An Insurance Producer Is Best Described as Someone Who

Producers must be licensed by the state in which they wish to sell insurance. Get the best knowledge regarding the Correct Licensure Ethics and the Insurance Producer with the help of Flashcards.

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In Tennessee the MAXIMUM fine that the Commissioner can impose on a produce is _____ per violation.

. Under the Fair Credit Reporting Act what is the maximum penalty that may be imposed on Ken. An insurance producer is BEST defined as a person who has a contract with an insurance company to represent it Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon the occurrence of specified life-threatening conditions as defined by the policy are best described as accelerated benefits. If the previous provision opened doors this provision virtually eliminates any barriers limiting ones ability to tie a practice to a statutory or administrative standard.

With a whole life policy the shorter the payment period the higher the annual premium. An insurance producer who is late in filing an application for license renewal will be charged a fee of. Insurance is considered what type of risk management technique.

A A person whose activities are limited to producing insurance advertisements b A salaried full-time employee who furnishes information for group insurance c An insurance company director who performs executive administrative and managerial duties d A salaried employee who advertises and solicits insurance A person does not require an insurance producer license if. Provide a policy loan to cover the premium payments in the event. Waive the premium payments in the event the insured becomes financially insolvent.

If an applicant for a life insurance policy and person to be insured by the policy are two different people the underwriter would be concerned about. This is an example of a indemnity b fraud c defamation d concealment Answer. Lucy is applying for an individual health insurance policy.

A Key Person Life Policy. This responsibility is known as. What is not true regarding the responsibilities of a producer to the insurer under agency law.

A life insurance policys waiver of premium rider has the ability to. 1000 3000 5000 7000 stock insurer. An insurance producer is a general term applied to anyone who engages in the sale of insurance products.

Be definable measurable uncertain and not catastrophic. Which of the following best describes what the annuity period is. Also called the insurance company and sometimes insurance carrier.

When producers give or promise anything or value that is not specified in the policy they are guilty or rebating. An insurance producer is a licensed salesperson working for an insurance agency. The extent to which an insurer is subject to a possible losses.

Most states require producers to pass an examination and meet any other educational and ethical requirements which vary from state to state. The process of determining if an applicant is an insurable risk. An agent is trying to convince a potential insured to buy a policy from him so he mis represent the benefits of the policy.

This occurs by agreeing on expectations up front and then delivering on your promise. When you set clear expectations and deliver on those expectations through a stewardship report you proactively earn trust and long-term clients. An insurers ability to make unpredictable payouts to policyowners is called investment values liquidity assets capital 5000 Ken is a producer who has obtained Consumer Information Reports under false pretenses.

A licensed producer can be BEST described as aan. I Insurance producer means a person required to be licensed under the laws of this State to sell solicit or negotiate contracts of insurance or annuity or the lines of authority authorized within the scope of such license. Here is a set of flashcards based on Correct Licensure Ethics and the Insurance Producer.

Relieve the insured of premium payments following an initial waiting period after the insured becomes totally disabled. The main goal of the insurance producer is to acquire new customers and cross-sell new policies to existing customers of the agency. Insurer The party that undertakes the losses or provides benefits or services.

Insurable interest is an essential requirement for issuing an insurance policy that makes the entity or event legal valid and protected against intentionally harmful acts. Your job as an insurance producer is to make the renewal a non-event. If an insurance producer applicant is required to pass a written examination what is.

Insured The party who purchases insurance from an insurer who agrees to provide benefits or services. A producer receives unlimited authority from the insurer. The shorter the payment period the higher the premium.

When a producer died his surviving spouse needed to maintain the insurance agency until it could be sold. Individual who places insurance on behalf of anyone seeking insurance. In some agencies a producer must service the policies that they have written but this work is often completed by a customer service representative CSR.

A sentence of hard labor for a period of 2 years. Learn and study for Correct Licensure Ethics and the Insurance Producer with ease and fun with flashcards. TermThe statement which best describes the relationship between the premiums of a whole life policy and the premium payment period is.

From an insurance perspective underwriting is best defined as. Insurance Producer A person required to be licensed under the laws of this state to sell solicit or negotiate insurance. Note that the wording does not limit itself to state laws.

TermPeter has a policy where 80 to 90 of the premium is. A fine of up to 1000 imprisonment and a sentence to hard labor for a period of one year. A producer has a responsibility to act in the best interest of the insured.

The Act prohibits agents from violating any insurance laws regulations subpoenas or orders of the commissioner.

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