Final Study Set - Michigan Life Producer Exam QUESTIONS AND ANSWERS 100% CORRECT!
8 views 0 purchase
Course
Study Set - Michigan Life Producer QUES
Institution
Study Set - Michigan Life Producer QUES
Estate Creation - ANSWER Proceeds are paid to provide financial assets to create an immediate estate the insured can pass on to survivors.
Estate Conservation - ANSWER provides money to pay any estate taxes or loans which must be satisfied upon the death of the estate owner preserving the insur...
, Final Study Set - Michigan Life Producer
Exam QUESTIONS AND ANSWERS 100%
CORRECT!
Estate Creation - ANSWER Proceeds are paid to provide financial assets to create an
immediate estate the insured can pass on to survivors.
Estate Conservation - ANSWER provides money to pay any estate taxes or loans
which must be satisfied upon the death of the estate owner preserving the insured's
estate
Buy-Sell Agreement - ANSWER Is a contract in the event an owner dies that ensures a
business is sold to surviving owners.
Human Life Approach - ANSWER Looks at the amount of earning years left for an
insured taking the average the insured would make over those years.
Need Approach - ANSWER Looks at the financial expenses of an insured excluding
any short term debt over a set number of years.
Permanent Insurance - ANSWER Is a policy designed to cover you for the rest of your
life and develops cash value. (It is like buying a house, you agree to make payments
typically over a set period of time and if you sell it early you retain whatever equity you
earned)
Mortality Table - ANSWER is a table showing the probability of death at specified ages.
Aleatory Contract - ANSWER is a contract where one party potentially gains an
economic advantage over the other.
Conditional Agreement Receipt - ANSWER states that coverage begins on a date of
application or date of medical exam (if one is required) whichever date is later.
30 Day Interim Agreement - ANSWER is an agreement that provides an applicant up to
30 days of coverage as applied for or until they make a counter offer, even if insured
declines to issue policy.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Luckyexams. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
