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? What is the purpose of a conditional receipt? 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. All of the following are general requirements of a qualified plan EXCEPT. To increase control of claim reserving and claims settlements. To reprocess a group, go to the group pane, open Licenses, and then select the Reprocess button on the toolbar. Answer: B. Performing a review of the agent's client's coverage. How does this z-score compare with the z-score you calculated before? 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 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. With regard to financial examinations by the Commissioner, the Commissioner: Must conduct a financial examination of an insurer at least once every 5 years. 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. A) XYZ must issue the policy. When ambiguities exist, courts generally rule in favor of the insured.). B. Physical units that were completed this period from all effort being applied to them. The Manager. 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 We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. Which of the following best describes taxation during the accumulation period of an annuity? 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? C. It is equivalent to an insurance license. This rider is available to all insureds with no additional premium. It is an equivalent of insurance license. 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. 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.). A group license applies to an owner/land developer. B. We're . All of the following are marketing arrangements used by insurers EXCEPT An insured committed suicide one year after his life insurance policy was issued. C. Being liable with respect to payment of claims. A tornado that destroys property would be an example of which of the following? d It applies to. An applicant for a resident producer license who was previously licensed for the same line in this state within the past 90 days, 4. 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? A reinsurer is a company that. Which of the statements is correct regarding membership on the Probable Cause Panel? Which of the following are the authorities that an agent can hold? D. The agent accepts a premium payment during the grace period. It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. (A peril is the cause of loss insured against in an insurance policy.). Is limited lines insurance Azure AD doesn't automatically resolve license conflicts. 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? What documentation grants express authority to an agent? 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. The service Microsoft Workplace Analytics requires Exchange Online (Plan 2) to be enabled as well.". To change information on your vehicle title, you need: Certificate of title (original only, no copies) A completed title amendment form. Browse Covers | YourCover backing tracks in MP3 format. is already being used" error message in Exchange Online. a It does not apply to contracts for the sale of goods. We weren't able to detect the audio language on your flashcards. b. For one, a group license applies to an owner or developer who builds homes or other housing and . (Paying off debt) What type of insurance would be most affordable and still provide a death benefit should one of them die? All rights reserved. C Servicing. So Bob must apply with the Florida Department of Business and Professional Regulation, also known as the DBPR. If you use Exchange Online, some users in your organization might be incorrectly configured with the same proxy address value. D Material control. The authority granted to an agent through the agent's contract is referred to as. Best Answer. An error occurred trying to load this video. 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. Exchange Online (Plan 2) conflicts with Exchange Online (Plan 1). Agents have binding authority Which of the following is an example of apparent authority of an agent appointed by an insurer? Which of the following would help prevent a universal life policy from lapsing? What are the two components of a universal policy? Actual Notice in Real Estate: Types & Examples | What is Actual Notice? 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. 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. The premium amount paid at the time of application. This person presents what type of hazard? Which of the following is TRUE regarding the interest earned on these investments? Under Licensed users, you see a list of all users who have had licenses assigned directly or via one or more groups. When an applicant is applying for an insurance contract, the statements he or she makes are generally not warranties, but representation. 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"}}. Which of the following statements is false with respect to . Please upgrade to Cram Premium to create hundreds of folders! Which statement is correct as per licensing law and regulations? Title Theory State | Rights, Differences & Purpose. B. Multiple Choice Questions. 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. To make his group license happen, Braggs must file an affidavit with the DBPR that lists the legal company name used for the developments. If you need assistance, please submit your question by, Department of Business and Professional Regulation Page. A. Options . A. b. a. What is the advantage of reinstating a policy instead of applying for a new one? a. that a policy will be issued. This year, she did not receive a check from the insurer. The agent puts up a sign with the insurer's logo without express permission. It is usually de 1. C. An insurable risk must involve a loss that is definite as to cause, time, place and amount. This usually happens when a user is a member of more than one group with same assigned license. The right to determine the wording of a policy. 19. . The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . C. To increase control of claim reserving the claims settlements. A. Study with Quizlet and memorize flashcards containing terms like Which of the following is NOT true regarding a Certificate of Authority? 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? Whether an insurable interest exists between the individuals. We recommend that administrators set the correct usage location values on users before using group-based licensing to comply with local laws and regulations. All of the following are powers and duties of the Florida Real Estate Commission except? The annuity owner dies while the annuity is still in the accumulation stage. Which type of life insurance is written with a face amount of $3,000 or less? The application was processed without a valid license. On the "Group type" page, select Microsoft 365, then click Next. B. a. Construct and interpret a scatterplot of a 10-year treasury yield against a 3-month yield. Which of the following is true of a children's rider added to an insured's permanent life insurance policy? ), A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company. Also imagine that a few members of the group have Audio Conferencing licenses assigned directly. 