, Practice Test MI Life Producer EXAM
QUESTIONS AND ANSWERS 100%
ACCURATE!
Which of the following term insurance types provides temporary protection that can be
changed to some type of permanent protection without evidence of insurability? -
ANSWER Convertible
Which policy type is backed by equity investments and allows the policyholder to adjust
the death benefit? - ANSWER variable universal life
Which of the following lists the three common types of permanent individual life
insurance? - ANSWER Variable Life, whole Life, Universal Life
Which of the following is common in an increasing term life policy - ANSWER It begins
with little or no insurance protection **
While the whole life policy premium type is the most common? - ANSWER Continuous
premium
Which of the following is TRUE of the limited pay whole life policy? - ANSWER
Coverage continues after the policy is paid-up
Which annuity settlement option provides a stated monthly amount to the annuitant and
upon the annuitant's death the same or lesser amount paid for the lifetime of the
survivor? - ANSWER Joint and survivorship option
Which of the following is TRUE of the equity-indexed annuity? - ANSWER It has a
guaranteed minimum interest rate **
In a level term life policy, which ALWAYS remains constant? - ANSWER death benefit
**
Current assumption whole life policies are sensitive to which of the following? -
ANSWER Interest rates **
QUESTIONS AND ANSWERS 100%
ACCURATE!
Which of the following term insurance types provides temporary protection that can be
changed to some type of permanent protection without evidence of insurability? -
ANSWER Convertible
Which policy type is backed by equity investments and allows the policyholder to adjust
the death benefit? - ANSWER variable universal life
Which of the following lists the three common types of permanent individual life
insurance? - ANSWER Variable Life, whole Life, Universal Life
Which of the following is common in an increasing term life policy - ANSWER It begins
with little or no insurance protection **
While the whole life policy premium type is the most common? - ANSWER Continuous
premium
Which of the following is TRUE of the limited pay whole life policy? - ANSWER
Coverage continues after the policy is paid-up
Which annuity settlement option provides a stated monthly amount to the annuitant and
upon the annuitant's death the same or lesser amount paid for the lifetime of the
survivor? - ANSWER Joint and survivorship option
Which of the following is TRUE of the equity-indexed annuity? - ANSWER It has a
guaranteed minimum interest rate **
In a level term life policy, which ALWAYS remains constant? - ANSWER death benefit
**
Current assumption whole life policies are sensitive to which of the following? -
ANSWER Interest rates **
