D. Commissioner. Which is NOT required of an applicant for an insurance license in Michigan? In this case, the insurance company will Must be delivered along with the policy and will provide the producer's name & address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value & death benefit figures for specific policy years. 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. If a company has a simplified employee pension plan, what type of plant is it? C What are the classifications of net assets reported in the statement of financial position by private colleges? What is this an example of? B$1 USE an outline format for your notes: An As someone with fine hair that refuses to grow past my shoulders, Ill try anything that claims to give me longer, fuller, thicker hairincluding using castor oil for hair growth. A Defamation The integer 4 is considered all of the following except _____. a When does the policy coverage become effective? When an employee terminates coverage under group insurance policy, coverage continues in force for how long? The president of a company is starting an annuity and decides that his corporation will be the annuitant. The minimum age at which a person can sign a life insurance application is. Which of the following would be required to complete pre-licensing education? For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. 60. The accelerated benefits provision for an early payment of the death benefit when the insured.. An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. d) Rebates are allowed if it's in the best interest of the client. Within how many days of this notification must the producer be sent a copy? This is a personal use of life insurance known as. What brand of castor oil is best for hair? He wants to withdraw some money in order to pay medical bills. Cradle. What would be the right policy for this client? D Rebating. What statement about a suicide clause in a life insurance policy is true? After five years, she decides to leave the company and work independently. A It allows for up to 15 excess credit hours to be carried forward to the next reporting period. C Defamation. A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. How do you get to Motion settings on iPhone? B. Defamation. D Business Entity. If an insurer terminates a producer, the Commissioner must be notified. I love when a hack helps me to recycle, and makes my life easier. (Example) A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. 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 What type of annuity is it? There is a limit for a withdrawal and the insurer charges a fee. 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? Each agent must pay a $5 appointment fee to the Commissioner. When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Person entitled to exercise the rights and priveleges in the policy, Amount paid upon the death of the insured in a life insurance policy. Playing your favorite game, Roblox, on Chromebook is quite achievable, but many users are only familiar with the Play Store method. Under what circumstances could the daughter collect the death benefit? unit 3: personal and business finance grade boundaries. A Defamation Which of the following best describes the unfair trade practices of defamation? B Coercion. And employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his All of the following would be different between qualified and nonqualified retirement plans: An employee has group life insurance through her employer. A 30 days Juan is the person employees go to when knowledge of a topic was needed. 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. The policyowner of an adjustable life policy wants to increase the death benefit. D How much would the beneficiary receive from the policy? C Limited lines In comparison to consumer reports, what best describes a unique characteristic of investigate consumer reports? A temporary license in this state is valid for a maximum of B An offer to share in commissions generated by the sale. It is the premium paying period that is limited, not the maturity. If a life insurance policy develops cash no you faster than a seven-pay whole life contract, it is? A In the preceding 12 months. Defamation is making statements that are false as to the financial condition of any insurer and which are calculated to injure any person engaged in the business of insurance. C 90 days An employer has sponsored a qualified retirement plan for its employees where the employees where the employer will contribute money wherever a profit is realized. D 30 days. A cease and desist order requires an individual to stop doing a specific activity that the Commissioner believes to be violating the Insurance Code. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. The "accumulation period" is the period of time over which the annuitant makes payments (premiums) into an annuity. A. The producer could be found guilty of? 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 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. = 45/20 there is no provision in the insurance code that allows for a temporary licensed to be issued on behalf of a producer. A. Misrepresentation. Rating. B Undercutting standard form contract facebook; how to treat mange in cats at home twitter; moon drop grapes uk instagram; arrow olivia sewing table youtube; custom teku glassware mail 1 to 50. This year, she did not receive a check fin from the insurer. 1 Answer/Comment. MI Insurance Regulation Flashcards | Quizlet Which nonforfeiture option provides coverage for the longest period of time? = 2 1/4. Which of the following provisions would NOT be found in Term Life Insurance? What are the two components of a universal policy? What would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount? all of the following would be considered rebating except An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. From what type of insurer did the insured purchase the policy? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. An insured had a $10,000 term life policy. B. Eligibility requirements for a license are established by the Insurance Code. What type of policy does the insured most likely have? B Advertise & solicit business as an insurance counselor or consultant Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. 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? B Suspension of authority The automatic premium loan provision is activated at the end of the What premium payment mode will incur the lowest overall payment? 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. D Surplus lines. An appointment by an insurer is based upon the person maintaining a valid insurance license. Considered to be the average risk; representative of the majority of people in their age and with similar lifestyles, Insurers (this is so the insurers can compare the info that have collected on the individual). Follow the following are true of the federal tax advantages of a qualified plan. all of the following would be considered rebating except D Misrepresentation. What is the advantage of reinstating a policy instead of applying for a new one? She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. In Michigan the state's continuing education requirement all of the following would be considered rebating except A A producer's license is suspended or revoked by the Department of Insurance. C A legal advertising strategy M may perform all of the following duties EXCEPT. A Discrimination. A candidate for life insurance producer's license must complete how many hours of prelicensing education? And insured has a modified endowment contract. All Of The Following Are True Regarding Rebates Except 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? A father owns a life insurance policy on his 15-year-old daughter. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? The main difference between immediate and deferred annuities is What does "level" refer to in level term insurance? The protocol for replacement does not apply to which of the following situations? What would be the face amount of the new term policy? Individuals covered under the policy receive a certificate of insurance, certificate holders may convert coverage to an individual policy without evidence of insurability, and amount of coverage is determined according to non discriminatory rules. What must be presented before an applicant submits a premium? B A reasonable understanding of the Michigan insurance code A Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer: The four essential elements of all legal contracts: The Medical Information Bureau (MIB) was created to protect? C Illegal under any circumstances What determines the length of time that benefits will be received under the fixed-amount settlement option? 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. Define electric potential and electric potential energy. Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. Any surplus money is returned to the policyholders as dividends. Chapter 11 part 2 Flashcards | Quizlet The Insurance Department regulations are to protect the insurance-buying public. D.the spouse of a retiring insurance producer D False financial statement. What is true concerning a buy-sell agreement? D. Sexual orientation. In the best interests of the client, rebates are allowed. A person required to be licensed under the laws of the state to sell, solicit, or negotiate insurance is known as. What is the total, monetary penalty this producer can expect to receive? An out-of-state producer wants to start selling insurance in this state. C A reasonable understanding of the provisions, terms, and conditions of the type of insurance he/she wishes to counsel. C Twisting C Defamation. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. Added 149 days ago|10/30/2021 2:46:29 PM. 1 to 75. 3. The amount of payments will be determined by taking into account all of the following: When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount.. An insured owns a $50,000 whole life policy. Which of the following is not a standard mounting dimension for an electric motor? As the local coffee shop is just initiating the segmentation and targeting process, what has . Up to 12 excess credit hours of CE may be carried over to the next review period. B Sending a $20 gift certificate to the insured's employee after the insurance has been effected as a thank you for the referral What percentage of a company's employees must take part in a noncontributory group life plan?

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