100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Michigan Life Insurance State UPDATED Actual Exam Questions and CORRECT Answers $9.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Michigan Life Insurance
  4.  
  5. Michigan life insurance

Exam (elaborations)

Michigan Life Insurance State UPDATED Actual Exam Questions and CORRECT Answers
 0 purchase
  • Course
  • Michigan life insurance
  • Institution
  • Michigan Life Insurance

Michigan Life Insurance State UPDATED Actual Exam Questions and CORRECT Answers Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - CORRECT ANSWER- Upon distribution Which...

[Show more]

Preview 4 out of 51  pages

Document information

  • September 22, 2024
  • 51
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Michigan life insurance
  • Michigan life insurance

Seller

avatar-seller
MGRADES

Reviews received

Content preview

Michigan Life Insurance State UPDATED
Actual Exam Questions and CORRECT
Answers
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Only if withdrawn prior to age 59 1/2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 - CORRECT ANSWER✔✔- Upon distribution


Which of these statements concerning Traditional IRAs is CORRECT?


Earnings are not taxable when withdrawn


Earnings are taxable when withdrawn


Contribution are never tax deductible


Contributions are always made by the employer - CORRECT ANSWER✔✔- Earnings are
taxable when withdrawn


Which of these describes the result of a modified endowment contract that failed to meet the
seven- pay test?


Policy loans are disallowed


The premium payments will be tax deductible

,Pre- death distributions are typically taxable


Withdrawals will be prohibited - CORRECT ANSWER✔✔- Pre- death distributions are
typically taxable


In order for a contract to be valid, it must


be filled with the state


be signing and witnessed by an attorney


be in writing


contain offer and acceptance - CORRECT ANSWER✔✔- Contain offer and acceptance


Which of the following actions is REQUIRED by a producer who is replacing an existing life
insurance policy?


Keep replacement records on file for at least 10 years


Notify the existing insurer of the proposed replacement


Submit to the replacing insurer a list of the policies to be replaced


Offer the insured a 60- day free- look period - CORRECT ANSWER✔✔- Submit to the
replacing insurer a list of the policies to be replaced


Who were Keogh plans designed to provide pension benefits for?


Corporate officers

,Public school employees


The self-employed


Government employees - CORRECT ANSWER✔✔- The self emplyed


A producer's fiduciary duty requires that


premiums are maintained in a personal bank account until remittance to insurer


premiums be deposited in an interest bearing account


premiums are forwarded to the insurer on a timely basis


premiums be commingled - CORRECT ANSWER✔✔- Premiums are forwarded on a timely
basis


An individual who removes the risk of losing money in the stock market by never purchasing
stocks is said to be engaging in


Risk reduction


Risk Transference


Risk avoidance


Risk retention - CORRECT ANSWER✔✔- Risk avoidance


A type of group that has a constitution and has been organized for purposes other than
obtaining insurance is called a(n)

, employer group


employee group


association or labor group


multiple coalition - CORRECT ANSWER✔✔- association or labor group


Which of the following is NOT a federal requirement of a qualified plan?


Must benefit a broad cross-section of employees


Employee must be able to make unlimited contributions


Vesting schedule must be defined


Employer establishes the plan - CORRECT ANSWER✔✔- Employee must be able to make
unlimited contributions


The acceptance of a credit life application requires the submission of a certificate of
insurance to the insured within __ days.


10


20


30


40 - CORRECT ANSWER✔✔- 30

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

65539 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$9.99
  • (0)
Add to cart
Added