(The principal grants authority to an agent through the agent's contract.). 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. Making derogatory oral statements about another insurance financial condition. Insurers may examine and audit an insured's records relating to this coverage for up to 3 years after a policy period expires Which of the following is NOT consideration on the part of an insured? Why does making this change in calculating GDP provide a truer picture of the size of Nigerias economy? A. B. b. and Partner Z is personally insolvent. What is the maximum duration a Commission member is allowed to serve, as per Florida Statute? A. 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"}}. B. Holding multiple licenses gave Bob the ability to hold the title of broker at numerous real estate agencies at the same time. Which of the following statements regarding the temporary insurance license is not correct? What is the purpose of a conditional receipt? Act to protect the best interests of authorized insurers. A participating insurance policy may do which of the following? 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. Guitar Tabs. It was released as the second single from the album in 2005. Then click Next. B. Which of the following is NOT an essential element of an insurance contract? B. B Identification of customer need. Browse Covers | YourCover backing tracks in MP3 format. If you use Exchange Online, some users in your organization might be incorrectly configured with the same proxy address value. Producer licenses expire every 2 years (biennially) on the producer's birth date. 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 situation in which a person can only lose or have no change represents. What do individuals use to transfer risk of loss to a large group? The duration of a temporary license may not exceed 90 days, Which of the following statements is NOT correct concerning Certificate of Authority? a. premiums are fixed for the first 5 years. b. assumes a portion of the risk from another insurer. It is issued to group insurance participants. It is issued by the state department of insurance. An insurance producer cannot act as an insurer's agent unless that producer becomes appointed with the insurer All other trademarks and copyrights are the property of their respective owners. e. The number of units in the process at the end of the period. 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 . A person who does not lock the doors or does not repair leaks shown an indifferent attitude. At times, it is possible for a life insurance agent to affect a savings of premium rates by backdating an application for life insurace. Which of the following is not true regarding the hamstring muscle group? It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age. 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? Sales associates and broker associates register their licenses under that number and then can begin working for the developer. It is intended to provide coverage on a date earlier than the date of the issuance of the policy. If an agent fails to promptly remit the premiums collected from the insured to the insurer, the agent may be found guilty of which of the following? Find out how you can intelligently organize your Flashcards. D. To reduce expenses and improve cash flow. A binder must be made in writing The application was processed without a valid license. Which of the following statements is correct with respect to the Doctrine of Economic Benefit? 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? The right to determine the wording of a policy. This lets you distribute the add-on to E1 and E3 users without consuming additional licenses. To see how many licenses are available, go to Azure Active Directory > Licenses > All products. I hope you got the correct answer to your question. a. Term policies are available as Level, Increasing, and Decreasing. B. B. 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. A. Which of the following is NOT true regarding a Certificate of Authority? Its like a teacher waved a magic wand and did the work for me. B) Work groups primarily engage in collective work that requires joint effort. B. You can create multiple groups for each prerequisite service plan. During replacement of life insurance, a replacing insurer must do which of the following? A real estate broker may be issued multiple licenses under certain circumstances. Please check the appropriate boxes and fill in all the required information. All rights reserved. What happens to the license status? Option Contract Overview & Components | What is an Option Contract? Which of the following is NOT true regarding Equity Indexed Annuities? \hline 2006 & 4.85 & 4.79 \\ Eventually, these costs will appear in the prices of frozen and canned vegetables. Equal to. A group license is much different than holding multiple licenses. The New York Superintendent has the responsibility to make sure each entity transacting insurance in this state remains solvent. Azure AD attempts to assign all licenses that are specified in the group to each user. Private insurers may be authorized to transact insurance by state insurance departments. Document C shows that the ethanol boom A. results in higher food prices. After you resolve any proxy address problems for the affected users, make sure to force license processing on the group to make sure that the licenses can now be applied. \hline 2003 & 1.03 & 4.02 \\ For example, if you use both Office 365 Enterprise E1 and Office 365 Enterprise E3 for your users, you can create two groups to license Microsoft Workplace Analytics: one that uses E1 as a prerequisite and the other that uses E3. All of the following statements are correct regarding Credit Life Insurance EXCEPT Benefits are paid to the borrower's beneficiary. An application of which the medical information is completed by the applicant and the agent only. (All insurers (domestic, foreign, or alien) must obtain a Certificate of Authority before transacting insurance within a given state. Which of the following is TRUE regarding the accumulation period of an annuity? 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. Group-based licensing in Azure Active Directory (Azure AD), part of Microsoft Entra, introduces the concept of users in a licensing error state. 