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MI LIFE PRODUCER EXAM NEWEST ACTUAL EXAM
COMPLETE 100 QUESTIONS AND CORRECT DETAILED
ANSWER S (VERIFIED ANSWER S) |ALREADY
GRADED A+||BRAND NEW VERSION!!
Question: Which of the following is NOT true regarding a
Certificate of Authority?The correct Answer is d) It is issued to group insurance participants.
Question: If an insured changes his payment plan from monthly
to annually, what happens to the total premium?The correct Answer is c) Decreases.
Question: To sell variable life insurance policies, an agent must
receive all of the following EXCEPT The correct Answer is b) SEC registration.
Question: What happens if a deferred annuity is surrendered
before the annuitization period?The correct Answer is b) The owner will receive the surrender value of the annuity.
Question: What is the maximum fine for submitting a false or
fraudulent claim to the insurer?
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The correct Answer is b) $1,000.
Question: Which is generally true regarding insureds who have
been classified as preferred risks?The correct Answer is b) Their premiums are lower.
Question: Annually renewable term policies provide a level
death benefit for a premium that The correct Answer is d) Increases annually.
Question: All of the following are true regarding rebates
EXCEPT
The correct Answer is b) Rebates are allowed if it's in the best interest of the client.
Question: Annuities can be used to fund which of the following?
The correct Answer is b) Retirement plans.
Question: Which of the following best describes annually
renewable term insurance?The correct Answer is c) It is level term insurance.
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Question: Which rule would apply if an agent knows an
applicant is going to cash in an old policy and use the funds to purchase new insurance?The correct Answer is d) Replacement rule.
Question: What does "liquidity" refer to in a life insurance
policy?The correct Answer is b) Cash values can be borrowed at any time.
Question: Life insurance death proceeds are
The correct Answer is d) Generally not taxed as income.
Question: Annuities can be used to fund which of the following?
The correct Answer is b) Retirement plans.
Question: A policy owner who is also the insured wants to name
her husband as the beneficiary of her life policy. She also wishes to retain all of the rights of ownership. The policy owner should have her husband named as the The correct Answer is revocable beneficiary.
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Question: Most agents try to collect the initial premium for
submission with application. When an agent collects the initial premium from the applicant, the agent should issue the applicant The correct Answer is premium receipt.
Question: Which of the following provisions would not be
allowed as a part of a life insurance policy issued in Michigan?The correct Answer is A provision that allows the effective date of the policy to be backdated up to 8 months in order to effect a lower premium rate for the insured.
Question: Which of the following policies would be classified as
a traditional level premium contract?The correct Answer is Straight Life.
Question: Which of the following applicants could an insured
charge a higher rate of premium and not violate regulations regarding unfair discrimination?The correct Answer is An applicant who is a smoker.
Question: A couple owns a life insurance policy with a
Children's Term rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to