A. The other insurer is called the "Assuming insurer.". A. All of the following are examples of boycott, coercion, or intimidation, except: Offering a premium discount or credit that is not specified in the policy. D. To reduce expenses and improve cash flow. A. Which of the following is not true regarding the hamstring muscle group? Add to folder Also imagine that a few members of the group have Audio Conferencing licenses assigned directly. The plan must provide an offset for social security benefits. What is the major difference between a Stock Company and a Mutual Company? Eventually, these costs will appear in the prices of frozen and canned vegetables. \hline \text { Year } & \begin{array}{c} When an applicant is applying for an insurance contract, the statements he or she makes are generally not warranties, but representation. The insurer credits the cash value in the policy with a current interest rate. The planned premium pays for mortality charges and expenses and any excess is returned to the policyowner. For example, this can happen when you remove the user from the group. A. Upgrade to Microsoft Edge to take advantage of the latest features, security updates, and technical support. 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 This person presents what type of hazard? Which of the following statements is true regarding advertising of the Iowa Life and Health Guaranty Association? Choose a name for the group and, if you'd like to, enter a description. The Commissioner may revoke or suspend a license without an opportunity for a hearing Which of the following is NOT the consideration in a policy? An advantage of owning a flexible premium life insurance policy would be. The paid-up addition option uses the dividend To purchase a smaller amount of the same type of insurance as the original policy. What is a major problem with naming a trust as the beneficiary of a life insurance policy? If you use Exchange Online, some users in your organization might be incorrectly configured with the same proxy address value. 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.). It contains a single service plan with the same name. A master policy purchased by a condominium association, With respect to failure to remit premiums, which of the following statements is false? However, for tax purposes, a sales associate is allowed by law to form a professional corporation (PA), and in this case, the DBPR will issue the license in the licensee's actual (legal) name and include the entity designation (PA) after the licensee's legal name. Document C shows that the ethanol boom A. results in higher food prices. \end{array} \hline 2003 & 1.03 & 4.02 \\ Which of the following are part of the legal responsibility of maintaining an insurance license? $4,500, With regard to the FAIR Plan, which of the following is false concerning agents? policy. Agents may handle applications and assist applicants providing the applicant has tried to secure coverage with a standard insurer and certifies that he/she was unable to obtain such coverage, With regard to the Dwelling Endorsement, DP 01 06, which of the following statements is false? Term policies are available as Level, Increasing, and Decreasing. Transcribed image text: Question 1 (1 point) Which of the following statements is NOT correct regarding markets? d. The number of units that could have been started and completed given the cost incurred. It may be necessary for transacting business in a specific state. Alternatively, you might decide to remove the E1 license from the user if it's redundant in the context of the E3 license. 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? To solve this problem, you need to make sure that the required plan is still assigned to users through some other method or that the dependent services are disabled for those users. 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. \hline 2004 & 1.40 & 4.27 \\ 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? With the homes built and ready to go, Braggs hired a bunch of sales associates to push the properties into procurement. is already being used" error message in Exchange Online, how to connect to Exchange Online by using remote PowerShell, how the proxyAddresses attribute is populated in Azure AD. It is a period during which payments into the annuity grow tax deferred. I feel like its a lifeline. Why does making this change in calculating GDP provide a truer picture of the size of Nigerias economy? The authority granted to an agent through the agent's contract is referred to as. I would definitely recommend Study.com to my colleagues. 24 (with 3 hours in ethics) 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. That its policies are covered by a state Guaranty Association. Which of the following statements is false with respect to license renewals? A live proctor will monitor you. How long will a real estate license that has been involuntarily inactive for, automatically expire, or be classed as null and void? CONSIDER APPROVAL: Moved by Allen, seconded by Rice, to approve Amendment #1 to Agreement #A2021-18, Ground Storage Tank Construction Services Project #2020-20 with Infrastructure Design Group in . A. 2 . c . It is also possible to create a standalone group that contains only the minimum required products to make the add-on work. A. The agent puts up a sign with the insurer's logo without express permission. Enrolling in a course lets you earn progress by passing quizzes and exams. During replacement of life insurance, a replacing insurer must do which of the following? Click the card to flip . Income tax on distributions and no penalty. B. 