Due to the insured changing his/her occupation We'll bring you back here when you are done. Which of the following is NOT a characteristic of an insurable risk? It is issued to group insurance participants. Replacement parts to be used that are not manufactured by the original manufacturer must clearly identified by the insurer, Which of the following is true with regard to the Home Business Endorsement HO 07 01? B. (A peril is the cause of loss insured against in an insurance policy.). It was released as the second single from the album in 2005. From the Profile blade, modify the usage location. Braggs did not want to lock each sales associate into one single development. BIt is equivalent to an insurance license. For example, this can happen when you remove the user from the group. Question: After repairing his roof, Ralph jumped to the ground instead of using a ladder. You can select each user individually to see more details. We can only assign this service plan to a user, or group, when one of the following prerequisites is also assigned: If we try to assign this product on its own to a group, the portal returns a notification message. The agent has business cards and stationery printed. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. Transcribed image text: Question 1 (1 point) Which of the following statements is NOT correct regarding markets? Which of the following statements about network economics is not true? That's when several brokers approached Bob about holding multiple licenses. 190 lessons Options . By putting the client's best interest before their own. I hope you got the correct answer to your question. Which type of life insurance is written with a face amount of $3,000 or less? Which of the following is NOT a type of whole life insurance? All rights reserved. A. 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? Problem: While updating license assignment on a user or a group, you might see that the Azure AD Mail and ProxyAddresses attribute of some users are changed. Find out how you can intelligently organize your Flashcards. Azure AD attempts to assign all licenses that are specified in the group to each user. The agency may not investigate an individual who is not designated as an MLO. D. Something of value exchanged between parties. B. Which of the following is a feature of a variable annuity? Income tax on distributions and no penalty. The insurer credits the cash value in the policy with a current interest rate. A group license is much different than holding multiple licenses. If an agent fails to promptly remit the premiums collected from the insured to the insurer, the agent may be found guilty of which of the following? Agents have binding authority Losses are payable within 10 days of receipt of proof of loss Year3-MonthYield(%)10-YearYield(%)20013.475.0220021.634.6120031.034.0220041.404.2720053.214.2920064.854.7920074.474.6320081.393.6720090.153.2620100.143.21\begin{array}{|c|c|c|} When an applicant is applying for an insurance contract, the statements he or she makes are generally not warranties, but representation. a. Which of the following is correct regarding a temporary license? Please note that you will not receive a response to this feedback. In what way can an agent demonstrate a high standard of ethics? Best Answer. Lien Theory State vs. Which of the following are the authorities that an agent can hold? 475. For example, consider a group that has Office 365 E3/E5 assigned with a Skype for Business service plan enabled. The original intent to license the user is never lost, but it's recorded in an error state for future investigation and resolution. The owner or developer must be in control of all of the developments in his portfolio that fall under the group license. If you use Exchange Online, some users in your organization might be incorrectly configured with the same proxy address value. Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? What implications may this have for Partners X and Y? I highly recommend you use this site! A) Individuals working in a work group work on different objectives and are not dependent on each other. Which of the following terms best describes what the insurer has violated? Select the box to see a list of all groups with errors. Florida Real Estate Laws | Rules & Statutes, Dishonest Behavior in Real Estate | Fraud, Puffing & Misrepresentation. Can a broker hold multiple real estate licenses? The license fee could be based on a percentage of final sales revenue of the product, or the number of units sold. 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.. The trust that a client places in the producer in regard to handling premiums. The planned premium pays for mortality charges and expenses and any excess is returned to the policyowner. In recent years, ethanol production has increased rapidly. Get unlimited access to over 88,000 lessons. Upgrade to Microsoft Edge to take advantage of the latest features, security updates, and technical support. This option offers more flexibility. Physical units that were completed this period from all effort being applied to them. The broker must hold a separate license for each separate agency. SPH DARWIN journals are members of the Committee on Publication Ethics . Which of the following would NOT be an eligible group for group life insurance? We're . You can assign more than one product license to a group. Which statement regarding insurable risks is NOT correct? The contribution is known and the benefit is unknown. Which of the following allows the insurer to relieve a minor insured from premium payments if the minor's parents have died or become disabled? There is no action required