MI LIFE PRODUCER COMPREHENSIVE
STUDY GUIDE FULL QUESTIONS WITH
ACCURATE SOLUTIONS
●● The acceptance of a credit life application requires the submission of
a certificate of insurance to the insured within __ days?
Answer: 30
●● Within how many days must a traditional IRA be rolled over to
another IRA in order to avoid tax consequences?
Answer: 60
●● A producer is hired to sell insurance for an insurer. Upon submission
of the agency contact Application, the producer MUST be appointed by
the insurer within __ days.
Answer: 15
●● In Michigan, legal action may be taken against an insurer for up to
__ years for failing to pay a life insurance claim after proof of loss was
submitted.
Answer: 6
, ●● A producer may give an insurance applicant an article of
merchandise having an invoice value of __ or less.
Answer: $5
●● A life Insurance applicant in Michigan may backdate the application
for up to __ months.
Answer: 6
●● Karen is a producer who has obtained personal information about a
client without having a legitimate reason to do so. Under the McCarran-
Ferguson Act, what is the minimum penalty for this?
Answer: $10,000
●● An insured individual and policy's beneficiary die from the same
accident. The common disaster provision states the insurer will continue
as if.
Answer: The insured outlived the beneficiary
●● What happens to the coverage under a children's term rider when that
child reaches a certain specified age?
Answer: Coverage is eliminated
●● Fixed annuities provide each of the following EXCEPT.
Answer: hedge against inflation
STUDY GUIDE FULL QUESTIONS WITH
ACCURATE SOLUTIONS
●● The acceptance of a credit life application requires the submission of
a certificate of insurance to the insured within __ days?
Answer: 30
●● Within how many days must a traditional IRA be rolled over to
another IRA in order to avoid tax consequences?
Answer: 60
●● A producer is hired to sell insurance for an insurer. Upon submission
of the agency contact Application, the producer MUST be appointed by
the insurer within __ days.
Answer: 15
●● In Michigan, legal action may be taken against an insurer for up to
__ years for failing to pay a life insurance claim after proof of loss was
submitted.
Answer: 6
, ●● A producer may give an insurance applicant an article of
merchandise having an invoice value of __ or less.
Answer: $5
●● A life Insurance applicant in Michigan may backdate the application
for up to __ months.
Answer: 6
●● Karen is a producer who has obtained personal information about a
client without having a legitimate reason to do so. Under the McCarran-
Ferguson Act, what is the minimum penalty for this?
Answer: $10,000
●● An insured individual and policy's beneficiary die from the same
accident. The common disaster provision states the insurer will continue
as if.
Answer: The insured outlived the beneficiary
●● What happens to the coverage under a children's term rider when that
child reaches a certain specified age?
Answer: Coverage is eliminated
●● Fixed annuities provide each of the following EXCEPT.
Answer: hedge against inflation
