MI LIFE PRODUCER FINAL EXAM AND PRACTICE
QUESTIONS EXAM 2024-2025 ACTUAL EXAM
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS
Practice questions for this set
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Terms in this set (320)
Abby lives in Ohio, where She must show her Ohio license to be in good
she is licensed as an standing.//A person who is not a Michigan resident
insurance producer. She may be licensed as an insurance producer in Michigan
wants to apply for a if the person is a licensed producer in good standing
nonresident license in in his or her home state.
Michigan. Which of the
following conditions must
she satisfy?
,ABC Insurance Company until the Director's next examination or four years,
diligently maintains files of whichever occurs last//Every insurer must keep a file
advertisements it uses to of every advertisement used to market its health
market its health insurance insurance policies. The insurer must maintain this file
policies. How long is it for at least four years or until the Director's next
required to keep them examination of the insurer, whichever occurs last.
before it can purge them?
ABC Life Insurance has exclude members based on their risk profile//The
been chosen to insurer cannot exclude one member from coverage
underwrite group life based on that person's risk potential.
insurance for the Big State
Alumni Association. In
underwriting the risk
posed by the group, ABC
can perform all of the
following EXCEPT:
Acme Insurance and unfair and prohibited business practices//Acme and
Apogee Insurance agree Apogee are agreeing to an unreasonable restraint of
to offer different premium trade in the insurance business of Michigan.
rates for persons of equal Furthermore, they are engaging in unfair
risk within a particular discrimination by charging persons of the same class
class. They also agree to and substantially equal risk different premium rates
limit benefits paid to and by paying different benefits to persons in this
insureds within this class if class.
the insureds live in certain
counties of Michigan.
What type of activity are
Acme and Apogee
engaging in?
Acme Insurers recently Acme can compare its products to competitors only if
started an advertising such comparisons are fair and complete.//An ad
campaign in Michigan for cannot make unfair or incomplete comparisons of
its new life insurance policies or benefits offered by other insurers.
policies. Which statement
is TRUE?
, The Acme Supply the company//The business typically owns the policy,
Company, a small pays the premiums, and is the beneficiary of key
corporation, buys life person insurance. If an owner or key employee dies,
insurance to protect its the employer receives the policy's income tax-free
business interests if any of death benefit and can apply it toward business
the key employees die. expenses or losses caused by the employee's death.
Which of the following
would likely be the
beneficiary of this
insurance in this situation?
concealment//Concealment is deliberately
The act of deliberately
withholding material facts when applying for
withholding material facts
insurance. If the concealed facts would affect the
when applying for
insurer's decision to offer the insurance policy, the
insurance is called:
insurer can void the insurance contract.
mortality and interest assumptions//The net premium,
Actuaries calculate net which is the insurer's estimated cost to provide the
single premiums based on policy's benefits without accounting for its expenses,
which of the following? uses the factors of mortality and interest but excludes
the expense load factor.
Adam is a licensed He provides advice regarding insurance policies and
insurance counselor in charges a fee for such advice.//A counselor provides
Michigan. Which advice regarding the values, terms, and provisions of
statement best describes insurance policies and receives a fee for his or her
his authority? services
The unpaid policy loan interest incurs interest, and the
After taking a policy loan, death benefit is reduced dollar-for-dollar by the
Bob decides not to repay amount of the unpaid loan (plus accrued
it. What is the result of that interest).//The loan incurs interest charges at the same
decision? rate as the loan. In addition, the death benefit is
reduced by the loan amount at the insured's death.
QUESTIONS EXAM 2024-2025 ACTUAL EXAM
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (320)
Abby lives in Ohio, where She must show her Ohio license to be in good
she is licensed as an standing.//A person who is not a Michigan resident
insurance producer. She may be licensed as an insurance producer in Michigan
wants to apply for a if the person is a licensed producer in good standing
nonresident license in in his or her home state.
Michigan. Which of the
following conditions must
she satisfy?
,ABC Insurance Company until the Director's next examination or four years,
diligently maintains files of whichever occurs last//Every insurer must keep a file
advertisements it uses to of every advertisement used to market its health
market its health insurance insurance policies. The insurer must maintain this file
policies. How long is it for at least four years or until the Director's next
required to keep them examination of the insurer, whichever occurs last.
before it can purge them?
ABC Life Insurance has exclude members based on their risk profile//The
been chosen to insurer cannot exclude one member from coverage
underwrite group life based on that person's risk potential.
insurance for the Big State
Alumni Association. In
underwriting the risk
posed by the group, ABC
can perform all of the
following EXCEPT:
Acme Insurance and unfair and prohibited business practices//Acme and
Apogee Insurance agree Apogee are agreeing to an unreasonable restraint of
to offer different premium trade in the insurance business of Michigan.
rates for persons of equal Furthermore, they are engaging in unfair
risk within a particular discrimination by charging persons of the same class
class. They also agree to and substantially equal risk different premium rates
limit benefits paid to and by paying different benefits to persons in this
insureds within this class if class.
the insureds live in certain
counties of Michigan.
What type of activity are
Acme and Apogee
engaging in?
Acme Insurers recently Acme can compare its products to competitors only if
started an advertising such comparisons are fair and complete.//An ad
campaign in Michigan for cannot make unfair or incomplete comparisons of
its new life insurance policies or benefits offered by other insurers.
policies. Which statement
is TRUE?
, The Acme Supply the company//The business typically owns the policy,
Company, a small pays the premiums, and is the beneficiary of key
corporation, buys life person insurance. If an owner or key employee dies,
insurance to protect its the employer receives the policy's income tax-free
business interests if any of death benefit and can apply it toward business
the key employees die. expenses or losses caused by the employee's death.
Which of the following
would likely be the
beneficiary of this
insurance in this situation?
concealment//Concealment is deliberately
The act of deliberately
withholding material facts when applying for
withholding material facts
insurance. If the concealed facts would affect the
when applying for
insurer's decision to offer the insurance policy, the
insurance is called:
insurer can void the insurance contract.
mortality and interest assumptions//The net premium,
Actuaries calculate net which is the insurer's estimated cost to provide the
single premiums based on policy's benefits without accounting for its expenses,
which of the following? uses the factors of mortality and interest but excludes
the expense load factor.
Adam is a licensed He provides advice regarding insurance policies and
insurance counselor in charges a fee for such advice.//A counselor provides
Michigan. Which advice regarding the values, terms, and provisions of
statement best describes insurance policies and receives a fee for his or her
his authority? services
The unpaid policy loan interest incurs interest, and the
After taking a policy loan, death benefit is reduced dollar-for-dollar by the
Bob decides not to repay amount of the unpaid loan (plus accrued
it. What is the result of that interest).//The loan incurs interest charges at the same
decision? rate as the loan. In addition, the death benefit is
reduced by the loan amount at the insured's death.
