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MI LIFE PRODUCTION EXAM 2024 WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED EXPLAINEDANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE$22.49
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MI LIFE PRODUCTION EXAM 2024 WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED EXPLAINEDANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE
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Course
MI LIFE PRODUCTION
Institution
MI LIFE PRODUCTION
MI LIFE PRODUCTION EXAM 2024 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED DETAILED
EXPLAINEDANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY GRADED
A+|BRAND NEW VERSION!!|GUARANTEED PASS
|LATEST UPDATE
MI LIFE PRODUCTION EXAM 2024 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED DETAILED
EXPLAINED ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY GRADED
A+|BRAND NEW VERSION!!|GUARANTEED PASS
|LATEST UPDATE
Which of the following is NOT true regarding a Certificate of Authority?
a)It may be necessary for transacting business in a specific state.
b)It is equivalent to an insurance license.
c)It is issued by the state department of insurance.
d)It is issued to group insurance participants.
d) It is issued to group insurance participants.
Before insurers may transact business in a specific state, they must apply for a license or Certificate of
Authority from the state department of insurance and meet any financial (capital and surplus)
requirements set down by the state.
If an insured changes his payment plan from monthly to annually, what happens to the total premium?
a)Doubles
b)Increases
c)Decreases
d)Stays the same
c) Decreases
Because the insurer would have the entire premium to invest for a full year, they would reduce the
premium amount.
To sell variable life insurance policies, an agent must receive all of the following EXCEPT
a)A life insurance license.
b)SEC registration.
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,c)FINRA registration
.d)A securities license.
b) The owner will receive the surrender value of the annuity.
If a deferred annuity is surrendered prior to annuitization, the surrender value of the annuity is
guaranteed according to the nonforfeiture provision.
What happens if a deferred annuity is surrendered before the annuitization period?
a)Deferred annuities cannot be surrendered prior to the annuitization period.
b)The owner will receive the surrender value of the annuity.
c)The owner will only receive a refund of premium.
d)The insurer can only apply the surrender value toward another annuity.
b) The owner will receive the surrender value of the annuity.
If a deferred annuity is surrendered prior to annuitization, the surrender value of the annuity is
guaranteed according to the nonforfeiture provision.
What is the maximum fine for submitting a false or fraudulent claim to the insurer?
a)$500
b)$1,000
c)$1,500
d)$2,000
b) 1,000
If convicted for a false claim, an insured, agent, collector, physician or any other person could be fined
up to $1,000.
Which is generally true regarding insureds who have been classified as preferred risks?
a)They keep a higher percentage of any interest earned on their policies.
b)Their premiums are lower.
c)They can borrow higher amounts off of their policies.
d)They can decide when to pay their monthly premiums.
b) Their premiums are lower.
The preferred risk classification indicates that an insured is in excellent physical condition and
employs healthy lifestyles and habits. These individuals qualify for lower premiums than those in the
other categories.
Annually renewable term policies provide a level death benefit for a premium that
Annually renewable term policies provide a level death benefit for a premium that increases each
year with the age of the insured.
All of the following are true regarding rebates EXCEPT
a)Dividends are not considered to be rebates.
b)Rebates are allowed if it's in the best interest of the client.
c)Rebates are only allowed if specifically stated in the policy.
d)Rebating can be anything of economic value, given as an inducement to buy.
b) Rebates are allowed if it's in the best interest of the client.
A rebate is an illegal act which involves returning something of value to the client as an inducement to
buy, such as the commission. Rebates are only allowed if specifically stated in the policy. Insurance
dividends are not considered rebates as the IRS considers it as a return of overpaid premium.
Annuities can be used to fund which of the following?
a)Estate creation
b)Retirement plans
c)Variable life insurance
d)Group life insurance
b) Retirement plans
Since annuities are a popular means to provide retirement income, they are often used to fund
qualified retirement plans.
Which of the following best describes annually renewable term insurance?
a)Neither the premium nor the death benefit is affected by the insured's age.
b)It provides an annually increasing death benefit.
c)It is level term insurance.
d)It requires proof of insurability at each renewal.
c)It is level term insurance.
Annually renewable term is a form of level term insurance that offers the most insurance at the
lowest cost.
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?
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