3/8/25, 8:43 AM Michigan Life Insurance State Exam (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |1…
Michigan Life Insurance State Exam (2025)
comprehensive questions and verified detailed
solutions ( MULTIPLE CHOICES) |100%
CORRECT!!
Save
Terms in this set (150)
Under a traditional IRA, Upon distribution
interest is taxed:
Only if withdrawn prior to
age 59 1/2
According to the capital
gains rate
Upon distribution
During the accumulation
phase
https://quizlet.com/1015504774/michigan-life-insurance-state-exam-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choi… 1/69
,3/8/25, 8:43 AM Michigan Life Insurance State Exam (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |1…
Which of these Earnings are taxable when withdrawn
statements concerning
Traditional IRAs is
CORRECT?
Earnings are not taxable
when withdrawn
Earnings are taxable
when withdrawn
Contribution are never
tax deductible
Contributions are always
made by the employer
Which of these describes Pre- death distributions are typically taxable
the result of a modified
endowment contract that
failed to meet the seven-
pay test?
Policy loans are
disallowed
The premium payments
will be tax deductible
Pre- death distributions
are typically taxable
Withdrawals will be
prohibited
https://quizlet.com/1015504774/michigan-life-insurance-state-exam-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choi… 2/69
,3/8/25, 8:43 AM Michigan Life Insurance State Exam (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |1…
In order for a contract to Contain offer and acceptance
be valid, it must
be filled with the state
be signing and witnessed
by an attorney
be in writing
contain offer and
acceptance
Which of the following Submit to the replacing insurer a list of the policies
actions is REQUIRED by a to be replaced
producer who is
replacing an existing life
insurance policy?
Keep replacement
records on file for at least
10 years
Notify the existing insurer
of the proposed
replacement
Submit to the replacing
insurer a list of the
policies to be replaced
Offer the insured a 60-
day free- look period
https://quizlet.com/1015504774/michigan-life-insurance-state-exam-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choi… 3/69
, 3/8/25, 8:43 AM Michigan Life Insurance State Exam (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |1…
Who were Keogh plans The self emplyed
designed to provide
pension benefits for?
Corporate officers
Public school employees
The self-employed
Government employees
A producer's fiduciary Premiums are forwarded on a timely basis
duty requires that
premiums are maintained
in a personal bank
account until remittance
to insurer
premiums be deposited
in an interest bearing
account
premiums are forwarded
to the insurer on a timely
basis
premiums be
commingled
https://quizlet.com/1015504774/michigan-life-insurance-state-exam-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choi… 4/69
Michigan Life Insurance State Exam (2025)
comprehensive questions and verified detailed
solutions ( MULTIPLE CHOICES) |100%
CORRECT!!
Save
Terms in this set (150)
Under a traditional IRA, Upon distribution
interest is taxed:
Only if withdrawn prior to
age 59 1/2
According to the capital
gains rate
Upon distribution
During the accumulation
phase
https://quizlet.com/1015504774/michigan-life-insurance-state-exam-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choi… 1/69
,3/8/25, 8:43 AM Michigan Life Insurance State Exam (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |1…
Which of these Earnings are taxable when withdrawn
statements concerning
Traditional IRAs is
CORRECT?
Earnings are not taxable
when withdrawn
Earnings are taxable
when withdrawn
Contribution are never
tax deductible
Contributions are always
made by the employer
Which of these describes Pre- death distributions are typically taxable
the result of a modified
endowment contract that
failed to meet the seven-
pay test?
Policy loans are
disallowed
The premium payments
will be tax deductible
Pre- death distributions
are typically taxable
Withdrawals will be
prohibited
https://quizlet.com/1015504774/michigan-life-insurance-state-exam-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choi… 2/69
,3/8/25, 8:43 AM Michigan Life Insurance State Exam (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |1…
In order for a contract to Contain offer and acceptance
be valid, it must
be filled with the state
be signing and witnessed
by an attorney
be in writing
contain offer and
acceptance
Which of the following Submit to the replacing insurer a list of the policies
actions is REQUIRED by a to be replaced
producer who is
replacing an existing life
insurance policy?
Keep replacement
records on file for at least
10 years
Notify the existing insurer
of the proposed
replacement
Submit to the replacing
insurer a list of the
policies to be replaced
Offer the insured a 60-
day free- look period
https://quizlet.com/1015504774/michigan-life-insurance-state-exam-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choi… 3/69
, 3/8/25, 8:43 AM Michigan Life Insurance State Exam (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |1…
Who were Keogh plans The self emplyed
designed to provide
pension benefits for?
Corporate officers
Public school employees
The self-employed
Government employees
A producer's fiduciary Premiums are forwarded on a timely basis
duty requires that
premiums are maintained
in a personal bank
account until remittance
to insurer
premiums be deposited
in an interest bearing
account
premiums are forwarded
to the insurer on a timely
basis
premiums be
commingled
https://quizlet.com/1015504774/michigan-life-insurance-state-exam-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choi… 4/69
