MI LIFE PRODUCER EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST 2024 –
2025 ALREADY GRADED A+
payor benefit - ANSWERS-primarily used with juvenile polices functions like
waiver of premium. if anything happens to payor (guardian) becomes disabled or
dies for at least 6 months minor reaches certain age at 21
other insured rider - ANSWERS-provides coverage for one or more family
members other than the insured
spouse term rider - ANSWERS-allows the spouse to be added to coverage for a
limited period of time and for a specified amount..
children's term rider - ANSWERS-allows the children of the insured (natural,
adopted, or stepchildren) to be added to coverage for a limited period of time for
a specified amount. Usually expires when the minor reaches a certain age (18, 21)
,non-participating (known as stock) - ANSWERS-policy does not pay dividends to
policy owners: taxable dividends are paid to stockholder
authorized (admitted) insurer - ANSWERS-an insurance company authorized and
licensed to transact business in a particular state.
unauthorized (nonadmitted) insurer - ANSWERS-an insurance company or insurer
not licensed to transact business
(also known as Excess and Surplus insurance) or (E&S) or (surplus lines)
indemnify - ANSWERS-to restore the insured to the same condition as prior to loss
with no intent of loss or gain
insurance - ANSWERS-a contract whereby one party (insurer) agrees to indemnify
or guarantee another party (insured) against a loss by a specified future
contingency or peril in return for payment of a premium.
risk - ANSWERS-uncertainty as to the outcome of an event when two or more
possibilities exist
peril - ANSWERS-the cause of a possible loss
, life insurance - ANSWERS-a contract between an insurer and policyholder
specifying a sum to be paid to a beneficiary upon the insured's death
transfers - ANSWERS-a basic principal of an insurance under which the risk of
financial loss is assigned to another party
pure risk - ANSWERS-refers to situations that can only result in a loss or no change
speculative risk - ANSWERS-opportunity for either loss or gain
hazzard - ANSWERS-circumstance that increases the likelihood of a loss
hazzard, moral - ANSWERS-the effect of a persons reputation, character, living
habits, ect. on his/her insurability
hazzard, morale - ANSWERS-the effect a persons indifference concerning loss has
on the risk to be insured
hazzard, physical - ANSWERS-arises from the physical characteristics from an
individual such as: physical disability due to current circumstance or condition
present at birth
law of agency - ANSWERS-the relationship between the principal and the
agent/producer
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