An appointment by an insurer is based upon the person maintaining a valid insurance license. A. Misrepresentation. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Question. Which of the following activities is not performed by an insurance producer? Define electric potential and electric potential energy. Which statement best defines an insurance producer? He wants to withdraw some money in order to pay medical bills. In this case, what will the policy beneficiary receive? 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? B False advertising. 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. B. Defamation. D Rebating. C Listing the insurance companies the agency represents in a letter The Insurance Department regulations are to protect the insurance-buying public. It is never legal to limit coverage based on marital status. What option does this describe? Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? Which of the following would be considered an illegal inducement to purchase insurance? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? What option would allow her to do this? A. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? What is the purpose of establishing the target premium for a universal life policy? Attorney General. The policyowner is entitled to policy loans. Autotrophs (like plants) produce glucose during photosynthesis. D Slandering. Insurers are also not allowed to cancel individual coverage due to a change in marital status. When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. What are examples of a business use of life insurance? C Defamation. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. What is the purpose of a disclosure statement in life insurance policies? 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. Children's rider are term insurance covering all of the children in the family, including: What explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? 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 happens to the premium on the children's rider in a life insurance policy? A Twisting. The company is guilty of Updated 10/30/2021 2:46:29 PM. Commissions are set by a schedule or negotiation between the producer and the insurance company. B An offer to share in commissions generated by the sale. In level term and increasing term policies, the premium also remains level for the term of the policy. A licensed counselor MAY NOT perform which of the following duties? D Felony. A Cannot be extended or waived under any circumstances. An insured receives an annual life insurance dividend check. Eligibility requirements for a license are established by the Insurance Code. 1 to 50. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. The "owner" is the person who purchases the contract and has all of the rights such as naming the beneficiary and surrendering the annuity. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? 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? 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] What must be presented before an applicant submits a premium? 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? When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. This year, she did not receive a check fin from the insurer. Rebates are allowed if it's in the best interest of the client. 10 czerwca 2022 . What is being defined as the degree to which something is related or useful to what is happening or being talked about? The soon-to-be producer does not want to wait until he receives his license in order to begin working. An Insurer wants to begin underwriting procedures for an applicant. Which of the following would be required to complete pre-licensing education? B Legal, provided that the other insurers are paid royalties for the usage of their names For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. 1 to 75. 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? What statement is correct? The first three, Straight life, limited payment, and single premium, are the basic forms of whole life. 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? Which nonforfeiture option has the highest amount of insurance protection? = 2 5/20 Explaining to client the advantages of permanent insurance over term and suggesting changing policies. 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? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? B Misleading advertising. And employee quits her job where she has a balance of $10,000 in her qualified plan. All of the following would be considered rebating except. Beneficiaries do not have to have an insurable interest in the policyholder. Because of this, the company charged him a higher rate for his insurance. C Law of large numbers A Rebating. What is the minimum civil fine per violation of the Insurance Code of this state? A Temporary Expert answered|GaelM|Points 4547| Log in for more information. The policy endows when the insured turns 100. The premiums paid by the employer in a business life insurance policy are. any person acting as an insurance producer without a valid license may be fined up to. Who can make a fully deductible contribution to a traditional IRA? Which of the following is NOT a pathway in the oxidation of glucose. The designee of a producer that is called to active service with the Navy. Term used to name the no taxes return of unused premiums? A Defamation A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. Ownership is the difference between these two companies. And insurance producer may not act as an agent for an insurer unless he/she has become which of the following?? The requirement that an agent not co-mingle insurance monies with their own fund is known as? Which two terms are associated directly with the premium? D False financial statement. What term best describes this arrangement? C C It requires satisfactory completion of at least 24 hours of approved training every biennium. A 15 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. Follow the following are true of the federal tax advantages of a qualified plan. Which nonforfeiture option provides coverage for the longest period of time? Obtain appropriate signatures on the application for insurance, help prevent adverse selection, and solicit business that will fall within the insurer's underwriting guidelines. How many days does the insurer have to deliver this notice? A Misdemeanor The dividend option that the insured has chosen is called? B At least 3 hours must cover ethics. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. C Controlled business. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. This answer has been confirmed as correct and helpful. 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. B Insurer financial requirements. What is the other term for the cash payment settlement option? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? D 10. Which of the following is true? A Stocks, securities, or bonds. This rider will not cause the death benefit to increase. A temporary license in this state is valid for a maximum of This is considered to be false, deceptive or misleading advertising. 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? What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? What is the official name for the Social Security program? The policy contained an accidental death rider, offering a double indemnity benefit. Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. What will she need to provide for proof of insurability? The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). Heavy Cream is in Aisle A31 of the Dairy section in Walmart. 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? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. B Unfair claim practice. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. An insured had a continuous premium whole life policy. In which of the following situations is it legal to limit coverage based on marital status? 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? Rebating can be anything of . B An offer to share in commissions generated by the sale. C$1,500 In a life settlement contract, whom does the life settlement broker represent? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns.