MI LIFE PRODUCER EVALUATION EXAM 2025/2026
QUESTIONS AND SOLUTIONS MARKED A+
✔✔Why is the accidental death benefit referred to as double indemnity? - ✔✔It provides
twice the face value in the policy for death due to accident
✔✔What is the order in which beneficiaries receive proceeds from a life insurance
policy? - ✔✔Succession of beneficiaries
✔✔How does the per capita rule apply to proceeds from a life insurance policy? -
✔✔The proceeds are divided equally among living primary beneficiaries
✔✔Which of the following is exempted from the incontestability provision in insurance
policies? - ✔✔Fraudulent misstatements **
✔✔An insured and the beneficiary are both killed in a fatal accident. Which provision
presumes the insured survived the beneficiary? - ✔✔Common disaster clause
✔✔When courts look at a contract to determine the intent of the parties which of the
following is considered? - ✔✔the entire contract
✔✔Which is a common approach to addressing the problems inherent in naming a
minor as a beneficiary to a life insurance policy? - ✔✔establishing a trust to administer
proceeds **
✔✔Which part of an insurance contract contains the promise to pay losses covered by
the policy in exchange for the insured's premium and compliances with policy terms? -
✔✔Insuring clause
✔✔All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while? - ✔✔committing a misdemeanor **
✔✔Under the misstatement of age or gender provision, what happens if it is determined
at death that the insured's age or gender was misstated on a life insurance policy
application? - ✔✔Benefits are adjusted to the amount that the premium would have
purchased at the correct age/gender.
✔✔In which of the following must a beneficiary change request be filed in writing to the
insurer and is made effective by the insurance company who is reporting the change in
the record? - ✔✔recording method **
✔✔All of the following are requested signatures on an insurance contract EXCEPT? -
✔✔the minor in a juvenile policy
, ✔✔which of the following occurs immediately after the application is submitted and the
initial premium is paid? - ✔✔the underwriting process. **
✔✔all of the following is true regarding incomplete application EXCEPT? - ✔✔the
application can be accepted with the missing information and filled in later
✔✔How do warranties differ from representations? - ✔✔a warranty is guaranteed to be
true, a representation is believed to be true to the best of one's knowledge.
✔✔Which one of the following is particularly important for an insurance producer to
explain to a client upon delivery of a life insurance policy? - ✔✔any exclusions
✔✔Obtaining consumer information reports under false pretense is prosecutable by
which of the following? - ✔✔Fair Credit Reporting Act **
✔✔All life insurance and health insurance contracts contain all of the following EXCEPT
- ✔✔Representations **
✔✔All of the following are classifications of risk EXCEPT? - ✔✔non-nicotine
✔✔What procedure is used by an insurer to protect itself in the event a dispute arises
and the applicant and the agent do not recall the changes that were made in a
completed application? - ✔✔The applicant and possibly the agent initial any changes
made
✔✔What is the purpose of Stranger-originated life insurance (STOLI)? - ✔✔the policy is
originated primarily or solely for the purpose of resale **
✔✔If the insurer wishes to share an applicant's HIV status, the applicant must be given
full notice of all of the following EXCEPT? - ✔✔The treatment procedures covered by
the policy
✔✔Jeff is a licensed insurance producer in both New York and Michigan. He is charged
with embezzlement in New York and his first pretiral hearing is set for March 1. he must
notify the Michigan Commissioner of Insurance of this charge within how many days of
the hearing? - ✔✔30 Days
✔✔In accordance with section 1035 of the Tax Code all the following exchanges are
permitted on the tax-free basis Except? - ✔✔A deferred annuity exchanged for a whole
life insurance policy **
QUESTIONS AND SOLUTIONS MARKED A+
✔✔Why is the accidental death benefit referred to as double indemnity? - ✔✔It provides
twice the face value in the policy for death due to accident
✔✔What is the order in which beneficiaries receive proceeds from a life insurance
policy? - ✔✔Succession of beneficiaries
✔✔How does the per capita rule apply to proceeds from a life insurance policy? -
✔✔The proceeds are divided equally among living primary beneficiaries
✔✔Which of the following is exempted from the incontestability provision in insurance
policies? - ✔✔Fraudulent misstatements **
✔✔An insured and the beneficiary are both killed in a fatal accident. Which provision
presumes the insured survived the beneficiary? - ✔✔Common disaster clause
✔✔When courts look at a contract to determine the intent of the parties which of the
following is considered? - ✔✔the entire contract
✔✔Which is a common approach to addressing the problems inherent in naming a
minor as a beneficiary to a life insurance policy? - ✔✔establishing a trust to administer
proceeds **
✔✔Which part of an insurance contract contains the promise to pay losses covered by
the policy in exchange for the insured's premium and compliances with policy terms? -
✔✔Insuring clause
✔✔All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while? - ✔✔committing a misdemeanor **
✔✔Under the misstatement of age or gender provision, what happens if it is determined
at death that the insured's age or gender was misstated on a life insurance policy
application? - ✔✔Benefits are adjusted to the amount that the premium would have
purchased at the correct age/gender.
✔✔In which of the following must a beneficiary change request be filed in writing to the
insurer and is made effective by the insurance company who is reporting the change in
the record? - ✔✔recording method **
✔✔All of the following are requested signatures on an insurance contract EXCEPT? -
✔✔the minor in a juvenile policy
, ✔✔which of the following occurs immediately after the application is submitted and the
initial premium is paid? - ✔✔the underwriting process. **
✔✔all of the following is true regarding incomplete application EXCEPT? - ✔✔the
application can be accepted with the missing information and filled in later
✔✔How do warranties differ from representations? - ✔✔a warranty is guaranteed to be
true, a representation is believed to be true to the best of one's knowledge.
✔✔Which one of the following is particularly important for an insurance producer to
explain to a client upon delivery of a life insurance policy? - ✔✔any exclusions
✔✔Obtaining consumer information reports under false pretense is prosecutable by
which of the following? - ✔✔Fair Credit Reporting Act **
✔✔All life insurance and health insurance contracts contain all of the following EXCEPT
- ✔✔Representations **
✔✔All of the following are classifications of risk EXCEPT? - ✔✔non-nicotine
✔✔What procedure is used by an insurer to protect itself in the event a dispute arises
and the applicant and the agent do not recall the changes that were made in a
completed application? - ✔✔The applicant and possibly the agent initial any changes
made
✔✔What is the purpose of Stranger-originated life insurance (STOLI)? - ✔✔the policy is
originated primarily or solely for the purpose of resale **
✔✔If the insurer wishes to share an applicant's HIV status, the applicant must be given
full notice of all of the following EXCEPT? - ✔✔The treatment procedures covered by
the policy
✔✔Jeff is a licensed insurance producer in both New York and Michigan. He is charged
with embezzlement in New York and his first pretiral hearing is set for March 1. he must
notify the Michigan Commissioner of Insurance of this charge within how many days of
the hearing? - ✔✔30 Days
✔✔In accordance with section 1035 of the Tax Code all the following exchanges are
permitted on the tax-free basis Except? - ✔✔A deferred annuity exchanged for a whole
life insurance policy **