from the customer to fix this issue. Enrolling in a course lets you earn progress by passing quizzes and exams. A. a. Insurers must acknowledge the receipt of a notice of a claim within: Which of the following is correct regarding a temporary license? Eventually, these costs will appear in the prices of frozen and canned vegetables. A Development of standards. To see how many licenses are available, go to Azure Active Directory > Licenses > All products. What is the advantage of reinstating a policy instead of applying for a new one? She has asked you to give her information about what determines the level of various interest rates. Plus, get practice tests, quizzes, and personalized coaching to help you If you need assistance, please submit your question by, Department of Business and Professional Regulation Page. a. The insured may choose to convert to term or permanent individual coverage. copyright 2003-2023 Study.com. D. Measured services. Problem: There aren't enough available licenses for one of the products that's specified in the group. 1. For one, a group license applies to an owner or developer who builds homes or other housing and . Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? (Insurers who meet the state's financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as a legal insurer.). We weren't able to detect the audio language on your flashcards. Holding multiple licenses gave Bob the ability to hold the title of broker at numerous real estate agencies at the same time. To change information on your vehicle title, you need: Certificate of title (original only, no copies) A completed title amendment form. Coverage ends and the policy cannot be reinstated. There must be a majority vote of 4 Commission members. Which of the following statements are correct? So Bob must apply with the Florida Department of Business and Professional Regulation, also known as the DBPR. Multiple licenses give the broker the ability to hold the title of broker at numerous real estate agencies at the same time. The broker can also remain a sole proprietor of his agency. A corporation that holds an insurance producer license may act as an insurance producer without an appointment by an insurer, Which of the following is true with regard to binders? d. The number of units that could have been started and completed given the cost incurred. a. Kat has taught college Management and Hospitality Management and has a Master's degree in Organizational Leadership and Management. Restores an insured person to the same financial state as before the loss. Click the card to flip . Insurance is a contract by which one seeks to protect another from (Insurance will protect a person, business or entity from loss.). ), A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company. 30 days of the change b. A. If a cease and desist order is violated the penalty may be up to $25,000 per violation, What is the minimum amount of notice an insurer must provide to a policyholder in advance of canceling a personal policy for nonpayment of premium? Add-ons require a prerequisite service plan to be enabled for a user or a group before they can be assigned a license. B. * B) Coverage may be continued for up to 36 months for both a qualified beneficiary and a terminated employee. Which of the following is the basis for a claim against an insurance policy? Which of the following is true? A. (All insurers (domestic, foreign, or alien) must obtain a Certificate of Authority before transacting insurance within a given state. The insurer writes the contract and the insured accepts the contract as it is written. Which of the following duties is part of the Commissions quasi-judicial responsibilities? The Manager. B. Maria Juarez is a professional tennis player, and your firm manages her money. To properly obtain a group license, Braggs and his associates need to do a few things. The plan is funded by permanent insurance only. That its policies are covered by a state Guaranty Association. All of the following are general requirements of a qualified plan EXCEPT. 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. A. Document C shows that the ethanol boom A. results in higher food prices. A. . A. Over the past several years, the owner, John Braggs, built single-family homes on each plot. B. Which observation is not true of the group of people who lead the development of a new product? B. B. Upfront license payments . You must remove all licenses assigned to a group before you can delete the group. A tornado that destroys property would be an example of which of the following? 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. Typically, a real estate broker will hold one license in a single real estate agency. The above question Which of the following is NOT true regarding a Certificate of Authority?, Was part of Insurance MCQs & Answers. A. Problem: One of the products that's specified in the group contains a service plan that conflicts with another service plan that's already assigned to the user via a different product. If we select the item details, it shows the following error message: "License operation failed. A temporary license may be issued to the surviving spouse of a disabled or deceased producer 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. Policy loans must available after the policy has been in effect for 6 months. Which of the following statements is false with respect to license renewals? When an insurer approves a prepaid application, (In insurance, the offer is usually made by the applicant, in the form of the application. Which of the following is TRUE regarding the interest earned on these investments? A master policy purchased by a condominium association, With respect to failure to remit premiums, which of the following statements is false? It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age. lessons in math, English, science, history, and more. FREC holds a meeting in order to pass a new rule. In insurance transactions, fiduciary responsibility means. A group license is for an owner/developer who owns properties through various entities, but all such entities are connected so that such ownership or control is by the same individual or individuals. D. is likely to end by 2017. 