- Study guides, Class notes & Summaries

Which of the following actions is REQUIRED by a 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 - ANSWERS,Submit to the replacing insurer a list of the policies to be replaced Who were Keogh plans designed to provide pension benefits for? Corporat...

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49 pages

Written in 2023/2024

Grade A+

cood98

Which of the following actions is REQUIRED by a 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 - ANSWERS,Submit to the replacing insurer a list of the policies to be replaced Who were Keogh plans designed to provide pension benefits for? Corporat...

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49 pages

Written in 2023/2024

Grade A+

annahalexis17

Which of the following actions is REQUIRED by a 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 - ANSWERS,Submit to the replacing insurer a list of the policies to be replaced Who were Keogh plans designed to provide pension benefits for? Corporat...

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49 pages

Written in 2023/2024

Grade A+

philomath

Macy is covered by his own group health insurance plan as well as by his wife's group plan. Which provision in Macy's plan will prevent over insurance? - ANSWERS,Coordination of benefits Someone who applies for an individual disability income policy who's in good health, no risky habits, works a low risk job and has no family history of disability is likely to be classified as a: - ANSWERS,Preferred risk After a commissioner issued a cease and desist order, agent smith continued to off...

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11 pages

Written in 2023/2024

Grade A+

cood98

Macy is covered by his own group health insurance plan as well as by his wife's group plan. Which provision in Macy's plan will prevent over insurance? - ANSWERS,Coordination of benefits Someone who applies for an individual disability income policy who's in good health, no risky habits, works a low risk job and has no family history of disability is likely to be classified as a: - ANSWERS,Preferred risk After a commissioner issued a cease and desist order, agent smith continued to off...

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11 pages

Written in 2023/2024

Grade A+

annahalexis17

Macy is covered by his own group health insurance plan as well as by his wife's group plan. Which provision in Macy's plan will prevent over insurance? - ANSWERS,Coordination of benefits Someone who applies for an individual disability income policy who's in good health, no risky habits, works a low risk job and has no family history of disability is likely to be classified as a: - ANSWERS,Preferred risk After a commissioner issued a cease and desist order, agent smith continued to off...

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11 pages

Written in 2023/2024

Grade A+

philomath

4. Annuity payments will be based on the annuitants life expectancy - ANSWERS,Annuity payments will be based on the annuitants life expectancy Signing an applicants name for insurance is known as...? 1. Concealment 2. Defamation 3. Coercion 4. Forgery - ANSWERS,4. Forgery Failure to pay a penalty assessed by the commissioner may result in...? 1. Revoked or suspended license 2. Require the license to retake the examination 3. Complete 5 extra hours of continuing education 4. Pay a...

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50 pages

Written in 2023/2024

Grade A+

cood98

4. Annuity payments will be based on the annuitants life expectancy - ANSWERS,Annuity payments will be based on the annuitants life expectancy Signing an applicants name for insurance is known as...? 1. Concealment 2. Defamation 3. Coercion 4. Forgery - ANSWERS,4. Forgery Failure to pay a penalty assessed by the commissioner may result in...? 1. Revoked or suspended license 2. Require the license to retake the examination 3. Complete 5 extra hours of continuing education 4. Pay a...

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50 pages

Written in 2023/2024

Grade A+

annahalexis17

4. Annuity payments will be based on the annuitants life expectancy - ANSWERS,Annuity payments will be based on the annuitants life expectancy Signing an applicants name for insurance is known as...? 1. Concealment 2. Defamation 3. Coercion 4. Forgery - ANSWERS,4. Forgery Failure to pay a penalty assessed by the commissioner may result in...? 1. Revoked or suspended license 2. Require the license to retake the examination 3. Complete 5 extra hours of continuing education 4. Pay a...

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50 pages

Written in 2023/2024

Grade A+

philomath

MICHIGAN LIFE AND HEALTH EXAMS PACK | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

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5 items

ScholarsAscend

Which is TRUE regarding the annuitant, when the annuitant is NOT the policy owner? 1. The annuitant has the right to name the beneficiary 2. The annuitant is the person paying the premiums 3. The cash value is available to the annuitant for withdrawals 4. Annuity payments will be based on the annuitants life expectancy Correct Answer: Annuity payments will be based on the annuitants life expectancy Signing an applicants name for insurance is known as...? 1. Concealment 2. Defamation 3...

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73 pages

Written in 2023/2024

Grade A+

ScholarsAscend

Michigan Life Insurance State Exam Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase Correct Answer: Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible 2 Contributions are always made by the employer Correct Answer: Earn...

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70 pages

Written in 2023/2024

Grade A+

ScholarsAscend

The Commissioner of Insurance is appointed by the Governor for a term of Correct Answer: 4 years All of the following are examples of insurance transactions except: A. soliciting applications for insurance B. delivering policies C. licensing of producers D. collecting premiums Correct Answer: Correct answer: C - licensing of producers A temporary license issued to close the affairs of a deceased producer may be issued for up to _____ days at the discretion of the Commissioner Correct...

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38 pages

Written in 2023/2024

Grade A+

ScholarsAscend

Risk Correct Answer: The uncertainty or chance of a loss occurring. The two types are pure and speculative. Pure Risk Correct Answer: Refers to a situation that can only result in a loss or no change. There is no opportunity for financial gain. Speculative Risk Correct Answer: Involves the opportunity for either loss or gain. Hazards Correct Answer: Conditions or situations that increase the probability of an insured loss occurring. Hazards and classified as physical hazards, moral ha...

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16 pages

Written in 2023/2024

Grade A+

ScholarsAscend

A policyowner may change two policy features on what type of life insurance? Correct Answer: Adjustable life The legal action provision in a health contract is limited to no more than ___ years. Correct Answer: 5 Long-Term Care policies may provide coverage for claims arising from Correct Answer: Senile dementia In group health care, what is the purpose of the coordination of benefits provision? Correct Answer: Determines what is paid by the primary and secondary insures in the event of a...

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13 pages

Written in 2023/2024

Grade A+

ScholarsAscend

[BUNDLED] FInal Exam: California Life, Accident, and Health Insurance,,Michigan Life, Accident, and Health ,,Louisiana Life, Health, and Accident Insurance Licensing,,Accident and Health Insurance Exam Questions and Answers ,,NYS Life, accident, and health insurance Exam 2023,,,[ALL ABOUT : Life, Health, and Accident Insurance Licensing And more.]

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9 items

MBOFFIN

The Commissioner of Insurance is appointed by the Governor for a term of - 4 years All of the following are examples of insurance transactions except: A. soliciting applications for insurance B. delivering policies C. licensing of producers D. collecting premiums - Correct answer: C - licensing of producers

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9 pages

Written in 2023/2024

Grade A+

MBOFFIN