B. a. that a policy will be issued. 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? Alternatively, you might decide to remove the E1 license from the user if it's redundant in the context of the E3 license. When would a 20-pay whole life policy endow? Which of the following best describes annually renewable term insurance? That was until several real estate entities learned about Bob's savvy sales techniques. B. Question: Which of the following is true regarding Article 2 of the Uniform Commercial Code (UCC)? All of the following statements are correct regarding Credit Life Insurance EXCEPT Benefits are paid to the borrower's beneficiary. Make sure that the group has necessary services before adding or removing a dependent service. From what type of insurer did the insured purchase the policy? B. C. Being liable with respect to payment of claims. Policy loans must available after the policy has been in effect for 6 months. (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.). d. It involves slightly more risk to the licensee than licensor. (All insurers (domestic, foreign, or alien) must obtain a Certificate of Authority before transacting insurance within a given state. 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). Introducing Cram Folders! Do I need to renew my group member license? The only ABO type blood that normally does not have either A or B antigens . \hline 2001 & 3.47 & 5.02 \\ Term policies are available as Level, Increasing, and Decreasing. Write an essay on the Essential Question: What is the proper role of the government in the economy? 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. If the agent writes a policy for XYZ, which of the following would apply? \hline 2005 & 3.21 & 4.29 \\ A. 24 (with 3 hours in ethics) What is the requirement of state statute, in order for the Commission to action a proposal? Which of the statements is correct regarding membership on the Probable Cause Panel? In a single employer group plan, what is the name of the policy issued to the employer? Issued insufficient coverage to a customer through apparent authority PowerShell: PowerShell cmdlets report this error as DependencyViolation. Please sign in to share these flashcards. Whether an insurable interest exists between the individuals. Alternatively, if the current usage location values don't represent the actual user location, you can modify them so that the licenses are correctly assigned next time (if the new location is supported). \hline B. With regard to financial examinations by the Commissioner, the Commissioner: Must conduct a financial examination of an insurer at least once every 5 years. c. that dividends will be paid. d. The number of units that could have been started and completed given the cost incurred. Due to the insured changing his/her occupation Which power did the Commission exercise? A) Uber is an example of a business model that is based on the principle of network economics. 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. A. Last year, she received a dividend check from the insurance company that was not taxable. When Azure AD attempts to assign a group license to a user whose usage location isn't supported, it fails and records an error on the user. A. Income tax on distributions and no penalty. A binder must be made in writing 9. PowerShell: PowerShell cmdlets report this error as CountViolation. 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. b. that the claim will be paid if the insurer becomes insolvent. [Related to the Apply the Concept on page 652]An article in the Economist on the revisions to Nigerias GDP commented: The GDP revision is not mere trickery. The owner or developer must be in control of all of the developments in his portfolio that fall under the group license. e. The number of units in the process at the end of the period. All rights reserved. If we select the item details, it shows the following error message: "License operation failed. 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. We fully adhere to its Code of Cond FREC holds a meeting in order to pass a new rule. A notification appears if there are any users in an error state. Kat has taught college Management and Hospitality Management and has a Master's degree in Organizational Leadership and Management. 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 b. assumes a portion of the risk from another insurer. 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? Protect the interests of life insurance and annuity purchasers b. Handling insurer funds in a trust capacity. Which of the following is true of a children's rider added to an insured's permanent life insurance policy? AIt may be necessary for transacting business in a specific state. Answer: B. The paid-up addition option uses the dividend To purchase a smaller amount of the same type of insurance as the original policy. Holding multiple licenses gave Bob the ability to hold the title of broker at numerous real estate agencies at the same time. B. The authority granted to an agent through the agent's contract is referred to as. It can the be used to license only selected users for the add-on product. 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. We recommend that administrators set the correct usage location values on users before using group-based licensing to comply with local laws and regulations. For one, a group license applies to an owner or developer who builds homes or other housing and utilizes sales associates to sell the properties. With the homes built and ready to go, Braggs hired a bunch of sales associates to push the properties into procurement. B. Multiple vs Group License. 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. The plan must provide an offset for social security benefits. A. the word carries the same meaning in both the English and German languages. 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.). Which of the following is NOT an essential element of an insurance contract? Insurance is a contract by which one seeks to protect another from (Insurance will protect a person, business or entity from loss.). We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. To see which users and groups are consuming licenses, select a product. You can select each user individually to see more details. A. It is issued to group insurance participants. Which of the statements is correct regarding membership on the Probable Cause Panel? Which nonforfeiture option provides coverage for the longest period of time? 1 / 15. This rider is available to all insureds with no additional premium. . A group license is done so that an owner or developer can move sales personnel around to different developments to sell homes or condos. This usually happens when a user is a member of more than one group with same assigned license. B. 