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Michigan Life Insurance State Exam Practice Questions and Answers (100% Pass)
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Michigan Life Insurance State Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMMichigan Life Insurance State Exam Practice
Questions and Answers (100% Pass)
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Only if withdrawn prior to age 59 1/2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 - ✔️✔️Upon distribution
Which of these statements concerning Traditional IRAs is CORRECT?
Earnings are not taxable when withdrawn
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Earnings are taxable when withdrawn
Contribution are never tax deductible
Contributions are always made by the employer - ✔️✔️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withdrawn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 - ✔️✔️Pre- death distributions are typically taxable
In order for a contract to be valid, it must
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
be filled with the state
be signing and witnessed by an attorney
be in writing
contain offer and acceptance - ✔️✔️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 - ✔️✔️Submit to the replacing insurer a list of
the policies to be replaced
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Who were Keogh plans designed to provide pension benefits for?
Corporate officers
Public school employees
The self-employed
Government employees - ✔️✔️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
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