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. And employee is insured under her employers group life plan. Which of the following provisions would NOT be found in Term Life Insurance? Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. D An offer of employment. A Stocks, securities, or bonds. 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). Which of the following terms best describes the advertisement? B An offer to share in commissions generated by the sale. C Cease and desist order All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. The policyowner is entitled to policy loans. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. 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 how many days of requesting an an investigative consumer report must an (insurer) notify the consumer in writing that the report will be obtained? He's insured under a life insurance policy with the accelerated benefits rider. The requirement that an agent not co-mingle insurance monies with their own fund is known as? An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. Eligibility requirements for a license are established by the Insurance Code. What would be the face amount of the new term policy? = 2 5/20 If the corporation collects the policy benefit, then. 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. B An offer to share in commissions generated by the sale. Thanks for choosing us. A A producer's license is suspended or revoked by the Department of Insurance. In this situation, a licensee would have to apply for a resident's license within 90 days. 6 2/3 Cradle. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? Which of the following would be considered an illegal inducement to purchase insurance? 45 A Producer regulations and testing requirements. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? In which of the following situations is it legal to limit coverage based on marital status? D Business Entity. 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 corporation is the owner and beneficiary of the key person life policy. 15 How long must an insurer keep a copy of an authorized form in its records? Term used to name the no taxes return of unused premiums? This is due to what provision? A$500 in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. An individual has been diagnosed with Alzheimer's disease. A Misdemeanor A temporary license may be issued for up to 180 days. Concerning the taxation of premiums in a key- person life insurance policy is: Internal revenue code provision that specifically provides for an individual retirement plan for public school teachers is a(n), Example of liquidity in a life insurance contract. A person does not require an insurance producer license if he or she only advertises without intent to solicit insurance. c) An offer of employment. He never remarried and dies at age 61, leaving 2 grown-up children. They could be sold for an amount greater than the current cash value, they involve insurance policies with large face amounts, they could be use for a key person coverage. B Mailing an agency brochure to a prospective client When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? What percentage of a company's employees must take part in a noncontributory group life plan? B Suspension of authority An insurer, agent, solicitor, or other person that violates the Insurance Code section on rebating is guilty of a misdemeanor. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. What type of insurance policy may be used to fund this agreement? All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT The insurance company discovers at that time that the insured concealed info during the application process. If a live insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST. B. Formula: (Ann . What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. In life insurance policies, cash value increases. An insured has a life insurance policy from a participating company and receives quarterly dividends. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. The separate account under many annuities provides the annuitant with a dozen or more investment options ranging from "money market funds" to "growth stock funds" to "precious metal funds". launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples It was determined that the accident was his fault. C Policyowner rights and disclosures. Any surplus money is returned to the policyholders as dividends. 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. Employer contributions made to a qualified plan.. However, once there is solicitation, a license is required. Log in for more information. B 7 days What policy would have an IRS required corridor or gap between the cash value and the death benefit? Cradle. C Law of large numbers Replace the underlined word with the correct form, How do you play Roblox on a Chromebook without downloading it. What type of policy is this? A fixed annuity is fixed in the sense that it provides a guaranteed minimum rate of interest and income payments that do not vary from one to the next. Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as Death benefits payable to a beneficiary under a life insurance policy are generally. 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. 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. It can happen just as long as.. Have a guaranteed face amount and a level premium for the life of the insured. 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. The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. 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? A$500 The ownership provision entitles the policyowner to do what? 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? 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. The insured had his wife named as the beneficiary of his life insurance policy. The person or interest to whom the policy proceeds will be paid upon the death of the insured. 180 days. Insurers commonly require HIV testing; the insurer must abide by a variety of rules created by its respective state. there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. An employee quits her job where she has a balance of $10,000 in her qualified plan. A Temporary Annuities can also be used to.. 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? A Defamation 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? Which of the following best describes the unfair trade practices of defamation? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. 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? An insured purchased an insurance policy 5 years ago. 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? Licensed in the state where the individual resides. The minimum age at which a person can sign a life insurance application is. Which of the following persons is required to hold a producer license? Cash surrender, extended term, reduced paid-up. c) Dividends are not considered to be rebates. A Twisting. Company Information; FAQ; Stone Materials. C Dividends from a mutual insurer. All of the following are true regarding rebates EXCEPT a) Rebates are only allowed if specifically stated in the policy. What source will it consult for the majority of its underwriting information? User: 3/4 16/9 Weegy: 3/4 ? The integer 4 is considered all of the following except a variable. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. The dividend option that the insured has chosen is called? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. A candidate for life insurance producer's license must complete how many hours of prelicensing education? Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary? D A termination issued by the appointing insurer. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. Gender 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. What option does this describe? A To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. B. Which of the following will NOT be considered unfair discrimination by insurers? A producer in tensional he violated insurance statues. Unintentional misspellings are not a misrepresentation. 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