Michigan Life Insurance State UPDATED Actual Exam Questions and CORRECT Answers
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Course
Michigan life insurance
Institution
Michigan Life Insurance
Michigan Life Insurance State UPDATED
Actual Exam Questions and CORRECT
Answers
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Only if withdrawn prior to age 59 1/2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 - CORRECT ANSWER- Upon distribution
Which...
Michigan Life Insurance State UPDATED
Actual Exam Questions and CORRECT
Answers
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Only if withdrawn prior to age 59 1/2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 - CORRECT ANSWER✔✔- Upon distribution
Which of these statements concerning Traditional IRAs is CORRECT?
Earnings are not taxable when withdrawn
Earnings are taxable when withdrawn
Contribution are never tax deductible
Contributions are always made by the employer - CORRECT ANSWER✔✔- 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taxable when withdrawn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 - CORRECT ANSWER✔✔- Pre- death distributions are
typically taxable
In order for a contract to be valid, it must
be filled with the state
be signing and witnessed by an attorney
be in writing
contain offer and acceptance - CORRECT ANSWER✔✔- 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 - CORRECT ANSWER✔✔- Submit to the
replacing insurer a list of the policies to be replaced
Who were Keogh plans designed to provide pension benefits for?
Corporate officers
,Public school employees
The self-employed
Government employees - CORRECT ANSWER✔✔- 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
premiums be commingled - CORRECT ANSWER✔✔- Premiums are forwarded on a timely
basis
An individual who removes the risk of losing money in the stock market by never purchasing
stocks is said to be engaging in
Risk reduction
Risk Transference
Risk avoidance
Risk retention - CORRECT ANSWER✔✔- Risk avoidance
A type of group that has a constitution and has been organized for purposes other than
obtaining insurance is called a(n)
, employer group
employee group
association or labor group
multiple coalition - CORRECT ANSWER✔✔- association or labor group
Which of the following is NOT a federal requirement of a qualified plan?
Must benefit a broad cross-section of employees
Employee must be able to make unlimited contributions
Vesting schedule must be defined
Employer establishes the plan - CORRECT ANSWER✔✔- Employee must be able to make
unlimited contributions
The acceptance of a credit life application requires the submission of a certificate of
insurance to the insured within __ days.
10
20
30
40 - CORRECT ANSWER✔✔- 30
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