which is not correct regarding a group license which is not correct regarding a group license

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. 1. Acceptance takes place when an insurer's underwriter approves the application and issues a policy.). d. It involves slightly more risk to the licensee than licensor. \hline 2004 & 1.40 & 4.27 \\ 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"}}. A. Express Authority. A life policy may not be backdated more than: The duration of the grace period for life insurance policies is: A surplus lines producer sells insurance for: Which of the following statements is false concerning adjusters? A. Please upgrade to Cram Premium to create hundreds of folders! I highly recommend you use this site! Handling insurer funds in a trust capacity. Which of the following is NOT the consideration in a policy? 2 . While removing license assignments from a group, there can be failures if user has a dependent license assigned or if there is a proxy address conflict issue which prohibits the license removal. Stock life insurers must have $1,000,000 in capital and $2,000,000 in surplus. 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). 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|} A temporary license for up to 12 months without having to pass an examination. 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.). 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. A binder cannot exceed 60 days, After a personal policy has been in effect for 60 days, the policy may not be cancelled: Exchange Online (Plan 2) conflicts with Exchange Online (Plan 1). The designation will be void/. Which of the following is NOT true regarding a Certificate of Authority? To reduce expenses and improve cash flow. B. An employee is insured under her employer's group life plan. At the same time, those users can be members of another group that gives them the full E3 product, and they still consume only one license for that product. Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? What type of insurance would be used for a Return of Premium rider? b. Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? The application process requires the owner or developer to file with the DBPR. The application was processed without a valid license. An applicant for a resident producer license who was previously licensed for the same line in this state within the past 90 days, 4. Which of the following duties is part of the Commissions quasi-judicial responsibilities? 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? Definition. You can specify the location under the User > Profile > Edit section in the Azure portal. 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 . Redlining, Blockbusting & Steering: Definition & Differences, General Agent vs. Universal Agent in Real Estate | Overview, Differences & Similarities, Accretion, Avulsion & Reliction: Definition & Effects. Primary vs. Your email address will not be published. What is the major difference between a Stock Company and a Mutual Company? When an applicant is applying for an insurance contract, the statements he or she makes are generally not warranties, but representation. An agent holds a license and sells insurance for several companies, but is not appointed with company XYZ. It may be necessary for transacting business in a specific state. 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. Benefits are 75% when an employee becomes totally incapacitated as the result of injury, With regard to aftermarket parts regulation, which of the following statements is false? 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 commission are not permitted to impose imprisonment as a penalty, but can refer a case to a criminal court, where the outcome can be imprisonment. Option Contract Overview & Components | What is an Option Contract? \hline 2007 & 4.47 & 4.63 \\ An insurer or producer may not assign commissions, The Commissioner may revoke, suspend, or refuse to renew a license for all the following, except: Public adjusters may not qualify for a license in Property and Casualty. Last year, the couple got divorced. 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. $4,500, With regard to the FAIR Plan, which of the following is false concerning agents? (Insurers use reinsurance to protect themselves from catastrophic losses. A group license applies to an owner/land developer. Question: After repairing his roof, Ralph jumped to the ground instead of using a ladder. The Manager. D. It is issued by the state department of insurance. \hline 2005 & 3.21 & 4.29 \\ Let's consider the following example: Microsoft Workplace Analytics is an add-on product. A. the word carries the same meaning in both the English and German languages. 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? 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. A) XYZ must issue the policy. (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.). 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. Constructive Notice in Real Estate Overview & Law | What is Constructive Notice? Feb. 2015. All of the following are general requirements of a qualified plan EXCEPT. b. \hline \text { Year } & \begin{array}{c} You have created 2 folders. A. (Mutual companies are owned by policyholders, while stock companies are owner by stockholders. Browse Covers | YourCover backing tracks in MP3 format. Your boss has prepared some questions for you to consider. C) If issued by the company, the company would be fined up to 3 times the premium received. (Representation are statements made by an applicant that they believe to be true.). Question: Which of the following is true regarding Article 2 of the Uniform Commercial Code (UCC)? Here we are going to see a list of important SQL questions in MCQ style with an explanation of the answer for competitive exams and interviews. Document C shows that the ethanol boom A. results in higher food prices. This is an example of what type of agent authority? With regard to financial examinations by the Commissioner, the Commissioner: Must conduct a financial examination of an insurer at least once every 5 years. price is ___________ the equilibrium price. 