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. Click the card to flip . At any given time, how would the yield curve facing a AAA-rated company compare with the yield curve for U.S. Treasury securities? AzAnswer team is here with the right answer to your question. C) From a net; Which of the following statements is true regarding a centralized organization? (A peril is the cause of loss insured against in an insurance policy.). 50,000 . Appointed by the State Senate and confirmed by the Governor C. Being liable with respect to payment of claims. Problem: User has LicenseAssignmentAttributeConcurrencyException for license assignment in audit logs. Which of the following is an example of apparent authority of an agent appointed by an insurer? You have created 2 folders. by JayDJohnson, Calculate and interpret the sample correlation coefficient. A group license is done so that an owner or developer can move sales personnel around to different developments to sell homes or condos. Responsible for knee flexion b. Which of the following statements is false with respect to hearings? 1)Option b 2)Option b . Which of the following correctly describes an Apprentice Adjuster's license? Which of the following is true of a children's rider added to an insured's permanent life insurance policy? Which of the following is NOT a goal of risk retention? Adverse selection is a concept best described as Risks with higher probability of loss seeking insurance more often than other risks. 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. Replacement parts to be used that are not manufactured by the original manufacturer may not be used 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 What is group-based licensing in Azure Active Directory? To make his group license happen, Braggs must file an affidavit with the DBPR that lists the legal company name used for the developments. Performing a review of the agent's client's coverage. On May 1 she processed an application for life insurance on a new applicant. Certificates of Authority are renewed biennially by May 1, Which of the following statements is correct regarding cease and desist orders? Secondary Mortgage Market | Differences, Role & Examples. Insurance is a contract by which one seeks to protect another from (Insurance will protect a person, business or entity from loss.). To properly obtain a group license, Braggs and his associates need to do a few things. Maria Juarez is a professional tennis player, and your firm manages her money. All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy? Under the COBRA rules for employer group health insurance, which of the following statements is CORRECT? Which of the following statements are correct? B. drives farmers to grow soybeans. a. Select the box to see a list of all groups with errors. Which of the following is NOT true regarding a Certificate of Authority? Bob is the agency owner, and all of his real estate transactions are performed through the agency's business license. Braggs, once registered with the DBPR, will file for a pseudo number, not a valid real estate license number. 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. What is the requirement of state statute, in order for the Commission to action a proposal? 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 I feel like its a lifeline. At any given time, how would the yield curve facing a BB-rated company compare with the yield curve for U.S. Treasury securities? Acceptance takes place when an insurer's underwriter approves the application and issues a policy.). Which statement is correct as per licensing law and regulations? All books and records pertaining to an MLO's operation must be made available upon request. That's when several brokers approached Bob about holding multiple licenses. b) toxin. Transcribed image text: Question 1 (1 point) Which of the following statements is NOT correct regarding markets? Handling insurer funds in a trust capacity. Which of the following situations does not require the delivery of the Shopper's Guide? The other insurer is called the "Assuming insurer.". Standardized Contractor Exams - a basis for a license to practice To Register to Take an Exam Call Pearson VUE at 1-877-234-6082 or go to Please check with ICC at www. In this example, the conflicting service plans are: To solve this conflict, you need to disable one of the plans. Therefore, answer B is more close to it. You can select each group for more details. 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. In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. (c) a violation of FS 475. What you need. The above question Which of the following is NOT true regarding a Certificate of Authority?, Was part of Insurance MCQs & Answers. Make sure that the group has necessary services before adding or removing a dependent service. To reprocess a group, go to the group pane, open Licenses, and then select the Reprocess button on the toolbar. Who might receive dividends from a mutual insurer? 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. \hline 2005 & 3.21 & 4.29 \\ Which of the following is correct regarding a temporary license? Which of the following types of policies are exempt from the state replacement regulations? The government pays subsidies to companies that produce ethanol, a fuel made from corn. 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. d. The number of units that could have been started and completed given the cost incurred. A. All owner (s) must sign the application. Which of the following statements is NOT correct concerning policy loans? b. that the claim will be paid if the insurer becomes insolvent. Which statement below is NOT correct regarding a highly available system? The beneficiary will receive the greater of the money paid into the annuity or the cash value. The user has been added to a group that has the Office 365 Enterprise E3 product assigned to it. B. (a) legal if the sales associate has a group license. If we select the item details, it shows the following error message: "License operation failed. Over the past several years, the owner, John Braggs, built single-family homes on each plot. Which of the following is the closest term to an "authorized" insurer? B) The agent will guarantee the policy. With respect to concealment or fraud in conjunction with the standard fire policy, which of the following is NOT correct? For example, after you resolve duplicate proxy address problem for an affected user, you need to trigger the processing of the user. A. 