all of the following would be considered rebating except

Cash surrender, extended term, reduced paid-up. To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within how many days? Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as? What brand of castor oil is best for hair? Who can make a fully deductible contribution to a traditional IRA? 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. 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. C 90 days What license or licenses are required to sell variable life annuities? What is the total, monetary penalty this producer can expect to receive? B Rebates are allowed if it's in the best interest of the client. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. C Consists of completing 24 hours of CE each biennium. C A Applicant must be 18 years old D.the spouse of a retiring insurance producer All of the following would be considered to be rebating EXCEPT A) An agent offers to share his commission with a policyholder B) An agent offers tickets to a baseball game as an inducement to buy insurance C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? C Rebating A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. All of the following events will terminate a producer's certificate of appointment EXCEPT A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity What must be presented before an applicant submits a premium? A key person insurance policy can pay for what? D. Commissioner. Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? 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? B False advertising. C A producer's license expires and is not renewed. Expert answered|GaelM|Points 4547| Log in for more information. What is true concerning a buy-sell agreement? How many days does the insurer have to deliver this notice? A Assigning different risk classifications to applicants based on gender identity If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Annuities can also be used to.. What protects the insured from an unintentional policy lapse due to a nonpayment of premium? Y was killed in an automobile accident on August 22, before the policy was issued. She also wished to retain all of the rights of ownership. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. When would a 20-pay whole life policy endow? Flashcards - Connecticut Insurance Test 2021 - FreezingBlue D An offer of employment. Updated 10/30/2021 2:46:29 PM. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? A. D 30 days. C It requires satisfactory completion of at least 24 hours of approved training every biennium. D Inviting prospective clients to the grand opening of the producer's new office. B Unfair claim practice. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? Most horse (1). Telling a client that his first premium will be waived if he purchases the insurance policy today. What are examples of a business use of life insurance? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. New answers. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. What policy component contains the company's promise to pay? When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. The agent is guilty of Which of the following is NOT a pathway in the oxidation of glucose. A straight life policy has what type of premium? C 7 What describes the tax advantage of a qualified retirement plan? They want to start a program through their practice that will provide retirement benefits for themselves and three employees. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. 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. How are contributions to a tax-sheltered annuity treated with regards to taxation? An applicant for a counselor's license must possess a reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel, as well as a reasonable understanding of the Michigan insurance code and possess a good business reputation and good moral character. Circulating deceptive sales material to the public is what type of Unfair Trade Practice? The president of a company is starting an annuity and decides that his corporation will be the annuitant. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. An insured pays an annual premium to his insurer. The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? D An offer of employment. An insured pays $1,200 annually for her life insurance premium. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. = 2 1/4. The policyowner of an adjustable life policy wants to increase the death benefit. 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? What is the purpose of a free-look period in insurance policies? A Discrimination. D Unfair Discrimination. An agent misrepresents policy benefits to convince a policyowner to replace policies. Annuities are characterized by how they can be paid for which is: While equity indexed annuities earn higher interest rates than fixed annuities, both types of annuities guarantee a specific minimum interest rate. Number of credits required for fully insured status for Social Security disability benefits? An insured committed suicide 6 months after his life insurance policy was issued. A licensee must inform the Commissioner of a change of legal name or address within 30 days of the change. The policy contains the optional Payor Benefit rider. Upon receipt of notice of appointment, the commissioner must verify the insurance producer is eligible for appointment within how many days? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. Up to 12 excess credit hours of CE may be carried over to the next review period. When does the policy coverage become effective? C Controlled business. A rebate is a type of purchasing discount that is paid as a reduction. 6 2/3 Correlation and Causation What are correlation and causation and how are they different? This is called.. Example: the insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. A banker is ready to close on a customer's loan. A temporary license may be issued for up to 180 days. C Misrepresentation B Coercion. A. 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? What is the advantage of reinstating a policy instead of applying for a new one? What is the result of this? The can be changed only with the written consent of that beneficiary. An insured had a $10,000 term life policy. The integer 4 is considered all of the following except _____. B Mailing an agency brochure to a prospective client C ________________ are owned and controlled by their policyholders. 