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You can assign more than one product license to a group. A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? B Identification of customer need. 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. This doctrine provides that an employee will pay taxes once he/she begins receiving economic benefits of an insurance-funded plan. 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. Rising feed prices are also hitting the livestock and poultry industries. Consists of 4 separate muscles b. Please sign in to share these flashcards. Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Year3-MonthYield(%)10-YearYield(%)20013.475.0220021.634.6120031.034.0220041.404.2720053.214.2920064.854.7920074.474.6320081.393.6720090.153.2620100.143.21\begin{array}{|c|c|c|} Which of the following best describes taxation during the accumulation period of an annuity? .. . All owner (s) must sign the application. A handicapped dependent child may be covered under a parent's policy up to age 30. Feb. 2015. Which of the following is NOT true regarding a Certificate of Authority. Participate in the planning and implementation of laboratory exercises and experiments; implement new or modified policies and procedures . 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 Is exempt from licensure under F.S. Within how many days must a licensee inform the FREC of their change of business address? 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. These frequently asked SQL questions are given with the correct choice of answer among multiple options. a It does not apply to contracts for the sale of goods. B. For example, Bob ''The Condo King'' Perlman owns and works at Bob's Big Time Condo Sales, Inc. located in Fort Lauderdale, Florida. The other insurer is called the "Assuming insurer.". 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? Find out how you can intelligently organize your Flashcards. A person willfully acting without an insurance license in Iowa may be fined up to: Answer: $50,000.. Eventually, these costs will appear in the prices of frozen and canned vegetables. A. This person presents what type of hazard? An applicant for a producer license must provide evidence of legal liability coverage for an amount of least: $20,000. B. \text { 3-Month } \\ To find all groups that contain at least one error, on the Azure Active Directory blade select Licenses, and then select Overview. Which of the following statements regarding the temporary insurance license is not correct? 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. Then click Next. Which of the following is true regarding a single life settlement option? FREC holds a meeting in order to pass a new rule. \hline 2001 & 3.47 & 5.02 \\ This usually happens when a user is a member of more than one group with same assigned license. All of the following are examples of boycott, coercion, or intimidation, except: Offering a premium discount or credit that is not specified in the policy. An applicant for a producer license must provide evidence of legal liability coverage for an amount of least: Which of the following statements is false with respect to requirements for rates? Enrolling in a course lets you earn progress by passing quizzes and exams. A. 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 . Guitar Tabs. A tornado that destroys property would be an example of which of the following? Azure AD attempts to assign all licenses that are specified in the group to each user. This option offers more flexibility. The application given to a prospective insured. Term. Which of the following is NOT consideration on the part of an insured? C. An insurable risk must involve a loss that is definite as to cause, time, place and amount. A. 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. 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 . 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. 2003-2023 Chegg Inc. All rights reserved. As a member, you'll also get unlimited access to over 88,000 Which of the following is NOT a characteristic of an insurable risk? Representations are statements that are true to the best of the applicant's knowledge.). A user has a license for Office 365 Enterprise E1 assigned directly, with all the plans enabled. B. 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? 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 is an example of a producer's fiduciary duty? 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? (Perils are the cause of loss insured against in an insurance policy.). Certificates of Authority are renewed biennially by May 1, Which of the following statements is correct regarding cease and desist orders? For example, consider a group that has Office 365 E3/E5 assigned with a Skype for Business service plan enabled. . A developer purchased a tract of land and subdivided the property into Individual lots. Which of the following statements is true regarding a plumber who has been appointed by a court to appraise a small business? On the "Group type" page, select Microsoft 365, then click Next. The New York Superintendent has the responsibility to make sure each entity transacting insurance in this state remains solvent. 24 (with 3 hours in ethics) Katy's license expired on September 30th. 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). 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. (An agent represents the principle, acting on the entity's behalf in contractual agreements with third parties.). A group license applies to an owner or developer who builds homes or other housing and utilizes sales associates to sell the properties. A. Equal to. If she terminates her group coverage, which of the following statements is INCORRECT? Stock life insurers must have $1,000,000 in capital and $2,000,000 in surplus. Which if the following is TRUE regarding variable annuities? Estate for Years: Overview & Examples | Estate for Years in Real Estate Definition, How the Statute of Frauds Applies to Real Estate Transactions. The designation will be void/. Return to the waiting times given for the physicians office in one of the previous exercies. To be considered as part of an organization's market, customers must be considered qualified to make a purchase. A. You can disable the E1 license that's directly assigned to the user. Document C shows that the ethanol boom A. results in higher food prices. C. Rapid elasticity. The insurable risk needs to be statistically predictable. The application was processed without a valid license. The license fee could be based on a percentage of final sales revenue of the product, or the number of units sold. Now, an important thing to know is that the person interested in holding multiple licenses must be a broker. B. Which of the following statements is correct with respect to the Doctrine of Economic Benefit? 1. Which of the following is TRUE regarding the accumulation period of an annuity? I would definitely recommend Study.com to my colleagues. With the homes built and ready to go, Braggs hired a bunch of sales associates to push the properties into procurement. Open the group to its overview page and select Licenses. What privilege does the insured have in order to balance this order? B. It may be necessary for transacting business in a specific state. In insurance transactions, fiduciary responsibility means. By putting the client's best interest before their own. Which of the following is false regarding financial requirements applicable to insurers in Connecticut? All costs are controllable at some level within a company. Kat has taught college Management and Hospitality Management and has a Master's degree in Organizational Leadership and Management. When would a misrepresentation on the insurance application be considered fraud? Which of the following statements is false with respect to license renewals? Upon which of the following would a health benefit plan be permitted to base individual eligibility? When you're using group-based licensing, the same errors can occur, but they happen in the background while the Azure AD service is assigning licenses. 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. There is no action required from the customer to fix this issue. In forming an insurance contract, when does acceptance usually occur? Which of the following is correct regarding a temporary license? 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? Which type of life insurance is written with a face amount of $3,000 or less? Problem: Some Microsoft services aren't available in all locations because of local laws and regulations. To unlock this lesson you must be a Study.com Member. The paid-up addition option uses the dividend To purchase a smaller amount of the same type of insurance as the original policy. d. the rate of return on a policy. Which of the following duties is part of the Commissions quasi-judicial responsibilities? A. An error occurred trying to load this video. 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. The Manager. D. It may be necessary for transacting business in a specific state. 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. A reinsurer is a company that. 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: You can see the users who failed to get assigned and check which products are affected by this problem. D. It may be necessary for transacting business in a specific state. For a change in risk substantially increasing the hazard, Which of the following statements is NOT correct concerning commissions? A group license is done so that an owner or developer can move sales personnel around to different developments to sell homes or condos. It contains a single service plan with the same name. a. premiums are fixed for the first 5 years. Agents have binding authority b It applies to bonds, information, and other intangibles. What method do insurers use to protect themselves against catastrophic losses? A group license is much different than holding multiple licenses. B. The agency may not investigate an individual who is not designated as an MLO. A Development of standards. In a life settlement contract, who does the life settlement broker represent? In case of a loss, the indemnity provision in insurance policies does what?