What required provision protects against unintentional lapse of the policy? NAIC. The dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. Which of the following, upon conviction, carries a fine of up to $2,000 for each violation? D An offer of employment. It would be considered unfair discrimination to ask an applicant for their sexual orientation, as well as using sexual orientation as a rating factor to determine insurability. C The designee of a producer that is called to active service with the Navy. Which of the following allows different operating systems to coexist on the same physical computer? C Cease and desist order 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 purpose of establishing the target premium for a universal life policy? A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. What is the term for how frequently a policyowner is required to pay the policy premium? In which instance would the premium be tax deductible? A table showing the nonforfeiture values for the next 20 years must be included in the policy. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Old-age and retirement benefits, disability benefits, death benefits. D$5. Assuming he never changed his beneficiary, the policy proceeds will go to Who can request changes in premium payments, face value, loans, and policy plans? Thanks for choosing us. When I just opened a new WSL2 Ubuntu 20.04 terminal and ran code . An insured has chosen joint and 2/3 survivor as the settlement option. All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents refunding part of the premium as an inducement for purchase offering special dividends offering anything of value not specified in the policy A sharing commissions with other licensed and appointed agents 18 Q A Cannot be extended or waived under any circumstances. This practice is considered C$100 all of the following would be considered rebating except. From what type of insurer did the insured purchase the policy? 20/3 This is considered to be an unfair claim settlement practice D 120 days. A participating life insurance policy may pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed. In decreasing policies, while the face amount decreases, the premium remains constant throughout the life of the contracts. Question. You dont have to worry about it anymore. B Criminal offense This nonforfeiture option provides coverage for the longest period of time: The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. B 90 days A Giving an applicant a $5 pen with the insurer's logo during the insurance application process Candidates for either a property license or a casualty license must complete how many hours of pre-licensing education? What determines the length of time that benefits will be received under the fixed-amount settlement option? What is the name of the insured who enters into a viatical settlement. What must be acceptable in order for the ride to be able to waive the payment of premium? The cash value of a variable life policy is not guaranteed and fluctuates with the_________________ in which the premiums have been invested by the insurer. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. 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? The insured had his wife named as the beneficiary of his life insurance policy. A key person insurance policy can pay for which of the following? C Dividends from a mutual insurer. When a company criticizes the financial situation of another company with the intention of injuring that company, it has committed an illegal trade practice called defamation. And employee quits her job where she has a balance of $10,000 in her qualified plan. In order to to do that, what may happen? Log in for more information. What option would allow her to do this? 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. Which of the following would NOT be considered rebating? 45 All of the following are true regarding rebates EXCEPT. What option for Universal Life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. False financial statements are made when insurance companies attempt to hide their financial troubles from the public and government officials. D Adverse selection. 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. The policyowner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as.. A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. 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? An insured committed suicide 6 months after his life insurance policy was issued. All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. This rider usually expires at the insured's age of 40. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? What source will it consult for the majority of its underwriting information? B$1,000 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. A licensed counselor MAY NOT perform which of the following duties? Within how many days does a licensee have to inform the Commissioner of a change of address? 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. An insured purchased an insurance policy 5 years ago. D Controlled business. D 10 days. In life insurance policies, cash value increases. Nonforfeiture values guarantee which policyowner? D Collecting a lower premium than what's specified in a policy as a token of client appreciation. 90 days. All the following are business uses of life insurance: If I retirement plan or annuity is "qualified," this means Who is the owner and who is the beneficiary on a key person life insurance 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. Whenever an individual stops drinking, the BAL will ________________. What is true of the cash surrender nonforfeiture option? A 30 days The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. D Any time in the past. An agent offers to share his commission with a policyholder. Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. Employer contributions made to a qualified plan.. In order for an insurer to legally transact insurance, it must obtain what? What policy would have an IRS required corridor or gap between the cash value and the death benefit? Home; About Us. Log in for more information. What would be the face amount of the new term policy? If the father becomes disabled, what will happen to the life insurance premiums? The can be changed only with the written consent of that beneficiary. In this situation, a licensee would have to apply for a resident's license within 90 days. A temporary producer license could be issued without examination to all the following EXCEPT? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? If an insurer terminates a producer, the Commissioner will receive a notification. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. What does this mean to the beneficiaries? C Mutual Company Which policy component decreases in decreasing term insurance? Therefore, in the other types of level policies, the first-year premium would not be different from any other year. 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? The Weegy: A modal verb (also modal, modal auxiliary verb, modal auxiliary) is a type of auxiliary verb that is used to All of the following would be considered rebating except, Which of the following types of insurance policies is most commonly used in credit life insurance, In order to reinstate a life insurance policy the insured must do all of the following except. However, once there is solicitation, a license is required. What information will be stated in the consideration clause of a life insurance policy? Any type of fraud or misrepresentation is a violation that may cause a license to be denied, suspended, or revoked. In the best interests of the client, rebates are allowed. All riders that will cause the death benefit to increase? 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? Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT What is the purpose of a fixed-period settlement option? B Discrimination Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. A copy of the notice to the Commissioner must be sent to the producer in question within 15 days. An agent misrepresents policy benefits to convince a policyowner to replace policies. The company also guarantees the specified dollar amount for each payment and the length of the payout period. Discriminating in benefits based on the insured's habits and lifestyle (such as smoking or dangerous hobbies) is acceptable. A 30 days 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. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. And employee is insured under her employers group life plan. C Dividends from a mutual insurer. The dividend option that the insured has chosen is called? This pays 2 or 3 times the face amount if death is the result of an accident as defined in the policy and occurs within 90 days of such an accident. Which of the following best describes this act? An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. What is this an example of? Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? Part 2 of the application for life insurance provides questions regarding all of the following.. B Coercion 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? What are the classifications of net assets reported in the statement of financial position by private colleges? 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. In this situation, the Commissioner must be notified within 30 days. The least expensive first year premium payment is found in.. What determines the cash value of a variable life policy? The policy contained an accidental death rider, offering a double indemnity benefit. 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? And employee has group life insurance through her employer. 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? 3. Insurers are also not allowed to cancel individual coverage due to a change in marital status. All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. A corporation is the owner and beneficiary of the key person life policy. In level term and increasing term policies, the premium also remains level for the term of the policy. A straight life policy has what type of premium? And insurance producer license may be renewed at the producer has paid the applicable fees, submitted the renewal form to the commissioner, and.. Having a client in inducement to a sale not stated in the policy is an unlawful practice known as? B Suspension of authority They want to start a program through their practice that will provide retirement benefits for themselves and three employees. Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. C In the last 5 years. The annual premium of $200 was due on February 1; however; the insured failed to pay the premium. Who is the main purpose of the seven-pay test? If a policy had an automatic premium loan provision, what happens if the insured dies before the loan is paid back? In Michigan the state's continuing education requirement All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. He discovered that his policy.. What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years?