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.. Autotrophs (like plants) produce glucose during photosynthesis. D 10 days. f. Get an answer. And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. An agent offers to share his commission with a policyholder. Convertible without proof of insurability up to the full term death benefit. What would be the face amount of the new term policy? D Stop action order. Last year, she received a dividend check from the insurance company that was not taxable. A Misdemeanor B. Defamation. C Cease and desist order May be structured to allow for specific additional amounts of insurance to be purchased at specific ages, dates, and events without proving insurability; however, the coverage is purchased at the insured's attained age and the maximum allowable purchase is specified in the base policy. What are the classifications of net assets reported in the statement of financial position by private colleges? 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 is the other term for the cash payment settlement option? 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. Which of the following acts would not get an insurance producer terminated "for cause"? B. 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. Rating. A policy will pay the death benefit if the insured dies during the 30-year premium-paying period, and nothing if death occurs after the 20-year period. During replacement of life insurance, or replacing ensure musky which of the following? The policyowner of an adjustable life policy wants to increase the death benefit. Unintentional misspellings are not a misrepresentation. c) An offer of employment. What type of license should the producer obtain? Which of the following would NOT have a policy loans provision? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. If she decides to roll over her plan to a traditional IRA, how much will she receive from the plan administrator and how long does she have to complete the tax free-roll over? A$500 An out-of-state producer wants to start selling insurance in this state. Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape This answer has been confirmed as correct and helpful. D Rebating. 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. c) Dividends are not considered to be rebates. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? A) An agent offers to share his commission with a policyholder, B) An agent offers tickets to a baseball game as an inducement to buy insurance, C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him, D) An agent offers the use of his lake house to person as an inducement to buy, Answer:C) An agent uses misrepresentation to convince a person to cancel an existing policy and take a new policy from him. Employer contributions made to a qualified plan.. All riders that will cause the death benefit to increase? Which of the following would NOT be considered rebating? Taxation on dividends in participating policies? 45 If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? b) Rebating can be anything of economic value, given as an inducement to buy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. 1 to 50. Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? Question. 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? Because of this, the company charged him a higher rate for his insurance. Which of the following is an eligibility requirement for all Social Security disability income benefits? This year, she did not receive a check fin from the insurer. Michigan's continuing education requirement has each of the following characteristics EXCEPT Which nonforfeiture option provides coverage for the longest period of time? The producer could be found guilty of? In which of the following situations is it legal to limit coverage based on marital status? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. This is a personal use of life insurance known as.. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. What will she need to provide for proof of insurability? When would a misrepresentation on the insurance application be considered fraud? All of the following could own a group life insurance EXCEPT A group needing low-cost life insurance An applicant for a producer's license has successfully completed all of the steps to obtain the license. When may an insurance company use suicide as a defense against paying a death claim? B Suspension of authority D Surplus lines. A candidate for life insurance producer's license must complete how many hours of prelicensing education? 60 days. 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. Nonforfeiture values guarantee which policyowner? A Temporary Required by state law to be included in the policy, and cannot be altered by the policyowner. Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. Paid cash to cover desk purchased on account. Your email address will not be published. How could she obtain an individual policy? The insurer has 15 days to file a notice of producer appointment. What is this an example of? all of the following would be considered rebating except Follow us. Term used to name the no taxes return of unused premiums? In this situation, a licensee would have to apply for a resident's license within 90 days. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. What is this called? D Imprisonment. Upon policy delivery, the producer may be required to obtain? B Twisting Whether an insurable interest exists between the individuals, An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n). D Controlled business. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. A Deals with insurance outside the scope of the license. If the father becomes disabled, what will happen to the life insurance premiums? MI Insurance Regulation Flashcards | Quizlet The agent is guilty of? C Twisting. Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? B 30 Regarding the free-look provision, the insurance company.. What happens when a children's rider is added to an insured's permanent life insurance policy? B Community service Home; About Us. B Nothing, unless the remarks were in writing A Defamation 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 are the two components of a universal policy? Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Each agent must pay a $5 appointment fee to the Commissioner. D$5,000. In which of the following situations is it legal to limit coverage based on marital status? All the following would be considered an unfair and deceptive practice. C. An insurance company director who performs executive, administrative and managerial duties All of the following would be considered rebating except. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. Licensed in the state where the individual resides. She has decided that she would rather use the dividends to help pay for her next premium. In this case, what will the policy beneficiary receive? The advantage of qualified plans to employers is. C In the last 5 years.