If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed? In order to receive a commission, a person is required to How many accounts must to Tennessee life and health insurance Guaranty association maintain? He's insured under a life insurance policy with the accelerated benefits rider. baja fresh queso recipe; Tags . A banker is ready to close on a customer's loan. What is the official name for the Social Security program? Issuing or circulating any sales material that is false or misleading would be considered misrepresentation and is illegal. Which of the following is a true statement regarding taxation of the accelerated benefits? A A good business reputation and good moral character. This pays 2 or 3 times the face amount if death is the result of an accident as defined in the policy and occurs within 90 days of such an accident. All riders that will cause the death benefit to increase? A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. A Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? What is true of the cash surrender nonforfeiture option? D Misrepresentation. As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? 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? B An offer to share in commissions generated by the sale. An insured owns a life insurance policy. What is the primary purpose of a 401(k) plan? Question. A Twisting. C Defamation. The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. How long must an insurer keep a copy of an authorized form in its records? Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). This is considered to be false, deceptive or misleading advertising. What settlement option should the policyowner choose? there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. Y was killed in an automobile accident on August 22, before the policy was issued. When producers give or promise anything of value that is not specified in the policy, they are guilty of rebating. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? c) An offer of employment. An employee quits his job on May 15 and doesn't convert his group life policy to an individual policy for 2 weeks. A 15 A$500 Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. Which of the following would be required to complete pre-licensing education? Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? unit 3: personal and business finance grade boundaries. 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. Only any excess of value is taxable as income. 6 2/3 D Slandering. What is the purpose of a fixed-period settlement option? D A termination issued by the appointing insurer. D 10. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). any person acting as an insurance producer without a valid license may be fined up to. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. C. Address the spouse of a retiring insurance producer As it turns out, the answer to this question depends upon a variety of factors. Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? Group life insurance is a single policy written to provide coverage to members of a group. What would be the right policy for this client? 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. C A producer's license expires and is not renewed. C. the employee of a disabled licensed a producer The insurer's surrender the policy at its current cash value. = 15 * 3/20 What is the purpose of a free-look period in insurance policies? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. In return, the insurer promised to pay benefits in accordance with the terms of the contract. In this state, what type of violation is rebating? D A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. 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. When an employee terminates coverage under group insurance policy, coverage continues in force for how long? His wife dies 10 years later. If she terminates her group coverage, what is true? Which of the following is not a standard mounting dimension for an electric motor? in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. Commissioner. B Suspension of authority Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. Licensed counselors may perform the following duties: audit or abstract insurance policies or annuities; provide advice, counsel, or opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity; and advertise and solicit business as an insurance counselor or consultant. D Surplus lines. B$1 C It requires satisfactory completion of at least 24 hours of approved training every biennium. Although the appointment is made by the head of the Insurance Department, that person leaving the office does not terminate existing appointments. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. Which of the following will NOT be considered unfair discrimination by insurers? This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. A Payment of restitution You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. C 30 days Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as 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. B Criminal offense D Engages in fraud. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. D Unfair Discrimination. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. 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? A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. C Rebating. What statement is correct? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. This practice is considered? A 7 days An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. B A. the spouse or legal representative of a deceased insurance producer The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. A Defamation An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. 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? B Stock Company The integer 4 is considered all of the following except a variable. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. An employee quits her job where she has a balance of $10,000 in her qualified plan. C Cradle. 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? How do you get to Motion settings on iPhone? Which of the following best describes the act? A Producer regulations and testing requirements. If an insurer terminates a producer, the Commissioner will receive a notification. Which policy component decreases in decreasing term insurance? D Audit or abstract insurance policies or annuities. D Inviting prospective clients to the grand opening of the producer's new office. C Misrepresentation All of the following would be considered rebating except. Which of the following allows different operating systems to coexist on the same physical computer? An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. What characteristic makes whole life permanent protection? Which of the following acts would not get an insurance producer terminated "for cause"? In an annuity, the accumulated money is converted into a stream of income during what time period? However, once there is solicitation, a license is required. Number of credits required for fully insured status for Social Security disability benefits? Upon policy delivery, the producer may be required to obtain? C Rebating What type of policy is this? All the following are true regarding rebates except? Which two terms are associated directly with the premium? When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? The insurance company discovers at that time that the insured concealed info during the application process. If an individual licensee's violation of the entrance code was known or should have been down by one or more of the partners, officers, or managers of the agency, what could happen to agency? Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. Which type of life insurance policy generates immediate cash value? Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. Log in for more information. An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. 3. Unless revoked or suspended how long does a producers license remain in effect in Tennessee? Nonforfeiture values guarantee which policyowner? Until now, she has collected a nontaxable dividend check each year. A domestic insurer issuing variable contracts must establish one or more.. He died on February 28. In which of the following situations is it legal to limit coverage based on marital status? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. A Defamation Added 30 days ago|10/30/2021 2:46:29 PM. A Cannot be extended or waived under any circumstances. What term best describes this arrangement? Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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. A licensed counselor MAY NOT perform which of the following duties? Which of the following is an example of a producer being involved in an unfair trade practice of rebating? The agent is guilty of? An agent offers to share his commission with a policyholder. Which of the following has not been taken to court for further interpretation? D.the spouse of a retiring insurance producer 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. all of the following would be considered rebating except. Synonym for a substandard risk classification. Required by state law to be included in the policy, and cannot be altered by the policyowner. Unintentional misspellings are not a misrepresentation. What is the minimum civil fine per violation of the Insurance Code of this state? all of the following would be considered rebating except. C Defamation. An insured committed suicide 6 months after his life insurance policy was issued. D Business Entity. The ownership provision entitles the policyowner to do what? D An offer of employment. B Materially misrepresents an insurance policy. C$1,500 Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone The policyowner of an adjustable life policy wants to increase the death benefit. In this state, a temporary license may be issued for any of the following reasons EXCEPT. D$2,000. 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. Rebates include money, sharing of commissions, promises, inducements and personal services. C 12 months A 60 days Which of the following is NOT a pathway in the oxidation of glucose. C$2,000 As the local coffee shop is just initiating the segmentation and targeting process, what has . A. What is this called? D Producer commission schedules. B Twisting. Paid cash to cover desk purchased on account. Licensed in the state where the individual resides. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. The premiums paid by the employer in a business life insurance policy are. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity An agent's license may also be suspended or revoked. Employer contributions made to a qualified plan.. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. D. Commissioner. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? B Mailing an agency brochure to a prospective client The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. 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? User: 3/4 16/9 Weegy: 3/4 ? Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. D For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Under what circumstances could the daughter collect the death benefit? All of the following statements concerning an employer sponsored non-qualified retirement plan are true as follows: Two attorneys at law and operate their practice as a partnership. An insured had a $10,000 term life policy. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. An individual has been diagnosed with Alzheimer's disease. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . What is being defined as the degree to which something is related or useful to what is happening or being talked about? The policyowner of an adjustable life policy wants to increase the death benefit. The insured knows that his financial state will worsen even more with upcoming medical expenses. How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? Which of the following best describes this practice? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. When would a 20-pay whole life policy endow? Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? A Misdemeanor 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. 3. What required provision protects against unintentional lapse of the policy? B Applies to life, annuity, and accident and health licensees only. ________________ are owned and controlled by their policyholders. USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth.
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