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.. a. A handicapped dependent child may be covered under a parent's policy up to age 30. a. It is issued to group insurance participants. It contains a single service plan with the same name. Instead, they're recorded on the user object and then reported via the administrative portal. What else must he include? Create your account, 22 chapters | Which power did the Commission exercise? To see how many licenses are available, go to Azure Active Directory > Licenses > All products. Who might receive dividends from a mutual insurer? Make sure that the group has necessary services before adding or removing a dependent service. What is the term for the entity that an agent represents regarding contractual agreements with third parties? Let's look at an example. * A) Coverage may be continued for up to 18 months for a qualified beneficiary and 36 months for a terminated employee. b. assumes a portion of the risk from another insurer. 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. Stock life insurers must have $1,000,000 in capital and $2,000,000 in surplus. B. B. The policy contains sufficient cash value to cover the cost of insurance. This error occurs when Azure AD attempts to remove the underlying service plan. 1 / 15. People who have the A antigen normally would not produce the anti-A antibody. You can select each user individually to see more details. Please note that you will not receive a response to this feedback. That's when several brokers approached Bob about holding multiple licenses. What is the major difference between a Stock Company and a Mutual Company? Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? Document C shows that the ethanol boom A. results in higher food prices. 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? Transcribed image text: Question 1 (1 point) Which of the following statements is NOT correct regarding markets? Before you can assign a license to a user, you must specify the Usage location property for the user. A market consists of anyone who believes they have a need . This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. (c) a violation of FS 475. For a change in risk substantially increasing the hazard, Which of the following statements is NOT correct concerning commissions? C. The application given to a prospective insured. In case of a loss, the indemnity provision in insurance policies does what? A. These licenses do not allow special permission to hold multiple licenses. b. the insurer can make policy charges without difficulty. \hline 2002 & 1.63 & 4.61 \\ A. The Commissioner may revoke or suspend a license without an opportunity for a hearing Which of the following types of policies are exempt from the state replacement regulations? Typically, a real estate broker will hold one license in a single real estate agency. lessons in math, English, science, history, and more. Which of the following statements is false with respect to license renewals? A group license is much different than holding multiple licenses. Introducing Cram Folders! Required fields are marked *. Abstract: Despite recent achievements in re-canalizing stroke therapies (Campbell et al., 2015; Goyal et al., 2015), which ensure reduction of deficits in a significant patient fa Insurance is a contract by which one seeks to protect another from (Insurance will protect a person, business or entity from loss.). What you need. c It does not apply to contracts for the provision of services. 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? Secondary Mortgage Market | Differences, Role & Examples. SPH DARWIN journals are members of the Committee on Publication Ethics . What does "level" refer to in level term insurance? D. It may be necessary for transacting business in a specific state. For example, we might update an existing group that already contains the full Office 365 E3 product, and then add the add-on product to it. When a producer's check is returned and remains outstanding 30 days following receipt of such return, the insurer must report to the Commissioner passing laws to regulate the transfer of property. Last year, she received a dividend check from the insurance company that was not taxable. BIt is equivalent to an insurance license. Which of the following terms best describes what the insurer has violated? Which of the following is a correct statement about group real estate licenses in Florida? Act to protect the best interests of authorized insurers. 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. D. To fund losses that cannot be insured. Police Power in Real Estate Significance & Examples | What is Police Power? D. To reduce expenses and improve cash flow. Have a great time ahead. 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. In response to the Great Recession, Federal Reserve leaders continue to keep the shortrun target interest rate near zero. 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 statements is false with respect to hearings? To schedule a fingerprint reservation, please contact Pearson's third party vendor, IdentoGO By MorphoTrust USA (formerly known as L1 Enrollment). Which nonforfeiture option provides coverage for the longest period of time? t. e. In the United States, the rights of transgender people vary considerably by jurisdiction. With group-based licensing, the system requires that both the prerequisite and add-on service plans be present in the same group. Holding multiple licenses gave Bob the ability to hold the title of broker at numerous real estate agencies at the same time. 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? Which of the following is NOT true regarding a Certificate of Authority? Your boss has prepared some questions for you to consider. e. The number of units in the process at the end of the period. A user has a license for Office 365 Enterprise E1 assigned directly, with all the plans enabled. C. Offering additional coverage to his client. C. It is issued to group insurance participants. Please check below to know the answer. Losses are payable within 10 days of receipt of proof of loss A. Rising feed prices are also hitting the livestock and poultry industries. TESTS FOR PROTEINS (PRINCIPLES) (Biochem L, Chapter 12 Exam - Individual Policy Provisions, Chapter 7 Exam - Federal Tax Considerations a, Chapter 6 Exam - Markets and Social Security, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, 2015 Missouri State FFA Forestry Contest Gene, Civil Rights, Parties and Political Campaigns. The Commissioner may hold a hearing for any purpose within or out of the scope of the Code. Try refreshing the page, or contact customer support. B. The insurer credits the cash value in the policy with a current interest rate. Add-ons require a prerequisite service plan to be enabled for a user or a group before they can be assigned a license. C. group credit life insurance does not build cash values. An applicant for a producer license must provide evidence of legal liability coverage for an amount of least: $20,000. 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. This lets you distribute the add-on to E1 and E3 users without consuming additional licenses. A. Making derogatory oral statements about another insurance financial condition. Is exempt from licensure under F.S. To reprocess a user, go to the user pane, open Licenses, and then select the Reprocess button on the toolbar. Policy loans must available after the policy has been in effect for 6 months. 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. Which of the following is false regarding financial requirements applicable to insurers in Connecticut? Find out how you can intelligently organize your Flashcards. What implications may this have for Partners X and Y? (An agent represents the principle, acting on the entity's behalf in contractual agreements with third parties.). Click the card to flip . 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: