All of the following are requirements for an intermediarys place of business EXCEPT Quizlet

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Maintain a system of supervision and control to ensure compliance with replacement requirements that must at a minimum:
- Inform its producers of the requirements using training manuals prepared by the insurer
- Provide to each producer a written statement of the insurer's position with respect to the acceptability of replacements providing guidance to its producer as to the appropriateness of these transactions
- Establish and maintain a system to review each replacement transaction the producer indicates isn't appropriate for replacement
- Establish and maintain procedures to detect transactions that are replacements of existing policies or contracts by the existing insurer, but that have not been reported by the applicant or producer (for example, systematic customer surveys, interviews, confirmation letters, or programs of internal monitoring)

Have the capacity to monitor each producer's life insurance policy and annuity contract replacements for that insurer, and upon request, make such records available to the Commissioner. The capacity to monitor includes the ability to produce records for each producer's replacements, including financed purchases, a percentage of the producer's total annual sales for life insurance, number of lapses of policies by the producer as a percentage of the producer's total annual sales for life insurance, annuity contract replacements as a percentage of the producer's total annual annuity contract sales, number of transactions that are unreported replacements of existing policies or contracts by the existing insurer detected by the insurer's monitoring system, and replacements, indexed by replacing producer and existing insurer.

Require with or as a part of each application for life insurance or annuity a signed statement by the applicant and the producer as to whether the applicant has existing policies or contracts

Require with each application for life insurance or annuity that indicates an existing policy or contract a completed Notice Regarding Replacement

When the applicant has existing policies or contracts, produce copies upon the Commissioner's request of:
- Any sales material
- The basic illustration
- Any supplemental illustrations related to the specific policy or contract that is purchased
- The producer's and applicant's signed statements with respect to financing and replacement for at least 5 years after the termination or expiration of the proposed policy or contract

Make sure that the sales material and illustrations meet the requirements of this section and are complete and accurate for the proposed policy or contract

If an application does not meet the requirements of this section, notify the producer and applicant and fulfill the outstanding requirements

A policy summary is a written statement, in substantially the same format for all companies, that describes only the guaranteed elements of the policy, including but not limited to:
- A prominently placed title as follows: STATEMENT OF POLICY COST AND BENEFIT INFORMATION
- The name and address of the insurance intermediary, or, if no insurance intermediary is involved, a statement of the procedure to be followed in order to receive responses to inquiries regarding the policy summary
- The full name and home office or administrative office address of the company in which the life insurance policy is to be or has been written
- The generic name of the basic policy and each rider
- The following amounts, where applicable, for the first 20 policy years and at least one age from 60-65, or maturity, whichever is earlier:
-- The annual premium for the basic policy
-- The annual premium for each optional rider
-- Guaranteed amount payable upon death, at the beginning of the policy year, regardless of the cause of death other than suicide, or other specifically enumerated exclusions, which is provided by the basic policy and each optional rider, with benefits provided under the basic policy and each rider shown separately
-- Total guaranteed cash surrender values at the end of the year with values shown separately for the basic policy and each rider
-- Guaranteed endowment amounts payable under the policy which are not included under guaranteed cash surrender values
- The effective policy loan annual percentage interest rate, if the policy contains this provision, specifying whether this rate is applied in advance or at the end of the policy year. If the policy loan interest is variable, the policy summary must include the maximum annual percentage rate.
- The date on which the policy summary is prepared

Effecting or attempting to effect a personal financial transaction with a customer unless any of the following apply:
- The customer is a relative of the agent or affiliate
- The customer is a person residing in the household of the agent or affiliate at the time of the transaction
- The transaction is a bona fide arm's length business transaction where the customer is either qualified to understand and assess the transaction or has been advised or represented in the transaction by a qualified individual who is not the agent or affiliate
- The agent or affiliate is acting lawfully pursuant to authority given under federal or state law governing the securities or investment advisory business

Knowingly being listed as a beneficiary of any proceeds of a life insurance policy or annuity issued to a customer unless the agent or affiliate has an insurable interest in the life of the customer

Engaging in transactions with a customer in violation of the Wisconsin Uniform Securities Law, the Wisconsin Franchise Investment Law, the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, or the U.S. Investment Company Act of 1940

Making misleading statements to a customer regarding or otherwise misrepresenting one's qualifications or services. This includes using terms such as "financial," "investment," or "retirement" in conjunction with terms such as "planner," "planning," or "consulting" when, under the circumstances, the statements, representations, or use of these terms do not accurately describe the nature of the services offered or the qualifications of the person offering the services.

Selling, soliciting the sale, or assisting the sale of health coverage that is:
- Provided by a person who is not licensed as an insurer in this state
- Represented to be authorized under, or exempt from state insurance regulation under, the Federal Employee Retirement Income Security Act

It is an unfair and deceptive trade practice for an insurance producer to use a senior-specific certification or professional designation that misleads a purchaser or prospective purchaser to believe the insurance producer has special certification/training in advising or providing services to seniors.

