MI LIFE PRODUCER EXAM PREP
CERTIFICATION TEST SCRIPT 2026 FULL
QUESTIONS AND SOLUTIONS GRADED A+
⩥ Insurer. Answer: A company that sells insurance policies (contracts);
also called an insurance company
⩥ Insured. Answer: Person covered (protected) by insurance company
⩥ Policyowner. Answer: has all rights and privileges to the policy; may
or may not be the insured
⩥ Applicant. Answer: Person completing the application and usually the
insured. Applicant becomes the policyowner upon approval
⩥ beneficiary. Answer: a person who receiving the face amount of the
policy upon the insured's death
⩥ Policy. Answer: A contract between a policyowner (and/or insured)
and an insurance company which agrees to pay the face value to the
beneficiary when the insured dies
, ⩥ Premium. Answer: Money paid to the insurer (company) for the
policy
⩥ Death Benefit (face amount). Answer: Amount received upon the
death of the insured
⩥ Pure Risk. Answer: A chance of loss- Insurable
⩥ Speculative Risk. Answer: chance of loss or gain; not insurable
⩥ Loss. Answer: A reduction in the quantity, quality or value of
something
⩥ Exposure. Answer: Amount of potential monetary losses from a
particular event (fire, accident)
⩥ Peril (Perils are in the past). Answer: The cause of loss
⩥ Hazards (Future). Answer: Increase the likelihood of a peril (Physical,
Moral, Morale, Legal)
⩥ Sharing. Answer: Pools of insureds with a common risk (Tavern
owners)
CERTIFICATION TEST SCRIPT 2026 FULL
QUESTIONS AND SOLUTIONS GRADED A+
⩥ Insurer. Answer: A company that sells insurance policies (contracts);
also called an insurance company
⩥ Insured. Answer: Person covered (protected) by insurance company
⩥ Policyowner. Answer: has all rights and privileges to the policy; may
or may not be the insured
⩥ Applicant. Answer: Person completing the application and usually the
insured. Applicant becomes the policyowner upon approval
⩥ beneficiary. Answer: a person who receiving the face amount of the
policy upon the insured's death
⩥ Policy. Answer: A contract between a policyowner (and/or insured)
and an insurance company which agrees to pay the face value to the
beneficiary when the insured dies
, ⩥ Premium. Answer: Money paid to the insurer (company) for the
policy
⩥ Death Benefit (face amount). Answer: Amount received upon the
death of the insured
⩥ Pure Risk. Answer: A chance of loss- Insurable
⩥ Speculative Risk. Answer: chance of loss or gain; not insurable
⩥ Loss. Answer: A reduction in the quantity, quality or value of
something
⩥ Exposure. Answer: Amount of potential monetary losses from a
particular event (fire, accident)
⩥ Peril (Perils are in the past). Answer: The cause of loss
⩥ Hazards (Future). Answer: Increase the likelihood of a peril (Physical,
Moral, Morale, Legal)
⩥ Sharing. Answer: Pools of insureds with a common risk (Tavern
owners)
