A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. 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? 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. Commissioner. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). An insured had a continuous premium whole life policy. What amount would his beneficiary receive as a settlement? 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). Mutual-policyholders; Stock-stockholders. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. B Legal, provided that the other insurers are paid royalties for the usage of their names How could she obtain an individual policy? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? 3. NAIC. The dividend option that the insured has chosen is called? A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT D 10. 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? D 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? D An offer of employment. 90 days. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. all of the following would be considered rebating except. After 5 years, she decides to leave the company and work independently. All of the following actions can be described as twisting EXCEPT. Both the offer and acceptance of a rebate are illegal. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. In return, the insurer promised to pay benefits in accordance with the terms of the contract. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. D. Sexual orientation. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? 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. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. Commissioner. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. The minimum age at which a person can sign a life insurance application is. What is the required percentage of participants in a contributory group plan? Taxation on dividends in participating policies? An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What is this called? D$5,000. B Discrimination B An offer to share in commissions generated by the sale. In which of the following situations is it legal to limit coverage based on marital status? An Insurer wants to begin underwriting procedures for an applicant. Insurers are also not allowed to cancel individual coverage due to a change in marital status. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. Most horse (1). Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Nonforfeiture values guarantee which policyowner? Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? D Business Entity. If the father becomes disabled, what will happen to the life insurance premiums? This is called.. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. After five years, she decides to leave the company and work independently. 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. If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. b) Rebating can be anything of economic value, given as an inducement to buy. All of the following would be considered to be 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. C A legal advertising strategy This is considered to be an unfair claim settlement practice This practice is considered When does the policy coverage become effective? C. Rebating. 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. They could be sold for an amount greater than the current cash value, they involve insurance policies with large face amounts, they could be use for a key person coverage. A Twisting. Which of the following would be required to complete pre-licensing education? A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity Annuities can also be used to.. Updated 10/30/2021 2:46:29 PM. 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. Published by at June 10, 2022. B 90 days What is true regarding a non-qualified retirement plan? Earnings grow tax-deferred, contributions are not currently taxable, it can discriminate in benefits and selecting participants, For a retirement plan to be qualified, it must be designed for the benefit of. = 2 1/4. It was determined that the accident was his fault. B Misleading advertising. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? When an insurer's underwriter approves coverage and issues a policy. 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 investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? 1 to 50. Cash surrender, extended term, reduced paid-up. 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". A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. For an individual who is not covered by an employer sponsored plan, IRA contributions are What is correct concerning a non contributory group plan: To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? You dont have to worry about it anymore. A 30 days a constant a term a variable an expression. A Illegal until endorsed by the Guaranty Association An insured misstates her age at the time the life insurance application is taken. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? 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. f. Get an answer. 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. All of the following would be considered to be rebating EXCEPT? C Defamation -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. A temporary producer license could be issued without examination to all the following EXCEPT? I no the truth.Ans: I know the truth.(2). D Other than the 3 hours of ethics, licensees may take courses in any line. The policyowner of an adjustable life policy wants to increase the death benefit. 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. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A 7 days B An offer to share in commissions generated by the sale. D Adverse selection. User: She worked really hard on the project. What is true regarding taxation of accelerated benefits under life insurance policy? D Misrepresentation, How much is an agent's appointment fee? D Felony. Confirming future dividends in a life insurance proposal The integer 4 is considered all of the following except _____. Employees must receive a minimum of $5,000 in annual compensation, no other qualified plan can be used, no more than 100 employees. Which of the following would be required to be licensed as an insurance producer? The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. C Policyowner rights and disclosures. C. the employee of a disabled licensed a producer 15 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? In this situation, a licensee would have to apply for a resident's license within 90 days. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. all of the following would be considered rebating except. If the corporation collects the policy benefit, then. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. c) An offer of employment. A person whose activities are limited to producing insurance advertisements C Twisting B Twisting 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. The producer could be found guilty of The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. 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?