In determining whether a combination of words or an acronym constitutes a certification or professional designation indicating or implying that a person has special certification or training in advising or servicing seniors, factors to be considered must include:
- Use of words such as senior, retirement, elder, or like words combined with words such as certified, registered, chartered, advisor, specialist, consultant, planner, or like words, in the name of the certification or professional designation
- The manner in which those words are combined

For purposes of this section, a job title within a licensed or registered organization is not considered a certification or professional designation. However, job titles are subject to these standards if they are used in a manner that would confuse or mislead a reasonable consumer, when the job title:
- Indicates seniority or standing within the organization
- Specifies an individuals area of specialization within the organization

In addition to prohibitions against other types of discrimination, an insurer cannot use domestic abuse as the only reason to refuse to insure or continue to insure; limit the amount, extent, or kind of coverage under a disability insurance policy available to an individual; or charge a different rate for the same coverage. However, with respect to an individual or group life insurance policy, an insurer may do any of the following on the basis of information in medical, law enforcement, or court records, or on the basis of information provided by the insured, policyholder, or applicant:
- Deny or limit benefits under such a policy or certificate to a beneficiary who is the perpetrator of abuse that results in the death of the insured
- Refuse to issue such a policy or certificate that names as a beneficiary a person who is or was, or who the insurer has reason to believe is or was, a perpetrator of abuse or domestic abuse against the person who is to be the insured under the policy
- Refuse to name as a beneficiary under such a policy or certificate a person who is or was, or who the insurer has reason to believe is or was, a perpetrator of abuse or domestic abuse against the insured under the policy
- Refuse to issue such a policy or certificate to a person who is or was, or who the insurer has reason to believe is or was, a perpetrator of abuse or domestic abuse against the person who is to be the insured under the policy
- Refuse to issue such a policy or certificate to a person who lacks an insurable interest in the person who is to be the insured under the policy

This section applies to all group life insurance policies other than credit life insurance policies and applies to franchise life insurance policies providing term insurance renewable only while the insured is a member of the franchise unit. If the insurance, or any portion of it, on an insured ceases because of termination of employment or of membership in the class or franchise unit eligible for coverage, the insurer must, upon written application and payment of the first premium within 31 days after the termination, issue to the person, without evidence of insurability, an individual policy providing benefits reasonably similar in type and amount to those of the group or franchise insurance. The policy is not required to include disability or other supplementary benefits.

- The individual policy must, at the option of the applicant, be on any form customarily issued by the insurer, except term insurance, at the age and for the amount applied for
- The individual policy must, at the option of the applicant, be in an amount as large as in the ceased group or franchise life insurance, less any amount of insurance that has matured as an endowment payable to the insured person, whether in one sum, installments, or the form of an annuity
- The premium on the individual policy is at the customary rate applied by the insurer to policies in the form and amount of the individual policy, as well as to the class of risk to which the insured belongs, without applying individual underwriting considerations, except occupation or avocation, and age as of the effective date of the individual policy

If the group or franchise policy terminates or is amended so as to terminate the insurance of any insured that has been in effect for at least 5 years, the insurer must, on written application and payment of the first premium within 31 days after the termination, issue an individual policy less the amount of any other group or franchise insurance made available to the person within 31 days after as a consequence of the termination. The group policy may require that the maximum amount of insurance available is not less than $2,000 without a conversion charge and an additional amount not less than $3,000 by paying the insurer's usual conversion charge on the additional amount.

A stock insurer may issue both participating and nonparticipating life insurance policies and annuity contracts.

A fraternal or mutual insurer issuing life insurance policies may issue only participating policies, except for the following situations in which it may issue nonparticipating policies:
- Paid-up, temporary, pure endowment insurance, and annuity settlements provided in exchange for lapsed, surrendered, or matured policies
- Annuities beginning within 1 year of the making of the contract
- Such term insurance policies as the Commissioner may exempt by rule

Every participating policy shall by its terms make its holder eligible to share annually in the part of the surplus to be distributed.

No life insurance policy or certificate may be issued in which the distribution of dividends, if any, is deferred for a period longer than 1 year.

Every insurer doing a participating business must annually ascertain the surplus over required reserves and other liabilities. After setting aside amounts as is lawful and considered necessary by the insurer's board of directors for providing for the growth of the company and for protecting the ability to meet ongoing and future claims, and after making provision for the payment of reasonable dividends upon capital stock as determined by the insurer's board of directors, an insurer must distribute as dividends the remaining surplus, if any, attributable to participating life insurance and annuity policies in such amounts as its board of directors determines to be reasonably proportioned to the policy's contribution to the distributable surplus. A dividend may be conditioned on the payment of the succeeding year's premium only on the first and second anniversaries of the policy.