Shell Energy Change Email Address, Articles A

I no the truth.Ans: I know the truth.(2). Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? The insurer's surrender the policy at its current cash value. Any surplus money is returned to the policyholders as dividends. 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. Convertible without proof of insurability up to the full term death benefit. B Insurer financial requirements. What would be the face amount of the new term policy? ________________ are owned and controlled by their policyholders. Rebating is an unfair trade practice and is regulated by law. All of He died on February 28. 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. The company also guarantees the specified dollar amount for each payment and the length of the payout period. 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. Texas All Lines Adjuster Test - Questions And Answers-Accumulated Depreciation - The total decrease in an item's value over a period of time. What is true regarding a non-qualified retirement plan? A What protects the insured from an unintentional policy lapse due to a nonpayment of premium? B Legal, provided that the other insurers are paid royalties for the usage of their names B Discriminating in benefits and coverages based on the insured's habits and lifestyle Explaining to client the advantages of permanent insurance over term and suggesting changing policies. C Rebating. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? What is the purpose of a disclosure statement in life insurance policies? C 90 days B An offer to share in commissions generated by the sale. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. All paid by the time the insured reaches age 65. If an agent fails to obtain an applicant's signature on the application, the agent must An insurance contract that requires both the insured and the insurer meet certain conditions in order for the contract to be enforceable is (Example) When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. And insured has a modified endowment contract. When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option? Which policy component decreases in decreasing term insurance? M may perform all of the following duties EXCEPT. When would a 20-pay whole life policy endow? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. 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. A Rebating. A tax-sheltered annuity is a special tax-favored retirement plan available to. The producer could be found guilty of? B Applies to life, annuity, and accident and health licensees only. All of the following are true regarding rebates - Course Hero C 30 days A 30 days C 12 months What describes the tax advantage of a qualified retirement plan? B In the preceding 2 years. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. The Insurance Department regulations are to protect the insurance-buying public. What statement is correct? What is the purpose of a free-look period in insurance policies? 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. All of the following would be considered to be rebating EXCEPT? What best describes what will happen? B. This rider will not cause the death benefit to increase. 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? If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined up to $1,000. How many days does the insurer have to deliver this notice? ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. A table showing the nonforfeiture values for the next 20 years must be included in the policy. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT Added 149 days ago|10/30/2021 2:46:29 PM. A corporation is the owner and beneficiary of the key person life policy. A domestic insurer issuing variable contracts must establish one or more.. If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? B Twisting Eligibility requirements for a license are established by the Insurance Code. When is the earliest a policy may go into effect? B 60 days Which of the following will NOT be considered unfair discrimination by insurers? I love when a hack helps me to recycle, and makes my life easier. What is this an example of? Vscode No server install found in WSL, needs x64. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. 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? This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . Which of the following persons is required to hold a producer license? Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination. To combat the Where is heavy cream in Walmart? 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 . A producer or broker who makes oral or written statements intended to injure another producer or insurer is guilty of the unfair trade practice of defamation. all of the following would be considered rebating except What is the minimum civil fine per violation of the Insurance Code of this state? An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called. What statement is true concerning buy-sell agreements? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. Which of the following is true regarding pre-licensing education requirements for insurance producers in the state? In Michigan the state's continuing education requirement Both the offer and acceptance of a rebate are illegal. A Illegal until endorsed by the Guaranty Association C A legal advertising strategy What happens to the premium on the children's rider in a life insurance policy? C Defamation. A straight life policy has what type of premium? C Policyowner rights and disclosures. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. Flashcards - Connecticut Insurance Test 2021 - FreezingBlue The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about.. All of the following actions can be described as twisting EXCEPT. The following areas are regulated by the Insurance Department EXCEPT A$500 B An offer to share in commissions generated by the sale. D What percentage of a company's employees must take part in a noncontributory group life plan? all of the following would be considered rebating except B$1 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? The policy contains the optional Payor Benefit rider. = 15 * 3/20 If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? This answer has been confirmed as correct and helpful. User: She worked really hard on the project. What required provision protects against unintentional lapse of the policy? Upon conviction, a person who has submitted a false or fraudulent claim or report to the insurer may be fined, imprisoned, or both, and required to pay restitution. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. 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. 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 And any controversy between the insured or the insured's beneficiary and the insured that arises from the application for insurance of any policy issued a connection with the application, the producer is considered to be the agent and which of the following? Each agent must pay a $5 appointment fee to the Commissioner. Only any excess of value is taxable as income. All the following would be considered an unfair and deceptive practice. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. Cradle. The first three, Straight life, limited payment, and single premium, are the basic forms of whole life.