It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. The amount of payments will be determined by taking into account all of the following: 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.. An insured owns a $50,000 whole life policy. This is called.. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT C A Deals with insurance outside the scope of the license. This is considered to be an unfair claim settlement practice A Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? What policy would have an IRS required corridor or gap between the cash value and the death benefit? An insured had a $10,000 term life policy. What statement concerning group life is true? The policyowner of an adjustable life policy wants to increase the death benefit. C Policyowner rights and disclosures. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. A 7 days The producer could be found guilty of Because of this, the company charged him a higher rate for his insurance. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. D Engages in fraud. If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years, which of the following would be taxable annually? The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? 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. C Consists of completing 24 hours of CE each biennium. Which of the following acts would not get an insurance producer terminated "for cause"? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? What is true regarding taxation of accelerated benefits under life insurance policy? Question. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. 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? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Follow the following are true of the federal tax advantages of a qualified plan. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. 0. C Added 30 days ago|10/30/2021 2:46:29 PM. B Discrimination All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Rebating is the practice of returning a percentage of the payment or the agent's/fee broker's on the charge to the covered, as well as additional motivators to do company with a certain insurer. c) Dividends are not considered to be rebates. An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Corporation is the owner and beneficiary of the key person life policy. Part 2 of the application for life insurance provides questions regarding all of the following.. Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? The payments that that annuitant invests into the variable annuity are invested in the insurer's separated account. In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? What settlement option should the policyowner choose? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. What statement is correct? C 30 days 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? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. Any surplus money is returned to the policyholders as dividends. Which type of life insurance policy generates immediate cash value? Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. C Defamation. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. D The passing of a written examination. A straight life policy has what type of premium? What must be presented before an applicant submits a premium? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? This is a personal use of life insurance known as. A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. What is this called? All of the following events will terminate a producer's certificate of appointment EXCEPT The following areas are regulated by the Insurance Department EXCEPT D All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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. Time during which accumulated money is converted into an income stream. B Twisting. D Business Entity. B Discriminating in benefits and coverages based on the insured's habits and lifestyle A Which of the following would NOT be considered rebating? An appointment by an insurer is based upon the person maintaining a valid insurance license. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. Which of the following is true? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. However, once there is solicitation, a license is required. Rating. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity An individual has been diagnosed with Alzheimer's disease. C Twisting. Which of the following will NOT be considered unfair discrimination by insurers? Required by state law to be included in the policy, and cannot be altered by the policyowner. D. Coercion and intimidation. Within how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? 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? If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? C In the last 5 years. D A termination issued by the appointing insurer. New answers. An agent misrepresents policy benefits to convince a policyowner to replace policies. 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. D Which is NOT required of an applicant for an insurance license in Michigan? If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? After 5 years, she decides to leave the company and work independently. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? The integer 4 is considered all of the following except a variable. Convertible without proof of insurability up to the full term death benefit. A corporation is the owner and beneficiary of the key person life policy. The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. A Natural Group C$2,000 all of the following would be considered rebating except. A domestic insurer issuing variable contracts must establish one or more.. Which of the following is not a standard mounting dimension for an electric motor? 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? B Community service NAIC. All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q D Inviting prospective clients to the grand opening of the producer's new office. In the best interests of the client, rebates are allowed. B. the designee of a licensed insurance producer who enters active duty in the US Armed Forces A temporary producer license could be issued without examination to all the following EXCEPT? If an insured continually uses the automatic premium loan option to pay the policy premium.. C Law of large numbers Question. Within how many days of this notification must the producer be sent a copy? A Misdemeanor 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.the spouse of a retiring insurance producer 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. What type of policy is this? Which of the following best describes the act? He died on February 28. Who is the main purpose of the seven-pay test? Each of the following statements may (or may not) describe one of these technical terms. 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? 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. Added 149 days ago|10/30/2021 2:46:29 PM. B Unfair claim practice. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. Under what circumstances could the daughter collect the death benefit? d) Rebates are allowed if it's in the best interest of the client. 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. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death? C Illegal under any circumstances The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? Rebates are allowed if it's in the best interest of the client. Which of the following allows different operating systems to coexist on the same physical computer? Term used to name the no taxes return of unused premiums? C All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. False advertising is the illegal practice of advertising or circulating materials that are untrue, deceptive, or misleading. A 60 year old participate in a 401(k) plan takes a distribution in rolled it over to it I already within 60 days. A A producer's license is suspended or revoked by the Department of Insurance. Define electric potential and electric potential energy. A 15 What is true of the cash surrender nonforfeiture option? In this case, what will the policy beneficiary receive? In Michigan the state's continuing education requirement D 30 days. What information will be stated in the consideration clause of a life insurance policy? What policy component contains the company's promise to pay? B False advertising. Which of the following activities is not performed by an insurance producer? A corporation is the owner and beneficiary of the key person life policy. The person or interest to whom the policy proceeds will be paid upon the death of the insured. B All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT What is the purpose of establishing the target premium for a universal life policy? Why is an equity Indexed annuity considered to be a fixed annuity? A. C 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? Which of the following would be required to be licensed as an insurance producer? 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.