What describes the tax advantage of a qualified retirement plan? User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. Which of the following terms best describes the advertisement? C Dividends from a mutual insurer. D 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 A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. B Misleading advertising. 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. f. Get an answer. Ownership is the difference between these two companies. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. What is this called? Variable life insurance is based on what kind of premium? A rebate is a type of purchasing discount that is paid as a reduction. 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. This is considered to be false, deceptive or misleading advertising. The following are nine technical accounting terms introduced or emphasized in this chapter: ResponsibilitymarginTransferpriceCommonfixedcostsContributionmarginCost-plustransferpriceTraceablefixedcostsPerformancemarginProductcostsCommittedfixedcosts\begin{array}{lll}\text { Responsibility margin } & \text { Transfer price } & \text { Common fixed costs } \\ \text { Contribution margin } & \text { Cost-plus transfer price } & \text { Traceable fixed costs } \\ \text { Performance margin } & \text { Product costs } & \text { Committed fixed costs }\end{array} 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 annuity owner is funding an annuity that will supplement her retirement. 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? C The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. B Discriminating in benefits and coverages based on the insured's habits and lifestyle All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Death benefits payable to a beneficiary under a life insurance policy are generally. A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT In which of the following situations is it legal to limit coverage based on marital status? 1 to 75. Confirming future dividends in a life insurance proposal What reports include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources? And employee quits her job where she has a balance of $10,000 in her qualified plan. C 90 days Number of credits required for fully insured status for Social Security disability benefits? 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? What source will it consult for the majority of its underwriting information? Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape 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? There is a limit for a withdrawal and the insurer charges a fee. You dont have to worry about it anymore. B An offer to share in commissions generated by the sale. Telling a client that his first premium will be waived if he purchases the insurance policy today. What type of license should the producer obtain? An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. the spouse of a retiring insurance producer Commissioner. Flashcards - WA Common Law Practice Exam - FreezingBlue 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. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT The policy contained an accidental death rider, offering a double indemnity benefit. This is called.. Age Whole life policies offer level premium based on the issue age, guaranteed, level death benefit, cash value that is scheduled to equal the face amount at the insured's age 100, and living benefits, which include policy loans. unit 3: personal and business finance grade boundaries. You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. How are contributions to a tax-sheltered annuity treated with regards to taxation? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. Rebates are allowed if it's in the best interest of the client. D all of the following would be considered rebating except As it turns out, the answer to this question depends upon a variety of factors. It is never legal to limit coverage based on marital status. B Stock Company An insured receives an annual life insurance dividend check. A father owns a life insurance policy on his 15-year-old daughter. A Deals with insurance outside the scope of the license. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. How long must an insurer keep a copy of an authorized form in its records? Heavy Cream is in Aisle A31 of the Dairy section in Walmart. All riders that will cause the death benefit to increase? If an insured continually uses the automatic premium loan option to pay the policy premium.. What is this called? A person whose activities are limited to producing insurance advertisements Coercion, for example, is when the bank won't give you an auto loan unless you agree to buy auto insurance from them. B Illegal The policyowner pays for her life insurance annually. 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. The regulation of the insurance industry primarily rest with. Which provision of a life insurance policy states that the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? The balance is paid out directly to the employee in order for her to move the funds to a new account. What best describes this practice? D Cancelling individual coverage based on the insured's marital status. D Collecting a lower premium than what's specified in a policy as a token of client appreciation. It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? Question. In which of the following situations is it legal to limit coverage based on marital status? = 2 1/4. How much energy is needed to move one electron through a potential difference of 1.0 102 volts, Includes procedures and techniques that are designed to protect a computer from intentional theft. All of the following would be considered rebating except B Twisting c) An offer of employment. Which of the following individuals could qualify for a temporary insurance license? In level term and increasing term policies, the premium also remains level for the term of the policy. Which of the following is possible? All of the following would be considered rebating EXCEPT. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. What determines the length of time that benefits will be received under the fixed-amount settlement option? D Inviting prospective clients to the grand opening of the producer's new office. C Dividends from a mutual insurer. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? An employee quits her job where she has a balance of $10,000 in her qualified plan. A tax-sheltered annuity is a special tax-favored retirement plan available to. Part 2 of the application for life insurance provides questions regarding all of the following.. An agent's license may also be suspended or revoked. f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. B Undercutting All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. An insured purchases a policy in 2008 and died in 2013. A straight life policy has what type of premium? In this situation, the Commissioner must be notified within 30 days. B 3 days Is a program that assesses and reports information about various computer resources and devices. C Sharing commission with the insured When would a 20-pay whole life policy endow? 1 Answer/Comment. The Insurance Department regulations are to protect the insurance-buying public. 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. C Twisting An agent who offers a cash reward to a prospect for buying a policy is guilty of. Log in for more information. What term best describes this arrangement? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. What are the two components of a universal policy? D Misrepresentation, How much is an agent's appointment fee? Which of the following is not a standard mounting dimension for an electric motor? 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. B 30 Which of the following best describes this act? Rating. 3. Synonym for a substandard risk classification. Why is an equity Indexed annuity considered to be a fixed annuity? C 12 months 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. 30 all of the following would be considered rebating except 30 days. The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Which of the following activities is not performed by an insurance producer? Time during which accumulated money is converted into an income stream. B Insurer financial requirements. Which of the following has not been taken to court for further interpretation? In the best interests of the client, rebates are allowed. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Categories . The policy endows when the insured turns 100. The insurer has 15 days to file a notice of producer appointment. Convertible without proof of insurability up to the full term death benefit. C. the employee of a disabled licensed a producer A$500 A Upon policy reinstatement to pay all overdue premiums with interest before the policy is reinstated, The policyowner may assign a part of the policy (collateral assignment) or the entire policy (absolute assignment), Regarding the free-look provision, the insurance company. Which of the following persons is required to hold a producer license? Which of the following would NOT be considered rebating? Which nonforfeiture option has the highest amount of insurance protection? In this situation, a licensee would have to apply for a resident's license within 90 days. The insured had his wife named as the beneficiary of his life insurance policy. 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? User: She worked really hard on the project. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation All paid by the time the insured reaches age 65. D Slandering. Old-age and retirement benefits, disability benefits, death benefits. How do you get to Motion settings on iPhone? 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? 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. How much would the beneficiary receive from the policy? 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. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. MI Insurance Regulation Flashcards | Quizlet Rebates include money, sharing of commissions, promises, inducements and personal services. 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. In order to to do that, what may happen? If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Up to 12 excess credit hours of CE may be carried over to the next review period. All the following are true regarding rebates except? What statement concerning group life is true? And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? After five years, she decides to leave the company and work independently. Gender C$2,000 Heterotrophs (like humans) ingest 19) Juan is the person employees go to when knowledge of a topic was needed.Juanholds ________ power.A) legitimateB) rewardC) referentD) expert. What must be acceptable in order for the ride to be able to waive the payment of premium? Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. 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? What is true about beneficiary designations? Which of the following acts would not get an insurance producer terminated "for cause"? And employee has group life insurance through her employer. Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as What dividend option could she use? C Charging applicants with similar health histories different premiums based on their ethnicity SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. 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? An insured pays an annual premium to his insurer. 20/3 What is the required percentage of participants in a contributory group plan? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. During replacement of life insurance, or replacing ensure musky which of the following? Licensed in the state where the individual resides. Correlation and Causation What are correlation and causation and how are they different? 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. The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. He's insured under a life insurance policy with the accelerated benefits rider. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is?
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