which is not correct regarding a group license

On May 1 she processed an application for life insurance on a new applicant. A temporary license may be issued to the surviving spouse of a disabled or deceased producer. In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. 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? What is the major difference between a Stock Company and a Mutual Company? succeed. Benefit payment amounts are not guaranteed. This is an example of what type of agent authority? A person who does not lock the doors or does not repair leaks shown an indifferent attitude. C. Rapid elasticity. B. A sales associate or broker associate may have a "group license" in order to sell for all the entities owned by the owner/developer. 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. To schedule a fingerprint reservation, please contact Pearson's third party vendor, IdentoGO By MorphoTrust USA (formerly known as L1 Enrollment). 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Braggs himself does not require any permit to sell his properties. Which of the following statements about network economics is not true? a. at least 60 What are the two components of a universal policy? Within how many days must a licensee inform the FREC of their change of business address? (All insurers (domestic, foreign, or alien) must obtain a Certificate of Authority before transacting insurance within a given state. C. To increase control of claim reserving the claims settlements. BIt is equivalent to an insurance license. Express Authority. The Manager. 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 of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? An insurance producer cannot act as an insurer's agent unless that producer becomes appointed with the insurer To increase control of claim reserving and claims settlements. C. Something that increases the chance of loss. 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. Which of the following is TRUE? To change information on your vehicle title, you need: Certificate of title (original only, no copies) A completed title amendment form. c. cedes the risk. (Paying off debt) What type of insurance would be most affordable and still provide a death benefit should one of them die? All other trademarks and copyrights are the property of their respective owners. The insured must be able to rely on the insurer's promise to pay covered losses.). \text { 3-Month } \\ c. Greater than. c It does not apply to contracts for the provision of services. With regard to financial examinations by the Commissioner, the Commissioner: Must conduct a financial examination of an insurer at least once every 5 years. Public adjusters may not qualify for a license in Property and Casualty. A. B. drives farmers to grow soybeans. This insurance provides financial protection against physical damage and bodily injury resulting from traffic collisions. This person cannot be a sales associate or a broker associate. Holding multiple licenses gave Bob the ability to hold the title of broker at numerous real estate agencies at the same time. Sales associates and broker associates register their licenses under that number and then can begin working for the developer. The authority granted to an agent through the agent's contract is referred to as. 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. When would a misrepresentation on the insurance application be considered fraud? It contains a single service plan with the same name. Plus, get practice tests, quizzes, and personalized coaching to help you Replacement parts to be used that are not manufactured by the original manufacturer may not be used A salaried individual manages a condominium building and rents units 3month to 6month periods. The other insurer is called the "Assuming insurer.". Insurance is a contract by which one seeks to protect another from (Insurance will protect a person, business or entity from loss.). For example, consider a group that has Office 365 E3/E5 assigned with a Skype for Business service plan enabled. You can select each group for more details. C. (a) They act as a company within a company. It is issued to group insurance . To reprocess a user, go to the user pane, open Licenses, and then select the Reprocess button on the toolbar. All of the following are marketing arrangements used by insurers EXCEPT An insured committed suicide one year after his life insurance policy was issued. Which of the following is NOT the consideration in a policy? In a life settlement contract, who does the life settlement broker represent? A, C, D are characteristics as defined by NIST; cloud computing enables pay-as-you-pricing and does not involve paying for licenses upfront. All of the following are powers and duties of the Florida Real Estate Commission except? Braggs did not want to lock each sales associate into one single development. . We're . Problem: There aren't enough available licenses for one of the products that's specified in the group. Also imagine that a few members of the group have Audio Conferencing licenses assigned directly. group coverage IS NOT . a. Which of the following is true? "You're Beautiful" on YouTube [a] " You're Beautiful " is a song by English singer-songwriter James Blunt. $4,000 The following sections give a description of each potential problem and the way to resolve it. A spouse was granted a temporary license for her deceased husband's agency on March 1. Which of the following is NOT a reporting requirement? General & Special Agent Types in Real Estate | What is a Special Agent in Real Estate? (a) legal if the sales associate has a group license. Issued insufficient coverage to a customer through apparent authority Study with Quizlet and memorize flashcards containing terms like Which of the following is NOT true regarding a Certificate of Authority? All of the following are general requirements of a qualified plan EXCEPT. 