Part 2 of the application for life insurance provides questions regarding all of the following.. 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 D Unfair Discrimination. He dies in a freak accident on June 1. Is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. 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? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? Michigan's continuing education requirement has each of the following characteristics EXCEPT Which of the following is not a standard mounting dimension for an electric motor? When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. B Mailing an agency brochure to a prospective client all of the following would be considered rebating except What relationship is not an example of insurable interest? [Show More] ual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of . B 30 What is the total, monetary penalty this producer can expect to receive? Which policy component decreases in decreasing term insurance? 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? An agent who offers a cash reward to a prospect for buying a policy is guilty of. Under what circumstances could the daughter collect the death benefit? The regulation of the insurance industry primarily rest with. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. 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? What type of policy is this? B 90 days Employer contributions made to a qualified plan.. What must be presented before an applicant submits a premium? B. As it turns out, the answer to this question depends upon a variety of factors. B In the preceding 2 years. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. This answer has been confirmed as correct and helpful. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. Y was killed in an automobile accident on August 22, before the policy was issued. In which of the following situations is it legal to limit coverage based on marital status? All of the following would be considered rebating except. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone As the local coffee shop is just initiating the segmentation and targeting process, what has . In order to qualify for conversion from a group life policy to an individual policy of the same coverage, a person must have been insured under the group plan for how many years? D 10. (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. 1 to 75. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? C A Natural Group If the corporation collects the policy benefit, then. 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? The purpose of the Tennessee Guaranty Association is to. During replacement of life insurance, or replacing ensure musky which of the following? a constant a term a variable an expression. And employee quits her job where she has a balance of $10,000 in her qualified plan. If a licensee fails to earn 24 hours of CE by the required review date, the license will be suspended for up to 90 days. 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. D Misrepresentation. C Rebating. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? all of the following would be considered rebating except C Illegal under any circumstances NAIC. The insured had his wife named as the beneficiary of his life insurance policy. C Coercion. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. Added 30 days ago|10/30/2021 2:46:29 PM. Whenever an individual stops drinking, the BAL will ________________. Which of the following has not been taken to court for further interpretation? What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? C Dividends from a mutual insurer. C Nonforfeiture values guarantee which policyowner? Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. In this situation, the Commissioner must be notified within 30 days. C 90 days All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Log in for more information. A corporation is the owner and beneficiary of the key person life policy. 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? A 30 days In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. Which of the following provisions would NOT be found in Term Life Insurance? D A termination issued by the appointing insurer. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? Is a program that assesses and reports information about various computer resources and devices. Heavy Cream is in Aisle A31 of the Dairy section in Walmart. Who is the main purpose of the seven-pay test? All of the following would be considered to be rebating EXCEPT. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? What is the purpose of a free-look period in insurance policies? It was determined that the accident was his fault. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? 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. A. You dont have to worry about it anymore. If a licensee does not earn 24 hours of Continuing Education by the license review date, the license will be suspended for up to how many days? All the following would be considered an unfair and deceptive practice. A Defamation New answers. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured. What would be the face amount of the new term policy? What term best describes this arrangement? Brand managers can use Twitter strategically to accomplish all of the following, except: A local coffee shop conducts a survey of area residents who enter each one of the coffee shops in the area and learns that 85% desire an organic, fair-trade option. B. Defamation. If you insurance company makes a statement that it's policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered? A Adverse selection Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? A temporary license may be issued for up to 180 days. It is never legal to limit coverage based on marital status. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. A Defamation What is this called? B An offer to share in commissions generated by the sale. D An offer of employment. A In the preceding 12 months. Each agent must pay a $5 appointment fee to the Commissioner. Because of this, the company charged him a higher rate for his insurance. c) Dividends are not considered to be rebates. B Coercion. Which of the following would be required to complete pre-licensing education? C. Address In a direct rollover, how is the money transferred from one plan to the new one? The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? If an insurer terminates a producer, the Commissioner will receive a notification. What is the result of this? Unless revoked or suspended how long does a producers license remain in effect in Tennessee? Search for an answer or ask Weegy. This is a personal use of life insurance known as.. The protocol for replacement does not apply to which of the following situations? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? A Cannot be extended or waived under any circumstances. If an insured withdraws a portion of the death benefit by the use of this rider, the benefit payable at death will be reduced by that amount plus.. 20/3 Chapter 11 part 2 Flashcards | Quizlet Term used to name the no taxes return of unused premiums? What best describes what will happen? all of the following would be considered rebating except It is intended to provide coverage on a date earlier than the age of the issuance of the policy, Pay the policy proceeds only if it would have issued the policy. D Adverse selection. A Payment of restitution He discovered that his policy.. all of the following would be considered rebating except The premiums paid by the employer in a business life insurance policy are. C Limited lines And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. D A straight life policy has what type of premium? Which nonforfeiture option has the highest amount of insurance protection? What is true regarding taxation of accelerated benefits under life insurance policy? The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. D 2 years. All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT D Business Entity. When does the policy coverage become effective? 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 .
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