MI LIFE INSURANCE EXAM REVIEW 2026
COMPLETE QUESTIONS AND ANSWERS
◉ Which type of policy combines the flexibility of a universal life
policy with investment choices
Adjustable universal life policy
Flexible universal life policy
Variable universal life policy
Modified universal life policy.
Answer: Variable universal life policy
◉ Which of the following is an annuity that is linked to a market
related index?
Market related annuity
Equity indexed annuity
,Deferred risk annuity
Fixed amount annuity.
Answer: Equity indexed annuity
◉ Paul the producer has provided a false statement in relation to an
insurance claim. Which illegal act has been committed?
Intimidation
Rebating
Subrogation
Fraud.
Answer: Fraud
◉ Which of the following BEST describes a conditional insurance
contract?
A contract that requires certain conditions or acts by the insured
individual
,A contract that has the potential for the unequal exchange of
consideration for both parties
A contract where one party "adheres" to the terms of the contract
A contract where only one party makes any kind of enforceable
contract.
Answer: A contract that requires certain conditions or acts by the
insured individual
◉ All of these are valid policy dividend options for a life insurance
policyowner EXCEPT
Cash outlay to the policy owner
accumulate without interest
reduction in policy premium
buy additional insurance coverage.
Answer: accumulate without interest
, ◉ The power given to an individual producer that is not specifically
addressed in his/her contract is considered what type of authority?
discreet
apparent
implied
express.
Answer: implied
◉ The period in which there are no Social Security benefits for the
surviving spouse is called the
blackout period
elimination period
ineligible period
dependency period.
COMPLETE QUESTIONS AND ANSWERS
◉ Which type of policy combines the flexibility of a universal life
policy with investment choices
Adjustable universal life policy
Flexible universal life policy
Variable universal life policy
Modified universal life policy.
Answer: Variable universal life policy
◉ Which of the following is an annuity that is linked to a market
related index?
Market related annuity
Equity indexed annuity
,Deferred risk annuity
Fixed amount annuity.
Answer: Equity indexed annuity
◉ Paul the producer has provided a false statement in relation to an
insurance claim. Which illegal act has been committed?
Intimidation
Rebating
Subrogation
Fraud.
Answer: Fraud
◉ Which of the following BEST describes a conditional insurance
contract?
A contract that requires certain conditions or acts by the insured
individual
,A contract that has the potential for the unequal exchange of
consideration for both parties
A contract where one party "adheres" to the terms of the contract
A contract where only one party makes any kind of enforceable
contract.
Answer: A contract that requires certain conditions or acts by the
insured individual
◉ All of these are valid policy dividend options for a life insurance
policyowner EXCEPT
Cash outlay to the policy owner
accumulate without interest
reduction in policy premium
buy additional insurance coverage.
Answer: accumulate without interest
, ◉ The power given to an individual producer that is not specifically
addressed in his/her contract is considered what type of authority?
discreet
apparent
implied
express.
Answer: implied
◉ The period in which there are no Social Security benefits for the
surviving spouse is called the
blackout period
elimination period
ineligible period
dependency period.
