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$5 pen - ANS-Which of the following giraffe from a producer would NOT be considering
rebating?
1. A collateral assignment - ANS-An owner of a life insurance policy may transfer ownership
temporarily with...?
1. A collateral assignment
2. A beneficial assignment
3. An absolute assignment
4. A transfer assignment
1. A fiduciary violation - ANS-Failure of an insurance producer to timely remit premiums to an
insurer?
1. A fiduciary violation
2. Material misrepresentation
3. Illegal inducement
4. A debating violation
1. An additional premium is charged for this rider - ANS-Which of following statement is NOT
true regards to the waiver of premium rider?
1. An additional premium is charged for this rider
2. The face amount is reduced by the amount of premiums paid
3. The policy remains in force exactly as if premiums are being paid
4. There is a waiting period of 6 months before premiums are paid
1. Buy-sell agreement - ANS-Two business business partners own life insurance, which or the
following allows the surviving partner to use death benefit to purchase the deceased owners
share?
urance
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1. Buy-sell agreement
2. Key employee life insurance
3. Business continuation
4. Accidental death
1. Charge for each type of insurance being purchased - ANS-What information is NOT required
to be in a credit life insurance contract?
1. Charge for each type of insurance being purchased
2. Type of insurance being purchased
3. Post claim underwriting date
4. Insurer name
1. Deferred - ANS-If an annuitant is making premium payments on a periodic which type of
annuity?
1. Deferred
2. Immediate
3. Fixed period
4. Fixed amount
1. Delaying the settlement of claims in which liability has become clear - ANS-Which of the
following is an example of an unfair claim settlement practice?
1. Delaying the settlement of claims in which liability has become clear
2. Replacing a policy when it is in the best interest of the insured
3. Adopting and implementing standards te settle claims in a timely matter
4. Disclosing the settlement terms and provisions of the contract of the insured
1. Expense - ANS-Which of the following factors are used in life insurance premium
determination EXCEPT?
urance
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1. Expense
2. Morbidity
3. Mortality
4. Interest
1. Funds are invested in a separate account - ANS-All of the following characteristics of fixed
annuity contract EXCEPT?
1. Funds are invested in a separate account
2. The minimum interest rate is guaranteed in the contract
3. Benefit payments remain level
4. It may be sold as an immediate or different annuity
1. Funds are invested in a separate account - ANS-Each of the following are characteristics of a
fixed annuity contract EXCEPT?
1. Funds are invested in a separate account
2. The minimum interest rate is guaranteed in the contract
3. Benefit payments remain level
4. It may be sold as an immediate or deferred annuity
1. Human life approach - ANS-Which approach considers the future needs of the survivors in
determining amounts of life insurance?
1. Human life approach
2. Cost of comparison approach
3. Living benefits approach
4. Needs approach
1. Illegal inducement - ANS-ABC insurance agency is entering each applicant who purchases
insurance through their agent into a drawing to win a free trip. This is an example of ...?
urance
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1. Illegal inducement
2. False advertising
3. Concealment
4. Fraud
1. Interest only - ANS-Option that allows proceeds to remain with the insured and earnings to be
paid to a beneficiary on a monthly basis...?
1. Interest only
2. Lump sum
3. Fixed period
4. Fixed amount
1. Interest only - ANS-The settlement option that allows proceeds to remain with the insurer and
the earnings to be paid to the beneficiary on a monthly basis is called...?
1. Interest only
2. Lump sum
3. Fixed period
4. Fixed amount
1. It has a lower premium for the duration of the policy - ANS-How does a graded premium
whole life policy differ from a modified premium?
1. It increase the premium annually during the first several years of the policy
2. It increase the premium annually for the duration of the policy
3. It increases the premium once during the duration of the policy
4. It has lower premium for the duration of the policy
1. It requires only one payment to make the policy paid up - ANS-Which of the following best
describes a single premium cash policy?
urance
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Michigan life insurance state exam answer key
$5 pen - ANS-Which of the following giraffe from a producer would NOT be considering
rebating?
1. A collateral assignment - ANS-An owner of a life insurance policy may transfer ownership
temporarily with...?