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. A licensed sales associate will be locked into work at only one development if no multiple licensing exists. Which power did the Commission exercise? Members of the public flooded the State Capitol again on Tuesday. C. The agent accepts a premium payment after the end of the grace period. c. The number of finished units actually completed this period. B. There is a specific section of the DBPR website where the sales associate and the developer complete the necessary forms. ), A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company. Your boss has prepared some questions for you to consider. Series 6: Multiple choice questions (choose the best statement) Exercise 1. Principal-Agent Relationship Roles & List | What is a Principal in Real Estate? A. Feb. 2015. Under Licensed groups, you see all groups that have that products assigned. A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. Police Power in Real Estate Significance & Examples | What is Police Power? (b) They may be loosely tied together in a committee. D. Promptly forwarding premiums to the insurance company, audio not yet available for this language, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"General Insurance Exam Simulator","payreferer_url":"\/flashcards\/copy\/general-insurance-exam-simulator-5554536","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. It is issued by the state department of insurance. Options . Independent Contractors, Real Estate Agency Supervision Responsibilities, Dual Agency: Definition, Duties & Restrictions, Non-Agency Relationships & Agreements: Elements & Disclosures, Comparative Marketing Analysis in Real Estate, Arizona Real Estate Commissioner: Duties & Powers, Real Estate Broker & Affiliate Relationships in Tennessee, Indiana Real Estate Commission: Laws, Regulations & Duties, Duties & Powers of the Colorado Real Estate Commission, Working Scholars Bringing Tuition-Free College to the Community. Please check the appropriate boxes and fill in all the required information. I highly recommend you use this site! Definition. A participating insurance policy may do which of the following? \hline 2006 & 4.85 & 4.79 \\ Braggs did not want to lock each sales associate into one single development. You can assign more than one product license to a group. At any given time, how would the yield curve facing a AAA-rated company compare with the yield curve for U.S. Treasury securities? Let's consider the following example: Microsoft Workplace Analytics is an add-on product. Serve to extend the knee c. Covered by the vastus fascia d. Located in anterior compartment of the thigh 10. Azure AD will retry processing the user license and will resolve the issue. A temporary license for up to 12 months without having to pass an examination. Considering only offices with a wait tracking system, what is the z-score for the sixth patient in the sample (wait time 5 37 minutes)? Which of the following is NOT a type of whole life insurance? To change information on your vehicle title, you need: Certificate of title (original only, no copies) A completed title amendment form. Temporary licenses are granted for an initial term of 6 months C. A temporary license does not allow the license to sell, solicit or negotiate new contracts The problem is immediately reported back to you. Which of the following is NOT a goal of risk retention? PowerShell: PowerShell cmdlets report this error as CountViolation. B. . a) toxicant. Which of the following statements is true regarding examinations by the Commissioner? (The originating company that procures insurance on itself in another insurer is called the "Ceding insurer." Which of the following is NOT true regarding a Certificate of Authority? Premiums are determined by the age, sex, and occupation of each individual certificate holder. 2. 4. Publication Ethics Statement. Study with Quizlet and memorize flashcards containing terms like A producer must inform the Commissioner of a change of address within: a. Which of the following statements is true regarding the ABO blood system? To reduce expenses and improve cash flow. Multiple Choice Questions. A. You can create multiple groups for each prerequisite service plan. A group license is much different than holding multiple licenses. Public adjusters may not qualify for a license in Property and Casualty. C. It is issued to group insurance participants. Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? 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. That's when several brokers approached Bob about holding multiple licenses. \hline 2002 & 1.63 & 4.61 \\ C. Something that increases the chance of loss. Which of the following is NOT true regarding a Certificate of Authority? Answer: A. Only sales or broker associates, employed by a owner developer can receive a group license. D. Something of value exchanged between parties. An applicant for a producer license must provide evidence of legal liability coverage for an amount of least: $20,000. Study with Quizlet and memorize flashcards containing terms like Which of the following is NOT true regarding a Certificate of Authority? AIt may be necessary for transacting business in a specific state. 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? b. b) Health insurance: an insurance (CII study text on Liability insurances, 2016). Which statement regarding insurable risks is NOT correct? 