Michigan Life and Health EXAM FINAL(COMPLETE PACKAGE DEAL) QUESTIONS AND ANSWERS 100% CORRECT

What amount will be paid under a policy where the insured misstated his/her age? - ANSWERan amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - ANSWER30 days ...

Jane works for a company that allows employee contributions under a 401(k) plan. When will Jane become fully vested in her plan contributions? - ANSWER immediately//While employer contributions to a qualified plan can be subject to a vesting schedule, participants are always fully vested in their ow...

Estate Creation - ANSWER Proceeds are paid to provide financial assets to create an immediate estate the insured can pass on to survivors. Estate Conservation - ANSWER provides money to pay any estate taxes or loans which must be satisfied upon the death of the estate owner preserving the insure...

Fixed period settlement options are considered to be a form of a(n) - ANSWER annuity Ownership of a life insurance policy may be temporarily transferred with a(n) - ANSWER collateral assignment Gina the producer caused financial harm to an insured. Which of these actions may the Commissioner t...

in which of the following situations, would the insurer be liable for a loss? - ANSWER The insurer suffered an injury as an innocent bystander during a bank robbery. The election of COBRA for continuation of health coverage will - ANSWER maintain the same coverage and increase premium Which of...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxa...

30 - ANSWER The acceptance of a credit life application requires the submission of a certificate of insurance to the insured within ___ days. 10 20 30 40 $10,000 - ANSWER Karen is a producer who has obtained personal information about a client without having a legitimate reason t...

How are contributions made to a Roth IRA handled for tax purposes - ANSWER Not tax deductible Term insurance is appropriate for someone who - ANSWER Seeks temporary protection and lower premiums Which of the following employers is required to follow ERISA regulations - ANSWER A local electrica...

Insurance Contract - ANSWER Legal agreement between an insurance company and an individual, where the insurer collects a premium from the insured in exchange for the insurer's promise to pay potential future benefits in the event of covered losses. Risk Pooling - ANSWER Combines similar losses f...

Which is TRUE regarding the annuitant, when the annuitant is NOT the policy owner? - ANSWERAnnuity payments will be based on the annuitants life expectancy Signing an applicants name for insurance is known as...? - ANSWERForgery Failure to pay a penalty assessed by the commissioner may result ...

For policies of $10,000 or more, any individual who has an insurable interest in the life of another person must not insure that persons life for the individuals benefit except under what circumstance? - ANSWER The insured consents in writing A variable life insurance policy is any individual pol...

Typically, Long-Term Disability benefits are coordinated with which benefit plan? - ANSWER Social Security The focus of major medical insurance is providing coverage for - ANSWER medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20...

insurable interest does NOT occur in which of the following relationships? - ANSWER business owner and business client an applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of? - ANSWER fraud under which circumstance may a...

What does nutrient dense mean? - ANSWER Foods high in nutrients What is cholesterol? - ANSWER Substance produced in the liver Why is too much cholesterol harmful to the body? - ANSWER Heart and other circulatory diseases What is the safest way to lose weight? - ANSWER Diet and exercise I...