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MICHIGAN LIFE INSURANCE EXAM 2024 LATEST TEST BANK WITH 600 REAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS/ MICHIGAN LIFE INSURANCE STATE EXAM 2024/2025 (NEWEST!!)$29.99
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MICHIGAN LIFE INSURANCE EXAM 2024 LATEST TEST BANK WITH 600 REAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS/ MICHIGAN LIFE INSURANCE STATE EXAM 2024/2025 (NEWEST!!)
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Course
MICHIGAN LIFE INSURANCE
Institution
MICHIGAN LIFE INSURANCE
MICHIGAN LIFE INSURANCE EXAM 2024 LATEST TEST BANK WITH 600 REAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS/ MICHIGAN LIFE INSURANCE STATE EXAM 2024/2025 (NEWEST!!)
MICHIGAN LIFE INSURANCE EXAM 2024
LATEST TEST BANK WITH 600 REAL EXAM
QUESTIONS WITH 100% CORRECT
ANSWERS/ MICHIGAN LIFE INSURANCE
STATE EXAM 2024/2025 (NEWEST!!)
In regards to a life insurance contract, which of the following statements is NOT
true regarding the concept of insurable interest?
Individuals are assumed to have insurable interest in themselves
Insurable interest is established by a court of law
Insurable interest can be established sufficiently by sentimental attachment alone
Insurable interest must exist at the time of the application - ANSWER-Insurable
interest can be established sufficiently by sentimental attachment alone
A life insurance application may be backdated to
save on premiums
An annuitant dies during the distribution period what kind of annuity will return to
a beneficiary the difference between the annuity value and the income payments
already made?
Refund annuity
Under Michigan Insurance Code, Chapter 45, insurance fraud defines financial loss
as
loss of income
The Fair Credit and Reporting Act's main purpose is to
pg. 1
,protect consumers with guidelines regarding credit reporting and distribution
A plan in which an employer pays insurance benefits from a fund derived from the
employer's current revenues is called
A self funded plan
Dana is an employee who deposits a percentage of her income into her individual
annuity. Her company also contributes a percentage into a separate company
pension plan. What kind of annuity is this considered?
Qualified retirement annuity
An insurance producer is often responsible for field underwriting during the
application process. All these are possible field underwriting roles EXCEPT
Providing commission information to the applicant
In regards to a life insurance contract, which of the following statements is NOT
true regarding the concept of insurable interest?
insurable interest can be established sufficiently by sentimental attachment alone
All of these are standard exclusions found in a life insurance policy except
disability
Krissa purchases a 10-year level term life insurance policy that has a death benefit
of $200,000. Which of these statements is true?
The face amount and premium will remain constant over the 10 year period
Which of these would the best example of a limited pay life insurance policy
Whole life policy with premiums paid up after 20 years
What kind of life insurance policy covers two or more people with the death
benefit payable upon the last person's death
Last survivor Life insurance
What is created after policy proceeds are obtained in a lump sum and them
immediately invested
Estate
An example of naming a beneficiary by class would be
pg. 2
,"to the children of my union with ned Jackson"
A life insurance claim which involves a per capita distubution of policy proceeds
would be payable to the
"named living primary beneficiaries "
Rob purchased a standard whole life policy with a $500,000 death benefit when he
was age 30. His insurance agent told him the policy would be paid up if he reached
age 100. The present cash value of the policy equals $250,000. Rob recently died
at age 60. The death benefit would be
500,000
How is the cost of a policy affected when a policyowner pays premiums more
frequently?
Increases
Intentional withholding of material facts that would affect an insurance policy's
validity is called
Concealment
Under Michigan Law, which of the following would NOT be considered an illegal
inducement?
A promotional item with the producer's name and address valued at $5
The act of ____ insurance does NOT require an individual to hold an insurance
producer license
Underwriting
selling
negotiating
soliciting - ANSWER-Underwriting
pg. 3
, Any change of address by a licensee requires notice within 30 days to which of the
following?
Governor
Attorney General
Insurer
Commissioner - ANSWER-Commissioner
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 taxable when withdrawn
Earnings are taxable when withdrawn
pg. 4
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