all of the following would be considered rebating except
Part 2 of the application for life insurance provides questions regarding all of the following.. Rebating is an unfair trade practices and is regulated by law all of the following would be considered to be rebating except 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 . 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} An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. 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? Which policy provision allows this? All of the following would be considered to be rebating EXCEPT. All paid by the time the insured reaches age 65. If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? B 3 days A In the preceding 12 months. This is due to what provision? Corporation is the owner and beneficiary of the key person life policy. Most horse (1). Flashcards - WA Common Law Practice Exam - FreezingBlue D Misrepresentation. If a resident insurance producer moves from Tennessee to another state, he/she must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? C Consists of completing 24 hours of CE each biennium. B$1,000 D A license to practice law. 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. Is a program that assesses and reports information about various computer resources and devices. Log in for more information. What option does this describe? This rider will not cause the death benefit to increase. The can be changed only with the written consent of that beneficiary. Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. A$500 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. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. In return, the insurer promised to pay benefits in accordance with the terms of the contract. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. MI Insurance Regulation Flashcards | Quizlet 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. 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? a constant a term a variable an expression. If she decides to do a direct transfer from her plan to a traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? Pass an examination for each lie for which a license is sought c. Be appointed to represent at least one authorized insurance company d. Be at least 18 years old How are contributions to a tax-sheltered annuity treated with regards to taxation? 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. Rebates are allowed if it's in the best interest of the client. What is the term for how frequently a policyowner is required to pay the policy premium? If you like the fitness and motion activity tracking feature on the iPhone, you should have this setting left on. What is the purpose of a fixed-period settlement option? C$1,500 C Cease and desist order select one: Which set of characteristics will produce the smallest value for the estimated standard error? An employee quits her job where she has a balance of $10,000 in her qualified plan. = 45/20 Required fields are marked *, Rebating is an unfair trade practice and is regulated by law. Annuities are most commonly used to fund a persons retirement, but they can technically be used to accumulate cash for any reason. 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? In most states, if death results from suicide within a certain period, the insurer is not obligated to pay the death benefit therefore.. 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? 3. A Natural Group Any surplus money is returned to the policyholders as dividends. C An insured has chosen joint and 2/3 survivor as the settlement option. Chapter 7 Life Flashcards by Benjamin Palmer | Brainscape A Discrimination. What is true regarding a non-qualified retirement plan? A Concealment. Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. A licensed counselor MAY NOT perform which of the following duties? Describe the relationship between potential difference and electrical potential energy. What will she need to provide for proof of insurability? 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] A salaried full-time employee who furnishes information for group insurance An agent who offers a cash reward to a prospect for buying a policy is guilty of. How do you get to Motion settings on iPhone? Telling a client that his first premium will be waived if he purchases the insurance policy today. Gender In Michigan the state's continuing education requirement A straight life policy has what type of premium? A domestic insurer issuing variable contracts must establish one or more.. C Sharing commission with the insured Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? What is the required percentage of participants in a contributory group plan? Explaining to client the advantages of permanent insurance over term and suggesting changing policies. All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates A Deals with insurance outside the scope of the license. A 7 days If the father becomes disabled, what will happen to the life insurance premiums? What is the minimum civil fine per violation of the Insurance Code of this state? 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 Which of the following would be required to complete pre-licensing education? A policyowner who is also yeh insured wants to name her husband as the beneficiary of her life policy. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. A corporation is the owner and beneficiary of the key person life policy. C Rebating. She also wished to retain all of the rights of ownership. If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy? in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. This is called.. The agent is guilty of What are the classifications of net assets reported in the statement of financial position by private colleges? In a direct rollover, how is the money transferred from one plan to the new one? The company is guilty of C Fine Flashcards - Connecticut Insurance Test 2021 - FreezingBlue The insurer's surrender the policy at its current cash value. D Search for an answer or ask Weegy. What is this an example of? Who can make a fully deductible contribution to a traditional IRA? D Any time in the past. Which of the following is not a standard mounting dimension for an electric motor? 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? = 15 * 3/20 An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. What is the minimum required age for an insurance producer in this state? The minimum age at which a person can sign a life insurance application is. Each of the following statements may (or may not) describe one of these technical terms. The protocol for replacement does not apply to which of the following situations? To combat the Where is heavy cream in Walmart? A temporary producer license could be issued without examination to all the following EXCEPT? all of the following would be considered rebating except B This misstatement may result in? In a life settlement contract, whom does the life settlement broker represent? 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? 1 to 50. A Cannot be extended or waived under any circumstances. Which of the following has not been taken to court for further interpretation? The cinema hall is to far from my house.Ans: The cinema hall is too far from my house.(3). 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. All of the following would be considered to be rebating EXCEPT? A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? In this situation, the Commissioner must be notified within 30 days. A 60 days A Applicant must be 18 years old Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. If an insured continually uses the automatic premium loan option to pay the policy premium. When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. New answers. A 40 year old man buys a whole life policy and names his wife as his only beneficiary. 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.
