What is the official name for the Social Security program? B C 30 WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. B Coercion In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. Expert answered|GaelM|Points 4547| Log in for more information. Log in for more information. 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? 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. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. A Added 149 days ago|10/30/2021 2:46:29 PM. B 90 days If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? The producer could be found guilty of? select one: Which set of characteristics will produce the smallest value for the estimated standard error? Licensed in the state where the individual resides. B Community service f. Get an answer. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. 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. She would likely purchase a(n)? 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 protects the insured from an unintentional policy lapse due to a nonpayment of premium? 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? D An offer of employment. MI Life Insurance Policy Provisions, Options, Federal Tax Considerations for Health Insuran, Qualified Plans, and Federal Tax Consideratio, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. If an insured continually uses the automatic premium loan option to pay the policy premium.. A Twisting. If an insurer terminates a producer, the Commissioner will receive a notification. In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. Which of the following would be considered an illegal inducement to purchase insurance? The minimum age at which a person can sign a life insurance application is. 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? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? What term best describes this arrangement? B A reasonable understanding of the Michigan insurance code D. Commissioner. B Twisting If an insured continually uses the automatic premium loan option to pay the policy premium. 1 to 50. Once the policyholder opts for cash surrender, the policy is immediately inactive. all of the following would be considered rebating except. This is considered to be an unfair claim settlement practice The company is guilty of C Coercion. From what type of insurer did the insured purchase the policy? And employee has group life insurance through her employer. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. C Twisting All the following are true regarding rebates except? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. In a direct rollover, how is the money transferred from one plan to the new one? How are contributions to a tax-sheltered annuity treated with regards to taxation? An insured purchased an insurance policy 5 years ago. Term used to name the no taxes return of unused premiums? A banker is ready to close on a customer's loan. B Stock Company Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A Misdemeanor When twin brothers applied for life insurance from company a, the company found that while neither of them smoke and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. D Adverse selection. Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. The ownership provision entitles the policyowner to do what? What is the primary purpose of a 401(k) plan? 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. All of the following are true regarding rebates EXCEPT. Correct Answer: A. What is the name of the insured who enters into a viatical settlement. The premiums paid by the employer in a business life insurance policy are. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? C Controlled business. A person whose activities are limited to producing insurance advertisements 15 What information will be stated in the consideration clause of a life insurance policy? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? In this state, what type of violation is rebating? What statement is correct? C. An insurance company director who performs executive, administrative and managerial duties Which of the following is true? D Producer commission schedules. Rating. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. B. Defamation. What will she need to provide for proof of insurability? all of the following would be considered rebating except. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? D Legal, provided that the information can be verified. I no the truth.Ans: I know the truth.(2). C Listing the insurance companies the agency represents in a letter A Defamation A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Who is the main purpose of the seven-pay test? 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. As it turns out, the answer to this question depends upon a variety of factors. D Any time in the past. C$1,500 The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? What is the maximum fine for submitting a false or fraudulent claim to the insurer? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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? At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. A Unfair claims What type of insurance policy may be used to fund this agreement? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? Which of the following is an example of a producer being involved in an unfair trade practices of rebating? In an annuity, the accumulated money is converted into a stream of income during what time period? 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. D Cancelling individual coverage based on the insured's marital status. Which of the following individuals could qualify for a temporary insurance license? 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. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? What statement is true concerning buy-sell agreements? All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance policy? B A new Commissioner or Director is put into office. D Business Entity. As the local coffee shop is just initiating the segmentation and targeting process, what has . What is true of the cash surrender nonforfeiture option? If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? Which of the following is NOT a pathway in the oxidation of glucose. [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 . B. A Cannot be extended or waived under any circumstances. C It requires satisfactory completion of at least 24 hours of approved training every biennium. What is this an example of? An agent's license may also be suspended or revoked. Department of Education. Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans?
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