Mi life producer - Study guides, Class notes & Summaries

MI laws & rules questions and answers already passed An employee is REQUIRED to work AT LEAST how many hours in a normal week to be eligible for small employer group insurance? 17.5 According the the taft hartley act, group insurance premium payments made by an employer must be paid to the trust If an insured, unmarried child is incapable of self support because of a mental handicap, how long must this chide be provided health coverage under the parents policy? Until policy termi...

LIFE PRODUCER EXAM (MI) EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ 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 speci...

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 Certificate of Authority from the state department of insuranc...

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...

What amount will be paid under a policy where the insured misstated his/her age? - Answer-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 - Answer-30 days which of these is considered to be a Living benefit option in a life insurance policy - Answer-Accelerated death benefit loans obtained by a policy owner against the cash value of a life insuranc...

A variable annuity has a payout that is - Answer-Contingent 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 - Answer-c) Investment management fee The two main categories of policy loan interest rates are - Answer-Fixed and variable Which of the following types of policies would al...

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...

acting without a license ( producer regulation) - a person may not sell solicit or negotiate insurance in the state of Michigan for any line of insurance unless licensed for that qualifications; exceptions include administrative employees working for an agent a home office employee ect adverse selection(methods of handling risk) - the tendancy of less than average risks to purchase or cont to be covered by insurance resulting increased claims and reduced profitability agent - solicit insura...

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 n...

Jane works for a company that allows employee contributions under a 401(k) plan. When will Jane become fully vested in her plan contributions? - ANSWER 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? - ANSWER give all important information about a proposed policy//Agents must a...