B A reasonable understanding of the Michigan insurance code Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? Which of the following would be considered false advertising? Variable life insurance is based on what kind of premium? 10 czerwca 2022 . 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? Ultimately, the commissioner determined that there were a total of 25 separate violations. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. What statement about a suicide clause in a life insurance policy is true? 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? the spouse of a retiring insurance producer Convertible without proof of insurability up to the full term death benefit. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. B A new Commissioner or Director is put into office. How much would the beneficiary receive from the policy? In an annuity, the accumulated money is converted into a stream of income during what time period? D Legal, provided that the information can be verified. B A 60 days The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. B A Certificate of Completion from the required pre-licensing study course Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? B Legal, provided that the other insurers are paid royalties for the usage of their names Your email address will not be published. A Stocks, securities, or bonds. Which of the following best describes this act? All of the following would be considered rebating EXCEPT. Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A. Misrepresentation. D$2,000. Question. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Which of the following best describes the act? 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. What are the classifications of net assets reported in the statement of financial position by private colleges? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? Which of the following would be required to complete pre-licensing education? 90 days. The dividend option that the insured has chosen is called? 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. 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. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? B Stock Company This rider will not cause the death benefit to increase. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. D Other than the 3 hours of ethics, licensees may take courses in any line. 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. Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. D Any time in the past. There are just too many details and specifications which you must be certain of when looking for one. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. Cradle. When would a 20-pay whole life policy endow? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. New answers. = 15 ? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. 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? This is a personal use of life insurance known as.. Within how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? There are several types of whole life polices. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. What would be the face amount of the new term policy? all of the following would be considered rebating except. A Applicant must be 18 years old 3. Rebating can be anything of . B Coercion. C Thanks for choosing us. If the corporation collects the policy benefit, then. D Controlled business. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What is this an example of? 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 misrepresents policy benefits to convince a policyowner to replace policies. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Which of the following would be required to be licensed as an insurance producer? A Giving an applicant a $5 pen with the insurer's logo during the insurance application process An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT User: She worked really hard on the project. Which of the following activities is not performed by an insurance producer? False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. 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. If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? In order for an insurer to legally transact insurance, it must obtain what? Telling a client that his first premium will be waived if he purchases the insurance policy today. What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? 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. 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.. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? In this case, what will the policy beneficiary receive? What protects the insured from an unintentional policy lapse due to a nonpayment of premium? B In order to to do that, what may happen? What is the official name for the Social Security program? 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? 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. Annuities can also be used to.. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. D Business Entity. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone D 2 years. Which of the following would NOT have a policy loans provision? 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. 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 to 50. This practice is considered C Dividends from a mutual insurer. Taxation on dividends in participating policies? An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. A Assigning different risk classifications to applicants based on gender identity C An insured had a $10,000 term life policy. The minimum age at which a person can sign a life insurance application is. A Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. D.the spouse of a retiring insurance producer A Cannot be extended or waived under any circumstances. After 5 years, she decides to leave the company and work independently. Added 30 days ago|10/30/2021 2:46:29 PM. "At the time of the application" is when interest must exist. D False advertising. D Audit or abstract insurance policies or annuities. What type of life insurance policy would be best suited to this situation? A producer in tensional he violated insurance statues. Cradle. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? Within how many days does a licensee have to inform the Commissioner of a change of address? A Payment of restitution C 90 days File an application with the Director b. B there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT 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? Which of the following is a true statement regarding taxation of the accelerated benefits? In the best interests of the client, rebates are allowed. In order to enforce the insurance code the commissioner has the power to conduct which of the following? What does this mean? If a company has a simplified employee pension plan, what type of plant is it? If an insurer terminates a producer, the Commissioner will receive a notification. D$5,000. All of the following would be considered rebating except. Which of the following persons is required to hold a producer license? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. He died on February 28. Which of the following documents must be provided to the policyowner or applicant during policy replacement? Which of the following is true? The policy contained an accidental death rider, offering a double indemnity benefit. In this situation, a licensee would have to apply for a resident's license within 90 days. Who is the main purpose of the seven-pay test? Which statement best defines an insurance producer? The policyowner of an adjustable life policy wants to increase the death benefit. C -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. The regulation of the insurance industry primarily rest with. This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? Which of the following best describes this practice? 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. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. 