Bob is the agency owner, and all of his real estate transactions are performed through the agency's business license. Only sales or broker associates, employed by a owner developer can receive a group license. All of the following are examples of risk retention EXCEPT (Retention is a planned assumption of risk, or acceptance of responsibility for the loss by an insured through the use of deductibles, copayments, and self-insurance.). Which of the following is a feature of a variable annuity? The application was processed without a valid license. Answer: A. Make sure that the group has necessary services before adding or removing a dependent service. For example, you can assign Office 365 Enterprise E3 and Enterprise Mobility + Security to a group to easily enable all included services for users. The insured must be able to rely on the insurer's promise to pay covered losses.). B. During replacement of life insurance, a replacing insurer must do which of the following? c. Greater than. Upon which of the following would a health benefit plan be permitted to base individual eligibility? In reference to fixed annuities, what comprises most of a life insurance company's general account? Multiple vs Group License. Which of the following is NOT a characteristic of an insurable risk? Obtain a list of all life insurance policies that will be replaced. price is ___________ the equilibrium price. Which of the following individuals must have insurable interest in the insured? It contains a single service plan with the same name. (All insurers (domestic, foreign, or alien) must obtain a Certificate of Authority before transacting insurance within a given state. Failure to remit premiums may result in the suspension of the producer's license, A person may procure insurance with any insurance company that does not hold a Certificate of Authority if such insurance: B. A. Appointed by the Governor, Which of the following statements is correct concerning Workers' Compensation? Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? Replacement parts to be used that are not manufactured by the original manufacturer may not be used This is an example of what type of agent authority? All of the following statements are correct regarding Credit Life Insurance EXCEPT Benefits are paid to the borrower's beneficiary. B. Who might receive dividends from a mutual insurer? The government pays subsidies to companies that produce ethanol, a fuel made from corn. c It does not apply to contracts for the provision of services. \hline 2006 & 4.85 & 4.79 \\ B. D. It may be necessary for transacting business in a specific state. C. It is issued to group insurance participants. Publication Ethics Statement. A. C. group credit life insurance does not build cash values. The number of policy cancellations by policyholder. Losses are payable within 30 days of receipt of proof of loss, Who among the following is not exempt from continuing education requirements? B. B. * A) Coverage may be continued for up to 18 months for a qualified beneficiary and 36 months for a terminated employee. Let's consider the following example: Microsoft Workplace Analytics is an add-on product. Handling insurer funds in a trust capacity. D is the correct answer because a suicide clause is usually inserted into a policy when issued on a mortgage loan and the misstatement of one's age makes no difference because the initial rate is . In a single employer group plan, what is the name of the policy issued to the employer? Adverse selection is a concept best described as Risks with higher probability of loss seeking insurance more often than other risks. If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it? $4,000 A group license is: 1) Used for large real estate brokerages 2) Allows licensees to work for various properties owned and developed by the same individuals(s), although the properties are owned in the name of different interlocking or affiliated entities 3) Allows brokers to be the broker of record for more than one real estate brokerage 4) Is available when a licensee chooses not to have an . The insurer must be able to rely on the statements in the application, and the insured must be able to rely on the insurer to pay valid claims. [1] In 2022, over 230 anti-transgender bills were introduced in state legislatures in a coordinated national campaign to target . Then click Next. Representations are statements that are true to the best of the applicant's knowledge.). In Minnesota, land diverted to corn to feed the ethanol maw is reducing the acreage planted to a wide range of other crops, especially soybeans. Which of the following would NOT be an eligible group for group life insurance? A reinsurer is a company that. b. Restores an insured person to the same financial state as before the loss. Who among the following statements is correct concerning certified insurance consultants? B. Braggs himself does not require any permit to sell his properties. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . The insurable risk needs to be statistically predictable. Please select the correct language below. Braggs did not want to lock each sales associate into one single development. \hline 2004 & 1.40 & 4.27 \\ That was until several real estate entities learned about Bob's savvy sales techniques. C. The application given to a prospective insured. Select the box to see a list of all groups with errors. Use evidence from your study of this Topic to support your answer. A group license is much different than holding multiple licenses. Please check the appropriate boxes and fill in all the required information. We fully adhere to its Code of Cond A salaried individual manages a condominium building and rents units 3month to 6month periods. 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AzAnswer team is here with the right answer to your question. Eventually, these costs will appear in the prices of frozen and canned vegetables. In response to the Great Recession, Federal Reserve leaders continue to keep the shortrun target interest rate near zero. What does "liquidity" refer to in a life insurance policy? Customer | Differences, Responsibilities & Examples. From the Profile blade, modify the usage location. is already being used" error message in Exchange Online. A Development of standards. A group license is done so that an owner or developer can move sales personnel around to different developments to sell homes or condos. It is a period during which payments into the annuity grow tax deferred. Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? \text { 3-Month } \\ Your boss has prepared some questions for you to consider. Insurers are liable for any loss resulting from the insured's being under the influence of any narcotic if: Such narcotic is administered on the advice of a physician. He hires his son but he is NOT license to sell lots.Father offers son a salary of $200 per week. PowerShell: PowerShell cmdlets report this error as CountViolation. A. b. All of the following are powers and duties of the Florida Real Estate Commission except? To unlock this lesson you must be a Study.com Member. Problem: There aren't enough available licenses for one of the products that's specified in the group. When would a misrepresentation on the insurance application be considered fraud? Do I need to renew my group member license? A) Individuals working in a work group work on different objectives and are not dependent on each other. 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? It is intended to provide coverage on a date earlier than the date of the issuance of the policy. They will demonstrate successfully that they are using best practise to avoid. e. Unscrupulous licensees have been known to manufacture licensed products and sell them under different brand names A. A main duty of the real estate commission is to? 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? In forming an insurance contract, when does acceptance usually occur? Which of the following statements is true regarding the ABO blood system? Answer: B. When an insurer approves a prepaid application, (In insurance, the offer is usually made by the applicant, in the form of the application. d. Louder than. To solve this problem, remove users from unsupported locations from the licensed group. In case of a loss, the indemnity provision in insurance policies does what? Insurers are liable for any loss resulting from the insured's being under the influence of any narcotic if: Such narcotic is administered on the advice of a physician. 1 to part 740 of the EAR): ( i) License Exception LVS ( 740.3 of the EAR); ( ii) License Exception TMP ( 740.9 of the EAR); What type of insurance would be used for a Return of Premium rider? In recent years, ethanol production has increased rapidly. Hanging multiple broker's licenses works like this. Producers of broker Insurance must build a bond along with the application for license. The annuity owner dies while the annuity is still in the accumulation stage. She has asked you to give her information about what determines the level of various interest rates. Answer should be B because only one user cannot be assigned the license, and before assigning the license to a user, usage location should be same. That its policies are covered by a state Guaranty Association. a. at least 60 Maria Juarez is a professional tennis player, and your firm manages her money. a. that a policy will be issued. The paid-up addition option uses the dividend To purchase a smaller amount of the same type of insurance as the original policy. However, since he has so many units and homes to sell, he will need the assistance of a few associates. 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. C) If issued by the company, the company would be fined up to 3 times the premium received. After you resolve any proxy address problems for the affected users, make sure to force license processing on the group to make sure that the licenses can now be applied. Give some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts journal. \hline 2002 & 1.63 & 4.61 \\ 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. Please note that you will not receive a response to this feedback. \end{array} A. There are a few rules that Bob and the managing partners of the other agencies must follow. A. Landmark Homes, Incorporated, located in West Palm Beach, Florida, purchased eight plots of land throughout the county. Easement Appurtenant Features & Examples | What is an Easement in Real Estate? An advantage of owning a flexible premium life insurance policy would be. 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. Please check below to know the answer. A participating insurance policy may do which of the following? If the agent writes a policy for XYZ, which of the following would apply? Coverage ends and the policy cannot be reinstated. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. It provides a truer picture of Nigerias size by giving due weight to the bits of the economy, such as telecoms, banking and the Nollywood film industry, that have been growing fast in recent years.. What does "level" refer to in level term insurance? 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? Primary vs. Study with Quizlet and memorize flashcards containing terms like Which of the following is NOT true regarding a Certificate of Authority? To properly obtain a group license, Braggs and his associates need to do a few things. To increase control of claim reserving and claims settlements. If you need assistance, please submit your question by, Department of Business and Professional Regulation Page. B. A. An insurance producer cannot act as an insurer's agent unless that producer becomes appointed with the insurer Within how many days must a licensee inform the FREC of their change of business address? 2 . b. Feb. 2015. B. (c) Th; Which of the following is not a true statement? Which of the following statements is false with respect to . a. C. The agent accepts a premium payment after the end of the grace period. a. Which policy component fluctuates depending on the policy type? At times, it is possible for a life insurance agent to affect a savings of premium rates by backdating an application for life insurace. What type of annuity contract could your client obtain? a. B. The agency may not investigate an individual who is not designated as an MLO. \hline 2009 & 0.15 & 3.26 \\ A. You can select each group for more details. What is the status of her license on October 1, if she fails to meet renewal requirements? An insurer invests the money it receives from premiums paid by its insureds. When a sales associate's employing broker changes his or her address. Add to folder Physical units that were completed this period from all effort being applied to them. C. It is issued to group insurance participants.
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