Practice Test MI Life Producer || Errorless Answers 100%.
Which of the following term insurance types provides temporary protection that can be changed
to some type of permanent protection without evidence of insurability? correct answers
Convertible
Which policy type is backed by equity investments and allows the policyholder to adjust the
death benefit? correct answers variable universal life
which of the following lists the three common types of permanent individual life insurance?
correct answers Variable Life, whole Life, Universal Life
Which of the following is common in an increasing term life policy correct answers It begins
with little or no insurance protection **
While whole life policy premium type is the mot common? correct answers Continuous premium
Which of the following is TRUE of the limited pay whole life policy? correct answers 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? correct answers
Joint and survivorship option
Which of the following is TRUE of the equity-indexed annuity? correct answers It has a
guaranteed minimum interest rate **
In a level term life policy, which ALWAYS remains constant? correct answers death benefit **
, Current assumption whole life policies are sensitive to which of the following? correct answers
Interest rates **
Which of the following is TRUE for a flexible premium annuity? correct answers The purchaser
has the option to vary the amount of each premium payment falling between a minimum and
maximum amount
Which type of annuity attempts to offset inflation by providing a benefit linked to an underlying
investment account? correct answers Variable
For an individual long-term care policy there is an annual dollar limit for tax deductions that is
based on which of the following? correct answers Age **
The group conversion option is alloed for all the following EXCEPT? correct answers During the
annual benefits enrollment period **
In order to AVOID being classified as an MEC, a policy must pass which of the following?
correct answers seven-pay test
Which of the following is characteristic of a nonqualified plan? correct answers plan does not
meet federal guidelines for tax benefits
All of the following are tax qualified retirement plans EXCEPT? correct answers Section 529
plan
Group AD&D policies may be deducted by whom and under which deduction category? correct
answers The employer under business expenses **
Why is relying solely on employer group life insurance generally considered inadequate for most
individual's needs? correct answers It is financially insufficient to cover end of life expenses
Which of the following term insurance types provides temporary protection that can be changed
to some type of permanent protection without evidence of insurability? correct answers
Convertible
Which policy type is backed by equity investments and allows the policyholder to adjust the
death benefit? correct answers variable universal life
which of the following lists the three common types of permanent individual life insurance?
correct answers Variable Life, whole Life, Universal Life
Which of the following is common in an increasing term life policy correct answers It begins
with little or no insurance protection **
While whole life policy premium type is the mot common? correct answers Continuous premium
Which of the following is TRUE of the limited pay whole life policy? correct answers 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? correct answers
Joint and survivorship option
Which of the following is TRUE of the equity-indexed annuity? correct answers It has a
guaranteed minimum interest rate **
In a level term life policy, which ALWAYS remains constant? correct answers death benefit **
, Current assumption whole life policies are sensitive to which of the following? correct answers
Interest rates **
Which of the following is TRUE for a flexible premium annuity? correct answers The purchaser
has the option to vary the amount of each premium payment falling between a minimum and
maximum amount
Which type of annuity attempts to offset inflation by providing a benefit linked to an underlying
investment account? correct answers Variable
For an individual long-term care policy there is an annual dollar limit for tax deductions that is
based on which of the following? correct answers Age **
The group conversion option is alloed for all the following EXCEPT? correct answers During the
annual benefits enrollment period **
In order to AVOID being classified as an MEC, a policy must pass which of the following?
correct answers seven-pay test
Which of the following is characteristic of a nonqualified plan? correct answers plan does not
meet federal guidelines for tax benefits
All of the following are tax qualified retirement plans EXCEPT? correct answers Section 529
plan
Group AD&D policies may be deducted by whom and under which deduction category? correct
answers The employer under business expenses **
Why is relying solely on employer group life insurance generally considered inadequate for most
individual's needs? correct answers It is financially insufficient to cover end of life expenses
