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The paid-up addition option uses the dividend to.. What life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? 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? A Natural Group D Collecting a lower premium than what's specified in a policy as a token of client appreciation. What is true about beneficiary designations? A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. An agent offers to share his commission with a policyholder. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? 45 Required by state law to be included in the policy, and cannot be altered by the policyowner. Log in for more information. Like a fixed annuity, EIA's have guaranteed minimum interest rates, also less risky than variable annuities, the insurance company also keeps a percentage of the returns. There are several types of whole life polices. The advantage of qualified plans to employers is. C The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? What is the purpose of a disclosure statement in life insurance policies? 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. Which of the following individuals could qualify for a temporary insurance license? C Defamation. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? Identify the types of assets assigned to each classification. Juan is the person employees go to when knowledge of a topic was needed. D A termination issued by the appointing insurer. D Imprisonment. Confirming future dividends in a life insurance proposal Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. If an insured continually uses the automatic premium loan option to pay the policy premium.. If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. Which of the following would NOT be considered rebating? Cradle. What is this an example of? 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. Which of the following would be considered an illegal inducement to purchase insurance? Expert answered|GaelM|Points 4547| Log in for more information. What is this called? She would likely purchase a(n)? Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? C In the last 5 years. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. B - In order to collect premiums and explain coverages, a person would need to be licensed. A Illegal until endorsed by the Guaranty Association C Defamation The insurance company discovers at that time that the insured concealed info during the application process. Beneficiaries do not have to have an insurable interest in the policyholder. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. In the best interests of the client, rebates are allowed. Licensed in the state where the individual resides. 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. What happens when a policy is surrendered for its cash value? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). How can she obtain an individual policy? the spouse of a retiring insurance producer 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. Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. The accelerated benefits provision for an early payment of the death benefit when the insured.. An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. 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). Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? And employee is insured under her employers group life plan. In this situation, the Commissioner must be notified within 30 days. A table showing the nonforfeiture values for the next 20 years must be included in the policy. A temporary producer license could be issued without examination to all the following EXCEPT? Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. These are all considered to be Unfair Trade Practices, which are major violations that can lead to heavy penalties. C A legal advertising strategy What statement about a suicide clause in a life insurance policy is true? D Other than the 3 hours of ethics, licensees may take courses in any line. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. D D 30 days. The president of a company is starting an annuity and decides that his corporation will be the annuitant. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. 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. Up to 12 excess credit hours of CE may be carried over to the next review period. The can be changed only with the written consent of that beneficiary. D Unfair Discrimination. A Rebating. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. 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. All riders that will cause the death benefit to increase? What is the advantage of reinstating a policy instead of applying for a new one? What best describes this practice? B. Twisting. all of the following would be considered rebating except. The applicant must file a certificate of completion of the prelicensing courses taken to prove that the courses were not taken more than 12 months before the Commissioner received the application. 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. What describes the tax advantage of a qualified retirement plan? B Unfair claim practice. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. B. He died on February 28. What is the official name for the Social Security program? 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 C Policyowner rights and disclosures. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old The company is guilty of C Dividends from a mutual insurer. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? The death protection component of Universal Life Insurance is always.. A return of Premium term life policy is written as what type of term coverage? Free Shipping on all orders | We're roasting your coffee right now how to detach from a codependent mother (+91)8050038874 george johnston biography [email protected] A If the producer continues to violate the entrance code, I knew so penalty will be assessed every? An appointment by an insurer is based upon the person maintaining a valid insurance license. What policy component contains the company's promise to pay? Number of credits required for fully insured status for Social Security disability benefits? 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. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation What is true? A candidate for life insurance producer's license must complete how many hours of prelicensing education? Rebates are allowed if it's in the best interest of the client. C Law of large numbers A. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? Under the fixed-period option, a specified period of years is selected, and equal installments are paid to the recipient. The purpose of the Tennessee Guaranty Association is to. C 90 days Age In Michigan the state's continuing education requirement Which of the following best describes the unfair trade practices of defamation? A$500 How are contributions to a tax-sheltered annuity treated with regards to taxation? B Coercion C Fine File an application with the Director b. B Mailing an agency brochure to a prospective client He discovered that his policy.. C Consists of completing 24 hours of CE each biennium. All of the following events will terminate a producer's certificate of appointment EXCEPT A 15 Which of the following would NOT have a policy loans provision? 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 required percentage of participants in a contributory group plan? How many days does the insurer have to deliver this notice? A Payment of restitution What is the purpose of a free-look period in insurance policies? 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.
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all of the following would be considered rebating except