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MI Life Producer Exam Prep | 134 Questions and Answers 100% Verified
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MI Life Producer Exam Prep | 134 Questions and Answers 100% Verified
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MI Life Producer Exam Prep | 134 Questions and Answers 100% Verified Which of the following is an insurable risk? - Answer the possibility of becoming disabled and unable to earn an income All of the following are insurable risks EXCEPT: - Answer 2. the risk of one's home value decreas ing due to a drop in market prices From an insurance perspective, the term "loss exposure" means: - Answer the extent to which an insurer is subject to a possible loss From an insurance perspective, underwriting is best defined as: - Answer the process of determining if an applicant is an insurable risk the process of determining if an applicant is an insurable risk - Answer alien insurance company The Excalibur Insurance Company, domiciled in Iowa, transacts business legally in Nebraska. In Ne braska, Excalibur is a(n): - Answer foreign insurance company The insurance company function responsible for evaluating the insurable risks and assigning appropriate premium rates, is the: - Answer underwriting division All of the following are characteristics of a mutual insurance company EXCEPT: - Answer They are owned by stockholders The purpose for the Policy Summary, which must be given to every insurance applicant before an application is signed, is to: - Answer provide buyers with details of the specific insurance contract they are considering for purchase Which of the following best describes an agent's responsibilities? - Answer An agent has to act in the best interests of insureds, applicants, and insu rers. The purpose for the Buyer's Guide, which must be given to every insurance prospect in the first meeting with a producer, is to: - Answer explain the general features, benefits, and conditions of the type of insurance being considered A producer owes a fiduciary duty to: - Answer both the insurer and the customer Ambiguities in an insurance contract are most often interpreted in favor of the policyowner because insurance contracts are: - Answer contracts of adhesion Statements made on a li fe insurance application are considered: - Answer representations n an insurance transaction, what does the applicant give as consideration? - Answer the initial premium Jerry owns a life insurance policy with premiums payable directly to the insur er's home office. However, for the past five years Jerry has sent his payments to his agent, who then forwards them to the insurer. The insurer had accepted this arrangement but then tries to cancel Jerry's policy when it learns he had died while the premi um was being forwarded by the agent. The insurer will probably not be able to cancel the policy in this case because of which of the following legal principles? - Answer estoppel Alex sold an insurance policy before his license lapsed and earned a comm ission on the sale. Is he entitled to a commission if the policy is renewed? - Answer Yes, because he was licensed when the policy was sold. Adam is a producer for ABC Insurance Co. He becomes a professor at the community college and no longer sells in surance, so ABC terminates his appointment on May 1. ABC must notify the Director of Insurance of this termination by: - Answer May 31 Agent Tom just sold a Medicare supplement policy to his client, Matilda. Which of the following acts would violate hi s fiduciary duties? - Answer having Matilda make the check for the premium payable to Agent Tom Acme Insurance Company wants to employ Anthony as a producer. To do so, what must Acme do? - Answer file a notice of appointment with the Director An in surer must notify its current customers of its privacy policies or practices at least once every how often? - Answer 12 months When collecting personal financial or health information, an insurance company is required to do all of the following EXCEPT: - Answer provide individuals with copies of documents disclosed to other parties A person who commits insurance fraud can be punished by all of the following EXCEPT: - Answer a fine equal to the compensation received for the illegal act A producer can be licensed in all of the following lines of insurance EXCEPT: - Answer person al trust To qualify for an insurance producer's license, a person must have all of the following EXCEPT: - Answer a college degree Which of the following is NOT a requirement to obtain a resident producer's license? - Answer appointment by at least two insurers Adam is a licensed insurance counselor in Michigan. Which statement best describes his authority? - Answer He provides advice regarding insurance policies and charges a fee for such advice. Which of the following is NOT a reason for lice nse suspension or revocation? - Answer soliciting relatives and friends for insurance Sasha, Kendall, Adam, and Julio are licensed producers in Michigan. The Director would NOT be able to suspend or revoke which producer's license for engaging inThe benefits of buying summaries with Stuvia:
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