1)Option b 2)Option b . For a change in risk substantially increasing the hazard, Which of the following statements is NOT correct concerning commissions? C. It is issued to group insurance participants. What is a major problem with naming a trust as the beneficiary of a life insurance policy? Which of the following is NOT an unfair claims practice? Depending on what steps you've taken to resolve the errors, it might be necessary to manually trigger the processing of a user to update the users state. Which of the following statements is NOT correct concerning policy loans? At any given time, how would the yield curve facing a AAA-rated company compare with the yield curve for U.S. Treasury securities? It is an equivalent of insurance license. To minimize the insured's level of liability in the event of loss. is already being used" error message in Exchange Online. However, removing licenses from all the users in the group may take time. Which of the following best describes taxation during the accumulation period of an annuity? When would a 20-pay whole life policy endow? An application of which the medical information is completed by the applicant and the agent only. Which of the following is not true regarding the quadriceps muscle group? succeed. A. Consists of 4 separate muscles b. Which of the following statements is true regarding the ABO blood system? A group license applies to an owner or developer who builds homes or other housing and utilizes sales associates to sell the properties. Now, an important thing to know is that the person interested in holding multiple licenses must be a broker. b. the insurer can make policy charges without difficulty. flashcard sets. If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it? Secondary Mortgage Market | Differences, Role & Examples. When an individual purchases insurance, what risk management technique is he or she practicing. B. To learn more about other scenarios for license management through groups, see the following: More info about Internet Explorer and Microsoft Edge, "Proxy address \hline \text { Year } & \begin{array}{c} Which of the following is NOT true regarding a Certificate of Authority? D. It may be necessary for transacting business in a specific state. All books and records pertaining to an MLO's operation must be made available upon request. Definition. AIt may be necessary for transacting business in a specific state. Option Contract Overview & Components | What is an Option Contract? That was until several real estate entities learned about Bob's savvy sales techniques. This insurance provides financial protection against physical damage and bodily injury resulting from traffic collisions. A. Which of the following is NOT an essential element of an insurance contract? (Co-written with and signed by fourteen other VIPS listed below) MEMORANDUM FOR: U.S. Secretary of State John Kerry, and Foreign Minister of Russia Sergey Lavrov FROM: Veteran Intelligence Professionals for Sanity (VIPS) SUBJECT: Sarin Attack at Ghouta on Aug. 21, 2013 In a Memorandum of Oct. 1, 2013, we asked each of you to make public the intelligence upon which you based your differing . (Mutual companies are owned by policyholders, while stock companies are owner by stockholders. B. You can assign more than one product license to a group. Handling insurer funds in a trust capacity. A real estate broker may be issued multiple licenses under certain circumstances. PowerShell: PowerShell cmdlets report this error as CountViolation. A. c. Greater than. PowerShell: PowerShell cmdlets report this error as MutuallyExclusiveViolation. A master policy purchased by a chain of clothing stores C Servicing. What is the major difference between a Stock Company and a Mutual Company? Study with Quizlet and memorize flashcards containing terms like A producer must inform the Commissioner of a change of address within: a. I feel like its a lifeline. To reduce expenses and improve cash flow. The application was processed without a valid license. What does "liquidity" refer to in a life insurance policy? D Material control. An advantage of owning a flexible premium life insurance policy would be. (a) They act as a company within a company. Which of the following statements is true regarding the cash value in a Universal life policy? 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. Sales associates and broker associates register their licenses under that number and then can begin working for the developer. * C) Coverage may be continued for up to 18 months for both . D. The agent accepts a premium payment during the grace period. \text { 3-Month } \\ This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Problem: Some Microsoft services aren't available in all locations because of local laws and regulations. When would a misrepresentation on the insurance application be considered fraud? price is ___________ the equilibrium price. Browse Covers | YourCover backing tracks in MP3 format. Introducing Cram Folders! The partnership is liquidating. 