MI LIFE PRODUCER FINAL EXAM AND
PRACTICE NEWEST ACTUAL EXAM WITH
COMPLETE QUESTIONS AND DETAILED
ANSWERS GRADED A | BRAND NEW!!!
The life insurance Buyer's Guide helps prospective buyers
determine all of the following EXCEPT: - ✔✔✔ Correct Answer
> most qualified insurer//The life insurance Buyer's Guide helps
prospective buyers determine what kind of insurance they
need, how much insurance they should buy, and how to find a
suitable policy that best suits their needs and objectives.
As the policyowner, Mark can pledge or transfer ownership of
his life insurance policy through which of the following means?
- ✔✔✔ Correct Answer > assignment//The method Mark uses
to pledge or transfer ownership is called assignment.
Agent Tom just sold a Medicare supplement policy to his client,
Matilda. Which of the following acts would violate his fiduciary
duties? - ✔✔✔ Correct Answer > having Matilda make the
check for the premium payable to Agent Tom//Producers
cannot accept premium payments for a Medicare supplement
,policy that are made payable to the agent instead of the
insurer. Producers must immediately give applicants a written
receipt when they receive a premium payment for a Medicare
supplement policy.
Jeff is a licensed insurance producer in both New York and
Michigan. He is charged with embezzlement in New York, and
his first pretrial hearing is set for March 1. He must notify the
Michigan Director of Insurance of this charge within how many
days of the hearing? - ✔✔✔ Correct Answer > 30 days//A
producer is required to report to the Director any
administrative or disciplinary action taken against the producer
in another state or by another government agency in Michigan.
All of the following are acceptable reasons for a producer to
deliver a new life insurance policy in person to a client, EXCEPT:
- ✔✔✔ Correct Answer > it is an opportunity to sell the client
some additional life insurance.//While delivery by mail is
permitted in most states, it is recommended that producers
deliver new policies in person because it is the producer's
responsibility to fully explain the policy. It is also an opportunity
to reaffirm the customer's reasons for purchasing the policy,
and it is an opportunity to strengthen the client relationship.
,Abby lives in Ohio, where she is licensed as an insurance
producer. She wants to apply for a nonresident license in
Michigan. Which of the following conditions must she satisfy? -
✔✔✔ Correct Answer > She must show her Ohio license to be
in good standing.//A person who is not a Michigan resident
may be licensed as an insurance producer in Michigan if the
person is a licensed producer in good standing in his or her
home state.
Which information is not to be included in the first part of an
insurance application? - ✔✔✔ Correct Answer > medical
information//The applicant's name, address, DOB, and
occupation would go in the first part of an insurance
application. Information concerning the applicant's medical
history would go in the second part.
Bill failed to satisfy the continuing education requirements to
keep his producer's license active in Michigan. One year later,
he decides to renew his license. Can he do so? - ✔✔✔ Correct
Answer > No; he must apply for a new license.//A producer
who fails to complete the continuing education requirements
on time has a 90-day grace period during which he or she can
complete the required courses. If a producer has not completed
the continuing education requirements by the end of the grace
, period, the license will be canceled. A producer whose license is
canceled must apply for a new license.
Flora's deferred annuity contract has an 11-year surrender
charge period, during which the surrender charge will most
likely: - ✔✔✔ Correct Answer > decrease//The surrender
charge is typically a declining percentage of the withdrawn
amount.
Which of the following statements about children's term riders
is correct? - ✔✔✔ Correct Answer > If a child converts coverage
to a permanent policy, the new policy's face amount can be
greater than the term rider coverage.//When coverage ends for
a child, the child can convert the coverage to any permanent
life insurance policy the insurer is then issuing. Evidence of
insurability is not required. The policy face amount can be
greater than the term rider coverage.
With respect to variable annuity annuitization, which of the
following statements is NOT correct? - ✔✔✔ Correct Answer >
Annuitization under a variable annuity contract provides for
income payments that are fixed and unchanging, like a fixed
annuity.//Annuitization under a variable annuity contract
provides for income payments that are not fixed and
unchanging, like a fixed annuity.
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