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. \hline 2004 & 1.40 & 4.27 \\ 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 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. So Bob must apply with the Florida Department of Business and Professional Regulation, also known as the DBPR. All of the following statements are true regarding a state regulatory agency's investigation, except: A. What type of annuity contract could your client obtain? a. premiums are fixed for the first 5 years. (b) legal if the brokers have multiple licenses. (c) a violation of FS 475. Publication Ethics Statement. The annuitant assumes the risk on investment. Multiple Choice Questions. B. A notification appears if there are any users in an error state. (Mutual companies are owned by policyholders, while stock companies are owner by stockholders. An example is if there aren't enough licenses for all, or if there are conflicts with other services that are enabled on the user. \hline 2010 & 0.14 & 3.21 \\ Steven prints a pamphlet to advertise his life insurance business. A. Which power did the Commission exercise? 3. When an individual purchases insurance, what risk management technique is he or she practicing. C. group credit life insurance does not build cash values. Primary vs. Which statement below is NOT correct regarding a highly available system? There are a few rules that Bob and the managing partners of the other agencies must follow. What is the status of her license on October 1, if she fails to meet renewal requirements? A. 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. These licenses do not allow special permission to hold multiple licenses. Certified Insurance Consultant, What is the notice requirement if an insurer is not renewing an auto policy? 7 Miscellaneous Personal Lines Coverage, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. A converted policy is not required if the insured is or could be covered by any of the following, except: The duration of the free look period for individual life insurance policies is: Which of the following is NOT among the powers and duties of the Commissioner? To reprocess a group, go to the group pane, open Licenses, and then select the Reprocess button on the toolbar. The right to determine the wording of a policy. In case of a loss, the indemnity provision in insurance policies does what? A. \hline 2009 & 0.15 & 3.26 \\ b. It may be necessary for transacting business in a specific state. Which of the following is NOT true regarding a Certificate of Authority? b. policy. Performing a review of the agent's client's coverage. A. the word carries the same meaning in both the English and German languages. A group license applies to an owner or developer who builds homes or other housing and utilizes sales associates to sell the properties. Add-ons require a prerequisite service plan to be enabled for a user or a group before they can be assigned a license. Who among the following statements is correct concerning certified insurance consultants? 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? Certificates of Authority are renewed biennially by May 1, Which of the following statements is correct regarding cease and desist orders? One member must be a current member of the FREC, c. One member may be a previous Commission member. a. accepts all the risk from another insurer. You need to either purchase more licenses for the product or free up unused licenses from other users or groups. b. at least 30, How many credit hours of continuing education must an agent with a life and health or property casualty license complete every renewal period? A. (A warranty in insurance is a statement guaranteed to be true. 1. 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. B. e. Unscrupulous licensees have been known to manufacture licensed products and sell them under different brand names \text{ Yield (\\\%) } Benefits are 50% of the difference when an employee becomes partially incapacitated as the result of injury The original intent to license the user is never lost, but it's recorded in an error state for future investigation and resolution. How long will a real estate license that has been involuntarily inactive for, automatically expire, or be classed as null and void? Year20012002200320042005200620072008200920103-MonthYield(%)3.471.631.031.403.214.854.471.390.150.1410-YearYield(%)5.024.614.024.274.294.794.633.673.263.21. Which of the following is an example of apparent authority of an agent appointed by an insurer? If you need assistance, please submit your question by, Department of Business and Professional Regulation Page. 1 . A licensed sales associate will be locked into work at only one development if no multiple licensing exists. B. (Insurers who meet the state's financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as a legal insurer.). A) XYZ must issue the policy. You must remove all licenses assigned to a group before you can delete the group. Make sure that the group has necessary services before adding or removing a dependent service. All rights reserved. At any given time, how would the yield curve facing a AAA-rated company compare with the yield curve for U.S. Treasury securities? All costs are controllable at some level within a company. Physical units that were completed this period from all effort being applied to them. With group-based licensing, the system requires that both the prerequisite and add-on service plans be present in the same group. This error occurs when Azure AD attempts to remove the underlying service plan. A) Individuals working in a work group work on different objectives and are not dependent on each other. DIt is issued to group insurance participants., An insurance company has published a brochure . a. One member must be a current member of the FREC, c. One member may be a previous Commission member. Participate in the planning and implementation of laboratory exercises and experiments; implement new or modified policies