24 (with 3 hours in ethics) a. a. that a policy will be issued. a. B. to English speakers, angst means an extreme state of anxiety experienced because of social isolation and loneliness. B. 190 lessons Which if the following is TRUE regarding variable annuities? C. Something that increases the chance of loss. The number of units introduced into the process this period. Fungi, Wet Rot or Dry Rot; Virus or Bacteria; Electrical Apparatus, Consequential losses, steam apparatus, frozen plumbing, dishonesty, pollution, and neglect are excluded, The Insurance Commissioner is: Any other documentation relevant to the correction. (A warranty in insurance is a statement guaranteed to be true. Which of the following is NOT true regarding a Certificate of Authority? What happens when a policy is surrendered for its cash value? Term. 7 Miscellaneous Personal Lines Coverage, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. A. Upon application for a life insurance policy containing accelerated LTC benefits. Which of the following is true of a children's rider added to an insured's permanent life insurance policy? Which of the statements is correct regarding membership on the Probable Cause Panel? To see if there is a duplicate proxy address, execute the following PowerShell cmdlet against Exchange Online: For more information about this problem, see "Proxy address The above question Which of the following is NOT true regarding a Certificate of Authority?, Was part of Insurance MCQs & Answers. Florida Real Estate Broker License Exam: Study Guide, Becoming a Licensed Real Estate Broker in Florida, Reporting Broker & Licensee Address Changes In Florida, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Real Estate Licensing & Continuing Education Requirements, Real Estate Ethics: Importance & General Concepts, Unauthorized Practice of Law: Definition & Consequences, Differences Between Real Estate Customers & Clients, Real Estate Transaction Agents: Definition & Duties, Transitioning from Florida Real Estate Sales Associate to Broker, Multiple Licenses vs. Group Licenses in Florida Real Estate, Registering & Operating a Brokerage Entity in Florida, Workplace Requirements in a Real Estate Office, Managing & Supervising a Real Estate Office, Real Estate Closing & Settlement Procedures, Florida Real Estate Rules, Regulations & Laws, Florida Real Estate Broker License Exam Flashcards, Business Ethics Syllabus Resource & Lesson Plans, Organizational Behavior Syllabus Resource & Lesson Plans, Intro to Business Syllabus Resource & Lesson Plans, Business Law Syllabus Resource & Lesson Plans, UExcel Quantitative Analysis: Study Guide & Test Prep, Financial Accounting Syllabus Resource & Lesson Plans, Technical Writing Syllabus Resource & Lesson Plans, Macroeconomics for Teachers: Professional Development, Public Speaking Syllabus Resource & Lesson Plans, Quantitative Analysis Syllabus Resource & Lesson Plans, Real Estate Agents: Employees vs. To make his group license happen, Braggs must file an affidavit with the DBPR that lists the legal company name used for the developments. 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 The trust that a client places in the producer in regard to handling premiums. (a) They act as a company within a company. As a member, you'll also get unlimited access to over 88,000 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. Which of the following would help prevent a universal life policy from lapsing? Azure AD will retry processing the user license and will resolve the issue. \end{array} B. Title Theory State | Rights, Differences & Purpose. What you need. Then click Next. Producers of broker Insurance must build a bond along with the application for license. Under the COBRA rules for employer group health insurance, which of the following statements is CORRECT? 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? b. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. Benefits are 50% of the difference when an employee becomes partially incapacitated as the result of injury A. You can select each user individually to see more details. Which of the following must an insurer obtain in order to transact insurance within a given state? | 21 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." group coverage IS NOT . Return to the waiting times given for the physicians office in one of the previous exercies. With group-based licensing, the system requires that both the prerequisite and add-on service plans be present in the same group. c. cedes the risk. Get unlimited access to over 88,000 lessons. But they weren't the only ones demanding action under the Gold Dome. 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. d. The number of units that could have been started and completed given the cost incurred. B) The law of diminishing returns does not always apply to every situation. a) toxicant. It contains a single service plan with the same name. 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. In forming of an insurance contract, this is referred to as (The insurer must be able to rely on the statements given by the insured in the application. C. It is issued to group insurance participants. 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.. Policy loans must available after the policy has been in effect for 6 months. This doctrine provides that an employee will pay taxes once he/she begins receiving economic benefits of an insurance-funded plan. D Material control. flashcard sets. b) Health insurance: an insurance (CII study text on Liability insurances, 2016). Steven prints a pamphlet to advertise his life insurance business. Which of the following is NOT true regarding a Certificate of Authority. Draw a graph to illustrate your answer. What is group-based licensing in Azure Active Directory? Sales associates and broker associates register their licenses under that number and then can begin working for the developer. 