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. 19. PowerShell: PowerShell cmdlets report this error as ProhibitedInUsageLocationViolation. Give some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts journal. Which of the following statements is correct with respect to the Doctrine of Economic Benefit? C) From a net; Which of the following statements is true regarding a centralized organization? An insurer invests the money it receives from premiums paid by its insureds. When doing business in this state an insurance company that is formed under the laws of another state is know as which type of insurer? To be able to shift sales staff around, Braggs would have to apply for a group license for his sales staff. Which of the following statements is false with respect to license renewals? In recent years, ethanol production has increased rapidly. Year20012002200320042005200620072008200920103-MonthYield(%)3.471.631.031.403.214.854.471.390.150.1410-YearYield(%)5.024.614.024.274.294.794.633.673.263.21. A) XYZ must issue the policy. 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? Which of the following correctly describes an Apprentice Adjuster's license? A converted policy is not required if the insured is or could be covered by any of the following, except: The duration of the free look period for individual life insurance policies is: Which of the following is NOT among the powers and duties of the Commissioner? A toxic substance produced by biological system is specially referred to as a ------. A user has a license for Office 365 Enterprise E1 assigned directly, with all the plans enabled. Option Contract Overview & Components | What is an Option Contract? Insurers must acknowledge the receipt of a notice of a claim within: Which of the following is correct regarding a temporary license? What happens to the license status? 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)? How does this z-score compare with the z-score you calculated before? The insurer writes the contract and the insured accepts the contract as it is written. 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? A main duty of the real estate commission is to? Enrolling in a course lets you earn progress by passing quizzes and exams. There is a specific section of the DBPR website where the sales associate and the developer complete the necessary forms. Or, you need to modify the entire group license assignment and disable the plans in the E3 license. In response to the Great Recession, Federal Reserve leaders continue to keep the shortrun target interest rate near zero. For example, Bob ''The Condo King'' Perlman owns and works at Bob's Big Time Condo Sales, Inc. located in Fort Lauderdale, Florida. By putting the client's best interest before their own. Which of the following would be considered a nonmedical insurance application? One member must be a current member of the FREC, c. One member may be a previous Commission member. Which of the following is correct regarding prelicensing requirements? B) Work groups primarily engage in collective work that requires joint effort. c It does not apply to contracts for the provision of services. The decision about how to resolve conflicting product licenses always belongs to the administrator. A price ceiling will result in a shortage; only if the ceiling a. premiums are fixed for the first 5 years. I highly recommend you use this site! 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 . Which of the following is NOT true regarding Equity Indexed Annuities? You can specify the location under the User > Profile > Edit section in the Azure portal. (The binding force in any contract is consideration.). It is issued by the state department of insurance. 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.). Maria Juarez is a professional tennis player, and your firm manages her money. passing laws to regulate the transfer of property. 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. Primary vs. Participate in the planning and implementation of laboratory exercises and experiments; implement new or modified policies and procedures . X, Y, and Z are partners. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. The number of policy cancellations by policyholder. Who among the following statements is correct concerning certified insurance consultants? Updating license assignment on a user causes the proxy address calculation to be triggered, which can change user attributes. Please select the correct language below. 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. B. 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. 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. Upfront license payments . The insured may choose to convert to term or permanent individual coverage. B. Braggs did not want to lock each sales associate into one single development. It provides income the beneficiary cannot outlive. Which of the following is a feature of a variable annuity? Which of the following types of policies are exempt from the state replacement regulations? \hline 2006 & 4.85 & 4.79 \\ succeed. 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. The partnership is liquidating. As a member, you'll also get unlimited access to over 88,000 Which of the following is an example of a producer's fiduciary duty? a It does not apply to contracts for the sale of goods. (A peril is the cause of loss insured against in an insurance policy.). It is issued to group insurance . Q. B. A. Document C shows that the ethanol boom A. results in higher food prices. Which of the following are the authorities that an agent can hold? How long will a real estate license that has been involuntarily inactive for, automatically expire, or be classed as null and void? You can create multiple groups for each prerequisite service plan. An agent holds a license and sells insurance for several companies, but is not appointed with company XYZ. PowerShell: PowerShell cmdlets report this error as MutuallyExclusiveViolation. Less than. c. The number of finished units actually completed this period. 3-Real Estate License Law and Commission Rules. CIt is issued by the state department of insurance. [1] In 2022, over 230 anti-transgender bills were introduced in state legislatures in a coordinated national campaign to target . C. To minimize the insured's level of liability in the event of loss. