MI LIFE INSURANCE CERTIFICATION
EVALUATION 2026 FULL QUESTIONS AND
SOLUTIONS
◉ Which of these retirement plans do NOT qualify for a federal
income tax deduction?
SIMPLE Plan
Traditional IRA
Keogh Plan
Roth IRA.
Answer: Roth IRA
◉ What is the purpose of the Medical Information Bureau (MIB)?
To accept or decline insurance applicants
To set the premium rates for insurers
To help underwriters evaluate risk
To perform physical examinations on applicants.
,Answer: To help underwriters evaluate risk
◉ Which of the following annuity payout makes no additional
payments regardless of when the annuitant dies?
Life only
Life with period certain
Cash refund
Installment refund.
Answer: Life only
◉ Variable life insurance and Universal life insurance are very
similar. Which of these features are held exclusively by variable
universal life insurance?
Policyowner may increase or decrease premium payments
Policy owner may increase or decrease the face amount
,Policy owner can contribute large sums of money
Policy owner has the right to select the investment which will
provide the greatest return.
Answer: Policy owner has the right to select the investment which
will provide the greatest return
◉ Field underwriting performed by the producer involves
assigning a risk classification to the insured
providing commission information to the applicant
approving or declining an applicant
completing the application and collecting the initial premium.
Answer: completing the application and collecting the initial
premium
◉ All of the following are examples of pure risk EXCEPT
Losing money at a casino
, Injured while playing football
Falling at a casino and breaking a hip
Jewelry stolen during a home robbery.
Answer: Losing money at a casino
◉ A partial surrender is allowed in which of the following life
policies?
Adjustable whole life
Universal life
Decreasing term life
limited whole life.
Answer: Universal life
EVALUATION 2026 FULL QUESTIONS AND
SOLUTIONS
◉ Which of these retirement plans do NOT qualify for a federal
income tax deduction?
SIMPLE Plan
Traditional IRA
Keogh Plan
Roth IRA.
Answer: Roth IRA
◉ What is the purpose of the Medical Information Bureau (MIB)?
To accept or decline insurance applicants
To set the premium rates for insurers
To help underwriters evaluate risk
To perform physical examinations on applicants.
,Answer: To help underwriters evaluate risk
◉ Which of the following annuity payout makes no additional
payments regardless of when the annuitant dies?
Life only
Life with period certain
Cash refund
Installment refund.
Answer: Life only
◉ Variable life insurance and Universal life insurance are very
similar. Which of these features are held exclusively by variable
universal life insurance?
Policyowner may increase or decrease premium payments
Policy owner may increase or decrease the face amount
,Policy owner can contribute large sums of money
Policy owner has the right to select the investment which will
provide the greatest return.
Answer: Policy owner has the right to select the investment which
will provide the greatest return
◉ Field underwriting performed by the producer involves
assigning a risk classification to the insured
providing commission information to the applicant
approving or declining an applicant
completing the application and collecting the initial premium.
Answer: completing the application and collecting the initial
premium
◉ All of the following are examples of pure risk EXCEPT
Losing money at a casino
, Injured while playing football
Falling at a casino and breaking a hip
Jewelry stolen during a home robbery.
Answer: Losing money at a casino
◉ A partial surrender is allowed in which of the following life
policies?
Adjustable whole life
Universal life
Decreasing term life
limited whole life.
Answer: Universal life
