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Michigan Life and Health Regulations Exam with correct Answers
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Michigan Life and Health Regulations Exam with correct Answers
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Michigan Life and Health RegulationsExam with correct Answers
For policies of $10,000 or more, any individual who has an insurable interest in the life
of another person must not insure that persons life for the individuals benefit except
under what circumstance? - Answer -The insured consents in writing
A variable life insurance policy is any individual policy, which provides for life insurance
with the ____________________ varying according to the investment experience of
any separate account or accounts established and maintained by the insurer. - Answer -
amount or duration of the death benefit
Illustrations of benefits payable under any variable life insurance contract must be
prepared by the insurer and may not include which of the following? - Answer --
Projections of past investment experience into the future
-Attempted predictions of future investment experience
-Assumed rates that are not hypothetical
Replacement is defined as any life insurance transaction in which existing life insurance
undergoes any of the following situations EXCEPT: - Answer -Is renewed with a new
amount on the policy
Michigan rules covering replacement do not apply to transactions in which the
application for new life insurance meets which of the following descriptions? - Answer -
Policies covering employees and debtors
If any indebtedness is discharged due to renewal or refinancing before the scheduled
maturity date, the insurance must be ____________________. - Answer -terminated
before any new insurance may be issued in connection with the renewed or refinanced
indebtedness
A fixed indivisible premium life insurance policy that funds long-term care benefits
entirely by accelerating the death benefit is considered to provide reasonable benefits
the policy contains which of the following provisions? - Answer -- The risk charges for
mortality benefits do not exceed the maximum charges.
-Nonpayment of premiums is the only way benefits can be terminated
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