A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation When may an insurance company use suicide as a defense against paying a death claim? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? All paid by the time the insured reaches age 65. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? D A termination issued by the appointing insurer. D False advertising. New answers. C What does this mean? A Unfair claims D Imprisonment. A. What information will be stated in the consideration clause of a life insurance policy? Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. 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. 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. What required provision protects against unintentional lapse of the policy? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. Which of the following persons is required to hold a producer license? If the corporation collect the policy benefit, then. 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. He died on February 28. What is true regarding a non-qualified retirement plan? C Dividends from a mutual insurer. D Audit or abstract insurance policies or annuities. 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? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? C 90 days Most horse (1). The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". From what type of insurer did the insured purchase the policy? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? Which of the following would be required to complete pre-licensing education? These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. 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? How are contributions to a tax-sheltered annuity treated with regards to taxation? B$1,000 Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? What is the purpose of a disclosure statement in life insurance policies? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. Requires the entire premium to be paid in one limp sum at the policy's inception. What is the purpose of establishing the target premium for a universal life policy? a constant a term a variable an expression. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. all of the following would be considered rebating except. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? Asked 10/30/2021 2:23:39 PM. D Controlled business. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process A temporary producer license could be issued without examination to all the following EXCEPT? launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. In this situation, a licensee would have to apply for a resident's license within 90 days. C Defamation. All the following would be considered an unfair and deceptive practice. This is considered to be false, deceptive or misleading advertising. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? C It requires satisfactory completion of at least 24 hours of approved training every biennium. How many days does the insurer have to deliver this notice? All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? An insured has a life insurance policy from a participating company and receives quarterly dividends. A temporary license may be issued for up to 180 days. Which of the following best describes this practice? He discovered that his policy.. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? What is true of the cash surrender nonforfeiture option? Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. The policyowner of an adjustable life policy wants to increase the death benefit. When would a 20-pay whole life policy endow? What settlement option should the policyowner choose? 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. B 3 days If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. Which of the following individuals could qualify for a temporary insurance license? Why is an equity Indexed annuity considered to be a fixed annuity? B 60 days c) An offer of employment. D Misrepresentation. 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? The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. If she terminates her group coverage, what is true? D A license to practice law. Attorney General. D Engages in fraud. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. An appointment by an insurer is based upon the person maintaining a valid insurance license. D.the spouse of a retiring insurance producer Each of the following statements may (or may not) describe one of these technical terms. Updated 10/30/2021 2:46:29 PM. How much would the beneficiary receive from the policy? B Materially misrepresents an insurance policy. All of the following would be considered rebating EXCEPT. 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? Which of the following would NOT be considered rebating? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. The person or interest to whom the policy proceeds will be paid upon the death of the insured. A licensed counselor MAY NOT perform which of the following duties? What is true regarding taxation of accelerated benefits under life insurance policy? 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] How do you get to Motion settings on iPhone? Which of the following allows different operating systems to coexist on the same physical computer? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. Which of the following would be considered false advertising? A father owns a life insurance policy on his 15-year-old daughter. An insured had a $10,000 term life policy. What statement concerning group life is true? 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 All of the following would be considered to be rebating EXCEPT. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. C What are examples of a business use of life insurance? = 45/20 The insurer's surrender the policy at its current cash value. 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. The integer 4 is considered all of the following except a variable. Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. 20/3 Question. 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? An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. 0. C Defamation. What type of policy is this? 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. Death benefits payable to a beneficiary under a life insurance policy are generally. The insurance company discovers at that time that the insured concealed info during the application process. A person whose activities are limited to producing insurance advertisements 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?