Mi life producer exam - Study guides, Class notes & Summaries

Jane works for a company that allows employee contributions under a 401(k) plan. When will Jane become fully vested in her plan contributions? - immediately//While employer contributions to a qualified plan can be subject to a vesting schedule, participants are always fully vested in their own contributions. Agents must act in the best interests of applicants and insureds. What does this require them to do? - give all important information about a proposed policy//Agents must act in the appli...

LIFE PRODUCER EXAM (MI) final verified 100% Which of the following is NOT true regarding a Certificate of Authority? a)It may be necessary for transacting business in a specific state. b)It is equivalent to an insurance license. c)It is issued by the state department of insurance. d)It is issued to group insurance participants. - d) It is issued to group insurance participants. Before insurers may transact business in a specific state, they must apply for a license or Certifica...

What amount will be paid under a policy where the insured misstated his/her age? - an 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 - 30 days which of these is considered to be a Living benefit option in a life insurance policy - Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy - would not be treat...

MI Variable Life and Annuities Producer Exam Questions And Answers 100% Pass. A variable annuity has a payout that is - answerContingent upon the profitability of the investment portfolio Which of the following would be considered the largest cost incurred on the value of a variable annuity? a) the cost of insurance b) Mortality fee c) Investment management fee d) Administrative expenses - answerc) Investment management fee The two main categories of policy loan interest rates are - an...

MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. Final Exam-Michigan Life and Health 1. What amount will be paid under a policy where the insured misstated his/her age?: an amount the premium would have purchased at the correct age 2. the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days: 30 days 3. which of these is considered to be a Living benefit option in a lif...

Which of the following is NOT true regarding a Certificate of Authority? a)It may be necessary for transacting business in a specific state. b)It is equivalent to an insurance license. c)It is issued by the state department of insurance. d)It is issued to group insurance participants. Correct Answer: d) It is issued to group insurance participants. Before insurers may transact business in a specific state, they must apply for a license or Certificate of Authority from the state departmen...

MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. Final Exam-Michigan Life and Health 1. What amount will be paid under a policy where the insured misstated his/her age?: an amount the premium would have purchased at the correct age 2. the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days: 30 days 3. which of these is considered to be a Living benefit option in a lif...

Final Exam-Michigan Life and Health questions and answers latest top score. What amount will be paid under a policy where the insured misstated his/her age? - correct 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 - correct answers.30 days which of these is considered to be a Living benefit option in a life insurance polic...

Which of the following term insurance types provides temporary protection that can be changed to some type of permanent protection without evidence of insurability? - ANSWER Convertible Which policy type is backed by equity investments and allows the policyholder to adjust the death benefit? - ANSWER variable universal life Which of the following lists the three common types of permanent individual life insurance? - ANSWER Variable Life, whole Life, Universal Life Which of the follow...

Final Exam-Michigan Life and Health Exam Questions And Answers (Verified And Updated) 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 which of these is considered to be a Living benefit option in a life insurance policy - answerAccelerated dea...