It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. The decision about how to resolve conflicting product licenses always belongs to the administrator. Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive What is the maximum fine for violating a cease and desist order? Which of the following statements is false with respect to notices of information practices? Which of the following is TRUE? A. Every licensed individual must have and maintain a place of business accessible to the public, excluding the licensee's residence. \hline 2004 & 1.40 & 4.27 \\ A. A. When transacting business in this state an insurer formed under the laws of another country is known as a/an (Alien insurer is defined as an insurer formed under the laws of another country.). Answer: B. B) The law of diminishing returns does not always apply to every situation. C. Rapid elasticity. But they weren't the only ones demanding action under the Gold Dome. An employee is insured under her employer's group life plan. 1 / 15. c. the policy owner can make policy changes without difficulty. An information box is displayed when groups require your attention. Which of the following is not true regarding the quadriceps muscle group? For example, if you free up some licenses by removing direct license assignments from users, you need to trigger the processing of groups that previously failed to fully license all user members. Multiple Choice Questions. An agent holds a license and sells insurance for several companies, but is not appointed with company XYZ. Best Answer. At times, it is possible for a life insurance agent to affect a savings of premium rates by backdating an application for life insurace. Issued insufficient coverage to a customer through apparent authority A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. Food processors with contracts with farmers to grow crops such as peas and sweet corn have been forced to pay higher prices to keep their supplies secure. a. that a policy will be issued. 30 days, Which of the following types of policies may NOT exclude coverage for losses caused by fire or other perils resulting from acts of terrorism? Twin brothers are starting a new business. Choose a name for the group and, if you'd like to, enter a description. and Partner Z is personally insolvent. 2003-2023 Chegg Inc. All rights reserved. (c) a violation of FS 475. You can assign more than one product license to a group. This is a method where the reinsurer indemnifies the ceding insurer for part or all of the losses it sustains related to a policy issued previously.). Ethical Guidelines for Academic Editors. A. a It does not apply to contracts for the sale of goods. What does "liquidity" refer to in a life insurance policy? Producer licenses expire every 2 years (biennially) on the producer's birth date. A. "You're Beautiful" on YouTube [a] " You're Beautiful " is a song by English singer-songwriter James Blunt. What type of insurance would be used for a Return of Premium rider? Which of the following is true of a children's rider added to an insured's permanent life insurance policy? If an applicant for a life insurance policy and person to be insured by the policy are two different people, the underwriter would be concerned about. Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting? With respect to concealment or fraud in conjunction with the standard fire policy, which of the following is NOT correct? Obtain a list of all life insurance policies that will be replaced. Licensees that are members of the armed forces have all renewal fees, dues, continuing education, and other requirements waived during military service for how long? It is an equivalent of insurance license. Which of the following is NOT a characteristic of an insurable risk? To increase control of claim reserving and claims settlements. Problem: Some Microsoft services aren't available in all locations because of local laws and regulations. It may be necessary for transacting business in a specific state. By the end of 2021, at least 130 bills had been introduced in 33 states to restrict the rights of transgender people. A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. However, removing licenses from all the users in the group may take time. B. Which of the following individuals must have insurable interest in the insured? b. that the claim will be paid if the insurer becomes insolvent. Real Estate Express & Implied Agency | What are Express & Implied Agency? If the agent writes a policy for XYZ, which of the following would apply? 2. You can create multiple groups for each prerequisite service plan. Multiple licenses give the broker the ability to hold the title of broker at numerous real estate agencies at the same time. The trust that a client places in the producer in regard to handling premiums. a. It is issued to group insurance . An error occurred trying to load this video. In Florida, a real estate broker who wishes to work for more than one entity can apply for multiple licenses. by JayDJohnson, 20 days of the change c. 60 days of the change d. 10 days of the change, Which of the following is NOT a purpose of the rule regarding replacement of life insurance? Title Theory State | Rights, Differences & Purpose. Property of others that is in the insured's care is excluded, Which of the following statements is correct with respect to acting as an agent? When group-based licensing tries to process concurrent license assignment of same license to a user, this exception is recorded on the user. The Commissioner may hold a hearing for any purpose within or out of the scope of the Code. What documentation grants express authority to an agent? B. These frequently asked SQL questions are given with the correct choice of answer among multiple options. \hline 2002 & 1.63 & 4.61 \\ Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? Plus, get practice tests, quizzes, and personalized coaching to help you The insured must be able to rely on the insurer's promise to pay covered losses.). Buy-sell agreements are normally funded with a life insurance policy. For this reason, the errors can't be communicated to you immediately. To find all groups that contain at least one error, on the Azure Active Directory blade select Licenses, and then select Overview. To properly obtain a group license, Braggs and his associates need to do a few things. For one, a group license applies to an owner or developer who builds homes or other housing and . B. To minimize the insured's level of liability in the event of loss. Only the following license exceptions may be used to export "600 series" items to destinations other than those identified in Country Group D:5 or Hong Kong (see Supplement No. The original age is used for premium determination. Steven prints a pamphlet to advertise his life insurance business. (An agent represents the principle, acting on the entity's behalf in contractual agreements with third parties.). An insurer or producer may pay commissions (other than as prohibited) to an insurance agency or to persons who do not sell, solicit, or negotiate insurance Handling insurer funds in a trust capacity. Redlining, Blockbusting & Steering: Definition & Differences, General Agent vs. Universal Agent in Real Estate | Overview, Differences & Similarities, Accretion, Avulsion & Reliction: Definition & Effects. Answer: A. The