MI Life Insurance Exam 2024 with 100% correct answers

In which of the following must a beneficiary change request be filed in writing to the insurer and is made effective by the insurance company recording the change in its records? 1. Designation Option 2. Recording method 3. Endorsement method 4. Succession of beneficiaries - correct answer recording method All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while 1. serving in the military 2. living overseas 3. committing a misdemeanor 4. piloting a personal aircraft - correct answer commiting a misdemeanor What procedure is used by an insurer to protect itself in the event a dispute arises and the applicant and the agent do not recall the changes that were made in a completed application? 1. The applicant and possibly the agent initial any changes made. 2. The applicant and the agent sign a document that outlines changes made. 3. An arbitration agreement is signed at the time of the signing of the application. 4. All changes must be approved by the underwriter prior to the submission of the application. - correct answer The applicant and possibly the agent initial any changes made How might someone cover the extra expenses of child care and home-related costs? 1. adding coverage of a grandparent 2. adding cost of living coverage 3. purchasing family term insurance 4. purchasing a substitute insured rider - correct answer purchasing family term insurance Which policy type is backed by equity investments and allows the policyholder to adjust the death benefit? 1. term life 2. variable life 3. regular whole life 4. variable universal life - correct answer variable universal life Which policy provision permits the policyowner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policyowner rejects the terms or costs? 1. Exclusions 2. Free look 3. Grace period 4. Insuring Clause - correct answer free look