and procedures . A corporation that holds an insurance producer license may act as an insurance producer without an appointment by an insurer, Which of the following is true with regard to binders? C. An insurable risk must involve a loss that is definite as to cause, time, place and amount. A master policy purchased by a condominium association, With respect to failure to remit premiums, which of the following statements is false? Rising feed prices are also hitting the livestock and poultry industries. It is usually de 1. To find all groups that contain at least one error, on the Azure Active Directory blade select Licenses, and then select Overview. Study with Quizlet and memorize flashcards containing terms like A producer must inform the Commissioner of a change of address within: a. The duration of a temporary license may not exceed 90 days, Which of the following statements is NOT correct concerning Certificate of Authority? a. Construct and interpret a scatterplot of a 10-year treasury yield against a 3-month yield. That was until several real estate entities learned about Bob's savvy sales techniques. The policy contains sufficient cash value to cover the cost of insurance. Alternatively, you might decide to remove the E1 license from the user if it's redundant in the context of the E3 license. Real Estate Client vs. 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. 475. Therefore, answer B is more close to it. In this article, we explain the reasons why users might end up in this state. Which of the following is NOT true regarding Equity Indexed Annuities? B. In forming an insurance contract, when does acceptance usually occur? A long-term care policy must be optionally renewable. 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? Income tax on distributions and no penalty. A. A. C. It is issued to group insurance participants. (A peril is the cause of loss insured against in an insurance policy.). Which of the following is correct regarding prelicensing requirements? A. B) Work groups primarily engage in collective work that requires joint effort. Choose a name for the group and, if you'd like to, enter a description. Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? 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. In a single employer group plan, what is the name of the policy issued to the employer? B. Which nonforfeiture option provides coverage for the longest period of time? 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. B. Who might receive dividends from a mutual insurer? Which of the following statements are correct? This doctrine provides that an employee will pay taxes once he/she begins receiving economic benefits of an insurance-funded plan. a. 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. Some service plans are configured in a way that they can't be assigned to the same user as another, related service plan. (Representation are statements made by an applicant that they believe to be true.). PowerShell: PowerShell cmdlets report this error as CountViolation. You can specify the location under the User > Profile > Edit section in the Azure portal. Which of the following statements is true regarding examinations by the Commissioner? Under Licensed users, you see a list of all users who have had licenses assigned directly or via one or more groups. CIt is issued by the state department of insurance. (The binding force in any contract is consideration.). The license fee could be based on a percentage of final sales revenue of the product, or the number of units sold. d. evidence of insurability is required with any change in premium. B. In the Microsoft 365 admin center, go to the Active groups page (underneath "Groups" in the left-hand navigation) and select Add a group. If she terminates her group coverage, which of the following statements is INCORRECT? A sales associate may not be licensed or registered under a trade name. A. [Related to the Apply the Concept on page 652]An article in the Economist on the revisions to Nigerias GDP commented: The GDP revision is not mere trickery. In reference to fixed annuities, what comprises most of a life insurance company's general account? There is no action required from the customer to fix this issue. A. Which of the following is TRUE regarding the interest earned on these investments? However, removing licenses from all the users in the group may take time. What is a real estate broker sales associate. He hires his son but he is NOT license to sell lots.Father offers son a salary of $200 per week. B. More than one product license assigned to a group. Handling insurer funds in a trust capacity. A. C. Being liable with respect to payment of claims. What is the requirement of state statute, in order for the Commission to action a proposal? 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? B. C Servicing. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. For a change in risk substantially increasing the hazard, Which of the following statements is NOT correct concerning commissions? (d) legal, provided that the sales associate is an independent contractor, not an . 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. Your boss has prepared some questions for you to consider. A temporary license is only granted upon the death of an agent B. What else must he include? 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. If a court ordered payment for a loss that was not covered in the policy even if it was clearly worded, it would be an example of which legal concept? The user has been added to a group that has the Office 365 Enterprise E3 product assigned to it. t. e. In the United States, the rights of transgender people vary considerably by jurisdiction. 