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? 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. An insured has chosen joint and 2/3 survivor as the settlement option. Which of the following is NOT a pathway in the oxidation of glucose. Y was killed in an automobile accident on August 22, before the policy was issued. If the corporation collects the policy benefit, then. B 60 days = 2 5/20 What brand of castor oil is best for hair? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. What is this an example of? An Insurer wants to begin underwriting procedures for an applicant. 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. Minimum number of credits required for partially insured status for Social Security disability benefits is. Convertible without proof of insurability up to the full term death benefit. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? B. Defamation. What is the other term for the cash payment settlement option? According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? 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. In this state, what type of violation is rebating? B Nonresident A producer in tensional he violated insurance statues. C Fine A domestic insurer issuing variable contracts must establish one or more.. What is true concerning a buy-sell agreement? A straight life policy has what type of premium? During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. 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. 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. C Charging applicants with similar health histories different premiums based on their ethnicity A$500 Within how many days does a licensee have to inform the Commissioner of a change of address? Why is an equity Indexed annuity considered to be a fixed annuity? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. How many days does the insurer have to deliver this notice? An individual has been diagnosed with Alzheimer's disease. The balance is paid out directly to the employee in order for her to move the funds to a new account. A The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. A banker is ready to close on a customer's loan. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. If an insured continually uses the automatic premium loan option to pay the policy premium. A Adverse selection An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. A Payment of restitution In Michigan the state's continuing education requirement B 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. An out-of-state producer wants to start selling insurance in this state. A key person insurance policy can pay for which of the following? A Rebating. She also wished to retain all of the rights of ownership. From what type of insurer did the insured purchase the policy? Published by at June 10, 2022. A Giving an applicant a $5 pen with the insurer's logo during the insurance application process What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? A Paid cash to cover desk purchased on account. Insurers are also not allowed to cancel individual coverage due to a change in marital status. 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. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. Which of the following will NOT be considered unfair discrimination by insurers? B Mutual-policyholders; Stock-stockholders. What determines the amount of each installment paid in a life income option arrangement? 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. What determines the length of time that benefits will be received under the fixed-amount settlement option? D$5,000. He's insured under a life insurance policy with the accelerated benefits rider. What can they do? Which type of life insurance policy generates immediate cash value? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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? A 60 days It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. What is not an example of a business use of life insurance? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. 10 czerwca 2022 . He never remarried and dies at age 61, leaving 2 grown-up children. 90 days. When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is.. All of the following would be considered to be rebating EXCEPT. A B Mailing an agency brochure to a prospective client All the following are true regarding rebates except? C Rebating. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. A temporary producer license could be issued without examination to all the following EXCEPT? 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 termination issued by the appointing insurer. This rider will not cause the death benefit to increase. Commissioner. Log in for more information. The policyowner may assign a part of the policy or the entire policy. When may an insurance company use suicide as a defense against paying a death claim? When does the policy coverage become effective? B An offer to share in commissions generated by the sale. In return, the insurer promised to pay benefits in accordance with the terms of the contract. Will result in having to pay the highest premium due to health, history, habits, etc. Rebates are allowed if it's in the best interest of the client. must ensure a pair that's benefit claim after receiving the product of death? What is the total, monetary penalty this producer can expect to receive? Which of the following is not a standard mounting dimension for an electric motor? Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. 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. An agent offers to share his commission with a policyholder. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. An insured purchases a policy in 2008 and died in 2013. Up to 12 excess credit hours of CE may be carried over to the next review period. 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. Which of the following best describes this act? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? To combat the Where is heavy cream in Walmart? A rebate is a type of purchasing discount that is paid as a reduction. A corporation is the owner and beneficiary of the key person life policy. C Consists of completing 24 hours of CE each biennium. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT A$500 Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT B An offer to share in commissions generated by the sale. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? 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? D The passing of a written examination. B Twisting. He discovered that his policy.. 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? in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. An employee quits her job where she has a balance of $10,000 in her qualified plan. File an application with the Director b. C 30 days D Slandering. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Asked 11/28/2019 3:15:17 PM. An individual has been making periodic payments on an annuity. 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? Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. Any surplus money is returned to the policyholders as dividends. C 7 Which policy provision allows this? B$1,000 d) Rebates are allowed if it's in the best interest of the client. c) An offer of employment. any person acting as an insurance producer without a valid license may be fined up to. C If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? The insurance company discovers at that time that the insured concealed info during the application process. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. What is true of the cash surrender nonforfeiture option? C Cease and desist order 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 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? Which of the following acts would not get an insurance producer terminated "for cause"? C Dividends from a mutual insurer. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. B A reasonable understanding of the Michigan insurance code Which of the following has not been taken to court for further interpretation? C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? 0. What characteristic makes whole life permanent protection? c) Dividends are not considered to be rebates. An insured pays $1,200 annually for her life insurance premium. = 15 * 3/20 In order for an insurer to legally transact insurance, it must obtain what? C It requires satisfactory completion of at least 24 hours of approved training every biennium. A Discrimination. Is a program that assesses and reports information about various computer resources and devices. A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. 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. The agent is guilty of? Licensed, however, not in the state the indivisible resides. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. D Corporation is the owner and beneficiary of the key person life policy. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except 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 .