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MI Life Producer Final Exam | UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS|(frequently most tested question)GET IT 100% ACCURATE | ALREADY GRADED A+$22.99
MI Life Producer Final Exam | UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS|(frequently most tested question)GET IT 100% ACCURATE | ALREADY GRADED A+
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MI Life Producer Final Exam | UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS|(frequently most tested question)GET IT 100% ACCURATE | ALREADY GRADED A+
11/6/24, 7:56 PM MI Life Producer Final Exam |2024-2025 UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS…
MI Life Producer Final Exam |2024-2025
UPDATE|COMPREHENSIVE QUESTIONS WITH
CORRECT/ VERIFIED ANSWERS|(frequently
most tested question)GET IT 100% ACCURATE |
ALREADY GRADED A+
Terms in this set (320)
Jane works for a immediately//While employer contributions to a
company that allows qualified plan can be subject to a vesting schedule,
employee contributions participants are always fully vested in their own
under a 401(k) plan. When contributions.
will Jane become fully
vested in her plan
contributions?
give all important information about a proposed
Agents must act in the
policy//Agents must act in the applicant's or
best interests of
insured's best interests at all times. This means that
applicants and insureds.
agents must give all important information about a
What does this require
proposed policy. Also, they cannot misrepresent the
them to do?
terms or conditions of a proposed policy.
It allows a chronically or terminally ill insured to gain
a sum of money that is needed to pay medical
expenses or to enhance the quality of life.//A viatical
What does a viatical
settlement allows a chronically or terminally ill
settlement allow?
insured to gain a sum of money that might be
needed to pay medical expenses or to enhance
quality of life.
,11/6/24, 7:56 PM MI Life Producer Final Exam |2024-2025 UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS…
If an employer/employee At least 75 percent of the group must enroll in the
group offers group life plan//If an employer/employee group life insurance
insurance on a plan is contributory, 75 percent of the group must
contributory basis, what enroll in the plan. If the plan is non-contributory, 100
percentage of the group percent of the group must enroll.
must enroll?
Which of the following is competitors' rates//Actuaries base life insurance
NOT a life insurance premiums on three basic factors: mortality (a
premium? charge), interest (a credit), and expenses (a charge).
the 2001 CSO table//The mortality factor is drawn
from mortality statistics compiled by the National
In calculating their
Association of Insurance Commissioners (NAIC) into
mortality charges, life
a set of rates called the Commissioners Standard
insurers today generally
Ordinary (CSO) table. Policies issued since 2009 are
use:
required to base their mortality charges on the 2001
CSO table.
All of the following are accumulate at interest option//This is a policy
standard life insurance dividend option in which declared dividends are left
policy nonforfeiture with the insurer to accumulate interest on the
options EXCEPT: policyowner's behalf.
surrender the policy for its cash value or stop
paying premiums and continue coverage as long as
the cash value will support it//Universal life policies
Which of the following
do not contain the standard nonforfeiture options.
most correctly describes
Instead, the policyowner can either surrender the
the nonforfeiture
policy for its cash value or continue coverage with
option(s) available with
no further premium payments, in which case
universal life insurance?
coverage will last for as long as the cash value is
able to support the policy's monthly mortality and
expense charge deductions.
The converted funds are taxed, but Roth IRA
James wants to convert
earnings and distribution will be tax free.//The
his $150,000 traditional
$150,000 from the traditional IRA has been deferred
IRA to a Roth IRA. What
so it will be taxed upon conversion. However, as
best describes the tax
long as James holds the new Roth IRA for at least
treatment for the Roth
five years and is older than 59', distributions from
conversion?
the Roth IRA will be tax free.
, 11/6/24, 7:56 PM MI Life Producer Final Exam |2024-2025 UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS…
75 to 90 percent//Policy loans under traditional
Under variable life whole life insurance plans can be as high as 100
insurance plans, policy percent of the cash value, but with variable life
loans can be as high as insurance the maximum loan amount is something
what percent of the cash less than the full cash value (e.g., 75 to 90 percent of
value? the cash value), less any debt currently outstanding
against the policy.
reduced paid-up option//A paid-up policy under
Under which
the reduced paid-up option requires no further
nonforfeiture option
premiums (nor can any be paid). The paid-up policy
does permanent life
retains a cash value that will continue to grow
insurance continue in
throughout the life of the policy. However, it will
force with no further
grow much more slowly than during the period that
need for premiums?
premiums were being paid.
Which of the following deferred annuities//Deferred annuities can be
can be funded with a funded with a single premium payment, a series of
single premium payment, fixed premium payments, or with flexible premium
a series of fixed premium payments. Moreover, the owner can make these
payments, or flexible payments whenever and in whatever amount he or
premium payments? she wants.
How does the cost of Group life is less expensive.//Per unit of benefits or
group life insurance coverage, group life insurance is less expensive than
generally compare to the individual life insurance because it has lower
cost of individual life administrative and operational costs.
insurance?
Which of the following The insurer credits a rate of interest to the dividends
statements about the as they remain on deposit with the insurer.//The
'accumulate at interest' insurer credits a rate of interest to the dividends as
policy dividend option is they remain on deposit with the insurer.
correct?
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