. The integer 4 is considered all of the following except _____. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. 15 What best describes this practice? Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. This is called.. Categories . Employer contributions made to a qualified plan.. A A producer's license is suspended or revoked by the Department of Insurance. Which of the following would be required to be licensed as an insurance producer? A. B Discriminating in benefits and coverages based on the insured's habits and lifestyle Number of credits required for fully insured status for Social Security disability benefits? Which of the following would be required to be licensed as an insurance producer? 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? A$500 All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Which of the following would NOT have a policy loans provision? D Coercion. A temporary license may be issued for up to 180 days. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . Unless revoked or suspended how long does a producers license remain in effect in Tennessee? In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. Most horse (1). 60. Search for an answer or ask Weegy. 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. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? How are contributions to a tax-sheltered annuity treated with regards to taxation? [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 . B Insurer financial requirements. This is considered to be false, deceptive or misleading advertising. 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) An agent offers the use of his lake house to person as an inducement to buy, Answer:C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. What is the name of the insured who enters into a viatical settlement. All the following are true regarding rebates except? What type of license should the producer obtain? If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? A straight life policy has what type of premium? He wants to withdraw some money in order to pay medical bills. Which of the following would be required to complete pre-licensing education? A In the preceding 12 months. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. Two or more variables considered to be related, in a statistical context, if their values change so that as Cellular respiration is a process that all living things use to convert glucose into energy. Question. B At least 3 hours must cover ethics. C Misrepresentation 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? Which of the following is an example of a producer being involved in an unfair trade practice of rebating? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. C Class C violation 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. A producer in tensional he violated insurance statues. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? A 30 days Both the offer and acceptance of a rebate are illegal. What is true of the cash surrender nonforfeiture option? 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. D. Commissioner. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. D Audit or abstract insurance policies or annuities. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. Azanswer team is here with the correct answer to your question. 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? D 2 years. 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. 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? There are several types of whole life polices. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. If a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? An agent's license may also be suspended or revoked. The advantage of qualified plans to employers is. A. What describes the tax advantage of a qualified retirement plan? 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? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? D All the following could be considered rebates if offered to an insured in the sale of insurance except? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT = 15 * 3/20 Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. Licensed in the state where the individual resides. This is considered to be an unfair claim settlement practice 90 days. 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. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. C Illegal under any circumstances Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). Part 2 of the application for life insurance provides questions regarding all 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. From what type of insurer did the insured purchase the policy? Which of the following is NOT a pathway in the oxidation of glucose. Which two terms are associated directly with the premium? What term best describes this arrangement? C$2,000 A must ensure a pair that's benefit claim after receiving the product of death? Home; About Us. How can she obtain an individual policy? Ultimately, the commissioner determined that there were a total of 25 separate violations. 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? D Adverse selection. An insured pays $1,200 annually for her life insurance premium. D Other than the 3 hours of ethics, licensees may take courses in any line. Which type of life insurance policy generates immediate cash value? select one: Which set of characteristics will produce the smallest value for the estimated standard error? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? B Twisting What policy component contains the company's promise to pay? A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. B$1 B Suspension of authority What information will be stated in the consideration clause of a life insurance policy? d) Rebates are allowed if it's in the best interest of the client. The paid-up addition option uses the dividend to.. What life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? A tax-sheltered annuity is a special tax-favored retirement plan available to. A candidate for life insurance producer's license must complete how many hours of prelicensing education? A Giving an applicant a $5 pen with the insurer's logo during the insurance application process D Misrepresentation, How much is an agent's appointment fee? An out-of-state producer wants to start selling insurance in this state. A Defamation B Coercion An agent offers to share his commission with a policyholder. 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. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. The premiums paid by the employer in a business life insurance policy are. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. How much would the beneficiary receive from the policy? Rebates are allowed if it's in the best interest of the client. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. An individual has been diagnosed with Alzheimer's disease. 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 insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. 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. The purpose of the Tennessee Guaranty Association is to. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. A domestic insurer issuing variable contracts must establish one or more.. D Engages in fraud. A Assigning different risk classifications to applicants based on gender identity Whenever an individual stops drinking, the BAL will ________________. 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. 1.Reasonable expectations 2.Subrogation 3.Ambiguities in a contract of adhesion 4.Utmost good faith - answerSubrogation There are various optional provision for health policies. When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise.
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