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: View the full answer. Replacement parts to be used that are not manufactured by the original manufacturer must clearly identified by the insurer, Which of the following is true with regard to the Home Business Endorsement HO 07 01? 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? C Servicing. Draw a graph to illustrate your answer. 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. a. Which of the following are part of the legal responsibility of maintaining an insurance license? * A) Coverage may be continued for up to 18 months for a qualified beneficiary and 36 months for a terminated employee. I highly recommend you use this site! $4,000 The annuitant assumes the risk on investment. a) toxicant. \hline 2010 & 0.14 & 3.21 \\ Which of the following is NOT true regarding a Certificate of Authority. Which of the following is an example of an agent's fiduciary responsibilities? 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. Which of the following is an example of a producer's fiduciary duty? (b) They may be loosely tied together in a committee. What is a real estate broker sales associate. Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? A temporary license is only granted upon the death of an agent B. A personal lines producer Lien Theory State vs. A temporary license may be issued to the surviving spouse of a disabled or deceased producer. Alternatively, you might decide to remove the E1 license from the user if it's redundant in the context of the E3 license. \hline 2002 & 1.63 & 4.61 \\ They earn lower interest rates than fixed annuities. Problem: One of the products that's specified in the group contains a service plan that must be enabled for another service plan, in another product, to function. Get unlimited access to over 88,000 lessons. A person willfully acting without an insurance license in Iowa may be fined up to: Answer: $50,000.. 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. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . The application given to a prospective insured. Actual Notice in Real Estate: Types & Examples | What is Actual Notice? The insurable risk needs to be statistically predictable. (Co-written with and signed by fourteen other VIPS listed below) MEMORANDUM FOR: U.S. Secretary of State John Kerry, and Foreign Minister of Russia Sergey Lavrov FROM: Veteran Intelligence Professionals for Sanity (VIPS) SUBJECT: Sarin Attack at Ghouta on Aug. 21, 2013 In a Memorandum of Oct. 1, 2013, we asked each of you to make public the intelligence upon which you based your differing . Which of the following is NOT a characteristic of an insurable risk? An agent accepts the premium payment 35 days after it is due, telling the insured that there will not be a problem keeping the policy in force. 4. To change information on your vehicle title, you need: Certificate of title (original only, no copies) A completed title amendment form. A. Which of the following may NOT be included in an insurance company's advertisement? Create your account, 22 chapters | Feb. 2015. Considered true to the best of the applicant's knowledge. Premiums are determined by the age, sex, and occupation of each individual certificate holder. Certified Insurance Consultant, What is the notice requirement if an insurer is not renewing an auto policy? Critics say that the subsidies are a waste of money, that corn-based supply enough energy to reduce oil imports, and that usingethanol cannot food crops for fuel causes other problems. Exchange Online (Plan 2) conflicts with Exchange Online (Plan 1). When group-based licensing tries to process concurrent license assignment of same license to a user, this exception is recorded on the user. We recommend that administrators set the correct usage location values on users before using group-based licensing to comply with local laws and regulations. What is the status of her license on October 1, if she fails to meet renewal requirements? A licensed sales associate will be locked into work at only one development if no multiple licensing exists. An agent holds a license and sells insurance for several companies, but is not appointed with company XYZ. c. that dividends will be paid. Answer:A. Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? d It applies to. The authority granted to an agent through the agent's contract is referred to as. Last year, she received a dividend check from the insurance company that was not taxable. The partnership is liquidating. Which of the following best describes taxation during the accumulation period of an annuity? Insurers must acknowledge the receipt of a notice of a claim within: Which of the following is correct regarding a temporary license? If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it? In forming an insurance contract, when does acceptance usually occur? Definition. A. 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. Please check below to know the answer. Answer: B. General & Special Agent Types in Real Estate | What is a Special Agent in Real Estate? We're . In insurance transactions, fiduciary responsibility means. Last year, the couple got divorced. Holding multiple licenses is different than holding a group license in Florida real estate. C. Rapid elasticity. Less than. Representations are statements that are true to the best of the applicant's knowledge.). An information box is displayed when groups require your attention. Benefits are 50% of the difference when an employee becomes partially incapacitated as the result of injury A. B. A. \hline 2007 & 4.47 & 4.63 \\ For example, you can assign Office 365 Enterprise E3 and Enterprise Mobility + Security to a group to easily enable all included services for users. We fully adhere to its Code of Cond c. Greater than. 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. If the agent writes a policy for XYZ, which of the following would apply? What does "level" refer to in level term insurance? Your client's employer does not offer a company-wide annuity contract. 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 B. Upfront license payments . A long-term care policy must be optionally renewable. (Mutual companies are owned by policyholders, while stock companies are owner by stockholders. A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. D. It may be necessary for transacting business in a specific state. The insured may choose to convert to term or permanent individual coverage. D. group credit insurance must have a suicide clause and a misstatement of age clause.