insurable risk needs to be statistically predictable. A sales associate may not be licensed or registered under a trade name. Participate in the planning and implementation of laboratory exercises and experiments; implement new or modified policies and procedures . To schedule a fingerprint reservation, please contact Pearson's third party vendor, IdentoGO By MorphoTrust USA (formerly known as L1 Enrollment). Calculate and interpret the sample correlation coefficient. Publication Ethics Statement. b. Coverage ends and the policy cannot be reinstated. B. References: If Azure AD can't assign one of the products because of business logic problems, it won't assign the other licenses in the group either. C. It is equivalent to an insurance license. What is the purpose of a conditional receipt? A. Please note that you will not receive a response to this feedback. Which of the following is NOT true regarding Equity Indexed Annuities? Bob is the agency owner, and all of his real estate transactions are performed through the agency's business license. (The principal grants authority to an agent through the agent's contract.). B. You can see the users who failed to get assigned and check which products are affected by this problem. Who among the following statements is correct concerning certified insurance consultants? Under Licensed users, you see a list of all users who have had licenses assigned directly or via one or more groups. It is issued to group insurance participants. The only ABO type blood that normally does not have either A or B antigens . If thats the case, you dont have to worry anymore. With the homes built and ready to go, Braggs hired a bunch of sales associates to push the properties into procurement. Which of the following is NOT an essential element of an insurance contract? A. For example, after you resolve duplicate proxy address problem for an affected user, you need to trigger the processing of the user. The HIH Casualty & General Insurance Ltd. v. New Hampshire Insurance Co. and Ors case is a good example illustrating the problems that can arise when the pa Purchasing car insurance is costly. Which of the statements is correct regarding membership on the Probable Cause Panel? This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Who may work for a real estate owner developer? B. The insurer writes the contract and the insured accepts the contract as it is written. The E3 product contains service plans that can't overlap with the plans that are included in E1, so the group license assignment fails with the Conflicting service plans error. We're . Which of the following would NOT be an eligible group for group life insurance? Let's look at an example. A. A. The causes of loss insured against in an insurance policy are know as. An applicant knowingly fails to communicate information that would help an underwriter make a sound decision regarding coverage. Braggs did not want to lock each sales associate into one single development. A master policy purchased by a condominium association, With respect to failure to remit premiums, which of the following statements is false? a. . Which of the following statements is NOT correct concerning policy loans? When you assign licenses directly to individual users, without using group-based licensing, the assignment operation might fail for reasons that are related to business logic. At any given time, how would the yield curve facing a BB-rated company compare with the yield curve for U.S. Treasury securities? B. All of the following statements are correct regarding Credit Life Insurance EXCEPT Benefits are paid to the borrower's beneficiary. A binder must be made in writing If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it? Updating license assignment on a user causes the proxy address calculation to be triggered, which can change user attributes. It is an equivalent of insurance license. passing laws to regulate the transfer of property. If a user has a license that is dependent on a license which is being removed due to group deletion, the license assignment to the user is converted from inherited to direct. 10 days In case of a loss, the indemnity provision in insurance policies does what? A toxic substance produced by biological system is specially referred to as a ------. Instead, they're recorded on the user object and then reported via the administrative portal. TESTS FOR PROTEINS (PRINCIPLES) (Biochem L, Chapter 12 Exam - Individual Policy Provisions, Chapter 7 Exam - Federal Tax Considerations a, Chapter 6 Exam - Markets and Social Security, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, 2015 Missouri State FFA Forestry Contest Gene, Civil Rights, Parties and Political Campaigns. a. Please sign in to share these flashcards. He hires his son but he is NOT license to sell lots.Father offers son a salary of $200 per week. X, Y, and Z are partners. Which of the following would be considered a nonmedical insurance application? Actual Notice in Real Estate: Types & Examples | What is Actual Notice? Please tell us how we can make this answer more useful. How does this z-score compare with the z-score you calculated before? A real estate broker may be issued multiple licenses under certain circumstances. Kat has taught college Management and Hospitality Management and has a Master's degree in Organizational Leadership and Management. Only sales or broker associates, employed by a owner developer can receive a group license. B. To apply for multiple licenses, the broker must file with the Department of Business and Professional Regulations, or the DBPR, who is in charge of licensing and regulating real estate and all other businesses that require licensing. B. Q. Permitting individuals of the same class and equal life expectancy to be charged different rates for life insurance or annuities is an example of what type of unfair trade practice? The owner or developer must be in control of all of the developments in his portfolio that fall under the group license. A. 190 lessons There are a few rules that Bob and the managing partners of the other agencies must follow. Insurance companies may be classified according to the legal form of their ownership. A group license is much different than holding multiple licenses. If after a hearing, the Commissioner determines that an individual is in violation of insurance law, a copy of the findings and a Cease and Desist Order will be issued 30 days of the change b. Which of the following is NOT consideration on the part of an insured? Maria Juarez is a professional tennis player, and your firm manages her money. In forming an insurance contract, when does acceptance usually occur? (The originating company that procures insurance on itself in another insurer is called the "Ceding insurer." must be issued in favor of people of Illinois, and must be continuous from and for amount equal to 5% of the premium brought the previous years, not to exceed? A. An insured purchased an insurance policy 5 years ago. Consolidated net revenue increased 23% in Full Year 2022 compared to Full Year 2021; on a constant currency basis consolidated net revenue increased 28% in Full Year 2022 compared The interest credited under this option is not taxable since it remains inside the insurance policy. Which of the following statements is correct with respect to the Doctrine of Economic Benefit?