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The insurer credits the cash value in the policy with a current interest rate. A, C, D are characteristics as defined by NIST; cloud computing enables pay-as-you-pricing and does not involve paying for licenses upfront. Publication Ethics Statement. 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? 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. As a member, you'll also get unlimited access to over 88,000 At times, it is possible for a life insurance agent to affect a savings of premium rates by backdating an application for life insurace. The annuity owner dies while the annuity is still in the accumulation stage. This is an example of what type of agent authority? Any other documentation relevant to the correction. Only sales or broker associates, employed by a owner developer can receive a group license. Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; Which Insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount loss? A temporary license is only granted upon the death of an agent B. Document C shows that the ethanol boom A. results in higher food prices. The insured must be able to rely on the insurer's promise to pay covered losses.). That was until several real estate entities learned about Bob's savvy sales techniques. You can specify the location under the User > Profile > Edit section in the Azure portal. In this example, the conflicting service plans are: To solve this conflict, you need to disable one of the plans. All of the following are powers and duties of the Florida Real Estate Commission except? Please check below to know the answer. \hline 2010 & 0.14 & 3.21 \\ 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? A real estate broker may be issued multiple licenses under certain circumstances. Restores an insured person to the same financial state as before the loss. 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? Required fields are marked *. C. The application given to a prospective insured. When you assign licenses directly to individual users, without using group-based licensing, the assignment operation might fail for reasons that are related to business logic. Consists of 4 separate muscles b. Instead, they're recorded on the user object and then reported via the administrative portal. 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 master policy purchased by a chain of clothing stores 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. Constructive Notice in Real Estate Overview & Law | What is Constructive Notice? (d) legal, provided that the sales associate is an independent contractor, not an . Serve to extend the knee c. Covered by the vastus fascia d. Located in anterior compartment of the thigh 10. The number of policy cancellations by policyholder. You can select your choice and check it instantly to see the answer with an explanation. To reprocess a group, go to the group pane, open Licenses, and then select the Reprocess button on the toolbar. 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. All of the following are marketing arrangements used by insurers EXCEPT An insured committed suicide one year after his life insurance policy was issued. 30 days of the change b. Please upgrade to Cram Premium to create hundreds of folders! The DBPR will issue a pseudo license number. b. A. Buy-sell agreements are normally funded with a life insurance policy. The interest credited under this option is not taxable since it remains inside the insurance policy. b. that the claim will be paid if the insurer becomes insolvent. With regard to financial examinations by the Commissioner, the Commissioner: Must conduct a financial examination of an insurer at least once every 5 years. 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. A user has a license for Office 365 Enterprise E1 assigned directly, with all the plans enabled. A group self-insurer's termination of a member is not effective until: A At least 30 days after the termination notice has either been filed with the Board or sent by certified or registered letter and served in a similar manner upon the employer B At least 10 days after the termination notice has either been filed with the Board or sent by certified or registered letter and served in a . Multiple Choice Questions. Azure AD will retry processing the user license and will resolve the issue. c. the policy owner can make policy changes without difficulty. With the homes built and ready to go, Braggs hired a bunch of sales associates to push the properties into procurement. You must remove all licenses assigned to a group before you can delete the group. A. Let's consider the following example: Microsoft Workplace Analytics is an add-on product. Add-ons require a prerequisite service plan to be enabled for a user or a group before they can be assigned a license. A person who does not lock the doors or does not repair leaks shown an indifferent attitude. It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age. What is the major difference between a Stock Company and a Mutual Company? The number of units introduced into the process this period. SECTION 3: Real Estate License Law And Commis, Chapter 1: Unit 6 - Misrepresentation & Fair, Fundamentals of Financial Management, Concise Edition, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Information Technology Project Management: Providing Measurable Organizational Value. General & Special Agent Types in Real Estate | What is a Special Agent in Real Estate? Please tell us how we can make this answer more useful. Which of the following is true? Which of the following statements is true regarding advertising of the Iowa Life and Health Guaranty Association? * C) Coverage may be continued for up to 18 months for both . Due to the insured changing his/her occupation Definition. The other insurer is called the "Assuming insurer.". A. In response to the Great Recession, Federal Reserve leaders continue to keep the shortrun target interest rate near zero. Please note that you will not receive a response to this feedback. passing laws to regulate the transfer of property. succeed. The agency may not investigate an individual who is not designated as an MLO. Which of the statements is correct regarding membership on the Probable Cause Panel? It is in widespread usage on the World Wide Web due to its wide support and portability between applications and operating . Option Contract Overview & Components | What is an Option Contract? Enrolling in a course lets you earn progress by passing quizzes and exams. Private insurers may be authorized to transact insurance by state insurance departments. 2. Under Licensed users, you see a list of all users who have had licenses assigned directly or via one or more groups. What privilege does the insured have in order to balance this order? Over the past several years, the owner, John Braggs, built single-family homes on each plot. C. It is issued to group insurance participants. To find all groups that contain at least one error, on the Azure Active Directory blade select Licenses, and then select Overview. Alternatively, you might decide to remove the E1 license from the user if it's redundant in the context of the E3 license. The contribution is known and the benefit is unknown. C. To minimize the insured's level of liability in the event of loss. When group-based licensing tries to process concurrent license assignment of same license to a user, this exception is recorded on the user. Which of the following is the basis for a claim against an insurance policy? A notification appears if there are any users in an error state. Obtain a list of all life insurance policies that will be replaced. All of the following statements are true regarding a state regulatory agency's investigation, except: 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. B. Which of the following is NOT a type of whole life insurance? Rising feed prices are also hitting the livestock and poultry industries. An agent holds a license and sells insurance for several companies, but is not appointed with company XYZ. You can select each user individually