How do you get to Motion settings on iPhone? Charge a level annual premium throughout the insured's lifetime and provide a level, guaranteed death benefit. C Fine What must be presented before an applicant submits a premium? When a persons only options for a contract are on a take it or leave it basis; prepared only by the insurer. 1 to 75. D Unfair Discrimination. All of the following are true regarding rebates EXCEPT. An insured purchased an insurance policy 5 years ago. D Misrepresentation. 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. A A 15 D Slandering. What statement is correct? All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. In which of the following situations is it legal to limit coverage based on marital status? In Michigan the state's continuing education requirement Which is NOT required of an applicant for an insurance license in Michigan? It is illegal to participate in any boycott, coercion, or intimidation that is intended to restrict fair trade or create a monopoly. Juan is the person employees go to when knowledge of a topic was needed. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. She also wished to retain all of the rights of ownership. How many days does the insurer have to deliver this notice? Which of the following would NOT have a policy loans provision? The producer could be found guilty of In this state, what type of violation is rebating? Last year, she received a dividend check from the insurance company that was not taxable. Articles of merchandise with an invoice value of $5 or less for life insurance agents and $10 or less for property and casualty agents $10 or less are not considered rebates, and are allowed as gifts to insurance applicants or insured. B At least 3 hours must cover ethics. 30 days. D Surplus lines. the spouse of a retiring insurance producer A corporation is the owner and beneficiary of the key person life policy. D A corporation is the owner and beneficiary of the key person life policy. Who is personally liable for all contracts of insurance unlawfully made with in Tennessee on behalf of an unauthorized insurer? It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability? The ownership provision entitles the policyowner to What is correct concerning the taxation of premiums in a key-person life insurance policy? Correlation and Causation What are correlation and causation and how are they different? All of the following events will terminate a producer's certificate of appointment EXCEPT The Commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer A temporary license may be issued for up to 180 days. All the following are true regarding rebates except? A rebate is a type of purchasing discount that is paid as a reduction. A. In classifying a risk, the Home Office underwriting department will look at all of the following.. A generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process. Which of the following could be used when a corporation, association, partnership, or limited liability partnership acts as a producer? If an insured surrenders his life insurance policy, what is true regarding the cash value of the policy? Which nonforfeiture option has the highest amount of insurance protection? 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? Heavy Cream is in Aisle A31 of the Dairy section in Walmart. Commissions are set by a schedule or negotiation between the producer and the insurance company. In order for an insurer to legally transact insurance, it must obtain what? Which policy provision allows this? Rebating can be anything of . A$500 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] All of the following would be considered rebating except: sharing commissions with other licensed and appointed agents. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. 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 30 days D.the spouse of a retiring insurance producer M, who is not licensed as an insurance agent, works part-time in her father's insurance agency. A table showing the nonforfeiture values for the next 20 years must be included in the policy. Commissioner. The protocol for replacement does not apply to which of the following situations? What type of life insurance policy would be best suited to this situation? There are several types of whole life polices. If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a? Most horse (1). A key person insurance policy can pay for which of the following? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as The insurer has 15 days to file a notice of producer appointment. Will result in having to pay the highest premium due to health, history, habits, etc. And employee quits her job where she has a balance of $10,000 in her qualified plan. An investor buys a life insurance policy on an elderly person in order to sell it for a life settlement.. what is this an example of? What amount would his beneficiary receive as a settlement? What is not an example of a business use of life insurance? A participating insurance policy will pay _________ to the owner based upon actual mortality cost, interest earned and costs. In a direct rollover, how is the money transferred from one plan to the new one? NAIC. B Nothing, unless the remarks were in writing SUGGESTIONS FOR PREPARING SPEAKING NOTES While several of these reminders might strike you as obvious, speakers often ignore them when preparing to speak. C. Rebating. The integer 4 is considered all of the following except _____. What does this mean? The can be changed only with the written consent of that beneficiary. Indicate the effects of the given transaction on assets, liabilities, and equity, including identifying the individual accounts affected. C Defamation. Identify the types of assets assigned to each classification. B A reasonable understanding of the Michigan insurance code In which of the following situations is it legal to limit coverage based on marital status? Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as. B. Defamation. 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. Which two terms are associated directly with the premium? Which of the following has not been taken to court for further interpretation? What is the total, monetary penalty this producer can expect to receive? She would likely purchase a(n)? 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? How can she obtain an individual policy? The following areas are regulated by the Insurance Department EXCEPT In an annuity, the accumulated money is converted into a stream of income during what time period? (Example) your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. 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? A key person insurance policy can pay for what? all of the following would be considered rebating except. The company is guilty of What protects the insured from an unintentional policy lapse due to a nonpayment of premium? All of the following concerning a non-contributory group plan is true: What is an IRS qualified retirement program for the self-employed? Time during which accumulated money is converted into an income stream. This practice is considered? If an applicant has been licensed in the past 12 months, the Commissioner may waive education and examination requirements. Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner? Purest form of term insurance; death benefit remains level, but the premium increases each year with the insured's attained age. All of the following would be considered rebating except. The company also guarantees the specified dollar amount for each payment and the length of the payout period. An insured had a continuous premium whole life policy. What license or licenses are required to sell variable life annuities? 180 days. Requires the entire premium to be paid in one limp sum at the policy's inception. Which of the following best describes the act? I no the truth.Ans: I know the truth.(2). A He never remarried and dies at age 61, leaving 2 grown-up children. 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. D Must be completed by all licensed resident and nonresident producers. Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. Age A person whose activities are limited to producing insurance advertisements A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity The balance is paid out directly to the employee in order for her to move the funds to a new account. The policyowner pays for her life insurance annually. Which type of life insurance policy generates immediate cash value? D Felony. Which of the following would be required to be licensed as an insurance producer?

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