Michigan credit insurance - Study guides, Class notes & Summaries

Michigan Credit Insurance Study Guide

Xcel Solutions IN Life Insurance Final Exam P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , P is considered to be a ( n ) __________ producer . nonresident . Why would the Insurance Commissioner issue a temporary license ? To allow the personal representative of a deceased producer to provide service to existing policyowners Which provision is NOT a requirement in a group life policy ? Accidental A ( n ) _________ beneficiary may be changed by th...

Michigan Credit Insurance Test with complete solutions.

Michigan Credit Insurance Test with correct solutions. Insurance - correct answers.Practice/Arrangement where a comp./govt. agency gives a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. "transfers risks" doesn't eliminate Law of Large numbers - correct # of similar risk exposures increases the accuracy of insurers loss projection increases Pooling of risk - correct ng of losses on some fair basis by all members o...

licensing (insurance regulation) - ️️a license or charter authorizes an insurer the right to conduct business as an admitted insurer and specifies the lines of insurance which the insurer is authorized to transact Producer Licenses( types of licenses) - ️️a licensed person who as the authority to transact insurance business sell solicit or negotiate insurance contracts resident license( types of licenses) - ️️issued to a resident who satisfies the states requirements non res...

What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address What is the cost of the indi...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements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 Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

Xcel Solutions Final Exam - Michigan Life and Health Exam Questions And Answers 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.) Will be divided by probate D.) Will not be paid until the last brother dies - ANS A.) Will no longer provide insurance protection Susan is insured through h...

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 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...