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? Which of the following statements is false with respect to hearings? A Certificate of Authority will not be issued to a foreign or alien insurance company Which of the following would be considered a nonmedical insurance application? passing laws to regulate the transfer of property. Azure AD will retry processing the user license and will resolve the issue. Which of the following are the authorities that an agent can hold? 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. Who may work for a real estate owner developer? If thats the case, you dont have to worry anymore. Every licensed individual must have and maintain a place of business accessible to the public, excluding the licensee's residence. They earn lower interest rates than fixed annuities. \hline 2002 & 1.63 & 4.61 \\ Which of the following are part of the legal responsibility of maintaining an insurance license? There is a specific section of the DBPR website where the sales associate and the developer complete the necessary forms. (c) Th; Which of the following is not a true statement? Losses are payable within 10 days of receipt of proof of loss They will demonstrate successfully that they are using best practise to avoid. C. The agent accepts a premium payment after the end of the grace period. Appointed by the State Senate and confirmed by the Governor This year, she did not receive a check from the insurer. A. Introducing Cram Folders! You can see the users who failed to get assigned and check which products are affected by this problem. Give some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts journal. What is a major problem with naming a trust as the beneficiary of a life insurance policy? Please note that you will not receive a response to this feedback. The DBPR is in charge of licensing and regulating real estate and all other businesses that require licensing. Question: Which of the following is true regarding Article 2 of the Uniform Commercial Code (UCC)? Bob is the agency owner, and all of his real estate transactions are performed through the agency's business license. Handling insurer funds in a trust capacity. Stock life insurers must have $1,000,000 in capital and $2,000,000 in surplus. Over the past several years, the owner, John Braggs, built single-family homes on each plot. All of the following are examples of risk retention EXCEPT (Retention is a planned assumption of risk, or acceptance of responsibility for the loss by an insured through the use of deductibles, copayments, and self-insurance.). You have created 2 folders. Protect the interests of life insurance and annuity purchasers b. In insurance transactions, fiduciary responsibility means. If we select the item details, it shows the following error message: "License operation failed. 2. Its like a teacher waved a magic wand and did the work for me. D. It may be necessary for transacting business in a specific state. If the agent writes a policy for XYZ, which of the following would apply? B. If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it? It was released as the second single from the album in 2005. C. forces corn prices down. The number of units introduced into the process this period. Principal-Agent Relationship Roles & List | What is a Principal in Real Estate? * C) Coverage may be continued for up to 18 months for both . The original age is used for premium determination. 50,000 . 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? A. If you use Exchange Online, some users in your organization might be incorrectly configured with the same proxy address value. Under Licensed groups, you see all groups that have that products assigned. The article also includes information on how to connect to Exchange Online by using remote PowerShell. Katy's license expired on September 30th. Which of the following duties is part of the Commissions quasi-judicial responsibilities? Last year, the couple got divorced. 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 is a feature of a variable annuity? | 21 \end{array} Select the box to see a list of all groups with errors. D. The agent accepts a premium payment during the grace period. A. With two legislative days remaining until Crossover Day, legislators and lobbyists spent all . Braggs, once registered with the DBPR, will file for a pseudo number, not a valid real estate license number. D. Measured services. Azure AD attempts to assign all licenses that are specified in the group to each user. Serve to extend the knee c. Covered by the vastus fascia d. Located in anterior compartment of the thigh 10. \hline A reinsurer is a company that. A. What is group-based licensing in Azure Active Directory? Which of the following statements is true regarding the cash value in a Universal life policy? An information box is displayed when groups require your attention. An applicant for a producer license must provide evidence of legal liability coverage for an amount of least: $20,000. (Only stock insurance companies are owned and controlled by stockholders.). A. B. 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 . Licensees that are members of the armed forces have all renewal fees, dues, continuing education, and other requirements waived during military service for how long? What does "level" refer to in level term insurance? B. Azure AD doesn't automatically resolve license conflicts. a. An agreement between a ceding insurer and assuming insurer. Practice Quiz for ABO blood types. Which of the statements is correct regarding membership on the Probable Cause Panel? 30 days of the change b. The New York Superintendent has the responsibility to make sure each entity transacting insurance in this state remains solvent. 3-Real Estate License Law and Commission Rules. lessons in math, English, science, history, and more. B. But they weren't the only ones demanding action under the Gold Dome. 5 Match the following: A) Quality assurance - 1) Process oriented B) Quality control - 2) National physical laboratory C) Quality management - 3) Product oriented D) National measurement system - 4) Overall programmer of QA.

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