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MI LIFE PRODUCER FINAL EXAM QUESTIONS BANK NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!$29.49
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MI LIFE PRODUCER FINAL EXAM QUESTIONS BANK NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!
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MI LIFE PRODUCER
Institution
MI LIFE PRODUCER
MI LIFE PRODUCER FINAL EXAM
QUESTIONS BANK NEWEST 2024 ACTUAL
EXAM COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
MI LIFE PRODUCER FINAL EXAM
QUESTIONS BANK NEWEST 2024 ACTUAL
EXAM COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
MI LIFE PRODUCER EXAM
Nadir Insurance instructs its producers to omit certain
information from their records of insurance transactions for the
previous year. This information would give the Department of
Insurance reason to expand any routine examination of Nadir if
the Department knew about it. Which of the following is true
about Nadir's instructions? - ANSWER- They are
prohibited.//No one may make false entries in a book, report, or
statement to deceive anyone who is examining an insurer's
financial condition or affairs or omit information that is relevant
to the examination of the insurer's financial condition or affairs.
After the Director issued a cease and desist order, Agent Smith
continued to offer illegal inducements to insurance prospects in
violation of the order. Which penalty can the Director impose? -
ANSWER- a fine of up to $10,000 and license revocation//If a
,2|Page
producer knowingly violates a cease and desist order, the
Director can order that the producer be fined up to $10,000 for
each violation (up to $50,000 total), have his or her license
suspended or revoked, or be subject to a combination of these
disciplinary measures.
Jake and five of his friends are self-employed in different fields.
They want to form a group so that they can buy group life
insurance. What can they do? - ANSWER- Jake and his friends
would probably not be considered an eligible group for
insurance purposes.//To qualify for group life insurance
coverage, a group must exist for some reason other than to get
insurance.
Joan owns a variable universal life insurance policy that now has
a $100,000 cash value and is beyond its surrender charge period.
This year, she plans to withdraw $25,000 from her policy's cash
value to buy a new car. Which one of the following statements is
most correct? - ANSWER- Joan's death benefit will be reduced
by $25,000.//VUL policyowners can access their policy's cash
value through partial surrenders, not loans. Amounts taken from
the cash value reduce the death benefit.
When does the free-look period for a variable life insurance
policy end? - ANSWER- 10 days after the policy is delivered, or
45 days after the insurance application is completed, whichever
,3|Page
is later//The free-look period for a variable life policy generally
ends ten days after the policy is delivered, or it can extend for 45
days after the insurance application is completed, whichever is
later. Some states require longer free-look periods.
Alan and his wife are expecting their first child. Alan wants the
most death protection that he can get for the smallest amount of
premium, at least while he's starting his family. Ideally, he
would like to be able to upgrade his coverage to a whole life
policy at some point. Which of the following products would
you recommend? - ANSWER- ten-year convertible term life
policy//A 10-year convertible term life policy gives the client
relatively inexpensive insurance to get started and the
opportunity to convert to a whole life policy anytime within the
10-year period.
Which of the following statements regarding the extended term
nonforfeiture option is correct? - ANSWER- The extended term
option is not available if the original policy was issued on a
substandard (rated) basis.//The extended term option is not
available where the original policy was issued on a substandard
(rated) basis.
An insurer issues a new life insurance policy that has conditions
attached to it, and instructs the producer to personally deliver it
to the policyowner with an explanation of the conditions. This is
, 4|Page
an example of what kind of delivery? - ANSWER- legal
delivery//If any conditions are attached to the policy requiring
the policyowner's immediate attention, then legal delivery is
required. Legal delivery of a policy requires personal delivery to
the client and an explanation of the conditions to be met.
All the following statements about group life insurance are
correct EXCEPT: - ANSWER- Employee contributions are not
permitted.//The employer may pay the entire premium.
However, employees usually contribute to the premium.
What is the consideration that an applicant gives an insurance
company when buying life insurance? - ANSWER- the
application and the first premium//The consideration
policyowners give insurers includes the application with the
representations it contains and the first premium.
Which of the following characteristics of a potential customer
would make an immediate fixed annuity under a straight life
income option unsuitable for that person? - ANSWER- The
customer is age 75 and in questionable health.//While an
immediate fixed annuity under a straight life income option is
suitable for someone who wants income for life and has no need
for a minimum income guarantee, it may not be suitable for
someone with a limited life expectancy.
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