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. D. To reduce expenses and improve cash flow. The plan is funded by permanent insurance only. b. A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. This insurance provides financial protection against physical damage and bodily injury resulting from traffic collisions. To understand the exact reason of the change and solve the problem, see this article on how the proxyAddresses attribute is populated in Azure AD. 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B. C. It is issued to group insurance participants. a) toxicant. What implications may this have for Partners X and Y? C. group credit life insurance does not build cash values. The service Microsoft Workplace Analytics requires Exchange Online (Plan 2) to be enabled as well.". Acceptance takes place when an insurer's underwriter approves the application and issues a policy.). C. The application given to a prospective insured. What are the two components of a universal policy? ), A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company. B. The number of units introduced into the process this period. 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. Easement Appurtenant Features & Examples | What is an Easement in Real Estate? A market consists of anyone who believes they have a need . In case of a loss, the indemnity provision in insurance policies does what? However, since he has so many units and homes to sell, he will need the assistance of a few associates. Some Microsoft Online products you might own are add-ons. If thats the case, you dont have to worry anymore. For example, consider a group that has Office 365 E3/E5 assigned with a Skype for Business service plan enabled. Which of the following is not true regarding the quadriceps muscle group? Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? When an applicant is applying for an insurance contract, the statements he or she makes are generally not warranties, but representation. Which of the following situations does not require the delivery of the Shopper's Guide? A. She has asked you to give her information about what determines the level of various interest rates. b. \hline 2007 & 4.47 & 4.63 \\ By the end of 2021, at least 130 bills had been introduced in 33 states to restrict the rights of transgender people. 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 . Problem: There aren't enough available licenses for one of the products that's specified in the group. What type of insurance would be used for a Return of Premium rider? A salaried individual manages a condominium building and rents units 3month to 6month periods. In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. Which of the following statements regarding the temporary insurance license is not correct? An agreement between a ceding insurer and assuming insurer. A, C, D are characteristics as defined by NIST; cloud computing enables pay-as-you-pricing and does not involve paying for licenses upfront. The problem is immediately reported back to you. Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting? Which of the following is NOT a characteristic of an insurable risk? The application given to a prospective insured. Is with regard to the person's own property or person, In the event of death resulting from an accident arising out of and in the course of employment or from an occupational disease, the amount provided for burial expense is: For one, a group license applies to an owner or developer who builds homes or other housing and . I would definitely recommend Study.com to my colleagues. Find out how you can intelligently organize your Flashcards. Which of the following are part of the legal responsibility of maintaining an insurance license? A. (Perils are the cause of loss insured against in an insurance policy.). The interest credited under this option is not taxable since it remains inside the insurance policy. 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? B. 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. 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The DBPR is in charge of licensing and regulating real estate and all other businesses that require licensing. (The originating company that procures insurance on itself in another insurer is called the "Ceding insurer." t. e. In the United States, the rights of transgender people vary considerably by jurisdiction. The right to determine the wording of a policy. 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. In reference to fixed annuities, what comprises most of a life insurance company's general account? lessons in math, English, science, history, and more. B. C. From the Directory role blade, modify the directory role. Real Estate Client vs. a. If a court ordered payment for a loss that was not covered in the policy even if it was clearly worded, it would be an example of which legal concept? 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 . 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? Please upgrade to Cram Premium to create hundreds of folders! Physical units that were completed this period from all effort being applied to them. Office 365 Enterprise E3 with only the Exchange Online (Plan 2) service plan enabled. C) If issued by the company, the company would be fined up to 3 times the premium received. Create your account, 22 chapters | View the full answer. Practice Quiz for ABO blood types. To solve this problem, remove users from unsupported locations from the licensed group. A developer purchased a tract of land and subdivided the property into Individual lots. Appointed by the Governor, Which of the following statements is correct concerning Workers' Compensation? 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? Series 6: Multiple choice questions (choose the best statement) Exercise 1. $4,000 Please check below to know the answer. Azure AD attempts to assign all licenses that are specified in the group to each user. The broker can also remain a sole proprietor of his agency. A reinsurer is a company that. To change information on your vehicle title, you need: Certificate of title (original only, no copies) A completed title amendment form. a. For example, there might be an insufficient number of licenses or a conflict between two service plans that can't be assigned at the same time. Transcribed image text: Question 1 (1 point) Which of the following statements is NOT correct regarding markets? General & Special Agent Types in Real Estate | What is a Special Agent in Real Estate? An applicant for a producer license must provide evidence of legal liability coverage for an amount of least: $20,000. The DBPR will issue a pseudo license number. 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?