180 days. The policy endows when the insured turns 100. 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. What dividend option could she use? 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 An Insurer wants to begin underwriting procedures for an applicant. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. B Undercutting A Defamation In this state, what type of violation is rebating? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. Up to 12 excess credit hours of CE may be carried over to the next review period. An insured misstates her age at the time the life insurance application is taken. 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? The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. D Surplus lines. An insured purchases a policy in 2008 and died in 2013. NAIC. What statement is correct? C Illegal under any circumstances select one: Which set of characteristics will produce the smallest value for the estimated standard error? E The spouse of a deceased insurance producer. B 7 days If the producer continues to violate the entrance code, I knew so penalty will be assessed every? C Fine The policyowner of an adjustable life policy wants to increase the death benefit. B Illegal A Natural Group Insurers are also not allowed to cancel individual coverage due to a change in marital status. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. D 120 days. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. Which of the following would be considered an illegal inducement to purchase insurance? And insured has a modified endowment contract. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? Who can make a fully deductible contribution to a traditional IRA? Group life insurance is a single policy written to provide coverage to members of a group. Commissions are set by a schedule or negotiation between the producer and the insurance company. Rebates are allowed if it's in the best interest of the client. C Defamation. An insured pays an annual premium to his insurer. Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). D Slandering. A Because of this, the company charged him a higher rate for his insurance. Search for an answer or ask Weegy. D 10. D An offer of employment. What happens when a policy is surrendered for its cash value? Which of the following is possible? When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity = 15 * 3/20 To combat the Where is heavy cream in Walmart? Last year, she received a dividend check from the insurance company that was not taxable. D Producer commission schedules. D Adverse selection. B Nonresident When may an insurance company use suicide as a defense against paying a death claim? Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? C A legal advertising strategy 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? If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. 45 All riders that will cause the death benefit to increase? A C Dividends from a mutual insurer. Which of the following provisions would NOT be found in Term Life Insurance? 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? B Misleading advertising. Which provision of a life insurance policy states that the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? What brand of castor oil is best for hair? A corporation is the owner and beneficiary of the key person life policy. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. D She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? 30 Identify the types of assets assigned to each classification. May be structured to allow for specific additional amounts of insurance to be purchased at specific ages, dates, and events without proving insurability; however, the coverage is purchased at the insured's attained age and the maximum allowable purchase is specified in the base policy. USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. C In the last 5 years. Which of the following will NOT be considered unfair discrimination by insurers? 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. What source will it consult for the majority of its underwriting information? Asked 11/28/2019 3:15:17 PM. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. From what type of insurer did the insured purchase the policy? Part 2 of the application for life insurance provides questions regarding all of the following.. An insured receives an annual life insurance dividend check. What policy component contains the company's promise to pay? 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? B Mailing an agency brochure to a prospective client 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. D False financial statement. Any surplus money is returned to the policyholders as dividends. It is the premium paying period that is limited, not the maturity. B 3 days D An offer of employment. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. The insured had his wife named as the beneficiary of his life insurance policy. C Defamation. Both the offer and acceptance of a rebate are illegal. All the following are true regarding rebates except? B A domestic insurer issuing variable contracts must establish one or more.. 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. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. 60 days. Search for an answer or ask Weegy. It is never legal to limit coverage based on marital status. C Policyowner rights and disclosures. D Must be completed by all licensed resident and nonresident producers. 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? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. Only any excess of value is taxable as income. Which two terms are associated directly with the premium? What type of insurance policy may be used to fund this agreement? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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. Which nonforfeiture option has the highest amount of insurance protection? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Added 149 days ago|10/30/2021 2:46:29 PM. Beneficiaries do not have to have an insurable interest in the policyholder. ________________ are owned and controlled by their policyholders. What type of license should the producer obtain? Confirming future dividends in a life insurance proposal A Temporary [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 . He wants to withdraw some money in order to pay medical bills. A. Corporation is the owner and beneficiary of the key person life policy. Life insurance cost indexes are our only useful when comparing a minimum of how many similar policies? B$1 What term best describes this arrangement? If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? 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? (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? The agent is guilty of? For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. 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. Requires the entire premium to be paid in one limp sum at the policy's inception. The integer 4 is considered all of the following except _____. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. All of the following would be considered to be rebating EXCEPT. B An offer to share in commissions generated by the sale. D A termination issued by the appointing insurer. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. 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. D A license to practice law. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. What happens to the premium on the children's rider in a life insurance policy? Michigan's continuing education requirement has each of the following characteristics EXCEPT She has decided that she would rather use the dividends to help pay for her next premium. Which of the following statements about the reinstatement provision is true? 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 Shopping for electric motors can be tricky. Mutual-policyholders; Stock-stockholders.

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