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. Florida Real Estate Laws | Rules & Statutes, Dishonest Behavior in Real Estate | Fraud, Puffing & Misrepresentation. Real Estate Client vs. The agency may not investigate an individual who is not designated as an MLO. This is done to ensure that any users who are added to the group can receive the fully working product. People who have the A antigen normally would not produce the anti-A antibody. The authority granted to an agent through the agent's contract is referred to as. A. A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. The other insurer is called the "Assuming insurer.". To see which users and groups are consuming licenses, select a product. 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 must be a majority vote of 4 Commission members. For this reason, the errors can't be communicated to you immediately. Which of the following is true regarding a single life settlement option? In what way can an agent demonstrate a high standard of ethics? Police Power in Real Estate Significance & Examples | What is Police Power? Office 365 Enterprise E3 with only the Exchange Online (Plan 2) service plan enabled. In insurance transactions, fiduciary responsibility means. When would a misrepresentation on the insurance application be considered fraud? Name some factors that can cause a shift in the demand curve in markets for goods and services. A tornado that destroys property would be an example of which of the following? If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it? It is issued to group insurance participants. A temporary license may be issued to the surviving spouse of a disabled or deceased producer Which nonforfeiture option provides coverage for the longest period of time? For example, Bob ''The Condo King'' Perlman owns and works at Bob's Big Time Condo Sales, Inc. located in Fort Lauderdale, Florida. 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. It is an equivalent of insurance license. C. It is issued to group insurance participants. Which of the following is NOT consideration on the part of an insured? B. That's when several brokers approached Bob about holding multiple licenses. 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); A limited lines producer is authorized to sell all of the following, except: Which of the following statements is false? Problem: Some Microsoft services aren't available in all locations because of local laws and regulations. When Azure AD assigns group licenses, any users without a specified usage location inherit the location of the directory. To see how many licenses are available, go to Azure Active Directory > Licenses > All products. A. Performing a review of the agent's client's coverage. With regard to licensee responsibilities, which of the following statements 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. Answer: B. It is intended to provide coverage on a date earlier than the date of the issuance of the policy. Every licensed individual must have and maintain a place of business accessible to the public, excluding the licensee's residence. You must remove all licenses assigned to a group before you can delete the group. To reprocess a group, go to the group pane, open Licenses, and then select the Reprocess button on the toolbar. . Create your account, 22 chapters | The service Microsoft Workplace Analytics requires Exchange Online (Plan 2) to be enabled as well.". To assign this add-on license to a group, we must ensure that the group also contains the prerequisite service plan. Which statement below is NOT correct regarding a highly available system? B. When would a 20-pay whole life policy endow? Term policies are available as Level, Increasing, and Decreasing. A. 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. She has asked you to give her information about what determines the level of various interest rates. If the agent writes a policy for XYZ, which of the following would apply? When a producer's check is returned and remains outstanding 30 days following receipt of such return, the insurer must report to the Commissioner If a hearing is scheduled for a producer who has violated regulations regarding unfair trade practices, the Superintendent must send a prior notice within how many days of the hearing? (Perils are the cause of loss insured against in an insurance policy.). Braggs, once registered with the DBPR, will file for a pseudo number, not a valid real estate license number. Which of the following statements is false with respect to license renewals? Which of the following statements is NOT correct concerning policy loans? C. Consider the following example. Mutual life Insurers must have $2,000,000 in surplus. Installing deadbolt locks on the doors of a home is an example of which method of handling risk? AIt may be necessary for transacting business in a specific state. At any given time, how would the yield curve facing a AAA-rated company compare with the yield curve for U.S. Treasury securities? 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. To solve this problem, remove users from unsupported locations from the licensed group. B. For example, after you resolve duplicate proxy address problem for an affected user, you need to trigger the processing of the user. (The principal grants authority to an agent through the agent's contract.). To find all groups that contain at least one error, on the Azure Active Directory blade select Licenses, and then select Overview. Agents have binding authority 3. By the end of 2021, at least 130 bills had been introduced in 33 states to restrict the rights of transgender people. The beneficiary will receive the greater of the money paid into the annuity or the cash value. Which type of life insurance is written with a face amount of $3,000 or less? Kat has taught college Management and Hospitality Management and has a Master's degree in Organizational Leadership and Management. B. 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.