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Exam (elaborations)

MICHIGAN LIFE INSURANCE STATE exam questions and answers with solutions 2025

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MICHIGAN LIFE INSURANCE STATE exam questions and answers with solutions 2025

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Michigan Life And Health
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Institution
Michigan Life and Health
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Michigan Life and Health

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Uploaded on
January 14, 2025
Number of pages
59
Written in
2024/2025
Type
Exam (elaborations)
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Questions & answers

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  • michigan life insurance state exam questions and a

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MICHIGAN LIFE INSURANCE STATE exam questions
and answers with solutions 2025
UnderAaAtraditionalAIRA,AinterestAisAtaxed:



OnlyAifAwithdrawnApriorAtoAageA59A1/2



AccordingAtoAtheAcapitalAgainsArateA



UponAdistributionA



DuringAtheAaccumulationAphaseA-AANSWERAUponAdistribution



WhichAofAtheseAstatementsAconcerningATraditionalAIRAsAisACORRECT?



EarningsAareAnotAtaxableAwhenAwithdrawnA



EarningsAareAtaxableAwhenAwithdrawnA



ContributionAareAneverAtaxAdeductible



ContributionsAareAalwaysAmadeAbyAtheAemployerA-
AANSWERAEarningsAareAtaxableAwhenAwithdrawn




WhichAofAtheseAdescribesAtheAresultAofAaAmodifiedAendowmentAcontractAthatAfailedAtoAmeetAtheAs
even-ApayAtest?



PolicyAloansAareAdisallowedA

,TheApremiumApaymentsAwillAbeAtaxAdeductibleA



Pre-AdeathAdistributionsAareAtypicallyAtaxableA



WithdrawalsAwillAbeAprohibitedA-AANSWERAPre-AdeathAdistributionsAareAtypicallyAtaxable



InAorderAforAaAcontractAtoAbeAvalid,AitAmustA



beAfilledAwithAtheAstateA



beAsigningAandAwitnessedAbyAanAattorneyA



beAinAwritingA



containAofferAandAacceptanceA-AANSWERAContainAofferAandAacceptance



WhichAofAtheAfollowingAactionsAisAREQUIREDAbyAaAproducerAwhoAisAreplacingAanAexistingAlifeAinsur
anceApolicy?A



KeepAreplacementArecordsAonAfileAforAatAleastA10AyearsA



NotifyAtheAexistingAinsurerAofAtheAproposedAreplacementA



SubmitAtoAtheAreplacingAinsurerAaAlistAofAtheApoliciesAtoAbeAreplaced

,OfferAtheAinsuredAaA60-AdayAfree-AlookAperiodA-
AANSWERASubmitAtoAtheAreplacingAinsurerAaAlistAofAtheApoliciesAtoAbeAreplaced




WhoAwereAKeoghAplansAdesignedAtoAprovideApensionAbenefitsAfor?



CorporateAofficers



PublicAschoolAemployees



TheAself-employed



GovernmentAemployeesA-AANSWERATheAselfAemplyed



AAproducer'sAfiduciaryAdutyArequiresAthatA



premiumsAareAmaintainedAinAaApersonalAbankAaccountAuntilAremittanceAtoAinsurerA



premiumsAbeAdepositedAinAanAinterestAbearingAaccountA



premiumsAareAforwardedAtoAtheAinsurerAonAaAtimelyAbasisA
A



premiumsAbeAcommingledA-AANSWERAPremiumsAareAforwardedAonAaAtimelyAbasis



AnAindividualAwhoAremovesAtheAriskAofAlosingAmoneyAinAtheAstockAmarketAbyAneverApurchasingAsto
cksAisAsaidAtoAbeAengagingAinA



RiskAreductionA

, RiskATransferenceA



RiskAavoidanceA



RiskAretentionA-AANSWERARiskAavoidance



AAtypeAofAgroupAthatAhasAaAconstitutionAandAhasAbeenAorganizedAforApurposesAotherAthanAobtaini
ngAinsuranceAisAcalledAa(n)



employerAgroupA



employeeAgroupA



associationAorAlaborAgroupA



multipleAcoalitionA-AANSWERAassociationAorAlaborAgroup



WhichAofAtheAfollowingAisANOTAaAfederalArequirementAofAaAqualifiedAplan?



MustAbenefitAaAbroadAcross-sectionAofAemployeesA



EmployeeAmustAbeAableAtoAmakeAunlimitedAcontributionsA



VestingAscheduleAmustAbeAdefinedA
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