A Restriction of authority Is a program that assesses and reports information about various computer resources and devices. What is the maximum fine for submitting a false or fraudulent claim to the insurer? 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. Result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors? What relationship is not an example of insurable interest? B Illegal 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. What is the term for how frequently a policyowner is required to pay the policy premium? 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? If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who had the ownership rights? 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? A. A Producer regulations and testing requirements. Therefore, in the other types of level policies, the first-year premium would not be different from any other year. D 30 days. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. From what type of insurer did the insured purchase the policy? launchpad classlink nmusd; cantonese text to speech; 15 second tv commercial script examples How many days does the insurer have to deliver this notice? Th rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. 0. The minimum age at which a person can sign a life insurance application is. There are several types of whole life polices. What is the result of this? Within how many days of this notification must the producer be sent a copy? When the application is signed and a check is given to the agent, The insurer's domicile of location of incorporation will determine whether a company is domestic, foreign, or alien. D An offer of employment. D Must be completed by all licensed resident and nonresident producers. A banker is ready to close on a customer's loan. Taxation on dividends in participating policies? To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. 45 C. the employee of a disabled licensed a producer The owner, however, does not have to be the one who receives the benefits; it could be the annuitant or the beneficiary. Required by state law to be included in the policy, and cannot be altered by the policyowner. All of the following would be considered to be rebating EXCEPT? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? 10 czerwca 2022 . B A reasonable understanding of the Michigan insurance code He has instructed the company to apply the policy dividends to increase the death benefit. all of the following would be considered rebating except. MI Insurance Regulation Flashcards | Quizlet All of the following are penalties for submitting fraudulent claims to the insurer EXCEPT The agent is guilty of? Until now, she has collected a nontaxable dividend check each year. unit 3: personal and business finance grade boundaries. The following areas are regulated by the Insurance Department EXCEPT C Dividends from a mutual insurer. B Undercutting A 30 days A A good business reputation and good moral character. 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. An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. The protocol for replacement does not apply to which of the following situations? When the policyowner specifies dollar amount in which installments are to be paid, he/she has chosen which settlement option? Are you having trouble answering the question Rebating is an unfair trade practice and is regulated by law. d) Rebates are allowed if it's in the best interest of the client. Department of Education. = 15 ? A straight life policy has what type of premium? 20/3 To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. Eligibility requirements for a license are established by the Insurance Code. B 90 days Rebates are allowed if it's in the best interest of the client. 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. The 3 risk classifications used by underwriters for life insurance, Selection, classification, and rating of risks, To allow the consume to compare the costs of different policies. Which of the following is NOT a pathway in the oxidation of glucose. 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. The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called? Rebating is an unfair trade practice and is regulated by law. All of For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. The can be changed only with the written consent of that beneficiary. 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. C Two letters of recommendation attesting to trustworthiness, reliability, and good reputation All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? Michigan's continuing education requirement consists of completing 24 hours of CE each biennium, with at least 3 of those hours in Ethics. D Slandering. Last year, she received a dividend check from the insurance company that was not taxable. What can they do? Which of the following is true? A It was determined that the accident was his fault. What type of policy is this? Nonforfeiture values guarantee which policyowner? A Defamation A$500 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 return, the insurer promised to pay benefits in accordance with the terms of the contract. B Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. What is the purpose of a fixed-period settlement option? Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. This is a personal use of life insurance known as. An out-of-state producer wants to start selling insurance in this state. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. Follow the following are true of the federal tax advantages of a qualified plan. All of the following would be considered to be rebating EXCEPT. What option does this describe? Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? What option could the insured utilize? B$1,000 Licensed, however, is outside of the U.S. Insurers who are owned by stockholders who have the usual rights of ownership, including the right of voting? What are the two components of a universal policy? D Requirements for life insurance illustrations: If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? B Coercion. A Misdemeanor Question. Michigan's continuing education requirement has each of the following characteristics EXCEPT If an insurance company has published a brochure that in accurately portrays the advantages of a particular insurance policy. B Advertise & solicit business as an insurance counselor or consultant How could she obtain an individual policy? Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth? What would be the right policy for this client? 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. Because of this, the company charged him a higher rate for his insurance. Rules of replacement apply to all of the following: An insurer must present a buyers guide and policy summary prior to accepting the applicant's initial premium, unless the policy contains an unconditional refund provision lasting at least how many days? A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. And insured has a modified endowment contract. In reality, its financial health is terrible, and the company will soon have to file for bankruptcy. B An offer to share in commissions generated by the sale. all of the following would be considered rebating except If the corporation collects the policy benefit, then. 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 . Brokers and financial advisors are prohibited from accepting rebates since they may create conflicts of interest. NAIC. Horse racing is one of the oldest and most popular racing sports in the world, but how long is a horse race? This annuity plan is What is true regarding taxation of accelerated benefits under a life insurance policy? D$5,000. D Stop action order. Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? C Limited lines An individual who willfully violates this Act enough to constitute a general pattern or business practice will be subject to a penalty of up to. Insureds who have been classified as preferred risk will On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. The company also guarantees the specified dollar amount for each payment and the length of the payout period. B. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. C Rebating. There is no limitation on the number of key employee plans in force at any one time, the employer is the owner, Payor and beneficiary of the policy, the key employee is the insured.

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