What type of license should the producer obtain? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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? During replacement of life insurance, or replacing ensure musky which of the following? 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. = 15 ? all of the following would be considered rebating except What term best describes this arrangement? B Unfair claim practice. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. If an insurer terminates a producer, the Commissioner must be notified. C$1,500 Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? C 7 All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. A licensed counselor MAY NOT perform which of the following duties? Which of the following activities is not performed by an insurance producer? An insured purchased an insurance policy 5 years ago. May be used to customize a permanent life insurance policy to meet the needs of the policyowner, Mandatory free look in a life insurance policy. B Mailing an agency brochure to a prospective client Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? This is considered to be false, deceptive or misleading advertising. A 15 In order to enforce the insurance code the commissioner has the power to conduct which of the following? "At the time of the application" is when interest must exist. C Twisting A COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With The policy endows when the insured turns 100. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? What brand of castor oil is best for hair? A Stocks, securities, or bonds. Which of the following statements about the reinstatement provision is true? What option does this describe? In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. 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. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. 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. This answer has been confirmed as correct and helpful. C Rebating To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. The insurer's surrender the policy at its current cash value. What statement concerning group life is true? all of the following would be considered rebating except C Limited lines launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. How much would the beneficiary receive from the policy? An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT 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. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. The designee of a producer that is called to active service with the Navy. C Twisting. C A Defamation B Applies to life, annuity, and accident and health licensees only. 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 f. Get an answer. B Twisting The policyowner of an adjustable life policy wants to increase the death benefit. 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 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? Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. What is being defined as the degree to which something is related or useful to what is happening or being talked about? This is considered to be an unfair claim settlement practice Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? C A legal advertising strategy 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. Death benefits payable to a beneficiary under a life insurance policy are generally. Missouri Statutes, Rules, and Regulations common to all lines *revised When is the earliest a policy may go into effect? C Illegal under any circumstances Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. 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? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. Which of the following has not been taken to court for further interpretation? D Must be completed by all licensed resident and nonresident producers. A Defamation A A good business reputation and good moral character. An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. D Rebating. 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? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. Which of the following may obtain a producer's license, but may not sell, solicit, or negotiate a contract of insurance in Tennessee? This is a personal use of life insurance known as.. Which statement best defines an insurance producer? A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. A Producer regulations and testing requirements. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. Which of the following provisions would NOT be found in Term Life Insurance? And insurance producer license may be renewed at the producer has paid the applicable fees, submitted the renewal form to the commissioner, and.. Having a client in inducement to a sale not stated in the policy is an unlawful practice known as? 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? 30 Mutual-policyholders; Stock-stockholders. What best describes what will happen? A corporation is the owner and beneficiary of the key person life policy. C Correlation and Causation What are correlation and causation and how are they different? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? D Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. B In the preceding 2 years. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. An insured committed suicide 6 months after his life insurance policy was issued. 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. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. 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 10 days. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. A Defamation Which of the following will NOT be considered unfair discrimination by insurers? He dies in a freak accident on June 1. In Michigan the state's continuing education requirement They want to start a program through their practice that will provide retirement benefits for themselves and three employees. New answers. What is true regarding a non-qualified retirement plan? A 60 days A Deals with insurance outside the scope of the license. An Insurer wants to begin underwriting procedures for an applicant. In this case, the insurance company will Must be delivered along with the policy and will provide the producer's name & address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value & death benefit figures for specific policy years. 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. A 30 days In a direct rollover, how is the money transferred from one plan to the new one? Log in for more information. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. An insured owns a life insurance policy. 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? 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. What is the maximum fine for submitting a false or fraudulent claim to the insurer? Part 2 of the application for life insurance provides questions regarding all of the following.. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? 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? Group life insurance is a single policy written to provide coverage to members of a group. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. Define electric potential and electric potential energy. 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. 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.