Michigan l - Study guides, Class notes & Summaries

MICHIGAN LIFE INSURANCE STATE EXAM ANSWER 2024 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 - correct answer Annuity payments will be based on the annuitants life expectancy Signing an applicants name f...

Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds A.) Will no longer provide insurance protection B.) Will go to Mike's estate C.) Wwill be divided by probate D.) Will not be paid until the last brother dies - Answer-A.) Will no longer provide insurance protection Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with...

FINAL EXAM - MICHIGAN LIFE AND HEALTH

defamation - Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy - Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? the protection ends - Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, must have an appointed guardian -...

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Michigan Life, Accident, and Health

Fixed period settlement options are considered to be a form of a(n) - Answer-annuity Ownership of a life insurance policy may be temporarily transferred with a(n) - Answer-collateral assignment Gina the producer caused financial harm to an insured. Which of these actions may the Commissioner take? - Answer-Revoke Gina's license after a hearing concludes a violation has occured Converting a group plan to permanent life insurance requires - Answer-The conversion being applied for within ...

Final Exam-Michigan Life and Health Exam Questions And Answers What amount will be paid under a policy where the insured misstated his/her age? - ANS 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 - ANS 30 days which of these is considered to be a Living benefit option in a life insurance policy - ANS Accelerated death benefit loans ob...

FINAL EXAM-MICHIGAN LIFE AND HEALTH

MICHIGAN LIFE, ACCIDENT, AND HEALTH