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MI LIFE PRODUCER EXAM QUESTIONS AND ANSWERS $7.99   Add to cart

Exam (elaborations)

MI LIFE PRODUCER EXAM QUESTIONS AND ANSWERS

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  • Course
  • Michigan Laws and Regulations for Life and Health
  • Institution
  • Michigan Laws And Regulations For Life And Health

MI LIFE PRODUCER EXAM QUESTIONS AND ANSWERS

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  • September 3, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Michigan Laws and Regulations for Life and Health
  • Michigan Laws and Regulations for Life and Health
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MI LIFE PRODUCER EXAM QUESTIONS
AND ANSWERS



risk in insurance terminology refers to - Answer -the uncertainty of a finanical loss

conditions that increase the chances of an insured loss occurring are referred to as -
Answer -hazards

mutual companies are owned by - Answer -policyowners

the insurer must be able to rely on the statement in the application, and the insured
must be able to rely on the insured to pay valid claims. in the forming of an insurance
contract, this is referred to as - Answer -utmost good faith

in an insurance contract, consideration refers to - Answer -exchanges of something of
value by both parties

which of the following characteristics of a contract means that the insured pays a small
amount of premium for a large amount of risk on the part of the insurance company? -
Answer -aleatory

an agent actions show what kind of authority? - Answer -apparent

which of the following is an agent's fiduciary responsibilities? - Answer -promptly
forwarding premiums to the insurer

in insurance contracts, a warranty is a - Answer -statement that must be true

all of the following are examples of risk retention except - Answer -premiums

which method of dealing with risk is applied when a person purchase insurance? -
Answer -transfer

an insurance contract must contain all of the following elements to be considered legally
binding EXCEPT - Answer -beneficiary's consent

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