Mi Life Insurance State Exam Solved
100% Graded A+
Countersignature - ANSWER-Countersignature
A foreign insurance company doing business in Michigan
is a company domiciled under the laws of another state
is not subject to Michigan Insurance laws
is a company that was formed under the laws of another country
is only authorized to write business outside the United States - ANSWER-is a company
domiciled under the laws of another state
A guaranteed issue insurance policy has no
initial premium requirement
incontestable period
waiting period
medical underwriting - ANSWER-Medical Underwriting
A life insurance applicant in Michigan may backdate the application for up to ____
months
4
5
6
7 - ANSWER-6
A life insurance company has transferred some of its risk to another insurer. The insurer
assuming the risk is called the
Mutual insurer
Reinsurer
reciprocal insurer
participating insurer - ANSWER-Reinsurer
,a life insurance policy sold in Michigan may be contested by the insurer ONLY during
the first ___ years of the contract
one
two
three
four - ANSWER-two
a life insurance policy that contains a guaranteed interest rate with the chance to earn a
rate that is higher than the guaranteed rate is called
whole life
group life
credit life
universal life - ANSWER-universal life
A life insurance policy that is subject to a contract interest rate is referred to as
adjustable life
group life
term life
universal life - ANSWER-Universal life
A life insurance policy written on one contract for two people in which it is payable upon
the first death is called
Split
Shared
Joint
Survivorship - ANSWER-Joint
A life insurance policyowner does NOT have the right to
,Change a beneficiary
select a beneficiary
take out a policy loan
revoke an absolute assignment - ANSWER-revoke an absolute assignment
A life insurance rider that allows an individual to purchase insurance as they grow older,
regardless of insurability is called a(n)
guaranteed term rider
guaranteed insurability rider
accelerated benefit rider
cost of living rider - ANSWER-guaranteed insurability rider
A non contributory health insurance plan helps the insurer avoid
adverse selection
state compliance
the underwriting process
tax deductions - ANSWER-adverse selection
A nonparticipating company is sometimes called a(n)
alien insurer
mutual insurer
reinsurer
stock insurer - ANSWER-Stock insurer
A partial surrender is allowed in which of the following life policies?
Adjustable whole life
Universal life
Decreasing term life
limited whole life - ANSWER-Universal life
, A plan in which an employer pays insurance benefits from a fund derived from the
employer's current revenues is called
A self derived plan
A multiple employer plan
A blanket plan
A self funded plan - ANSWER-A self funded plan
A policyowner may exercise which of these dividend options that uses the dividend to
pay all or part of the next premium due?
Reduction of premium dividend option
extended term option
paid up option
cash dividend option - ANSWER-Reduction of premium dividend option
A producer has allowed his/her license to lapse by failing to complete the required
continuing education credits. The license may be reinstated by completing the
requirement within___ days of the renewal date
45
60
90
120 - ANSWER-90
A producer is hired to sell insurance for an insurer. Upon submission of the agency
contract application, the producer MUST be appointed by the insurer within __ days
7
15
21
30 - ANSWER-15
A producer may give an insurance applicant an article of merchandise having an invoice
value of ____ or less
100% Graded A+
Countersignature - ANSWER-Countersignature
A foreign insurance company doing business in Michigan
is a company domiciled under the laws of another state
is not subject to Michigan Insurance laws
is a company that was formed under the laws of another country
is only authorized to write business outside the United States - ANSWER-is a company
domiciled under the laws of another state
A guaranteed issue insurance policy has no
initial premium requirement
incontestable period
waiting period
medical underwriting - ANSWER-Medical Underwriting
A life insurance applicant in Michigan may backdate the application for up to ____
months
4
5
6
7 - ANSWER-6
A life insurance company has transferred some of its risk to another insurer. The insurer
assuming the risk is called the
Mutual insurer
Reinsurer
reciprocal insurer
participating insurer - ANSWER-Reinsurer
,a life insurance policy sold in Michigan may be contested by the insurer ONLY during
the first ___ years of the contract
one
two
three
four - ANSWER-two
a life insurance policy that contains a guaranteed interest rate with the chance to earn a
rate that is higher than the guaranteed rate is called
whole life
group life
credit life
universal life - ANSWER-universal life
A life insurance policy that is subject to a contract interest rate is referred to as
adjustable life
group life
term life
universal life - ANSWER-Universal life
A life insurance policy written on one contract for two people in which it is payable upon
the first death is called
Split
Shared
Joint
Survivorship - ANSWER-Joint
A life insurance policyowner does NOT have the right to
,Change a beneficiary
select a beneficiary
take out a policy loan
revoke an absolute assignment - ANSWER-revoke an absolute assignment
A life insurance rider that allows an individual to purchase insurance as they grow older,
regardless of insurability is called a(n)
guaranteed term rider
guaranteed insurability rider
accelerated benefit rider
cost of living rider - ANSWER-guaranteed insurability rider
A non contributory health insurance plan helps the insurer avoid
adverse selection
state compliance
the underwriting process
tax deductions - ANSWER-adverse selection
A nonparticipating company is sometimes called a(n)
alien insurer
mutual insurer
reinsurer
stock insurer - ANSWER-Stock insurer
A partial surrender is allowed in which of the following life policies?
Adjustable whole life
Universal life
Decreasing term life
limited whole life - ANSWER-Universal life
, A plan in which an employer pays insurance benefits from a fund derived from the
employer's current revenues is called
A self derived plan
A multiple employer plan
A blanket plan
A self funded plan - ANSWER-A self funded plan
A policyowner may exercise which of these dividend options that uses the dividend to
pay all or part of the next premium due?
Reduction of premium dividend option
extended term option
paid up option
cash dividend option - ANSWER-Reduction of premium dividend option
A producer has allowed his/her license to lapse by failing to complete the required
continuing education credits. The license may be reinstated by completing the
requirement within___ days of the renewal date
45
60
90
120 - ANSWER-90
A producer is hired to sell insurance for an insurer. Upon submission of the agency
contract application, the producer MUST be appointed by the insurer within __ days
7
15
21
30 - ANSWER-15
A producer may give an insurance applicant an article of merchandise having an invoice
value of ____ or less
