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MI LIFE PRODUCER EXAM NEWEST 2024
ACTUAL EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW
VERSION!!
MI LIFE PRODUCER EXAM
Life insurance death proceeds are
a)Taxable to the extent that they exceed 7.5% of the
beneficiary's adjusted gross income.
b)Taxed as a capital gain.
c)Taxed as ordinary income.
d)Generally not taxed as income. - ANSWER- d)Generally not
taxed as income.
Explanation; Life insurance death benefits are generally not
taxed as income.
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Annuities can be used to fund which of the following?
A) estate creation
B) Retirement plans
C) Variable Life Variable
D) Group Life Insurance - ANSWER- b) retirement plans
A policy owner who is also the insured wants to name her
husband as the beneficiary of her life policy. She also wishes to
retain all of the rights of ownership. The policy owner should
have her husband named as the - ANSWER- revocable
beneficiary
Most agents try to collect the initial premium for submission
with application. When an agent collects the initial premium
from the a
applicant, the agent should issue the applicant - ANSWER-
premium receipt
Which of the following provisions would not be allowed as a
part of a life insurance policy issued in Michigan? - ANSWER-
A provision that allows the effective date of the policy to be
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backdated up to 8 months in order to effect a lower premium
rate for the insured.
Which of the following policies would be classified as a
traditional level premium contract? - ANSWER- Straight Life
Which of the following applicants could insured charge a higher
rate of premium and not violate regulations regarding unfair
discrimination? - ANSWER- An applicant who is a smoker
A couple owns a life insurance policy with a Children's Term
rider. Their daughter is reaching the maximum age of dependent
coverage, so she will have to convert to permanent insurance in
the near future. Which of the following will she need to provide
for proof of insurability. - ANSWER- proof of insurability is not
required.
An agent and an applicant for a life insurance policy fill out and
sign the application. However, the applicant does not wish to
give the agent the initial premium, and no conditional receipt is
issued. When will coverage begin? - ANSWER- When the agent
delivers the policy, collects the initial premium, and the
applicant completes an acceptable Statement of Good Health
MI LIFE PRODUCER EXAM NEWEST 2024
ACTUAL EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW
VERSION!!
MI LIFE PRODUCER EXAM
Life insurance death proceeds are
a)Taxable to the extent that they exceed 7.5% of the
beneficiary's adjusted gross income.
b)Taxed as a capital gain.
c)Taxed as ordinary income.
d)Generally not taxed as income. - ANSWER- d)Generally not
taxed as income.
Explanation; Life insurance death benefits are generally not
taxed as income.
,2|Page
Annuities can be used to fund which of the following?
A) estate creation
B) Retirement plans
C) Variable Life Variable
D) Group Life Insurance - ANSWER- b) retirement plans
A policy owner who is also the insured wants to name her
husband as the beneficiary of her life policy. She also wishes to
retain all of the rights of ownership. The policy owner should
have her husband named as the - ANSWER- revocable
beneficiary
Most agents try to collect the initial premium for submission
with application. When an agent collects the initial premium
from the a
applicant, the agent should issue the applicant - ANSWER-
premium receipt
Which of the following provisions would not be allowed as a
part of a life insurance policy issued in Michigan? - ANSWER-
A provision that allows the effective date of the policy to be
, 3|Page
backdated up to 8 months in order to effect a lower premium
rate for the insured.
Which of the following policies would be classified as a
traditional level premium contract? - ANSWER- Straight Life
Which of the following applicants could insured charge a higher
rate of premium and not violate regulations regarding unfair
discrimination? - ANSWER- An applicant who is a smoker
A couple owns a life insurance policy with a Children's Term
rider. Their daughter is reaching the maximum age of dependent
coverage, so she will have to convert to permanent insurance in
the near future. Which of the following will she need to provide
for proof of insurability. - ANSWER- proof of insurability is not
required.
An agent and an applicant for a life insurance policy fill out and
sign the application. However, the applicant does not wish to
give the agent the initial premium, and no conditional receipt is
issued. When will coverage begin? - ANSWER- When the agent
delivers the policy, collects the initial premium, and the
applicant completes an acceptable Statement of Good Health
