all of the following would be considered rebating except

A. the spouse or legal representative of a deceased insurance producer The balance is paid out directly to the employee in order for her to move the funds to a new account. All of the following would be considered rebating except. Insurers are also not allowed to cancel individual coverage due to a change in marital status. A Concealment. C Cease and desist order A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT B Nonresident Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. B Mailing an agency brochure to a prospective client D Inviting prospective clients to the grand opening of the producer's new office. Term used to name the no taxes return of unused premiums? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. Question. An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. C Dividends from a mutual insurer. D Rebating. What policy would have an IRS required corridor or gap between the cash value and the death benefit? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? What option does this describe? The designee of a producer that is called to active service with the Navy. How many days does the insurer have to deliver this notice? However, once there is solicitation, a license is required. Part 2 of the application for life insurance provides questions regarding all of the following.. Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? The protocol for replacement does not apply to which of the following situations? As the local coffee shop is just initiating the segmentation and targeting process, what has . 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. There is a limit for a withdrawal and the insurer charges a fee. Which of the following best describes this practice? Ultimately, the commissioner determined that there were a total of 25 separate violations. The agent is guilty of? C In the last 5 years. C Sharing commission with the insured ________________ are owned and controlled by their policyholders. In this situation, a licensee would have to apply for a resident's license within 90 days. A candidate for life insurance producer's license must complete how many hours of prelicensing education? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. 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. Which of the following would be required to be licensed as an insurance producer? I love when a hack helps me to recycle, and makes my life easier. Azanswer team is here with the correct answer to your question. 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? Beneficiaries do not have to have an insurable interest in the policyholder. An insured pays $1,200 annually for her life insurance premium. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? This is a personal use of life insurance known as.. Which of the following activities is not performed by an insurance producer? As it turns out, the answer to this question depends upon a variety of factors. 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. unit 3: personal and business finance grade boundaries. D Business Entity. Figure out how many vegetables to plantEver wonder how many vegetable plants to buy when youre planning your garden? Employer contributions are not included in the employee's gross income, SEP's allow the employer to make annual tax-deductible contributions of the 25% of an employee's earned income, SEP's have a higher tax deductible contribution limit than an IRA. A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity Number of credits required for fully insured status for Social Security disability benefits? During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable statement of Good Health, A presentation of non-guaranteed elements of a policy, One-sided: only one party makes an enforceable promise. Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). 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? 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? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? The policy contains the optional Payor Benefit rider. C Defamation. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. D B. Twisting. 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? You should now have gotten the answer to your question Rebating is an unfair trade practice and is regulated by law. An agent's license may also be suspended or revoked. D If a company has a simplified employee pension plan, what type of plant is it? Up to 12 excess credit hours of CE may be carried over to the next review period. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. Commissioner. Which is NOT required of an applicant for an insurance license in Michigan? This rider usually expires at the insured's age of 40. C 7 Is a program that assesses and reports information about various computer resources and devices. 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} A Adverse selection For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are, Amount of coverage is determined according to nondiscriminatory rules, individuals covered, under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability. D Audit or abstract insurance policies or annuities. Correct Answer: A. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. This misstatement may result in? The policyowner may assign a part of the policy or the entire policy. Synonym for a substandard risk classification. A domestic insurer issuing variable contracts must establish one or more.. B An offer to share in commissions generated by the sale. Question is All of the following species are considered coliforms except, Options are (A) Enterobacter aerogenes , (B) Klebsiella pneumoniae , (C) Salmonella typhi , (D) Escherichia coli , (E) , Leave your comments or Download question paper. Search for an answer or ask Weegy. What is the maximum fine for submitting a false or fraudulent claim to the insurer? Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. D Cancelling individual coverage based on the insured's marital status. 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? 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? A tax-sheltered annuity is a special tax-favored retirement plan available to. This is considered to be false, deceptive or misleading advertising. Mutual-policyholders; Stock-stockholders. Convertible without proof of insurability up to the full term death benefit. Which of the following is not a standard mounting dimension for an electric motor? What dividend option could she use? An agent misrepresents policy benefits to convince a policyowner to replace policies. 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. 15 0. C Controlled business. 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 other. = 45/20 All of the following are true regarding rebates EXCEPT. An insured had a continuous premium whole life policy. The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? A Stocks, securities, or bonds. Because of this, the company charged him a higher rate for his insurance. D Which of the following best describes the unfair trade practices of defamation? What are the two components of a universal policy? What is the advantage of reinstating a policy instead of applying for a new one? 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? D 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. 60. A. What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. All of the following would be considered rebating except. 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. A banker is ready to close on a customer's loan. all of the following would be considered rebating except. 6 2/3 What is the official name for the Social Security program? D Misrepresentation. C. Rebating. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. Which nonforfeiture option provides coverage for the longest period of time? If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? B Illegal What happens when a policy is surrendered for its cash value? 