C Consists of completing 24 hours of CE each biennium. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? An individual has been making periodic payments on an annuity. D$2,000. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. 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. C 90 days 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. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? Employer contributions made to a qualified plan.. C. Address 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. M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. Term used to name the no taxes return of unused premiums? Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? An insured pays $1,200 annually for her life insurance premium. When an insurer's underwriter approves coverage and issues a policy. juan holds ________ power. A. Misrepresentation. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. In which of the following situations is it legal to limit coverage based on marital status? 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. What amount would his beneficiary receive as a settlement? All of the following are true regarding rebates EXCEPT. C Defamation. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. 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). What option could the insured utilize? 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. Because of this, the company charged him a higher rate for his insurance. He died on February 28. f. Get an answer. D. Commissioner. Which of the following has not been taken to court for further interpretation? C$100 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. User: She worked really hard on the project. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). C Rebating B. Twisting. Formula: (Ann . C Coercion. The policyowner may assign a part of the policy or the entire policy. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. 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? C 7 C$1,500 C 30 days In order for an insurer to legally transact insurance, it must obtain what? An insured pays an annual premium to his insurer. 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. The balance is paid out directly to the employee in order for her to move the funds to a new account. The insured knows that his financial state will worsen even more with upcoming medical expenses. What is the result of this? The policy contained an accidental death rider, offering a double indemnity benefit. A Rebating. If an insurer terminates a producer, the Commissioner will receive a notification. Which of the following is a true statement regarding taxation of the accelerated benefits? There are several types of whole life polices. all of the following would be considered rebating except. C Controlled business. A temporary license may be issued for up to 180 days. C Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? A In the preceding 12 months. C Dividends from a mutual insurer. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Search for an answer or ask Weegy. What determines the amount of each installment paid in a life income option arrangement? D Misrepresentation. Nonforfeiture values guarantee which policyowner? What is the primary purpose of a 401(k) plan? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. It was determined that the accident was his fault. The requirement that an agent not co-mingle insurance monies with their own fund is known as? When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. If an insurer terminates a producer, the Commissioner must be notified. In order to to do that, what may happen? 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? D Engages in fraud. The insured had his wife named as the beneficiary of his life insurance policy. As the local coffee shop is just initiating the segmentation and targeting process, what has . B - In order to collect premiums and explain coverages, a person would need to be licensed. Ultimately, the commissioner determined that there were a total of 25 separate violations. 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? Which of the following statements about the reinstatement provision is true? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT D D Felony. What relationship is not an example of insurable interest? A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. After 5 years, she decides to leave the company and work independently. 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. What option would allow her to do this? And employee is insured under her employers group life plan. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. C A legal advertising strategy What is the other term for the cash payment settlement option? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. A Illegal until endorsed by the Guaranty Association B A reasonable understanding of the Michigan insurance code He wants to withdraw some money in order to pay medical bills. Corporation is the owner and beneficiary of the key person life policy. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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. To combat the Where is heavy cream in Walmart? Insurers are also not allowed to cancel individual coverage due to a change in marital status. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? All of the following actions are considered rebating except sharing commissions with other licensed and appointed agents An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. In which of the following situations is it legal to limit coverage based on marital status? In order to enforce the insurance code the commissioner has the power to conduct which of the following? 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. She also wished to retain all of the rights of ownership. A producer in tensional he violated insurance statues. In this situation, a licensee would have to apply for a resident's license within 90 days. = 45/20 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. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. Added 149 days ago|10/30/2021 2:46:29 PM. 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? D Misrepresentation. 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. unit 3: personal and business finance grade boundaries. 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. Because of this, the company charged him a higher rate for his insurance. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. B Discriminating in benefits and coverages based on the insured's habits and lifestyle This is a personal use of life insurance known as.
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