An Insurance Producer Is Best Described as Someone Who

TermThe statement which best describes the relationship between the premiums of a whole life policy and the premium payment period is. With a whole life policy the shorter the payment period the higher the annual premium.

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Anyone acting as an insurance producer or agent for an insurer shall be held responsible in a trust or fiduciary capacity for any money collected or received for the insurer Term If the Insurance Commissioner has reason to believe that a producer has.

. Insurance agents can either be captive agents meaning the company they represent prohibits them from selling insurance from any other company or independent agents who represent more than one company and are therefore able to sell insurance from. A producer has a responsibility to act in the best interest of the insured. Insurance Producer A person required to be licensed under the laws of this state to sell solicit or negotiate insurance.

Insurance is considered what type of risk management technique. Most states require producers to pass an examination and meet any other educational and ethical requirements which vary from state to state. 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.

Individual who places insurance on behalf of anyone seeking insurance. Insurer The party that undertakes the losses or provides benefits or services. In Tennessee the MAXIMUM fine that the Commissioner can impose on a produce is _____ per violation.

As an insurance producer you may work for one insurance company only or represent multiple carriers. A licensed producer can be BEST described as an -someone who places insurance advertisements in a newspaper. The shorter the payment period the higher the premium.

A licensed insurance agent or producer is someone who sells insurance on behalf of an insurance company. An insurance producer who is late in filing an application for license renewal will be charged a fee of. 2 A person who secures and furnishes information for the purpose of group life insurance group property and casualty insurance group annuities or group or blanket accident and health insurance or for the purpose of enrolling individuals under plans.

TermPeter has a policy where 80 to 90 of the premium is. Being a producer includes finding new clients and maintaining relationships with those you already have. What is not true regarding the responsibilities of a producer to the insurer under agency law.

The process of determining if an applicant is an insurable risk. -administrator answering calls for an insurance agency. Great insurance producers focus only on the key results-based functions that lead to winning results.

Insurance producers are licensed to sell and negotiate life health property or other types of insurance offered by an insurance company. A common way producers can lose their licenses is by intentionally misrepresenting the terms of an actual or proposed insurance contract or application for insurance. A Modified Endowment Contract MEC is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals prior to age 65 are subject.

Producers must be licensed by the state in which they wish to sell insurance. Instead of trusting and working with their team they try to do everything themselves. Get the best knowledge regarding the Correct Licensure Ethics and the Insurance Producer with the help of Flashcards.

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. Persons familiar with the vanishing premium litigation in life insurance sales will note the relevance of this standard as the basis of disciplinary actions and litigation. However in many insurance agencies thats what many producers try to do.

From an insurance perspective the term exposure means. A discriminating among individual of the same insuring class b issuing sales material with false statement about policy benefits c making a deceptive or untrue statement about a person engaged in the insurance business d making a maliciously critical statement that is intended to injure. An insurance producer is BEST defined as a person who has a contract with an insurance company to represent it When a producer is replacing an existing ordinary life insurance policy the producer must take all of the following actions EXCEPT.

Be definable measurable uncertain and not catastrophic. A Key Person Life Policy. 100 hours of community service.

Insured The party who purchases insurance from an insurer who agrees to provide benefits or services. A sentence of hard labor for a period of 2 years. A licensed producer can be BEST described as aan.

Or a person who. The main goal of the insurance producer is to acquire new customers and cross-sell new policies to existing customers of the agency. Here is a set of flashcards based on Correct Licensure Ethics and the Insurance Producer.

Which of the follwoing best describes a misrepresenting. This responsibility is known as. A fine of up to 1000 imprisonment and a sentence to hard labor for a period of one year.

Learn and study for Correct Licensure Ethics and the Insurance Producer with ease and fun with flashcards. -underwriting officer of an insurance company. If an insurance producer applicant is required to pass a written examination what is.

The extent to which an insurer is subject to a possible losses. Also called the insurance company and sometimes insurance carrier. An insurance producer is a licensed salesperson working for an insurance agency.

A person issuing certificates under plans or otherwise assisting in administering plans. A producer receives unlimited authority from the insurer. An insurance producer is a general term applied to anyone who engages in the sale of insurance products.

From an insurance perspective underwriting is best defined as. They realize that if they focus on functions that other team members are better equipped to. -individual who places insurance on behalf of anyone seeking insurance.

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