Employer contributions are tax deductible as ordinary business expense, funds accumulate on tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, They are tax free to terminally ill insured, Buy-sell agreements are normally funded with a life insurance policy, The plan must be communicated to all employees, the plan must be for the exclusive benefits of the employees and their beneficiaries, the plan must be permanent, written and legally binding. 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? The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. A straight life policy has what type of premium? B 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? What is this an example of? An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. Unintentional misspellings are not a misrepresentation. What is the term for how frequently a policyowner is required to pay the policy premium? 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. C Limited lines B 90 days B. During replacement of life insurance, or replacing ensure musky which of the following? The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. 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 individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. 1 Answer/Comment. This rider usually expires at the insured's age of 40. All of the following would be considered rebating except What usually includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? Whenever an individual stops drinking, the BAL will ________________. C$1,500 c) An offer of employment. C. An insurance company director who performs executive, administrative and managerial duties a constant a term a variable an expression. And employee has group life insurance through her employer. D 10. The requirement that an agent not co-mingle insurance monies with their own fund is known as? All of the following would be considered to be rebating EXCEPT, which was part of Insurance MCQs & Answers. If an insured continually uses the automatic premium loan option to pay the policy premium.. Which type of life insurance policy generates immediate cash value? What would be the right policy for this client? Variable life insurance is regulated by..: Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns. The policyowner should have her husband named as the.. A couple owns a life insurance policy with a Children's Term rider. What option could the insured utilize? A temporary producer license could be issued without examination to all the following EXCEPT? In which of the following situations is it legal to limit coverage based on marital status? 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. The policy contains the optional Payor Benefit rider. D Other than the 3 hours of ethics, licensees may take courses in any line. If the corporation collects the policy benefit, then What is the best reason to purchase life insurance rather than annuities? Even though my life fits into a backpack, I still find that theres never enough closet space for my clothes. all of the following would be considered rebating except The insured had his wife named as the beneficiary of his life insurance policy. Variable life insurance is based on what kind of premium? 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. Rebating. D False advertising. C Controlled business. Under a variable annuity, the issuing insurance company does not guarantee a minimum interest rate or the benefit payment amounts. A person whose activities are limited to producing insurance advertisements What statement about a suicide clause in a life insurance policy is true? ________________ are owned and controlled by their policyholders. However, once there is solicitation, a license is required. An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. A What would be the face amount of the new term policy? C$2,000 What is the minimum required age for an insurance producer in this state? An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. The insurer has 15 days to file a notice of producer appointment. B Criminal offense What is the name of the insured who enters into a viatical settlement. All of the following are true regarding rebates EXCEPT: A) Rebating can be anything of economic value, given as an inducement to buy B) Rebates are always allowed C) Rebates are only allowed if specifically stated in the policy D) Dividends are not considered to be rebates He dies in a freak accident on June 1. Time during which accumulated money is converted into an income stream. B Mailing an agency brochure to a prospective client What type of policy is this? How long must an insurer keep a copy of an authorized form in its records? all of the following would be considered rebating except. COMPREHENSIVE Texas All Lines Adjuster Exams Bundle ,Questions With What settlement option should the policyowner choose? An agent selling variable annuities must be registered with.. Universal life option A (Level Death Benefit Option) Policy must maintain a specified "corridor" or gap between the cash value and the death benefit, as require by the IRS. A Defamation all of the following would be considered rebating except Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. An employee quits her job where she has a balance of $10,000 in her qualified plan. A Natural Group What is true? C Rebating Number of credits required for fully insured status for Social Security disability benefits? The purpose of the Tennessee Guaranty Association is to. The producer could be found guilty of A father purchases a life insurance policy on his teenage daughter and adds the Payor benefit rider. This is considered to be an unfair claim settlement practice All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT A Stocks, securities, or bonds. The integer 4 is considered all of the following except a variable. What are examples of a business use of life insurance? C All of the following would be considered rebating except The integer 4 is considered all of the following except _____. a 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. in order to reinstate a life insurance policy the insured must do all of the following except: pay next year's premium in advance. 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. For the purpose of making an investigation, the commissioner does have the power to do all the following: And in sure publishes intimidating brochures at portray the insurer's competition as financially and professionally unstable. B Twisting Vscode No server install found in WSL, needs x64. All the following would be considered an unfair and deceptive practice. A Producer regulations and testing requirements. Group life insurance is a single policy written to provide coverage to members of a group. What best describes this practice? When a whole life policy lapses or is surrendered prior to maturity, the cash value can be use to.. D Slandering. If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is? 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? When a beneficiary receives payments consisting of both principal and interest portions, which part are taxable as income? It was determined that the accident was his fault. 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 In an annuity, the accumulated money is converted into a stream of income during what time period? B Discrimination A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state. Search for an answer or ask Weegy. Eligibility requirements for a license are established by the Insurance Code. ResponsibilitymarginContributionmarginPerformancemarginTransferpriceCost-plustransferpriceProductcostsCommonfixedcostsTraceablefixedcostsCommittedfixedcosts. B Coercion Any surplus money is returned to the policyholders as dividends. B As a condition for renewal of their licenses, how many hours of continuing education required for all resident and nonresident insurance producers? A license may be denied, suspended, or revoked if the licensee does any of the following EXCEPT Which road apply for the agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? The protocol for replacement does not apply to which of the following situations? The agent is guilty of In return, the insurer promised to pay benefits in accordance with the terms of the contract. C. Address B$1,000 When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is..
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