When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. Unintentional misspellings are not a misrepresentation. D Other than the 3 hours of ethics, licensees may take courses in any line. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. A key person insurance policy can pay for what? How are contributions to a tax-sheltered annuity treated with regards to taxation? C Dividends from a mutual insurer. Which of the following provisions would NOT be found in Term Life Insurance? C$100 Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? Formula: (Ann . When would a 20-pay whole life policy endow? 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? The amount of payments will be determined by taking into account all of the following: When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount.. An insured owns a $50,000 whole life policy. Variable life insurance is based on what kind of premium? Time during which accumulated money is converted into an income stream. B Twisting Which is NOT required of an applicant for an insurance license in Michigan? C Dividends from a mutual insurer. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? C A producer's license expires and is not renewed. A Applicant must be 18 years old What are the three basic types of term coverage available, based on how the face amount (death benefit) changes during the policy term: Best description of what an annuity period is: Policy which allows the partial withdrawal, or surrender, of the policy cash value. B A Certificate of Completion from the required pre-licensing study course Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. All riders that will cause the death benefit to increase? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. What is this an example of? Which of the following allows different operating systems to coexist on the same physical computer? C A 40 year old man buys a whole life policy and names his wife as his only beneficiary. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Any surplus money is returned to the policyholders as dividends. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. Expert answered|GaelM|Points 4547| Log in for more information. Thanks for choosing us. Cradle. When does the policy coverage become effective? Synonym for a substandard risk classification. An employee quits her job where she has a balance of $10,000 in her qualified plan. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? Which nonforfeiture option has the highest amount of insurance protection? When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount. Upon policy delivery, the producer may be required to obtain? 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. What is this an example of? B Nonresident All of the following acts are considered unfair trade - Course Hero B An offer to share in commissions generated by the sale. If the corporation collects the policy benefit, then. What type of insurance policy would perform the function of cash accumulation? B Coercion Follow the following are true of the federal tax advantages of a qualified plan. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. all of the following would be considered rebating except In which instance would the premium be tax deductible? D SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. D Any time in the past. C Law of large numbers 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. D Coercion. The following areas are regulated by the Insurance Department EXCEPT A corporation is the owner and beneficiary of the key person life policy. Chapter 11 part 2 Flashcards | Quizlet The designee of a producer that is called to active service with the Navy. In an annuity, the accumulated money is converted into a stream of income during what time period? A table showing the nonforfeiture values for the next 20 years must be included in the policy. C Consists of completing 24 hours of CE each biennium. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? D Rebating. Question is All of the following species are considered coliforms Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? This practice is considered? Circulating deceptive sales material to the public is what type of Unfair Trade Practice? Which of the following is an example of a producer being involved in an unfair trade practice of rebating? B In the preceding 2 years. Ownership is the difference between these two companies. 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? Once the policyholder opts for cash surrender, the policy is immediately inactive. D. Sexual orientation. Missouri Statutes, Rules, and Regulations common to all lines *revised 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? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. An agent who offers a cash reward to a prospect for buying a policy is guilty of. All of the following would be considered rebating except. C. Rebating. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. All of the following actions are considered rebating except Which of the following would require an individual to stop participating in a specific activity if the Commissioner believes to be violating the Insurance Code? B$1,000 c) Dividends are not considered to be rebates. All of the following would be considered to be rebating EXCEPT? A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. 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? 1 Answer/Comment. C Misrepresentation C To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. Company Information; FAQ; Stone Materials. C Limited lines Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? 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. all of the following would be considered rebating except Follow us. Which of the following best describes this act? What type of policy is this? D An offer of employment. 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. D B At least 3 hours must cover ethics. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. 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? An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. B - In order to collect premiums and explain coverages, a person would need to be licensed. Search for an answer or ask Weegy. What is the purpose of establishing the target premium for a universal life policy? When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. 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. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. C Charging applicants with similar health histories different premiums based on their ethnicity This practice is considered Which of the following would be required to complete pre-licensing education? An insured misstates her age at the time the life insurance application is taken. Insurers are also not allowed to cancel individual coverage due to a change in marital status. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. Michigan's continuing education requirement has each of the following characteristics EXCEPT A temporary license may be issued for up to 180 days. If a live insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST. And employee quits her job where she has a balance of $10,000 in her qualified plan. The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. What must be acceptable in order for the ride to be able to waive the payment of premium? And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. A banker is ready to close on a customer's loan. A. All paid by the time the insured reaches age 65. This year, she did not receive a check fin from the insurer. D Slandering. B A reasonable understanding of the Michigan insurance code 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. In order for an insurer to legally transact insurance, it must obtain what? D Imprisonment. B 7 days 1 to 50. The insurance company discovers at that time that the insured concealed info during the application process. The producer could be found guilty of? An insured owns a life insurance policy. A What describes the tax advantage of a qualified retirement plan? It was determined that the accident was his fault. What is true regarding taxation of accelerated benefits under life insurance policy? D Unfair Discrimination. Because of this, the company charged him a higher rate for his insurance. D The integer 4 is considered all of the following except _____. Term used to name the no taxes return of unused premiums? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. Correlation and Causation What are correlation and causation and how are they different? Which of the following is an eligibility requirement for all Social Security disability income benefits? What is true regarding a non-qualified retirement plan? Which of the following persons is required to hold a producer license? D Inviting prospective clients to the grand opening of the producer's new office. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT When would a misrepresentation on the insurance application be considered fraud? When is the earliest a policy may go into effect? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. D Must be completed by all licensed resident and nonresident producers. 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] C Rebating. Added 149 days ago|10/30/2021 2:46:29 PM. 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? And insured has a modified endowment contract. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. And any controversy between the insured or the insured's beneficiary and the insured that arises from the application for insurance of any policy issued a connection with the application, the producer is considered to be the agent and which of the following? The advantage of qualified plans to employers is. D.the spouse of a retiring insurance producer I love when a hack helps me to recycle, and makes my life easier. 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? What best describes what will happen? C$1,500 An insured had a continuous premium whole life policy. C 30 days An insured had a $10,000 term life policy. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. It is never legal to limit coverage based on marital status. Which of the following statements about the reinstatement provision is true? 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. What is the official name for the Social Security program? = 2 5/20 The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested.
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