Michigan Life Insurance State Exam Questions with 100% Correct Answers

Which is TRUE regarding the annuitant, when the annuitant is NOT the policy owner? 1. The annuitant has the right to name the beneficiary 2. The annuitant is the person paying the premiums 3. The cash value is available to the annuitant for withdrawals 4. Annuity payments will be based on the annuitants life expectancy Correct Answer Annuity payments will be based on the annuitants life expectancy Signing an applicants name for insurance is known as...? 1. Concealment 2. Defamation 3. Coercion 4. Forgery Correct Answer 4. Forgery Failure to pay a penalty assessed by the commissioner may result in...? 1. Revoked or suspended license 2. Require the license to retake the examination 3. Complete 5 extra hours of continuing education 4. Pay a late charge of 1.5% Correct Answer 1. Revoked or suspended license Two business business partners own life insurance, which or the following allows the surviving partner to use death benefit to purchase the deceased owners share? 1. Buy-sell agreement 2. Key employee life insurance 3. Business continuation 4. Accidental death Correct Answer 1. Buy-sell agreement