24 (with 2 hours in ethics), Pre-Licensing Insurance Course Chapter 19 (Pa, Tennessee Laws and Departmental Rules Common, TEST 3 Superficial Venous Mapping & Chronic V, I NEED 120 QUESTION CORRECT TO PASS TEST WITH, CH. B. c. that dividends will be paid. An agent holds a license and sells insurance for several companies, but is not appointed with company XYZ. Typically, a real estate broker will hold one license in a single real estate agency. 5 Match the following: A) Quality assurance - 1) Process oriented B) Quality control - 2) National physical laboratory C) Quality management - 3) Product oriented D) National measurement system - 4) Overall programmer of QA. flashcard sets. Which of the following correctly describes an Apprentice Adjuster's license? This usually happens when a user is a member of more than one group with same assigned license. The Manager. It provides income the beneficiary cannot outlive. Insurers are required to file a statement with the Superintendent What is the tax consequence of amounts received from a Traditional IRA after the money was left in the tax-deferred account by the beneficiary? Some service plans are configured in a way that they can't be assigned to the same user as another, related service plan. Hanging multiple broker's licenses works like this. Introducing Cram Folders! Which of the following is a feature of a variable annuity? The article also includes information on how to connect to Exchange Online by using remote PowerShell. It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. d. the rate of return on a policy. a. premiums are fixed for the first 5 years. B. Which of the following statements about network economics is not true? Insurers may examine and audit an insured's records relating to this coverage for up to 3 years after a policy period expires \hline 2005 & 3.21 & 4.29 \\ Representations are statements that are true to the best of the applicant's knowledge.). You can select your choice and check it instantly to see the answer with an explanation. 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|} \text{ Yield (\\\%) } Staffa (Switzerland), January 5, 2023 - Sonova Holding AG, a leading provider of hearing care solutions, today unveils the launch of the Sennheiser Conversation Clear Plus earbu In a single employer group plan, what is the name of the policy issued to the employer? b) toxin. 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. You can specify the location under the User > Profile > Edit section in the Azure portal. 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.). No real estate sales license is needed for the owner or developer. Installing deadbolt locks on the doors of a home is an example of which method of handling risk? (An agent who accepts a premium after the end of the grace period appears to the client to have the authority to prevent the policy form lapsing. A. Which of the statements is correct regarding membership on the Probable Cause Panel? Upon which of the following would a health benefit plan be permitted to base individual eligibility? For example, consider a group that has Office 365 E3/E5 assigned with a Skype for Business service plan enabled. The policy contains sufficient cash value to cover the cost of insurance. The original intent to license the user is never lost, but it's recorded in an error state for future investigation and resolution. Over the past several years, the owner, John Braggs, built single-family homes on each plot. We fully adhere to its Code of Cond Before you can assign a license to a user, you must specify the Usage location property for the user. Insurers must acknowledge the receipt of a notice of a claim within: Which of the following is correct regarding a temporary license? | 21 In this example, the conflicting service plans are: To solve this conflict, you need to disable one of the plans. A personal lines producer and Partner Z is personally insolvent. (a) They act as a company within a company. The Graphics Interchange Format (GIF; / f / GHIF or / d f / JIF, see pronunciation) is a bitmap image format that was developed by a team at the online services provider CompuServe led by American computer scientist Steve Wilhite and released on June 15, 1987. An insurer invests the money it receives from premiums paid by its insureds. Question: Which of the following is true regarding Article 2 of the Uniform Commercial Code (UCC)? It is intended to provide coverage on a date earlier than the date of the issuance of the policy. Who among the following would be exempt from a written examination? A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. Holding multiple licenses is different than holding a group license in Florida real estate. Adverse selection is a concept best described as Risks with higher probability of loss seeking insurance more often than other risks. 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.). A) Individuals working in a work group work on different objectives and are not dependent on each other. A person who does not lock the doors or does not repair leaks shown an indifferent attitude. In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. That pseudo number becomes the placeholder for sales associates and broker associates to register for the group license. Which statement below is NOT correct regarding a highly available system? X, Y, and Z are partners. Therefore, answer B is more close to it. When you're using group-based licensing, the same errors can occur, but they happen in the background while the Azure AD service is assigning licenses. 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? Can a broker hold multiple real estate licenses? (b) legal if the brokers have multiple licenses. Which of the following is NOT a reporting requirement? Holding multiple licenses gave Bob the ability to hold the title of broker at numerous real estate agencies at the same time. (Only stock insurance companies are owned and controlled by stockholders.). 