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. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. A rebate is a type of purchasing discount that is paid as a reduction. The company is guilty of All of the following would be considered to be rebating EXCEPT. D 10 days. This answer has been confirmed as correct and helpful. When would a 20-pay whole life policy endow? A table showing the nonforfeiture values for the next 20 years must be included in the policy. What is the required percentage of participants in a contributory group plan? launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples Which of the following statements about the reinstatement provision is true? This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. This rider will not cause the death benefit to increase. = 2 1/4. Formula: (Ann . B. Discrimination. Question. = 15 * 3/20 Unintentional misspellings are not a misrepresentation. How are contributions to a tax-sheltered annuity treated with regards to taxation? Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. Rebates include money, sharing of commissions, promises, inducements and personal services. A 7 days What type of life insurance policy would be best suited to this situation? Which of the following persons is required to hold a producer license? Eligibility requirements for a license are established by the Insurance Code. An annuity owner is funding an annuity that will supplement her retirement. A man decided to purchase a $100,000 Annually Renewable Term Life Policy to provide additional protection until his children finished college. To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is executed? 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. If she terminates her group coverage, what is true? C Rebating. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A Unfair claims This practice is considered? "At the time of the application" is when interest must exist. New answers. Department of Education. She would likely purchase a(n)? 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. B A reasonable understanding of the Michigan insurance code An insured is diagnosed with cancer and needs help paying for her medical treatment, The annual dividend is retained by the company, the interest is credited at a rate specified by the policy, and the policyholder has the right to withdraw the accumulations at any time. 1 to 50. 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. 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? The integer 4 is considered all of the following except _____. In order to to do that, what may happen? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? In a direct rollover, how is the money transferred from one plan to the new one? Within how many days does a licensee have to inform the Commissioner of a change of address? 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? 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? In level term and increasing term policies, the premium also remains level for the term of the policy. How can she obtain an individual policy? D.the spouse of a retiring insurance producer In an annuity, the accumulated money is converted into a stream of income during what time period? C Dividends from a mutual insurer. What is the result of this? Commissioner. Nonforfeiture values guarantee which policyowner? D A license to practice law. Before the Director will issue a license, a person must meet all of the following qualifications EXCEPT a. It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. B Twisting What is the minimum required age for an insurance producer in this state? What statement is true concerning buy-sell agreements? Which of the following is a true statement regarding taxation of the accelerated benefits? Describe the relationship between potential difference and electrical potential energy. Upon policy delivery, the producer may be required to obtain? Rating. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. She also wished to retain all of the rights of ownership. An insured committed suicide 6 months after his life insurance policy was issued. Vscode No server install found in WSL, needs x64. Which type of life insurance policy generates immediate cash value? 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? When an insurer's underwriter approves coverage and issues a policy. A corporation is the owner and beneficiary of the key person life policy. D Other than the 3 hours of ethics, licensees may take courses in any line. All of the following would be considered to be rebating EXCEPT? What happens to the premium on the children's rider in a life insurance policy? How many credit hours of excess continuing education or producers allowed to carryover to the next renewal cycle? Published by at June 10, 2022. What statement concerning group life is true? C Dividends from a mutual insurer. If an insured continually uses the automatic premium loan option to pay the policy premium.. What is the other term for the cash payment settlement option? Michigan's continuing education requirement has each of the following characteristics EXCEPT Cradle. And employee quits her job where she has a balance of $10,000 in her qualified plan. If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. A Rebating. Age How could she obtain an individual policy? A Rebating. User: 3/4 16/9 Weegy: 3/4 ? An individual has been making periodic payments on an annuity. D What best describes what will happen? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. A In the preceding 12 months. D 120 days. The insured knows that his financial state will worsen even more with upcoming medical expenses. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? D Imprisonment. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. b) Rebating can be anything of economic value, given as an inducement to buy. What type of annuity is it? Requires the entire premium to be paid in one limp sum at the policy's inception. An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. What is the purpose of a free-look period in insurance policies? 1 to 75. Why is an equity Indexed annuity considered to be a fixed annuity? = 15 ? B Coercion A temporary license may be issued for up to 180 days. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? Which of the following terms best describes the advertisement? 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? If the father becomes disabled, what will happen to the life insurance premiums? Identify the types of assets assigned to each classification. When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? 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? Which insurance arrangement will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? D Surplus lines. c) An offer of employment. D Slandering. June 14, 2022; jeep renegade 4x4 usata francoforte sul meno; astrological predictions for trump 2022 . D 10. 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. A A good business reputation and good moral character. If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? The policy contained an accidental death rider, offering a double indemnity benefit. And insured has a modified endowment contract. Explaining to client the advantages of permanent insurance over term and suggesting changing policies. C Twisting. An out-of-state producer wants to start selling insurance in this state. If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? A. If the corporation collect the policy benefit, then. D$5. Attorney General. A temporary insurance license maybe issued without examination and all of the following: A candidate for an accident and health producer's license must complete how many hours of prelicensing education? 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? Which of the following individuals could qualify for a temporary insurance license? An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy.

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