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? C) If issued by the company, the company would be fined up to 3 times the premium received. There are a few rules that Bob and the managing partners of the other agencies must follow. A person who does not lock the doors or does not repair leaks shown an indifferent attitude. (The originating company that procures insurance on itself in another insurer is called the "Ceding insurer." Which of the following is NOT allowed regarding the disclosure of personal information? Issued insufficient coverage to a customer through apparent authority Which of the following is not true regarding the hamstring muscle group? Are you looking for the correct answer to the question Which of the following is NOT true regarding a Certificate of Authority?? What is the status of her license on October 1, if she fails to meet renewal requirements? One member must be a current member of the FREC, c. One member may be a previous Commission member. The number of units introduced into the process this period. a. premiums are fixed for the first 5 years. For this reason, the errors can't be communicated to you immediately. 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. A. Please sign in to share these flashcards. Which of the following is NOT true regarding Equity Indexed Annuities? 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); In response to the Great Recession, Federal Reserve leaders continue to keep the shortrun target interest rate near zero. Cram has partnered with the National Tutoring Association, Risky Management: Homeland Security And Homeland Defense, Advantages And Limitations Of The Reinsurance Contract. The problem is immediately reported back to you. The agent puts up a sign with the insurer's logo without express permission. To reprocess a group, go to the group pane, open Licenses, and then select the Reprocess button on the toolbar. Guitar Tabs. The original age is used for premium determination. D Commingling premiums with agent's personal funds. Act to protect the best interests of authorized insurers. No real estate sales license is needed for the owner or developer. Based on the previous example, you would assign the following products to the same group: From now on, any users added to this group consume one license of the E3 product and one license of the Workplace Analytics product. Consider the following example. Which of the following is false regarding financial requirements applicable to insurers in Connecticut? Which of the following is NOT the consideration in a policy? Incumbents may not perform all of the listed duties and/or may be required to perform additional or different duties from those set forth below to address business needs and changing business practices. Which of the following is NOT consideration on the part of an insured? \hline 2002 & 1.63 & 4.61 \\ b. 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. Certificates of Authority are renewed biennially by May 1, Which of the following statements is correct regarding cease and desist orders? Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? The following sections give a description of each potential problem and the way to resolve it. (c) a violation of FS 475. In forming an insurance contract, when does acceptance usually occur? Participate in the planning and implementation of laboratory exercises and experiments; implement new or modified policies and procedures . (The principal grants authority to an agent through the agent's contract.). When the group is deleted, group-based licensing will try to remove Office 365 E3/E5 from all users. A. A. Which of the following is an example of apparent authority of an agent appointed by an insurer? B. B. Select the notification to open a list of all affected users. At times, it is possible for a life insurance agent to affect a savings of premium rates by backdating an application for life insurace. Which of the following is an example of an agent's fiduciary responsibilities? What happens to the license status? d. evidence of insurability is required with any change in premium. Your client's employer does not offer a company-wide annuity contract. Which of the following is NOT a goal of risk retention? Who among the following statements is correct concerning certified insurance consultants? Easement Appurtenant Features & Examples | What is an Easement in Real Estate? B. To unlock this lesson you must be a Study.com Member. The DBPR will issue a pseudo license number. However, since he has so many units and homes to sell, he will need the assistance of a few associates. Which of the following insurance providers would be considered a risk sharing arrangement? Braggs himself does not require any permit to sell his properties. b. at least 30, How many credit hours of continuing education must an agent with a life and health or property casualty license complete every renewal period? Add to folder Depending on what steps you've taken to resolve the errors, it might be necessary to manually trigger the processing of a group to update the user state. Is limited lines insurance What privilege does the insured have in order to balance this order? To schedule a fingerprint reservation, please contact Pearson's third party vendor, IdentoGO By MorphoTrust USA (formerly known as L1 Enrollment). You can specify the location under the User > Profile > Edit section in the Azure portal. A market consists of anyone who believes they have a need . 7 Miscellaneous Personal Lines Coverage, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Last year, she received a dividend check from the insurance company that was not taxable. It is a period during which payments into the annuity grow tax deferred. \end{array}