Michigan Life Tests Bundle Set 2024,2025

Insurance Contract - Legal agreement between an insurance company and an individual, where the insurer collects a premium from the insured in exchange for the insurers promise to pay potential future benefits in the event of covered losses. Risk Pooling - Combines similar losses from many people ...

What is considered to be the primary reason for buying life insurance? - Answer-Provide death benefits Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Feguson Act, what is the minimum penalty for this? - Answe...

The acceptance of a credit life application requires the submission of a certificate of insurance to the insured within ___ days. 10 20 30 40 - Answer-30 Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Fe...

The Commissioner of Insurance is appointed by the Governor for a term of - 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 - Answer-Correct answer:...

Making a statement that is false or maliciously critical of the financial condition of an insurer is known as - Answer-defamation Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? - Answer-Business overhead expense policy Doria...

What amount will be paid under a policy where the insured misstated his/her age? - Answer-an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - Answer-30 day...

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 an...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - Answer-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withd...