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. 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 . To solve this problem, remove users from unsupported locations from the licensed group. Actual Notice in Real Estate: Types & Examples | What is Actual Notice? A Development of standards. Problem: There aren't enough available licenses for one of the products that's specified in the group. What is the term for the entity that an agent represents regarding contractual agreements with third parties? Azure AD will retry processing the user license and will resolve the issue. However, since he has so many units and homes to sell, he will need the assistance of a few associates. Which of the following is TRUE? A. Which of the following would NOT be an eligible group for group life insurance? A master policy purchased by a chain of clothing stores a. The agency may not investigate an individual who is not designated as an MLO. passing laws to regulate the transfer of property. It is usually de 1. Stock life insurers must have $1,000,000 in capital and $2,000,000 in surplus. D. The agent accepts a premium payment during the grace period. A, C, D are characteristics as defined by NIST; cloud computing enables pay-as-you-pricing and does not involve paying for licenses upfront. People who are type AB normally produce both anti-A and anti-B antibodies. 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. 3. Now, an important thing to know is that the person interested in holding multiple licenses must be a broker. Which of the following duties is part of the Commissions quasi-judicial responsibilities? The government pays subsidies to companies that produce ethanol, a fuel made from corn. All books and records pertaining to an MLO's operation must be made available upon request. Which of the following statements is false with respect to license renewals? To reprocess a user, go to the user pane, open Licenses, and then select the Reprocess button on the toolbar. The concepts I have learned in this course will not only help me in my future work, but have also given me extremely useful life knowledge to apply to my per Insurance contract special characteristics they are conditional contract, a contract involving fortuitous evens and the exchange of unequal amounts, a contra Lindell, Perry and Prater define risk as the possibility that personnel, property or resources could be impacted in a negative way (2007). \end{array} & \text{ 10-Year Yield (\\\%) } \\ In a life settlement contract, who does the life settlement broker represent? b. that the claim will be paid if the insurer becomes insolvent. A developer purchased a tract of land and subdivided the property into Individual lots. You can select each user individually to see more details. lessons in math, English, science, history, and more. A. Which of the following is NOT true regarding a Certificate of Authority? For example, Bob ''The Condo King'' Perlman owns and works at Bob's Big Time Condo Sales, Inc. located in Fort Lauderdale, Florida. In reference to fixed annuities, what comprises most of a life insurance company's general account? Which of the following is NOT true regarding a Certificate of Authority. a. accepts all the risk from another insurer. (A peril is the cause of loss insured against in an insurance policy.). CIt is issued by the state department of insurance. A. Policy loans must available after the policy has been in effect for 6 months. D Material control. Answer:A. B) The law of diminishing returns does not always apply to every situation. An employee is insured under her employer's group life plan. Participate in the planning and implementation of laboratory exercises and experiments; implement new or modified policies and procedures . The insured may choose to convert to term or permanent individual coverage. Answer: . A spouse was granted a temporary license for her deceased husband's agency on March 1. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. Then click Next. When a producer's check is returned and remains outstanding 30 days following receipt of such return, the insurer must report to the Commissioner Cram has partnered with the National Tutoring Association, Risky Management: Homeland Security And Homeland Defense, Advantages And Limitations Of The Reinsurance Contract. Which of the following statements is NOT correct concerning policy loans? A group self-insurer's termination of a member is not effective until: A At least 30 days after the termination notice has either been filed with the Board or sent by certified or registered letter and served in a similar manner upon the employer B At least 10 days after the termination notice has either been filed with the Board or sent by certified or registered letter and served in a . Which of the following is an example of an agent's fiduciary responsibilities? A. A. When Azure AD assigns group licenses, any users without a specified usage location inherit the location of the directory. An example is if there aren't enough licenses for all, or if there are conflicts with other services that are enabled on the user. Which if the following is TRUE regarding variable annuities? B. 1 . The DBPR is in charge of licensing and regulating real estate and all other businesses that require licensing. When the group is deleted, group-based licensing will try to remove Office 365 E3/E5 from all users. 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 .