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Final Exam - Michigan Life and Health
EXAM (updated 2025) Questions &
Answers | Latest Already Graded A+
UPDATE 2025|2026 Questions and Correct
Answers/ Latest Update / Already Graded
defamation
Ans: Making a statement that is false or maliciously critical of
the financial condition of an insurer is known as
Business overhead expense policy
Ans: Which type of business insurance is meant to cover the
costs of continuing to do business while the owner is disabled?
the protection ends
Ans: Dorian exercised a nonforfeiture option by using his life
policy's cash value to purchase an extended term insurance
option. When the term insurance expires,
must have an appointed guardian
Ans: To receive proceeds from a death benefit, a minor
All rights reserved © 2025/ 2026 |
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The insurer's obligation to pay a death benefit upon an approved death
claim
Ans: Under a life insurance policy, what does the insuring
clause state?
When contribution or participation rules have been violated
Ans: When can a group health policy renewal be denied
according to the Health Insurance Portability and
Accountability Act (HIPAA)?
It allows for cash advances to be paid against the death benefit if the
insured becomes terminally ill
Ans: What is the purpose for having an accelerated death
benefit on a life insurance policy?
Variable universal policy
Ans: Which type of life insurance offers flexible premiums, a
flexible death benefit, and the choice of how the cash value will
be invested?
1 month
All rights reserved © 2025/ 2026 |
, Page |3
Ans: An immediate annuity has been purchased with a single
premium. When does the annuitant typically begin receiving
benefit payments?
an authorized agency makes a written request to the insurer during an
insurance fraud investigation
Ans: Consumer privacy regulations permit the release of an
insured's financial information when
the right to return the policy for a full refund within a specified number
of days
Ans: The free-look provision gives the policyowner
Net death benefit will be reduced if the loan is not repaid
Ans: Joanne has a $100,000 whole life policy with an
accumulated $25,000 of cash value. She would like to borrow
$15,000 against the cash value. Which of the following
statements is TRUE?
modified application with a new signature
All rights reserved © 2025/ 2026 |
, Page |4
Ans: Tara the producer is delivering a specified disease
insurance policy to a new policyowner. Upon delivery, she may
be expected to collect all of the following EXCEPT a(n)
Annuitization phase
Ans: Which of the following is considered to be the period
when the accumulated value in an annuity is paid out?
Department of Insurance and Financial Services (DIFS)
Ans: The entity that has the power to revoke a producer's
insurance license is the
The shorter the payment period, the higher the premium
Ans: The statement which best describes the relationship
between the premiums of a whole life policy and the premium
payment period is
universal life
Ans: A life insurance policy that is subject to a contract interest
rate is referred to as
All rights reserved © 2025/ 2026 |
Final Exam - Michigan Life and Health
EXAM (updated 2025) Questions &
Answers | Latest Already Graded A+
UPDATE 2025|2026 Questions and Correct
Answers/ Latest Update / Already Graded
defamation
Ans: Making a statement that is false or maliciously critical of
the financial condition of an insurer is known as
Business overhead expense policy
Ans: Which type of business insurance is meant to cover the
costs of continuing to do business while the owner is disabled?
the protection ends
Ans: Dorian exercised a nonforfeiture option by using his life
policy's cash value to purchase an extended term insurance
option. When the term insurance expires,
must have an appointed guardian
Ans: To receive proceeds from a death benefit, a minor
All rights reserved © 2025/ 2026 |
, Page |2
The insurer's obligation to pay a death benefit upon an approved death
claim
Ans: Under a life insurance policy, what does the insuring
clause state?
When contribution or participation rules have been violated
Ans: When can a group health policy renewal be denied
according to the Health Insurance Portability and
Accountability Act (HIPAA)?
It allows for cash advances to be paid against the death benefit if the
insured becomes terminally ill
Ans: What is the purpose for having an accelerated death
benefit on a life insurance policy?
Variable universal policy
Ans: Which type of life insurance offers flexible premiums, a
flexible death benefit, and the choice of how the cash value will
be invested?
1 month
All rights reserved © 2025/ 2026 |
, Page |3
Ans: An immediate annuity has been purchased with a single
premium. When does the annuitant typically begin receiving
benefit payments?
an authorized agency makes a written request to the insurer during an
insurance fraud investigation
Ans: Consumer privacy regulations permit the release of an
insured's financial information when
the right to return the policy for a full refund within a specified number
of days
Ans: The free-look provision gives the policyowner
Net death benefit will be reduced if the loan is not repaid
Ans: Joanne has a $100,000 whole life policy with an
accumulated $25,000 of cash value. She would like to borrow
$15,000 against the cash value. Which of the following
statements is TRUE?
modified application with a new signature
All rights reserved © 2025/ 2026 |
, Page |4
Ans: Tara the producer is delivering a specified disease
insurance policy to a new policyowner. Upon delivery, she may
be expected to collect all of the following EXCEPT a(n)
Annuitization phase
Ans: Which of the following is considered to be the period
when the accumulated value in an annuity is paid out?
Department of Insurance and Financial Services (DIFS)
Ans: The entity that has the power to revoke a producer's
insurance license is the
The shorter the payment period, the higher the premium
Ans: The statement which best describes the relationship
between the premiums of a whole life policy and the premium
payment period is
universal life
Ans: A life insurance policy that is subject to a contract interest
rate is referred to as
All rights reserved © 2025/ 2026 |