to see more details. Which of the following is NOT consideration on the part of an insured? Which of the following is true regarding the beneficiary designation of the former spouse. B. A. C. An insurable risk must involve a loss that is definite as to cause, time, place and amount. When Azure AD assigns group licenses, any users without a specified usage location inherit the location of the directory. It is issued to group insurance . A. B. Redlining, Blockbusting & Steering: Definition & Differences, General Agent vs. Universal Agent in Real Estate | Overview, Differences & Similarities, Accretion, Avulsion & Reliction: Definition & Effects. (Insurers use reinsurance to protect themselves from catastrophic losses. The Manager. For example, after you resolve duplicate proxy address problem for an affected user, you need to trigger the processing of the user. Multiple vs Group License. B. No real estate sales license is needed for the owner or developer. This error occurs when Azure AD attempts to remove the underlying service plan. PowerShell: PowerShell cmdlets report this error as ProhibitedInUsageLocationViolation. A. The premium amount paid at the time of application. Your client's employer does not offer a company-wide annuity contract. 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 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. That its policies are covered by a state Guaranty Association. Which of the following is NOT true regarding a Certificate of Authority? a. that a policy will be issued. The New York Superintendent has the responsibility to make sure each entity transacting insurance in this state remains solvent. a. What is the status of her license on October 1, if she fails to meet renewal requirements? 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. a. The day's most visible group was Mothers Demand Action, members of which crowded the halls in a sea of red as they advocated lawmakers for gun control measures. C. From the Directory role blade, modify the directory role. Is exempt from licensure under F.S. 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. This website helped me pass! Every licensed individual must have and maintain a place of business accessible to the public, excluding the licensee's residence. \hline 2003 & 1.03 & 4.02 \\ a. 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. Term policies are available as Level, Increasing, and Decreasing. With respect to concealment or fraud in conjunction with the standard fire policy, which of the following is NOT correct? What you need. 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. An insurance producer cannot act as an insurer's agent unless that producer becomes appointed with the insurer Which of the following statements is correct with respect to the Doctrine of Economic Benefit? When would a misrepresentation on the insurance application be considered fraud? ), A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company. 50,000 . The Commissioner may revoke or suspend a license without an opportunity for a hearing Answer: B. Real Estate Express & Implied Agency | What are Express & Implied Agency? The broker can also remain a sole proprietor of his agency. Which of the following statements regarding the temporary insurance license is not correct? A) XYZ must issue the policy. The policy contains sufficient cash value to cover the cost of insurance. An insurer invests the money it receives from premiums paid by its insureds. One member must be a current member of the FREC, c. One member may be a previous Commission member. B. Which of the following is the closest term to an "authorized" insurer? I would definitely recommend Study.com to my colleagues. 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"}}. But they weren't the only ones demanding action under the Gold Dome. To solve this problem, remove users from unsupported locations from the licensed group. 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: Which of the following is false regarding financial requirements applicable to insurers in Connecticut? 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. Office 365 Enterprise E3 with only the Exchange Online (Plan 2) service plan enabled. C. forces corn prices down. 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? The annuitant assumes the risk on investment. Then click Next. A licensed sales associate will be locked into work at only one development if no multiple licensing exists. Multiple licenses refer to a broker's right to work for multiple entities. Customer | Differences, Responsibilities & Examples. Who among the following would be exempt from a written examination? C. The agent accepts a premium payment after the end of the grace period. Who might receive dividends from a mutual insurer? a. premiums are fixed for the first 5 years. To see which users and groups are consuming licenses, select a product. A live proctor will monitor you. B Identification of customer need. (Perils are the cause of loss insured against in an insurance policy.). A binder must be made in writing A. Because Audio Conferencing is dependent on Skype for Business, for any users with Audio Conferencing assigned, group-based licensing converts the Office 365 E3/E5 licenses to direct license assignment. To reduce expenses and improve cash flow. Express Authority. 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 TRUE regarding the accumulation period of an annuity? 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. Act to protect the best interests of authorized insurers. There is a specific section of the DBPR website where the sales associate and the developer complete the necessary forms. 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. Which of the following IS TRUE regarding the meaning of the word angst? Which of the following is NOT an essential element of an insurance contract? What is a major problem with naming a trust as the beneficiary of a life insurance policy? 7 Miscellaneous Personal Lines Coverage, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Azure AD will retry processing the user license and will resolve the issue. Which of the following is a correct statement about group real estate licenses in Florida? D. Something of value exchanged between parties. Your boss has prepared some questions for you to consider. 475. 1 . This rider is available to all insureds with no additional premium. If you need assistance, please submit your question by, Department of Business and Professional Regulation Page. What is the maximum amount of time that an application may be backdated? All other trademarks and copyrights are the property of their respective owners. We recommend that administrators set the correct usage location values on users before using group-based licensing to comply with local laws and regulations. The plan must provide an offset for social security benefits. C. Something that increases the chance of loss. To properly obtain a group license, Braggs and his associates need to do a few things. Answer: A. (b) legal if the brokers have multiple licenses. a. Which of the following is true regarding a single life settlement option? Certified Insurance Consultant, Which of the following statements is false regarding hearings? Open the group to its overview page and select Licenses. The problem is immediately reported back to you. 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. d. Louder than. 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 . To increase control of claim reserving and claims settlements. An employee is insured under her employer's group life plan. It is issued to group insurance participants. The only ABO type blood that normally does not have either A or B antigens . Which of the following would be considered a nonmedical insurance application? All books and records pertaining to an MLO's operation must be made available upon request. C. to German speakers, angst is equivalent to . While the Fed controls short-term interest rates, long-term interest rates essentially depend on supply/demand dynamics, as well as longer-term interest rate expectations.