Michigan Life and Health Regulations EXAM QUESTIONS AND ANSWERS 100% ACCURATE AND UPDATED!
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Michigan Life and Health Regulations EXA
Institution
Michigan Life And Health Regulations EXA
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 po...
, Michigan Life and Health Regulations
EXAM QUESTIONS AND ANSWERS 100%
ACCURATE AND UPDATED!
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 policy, which provides for life insurance
with the ____________________ varying according to the investment experience of
any separate account or accounts established and maintained by the insurer. -
ANSWER amount or duration of the death benefit
Illustrations of benefits payable under any variable life insurance contract must be
prepared by the insurer and may not include which of the following? - ANSWER -
Projections of past investment experience into the future
-Attempted predictions of future investment experience
-Assumed rates that are not hypothetical
Replacement is defined as any life insurance transaction in which existing life insurance
undergoes any of the following situations EXCEPT: - ANSWER Is renewed with a new
amount on the policy
Michigan rules covering replacement do not apply to transactions in which the
application for new life insurance meets which of the following descriptions? - ANSWER
Policies covering employees and debtors
If any indebtedness is discharged due to renewal or refinancing before the scheduled
maturity date, the insurance must be ____________________. - ANSWER terminated
before any new insurance may be issued in connection with the renewed or refinanced
indebtedness
A fixed indivisible premium life insurance policy that funds long-term care benefits
entirely by accelerating the death benefit is considered to provide reasonable benefits
the policy contains which of the following provisions? - ANSWER - The risk charges for
mortality benefits do not exceed the maximum charges.
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