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Michigan life insurance state exam Practice Questions and Answers (100% Pass)
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Michigan life insurance state exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMMichigan life insurance state exam Practice
Questions and Answers (100% Pass)
Which is TRUE regarding the annuitant, when the annuitant is NOT the policy owner?
1. The annuitant has the right to name the beneficiary
2. The annuitant is the person paying the premiums
3. The cash value is available to the annuitant for withdrawals
4. Annuity payments will be based on the annuitants life expectancy - ✔️✔️Annuity
payments will be based on the annuitants life expectancy
Signing an applicants name for insurance is known as...?
1. Concealment
1
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
2. Defamation
3. Coercion
4. Forgery - ✔️✔️4. Forgery
Failure to pay a penalty assessed by the commissioner may result in...?
1. Revoked or suspended license
2. Require the license to retake the examination
3. Complete 5 extra hours of continuing education
4. Pay a late charge of 1.5% - ✔️✔️1. Revoked or suspended license
Two business business partners own life insurance, which or the following allows the
surviving partner to use death benefit to purchase the deceased owners share?
2
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
1. Buy-sell agreement
2. Key employee life insurance
3. Business continuation
4. Accidental death - ✔️✔️1. Buy-sell agreement
Policy owner surrenders a policy for its cash value, when is tax liability incurred?
1. The cash value exceeds all premiums paid
2. The cash value is less than premiums paid
3. The policy is exchanged for a policy of equal value
4. The party is transferred to a third party - ✔️✔️1. The cash value exceeds all premiums
paid
3
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
When is insurable interest required?
1. At time of claim
2. At time of application
3. In event of a policy loan
4. Within the first year of death - ✔️✔️2. At the time of application
Which of the following best describes a single premium cash policy?
1. It requires only one payment to make the policy paid up
2. It provides for only one premium to be paid without evidence of insurability
3. It waives one future premium of the owner becomes disabled
4
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