1. A collateral assignment
2. A beneficial assignment
3. An absolute assignment
4. A transfer assignment
1. A fiduciary violation - ANS-Failure of an insurance producer to timely remit premiums to an
insurer?
1. A fiduciary violation
2. Material misrepresentation
3. Illegal inducement
4. A debating violation
1. An additional premium is charged for this rider - ANS-Which of following statement is NOT
true regards to the waiver of premium rider?
1. An additional premium is charged for this rider
2. The face amount is reduced by the amount of premiums paid
3. The policy remains in force exactly as if premiums are being paid
4. There is a waiting period of 6 months before premiums are paid
1. Buy-sell agreement - ANS-Two business business partners own life insurance, which or the
following allows the surviving partner to use death benefit to purchase the deceased owners
share?
urance
!!!!!!!!!#######################Michigan
state
Michigan
exam
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insurance
key.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
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1. Buy-sell agreement
2. Key employee life insurance
3. Business continuation
4. Accidental death
1. Charge for each type of insurance being purchased - ANS-What information is NOT required
to be in a credit life insurance contract?
1. Charge for each type of insurance being purchased
2. Type of insurance being purchased
3. Post claim underwriting date
4. Insurer name
1. Deferred - ANS-If an annuitant is making premium payments on a periodic which type of
annuity?
1. Deferred
2. Immediate
3. Fixed period
4. Fixed amount
1. Delaying the settlement of claims in which liability has become clear - ANS-Which of the
following is an example of an unfair claim settlement practice?
1. Delaying the settlement of claims in which liability has become clear
2. Replacing a policy when it is in the best interest of the insured
3. Adopting and implementing standards te settle claims in a timely matter
4. Disclosing the settlement terms and provisions of the contract of the insured
1. Expense - ANS-Which of the following factors are used in life insurance premium
determination EXCEPT?
urance
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state
Michigan
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1. Expense
2. Morbidity
3. Mortality
4. Interest
1. Funds are invested in a separate account - ANS-All of the following characteristics of fixed
annuity contract EXCEPT?
1. Funds are invested in a separate account
2. The minimum interest rate is guaranteed in the contract
3. Benefit payments remain level
4. It may be sold as an immediate or different annuity
1. Funds are invested in a separate account - ANS-Each of the following are characteristics of a
fixed annuity contract EXCEPT?
1. Funds are invested in a separate account
2. The minimum interest rate is guaranteed in the contract
3. Benefit payments remain level
4. It may be sold as an immediate or deferred annuity
1. Human life approach - ANS-Which approach considers the future needs of the survivors in
determining amounts of life insurance?
1. Human life approach
2. Cost of comparison approach
3. Living benefits approach
4. Needs approach
1. Illegal inducement - ANS-ABC insurance agency is entering each applicant who purchases
insurance through their agent into a drawing to win a free trip. This is an example of ...?
urance
!!!!!!!!!#######################Michigan
state
Michigan
exam
lifeanswer
insurance
key.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
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key.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################Mi
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,!!!!!!!!!#######################Michigan
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Michigan
state
life exam
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1. Illegal inducement
2. False advertising
3. Concealment
4. Fraud
1. Interest only - ANS-Option that allows proceeds to remain with the insured and earnings to be
paid to a beneficiary on a monthly basis...?
1. Interest only
2. Lump sum
3. Fixed period
4. Fixed amount
1. Interest only - ANS-The settlement option that allows proceeds to remain with the insurer and
the earnings to be paid to the beneficiary on a monthly basis is called...?
1. Interest only
2. Lump sum
3. Fixed period
4. Fixed amount
1. It has a lower premium for the duration of the policy - ANS-How does a graded premium
whole life policy differ from a modified premium?
1. It increase the premium annually during the first several years of the policy
2. It increase the premium annually for the duration of the policy
3. It increases the premium once during the duration of the policy
4. It has lower premium for the duration of the policy
1. It requires only one payment to make the policy paid up - ANS-Which of the following best
describes a single premium cash policy?
urance
!!!!!!!!!#######################Michigan
state
Michigan
exam
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insurance
key.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
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