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8/24/24, 6:22 PMMichigan life insurance state exam answer key
Jeremiah
Practice questions for this set
Learn 1 /7 Study with Learn
4. The death benefit is in force for a specific period of time
Choose matching term
All of the following characteristics of fixed annuity contract EXCEPT?
1. Funds are invested in a separate account
1 2. The minimum interest rate is guaranteed in the contract
3. Benefit payments remain level
4. It may be sold as an immediate or different annuity
DOES NOT describe a defining characteristics of a whole life policy?
1. The policy accumulates cash value over time
2 2. The policy is designed to provide coverage
3. The face amount of the policy remains the same over time
4. The death benefit is in force for a specific period of time
Michigan life insurance state exam answer key
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Whole life policy that allows for delinquent premiums to be paid...?
1. Term rider
3 2. Fixed period installments
3. Automatic premium loan option
4. Spendthrift clause
Which type of insurance is sometimes referred to as a non participating company?
1. Reciprocal insurer
4 2. Fraternal insurer
3. Mutual insurer
4. Stock insurer
Don't know?
Terms in this set (157)
Which is TRUE regarding the annuitant, when Annuity payments will be based on the annuitants life expectancy
the annuitant is NOT the policy owner?
1. The annuitant has the right to name the
beneficiary
2. The annuitant is the person paying the
premiums
3. The cash value is available to the annuitant
for withdrawals
4. Annuity payments will be based on the
annuitants life expectancy
Signing an applicants name for insurance is 4. Forgery
known as...?
1. Concealment
2. Defamation
3. Coercion
4. Forgery
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Failure to pay a penalty assessed by the 1. Revoked or suspended license
commissioner may result in...?
1. Revoked or suspended license
2. Require the license to retake the
examination
3. Complete 5 extra hours of continuing
education
4. Pay a late charge of 1.5%
Two business business partners own life 1. Buy-sell agreement
insurance, which or the following allows the
surviving partner to use death benefit to
purchase the deceased owners share?
1. Buy-sell agreement
2. Key employee life insurance
3. Business continuation
4. Accidental death
Policy owner surrenders a policy for its cash 1. The cash value exceeds all premiums paid
value, when is tax liability incurred?
1. The cash value exceeds all premiums paid
2. The cash value is less than premiums paid
3. The policy is exchanged for a policy of
equal value
4. The party is transferred to a third party
When is insurable interest required? 2. At the time of application
1. At time of claim
2. At time of application
3. In event of a policy loan
4. Within the first year of death
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