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MI LIFE PRODUCER FINAL EXAM QUESTIONS BANK NEWEST 2024 ACTUAL COMPLETE EXAM QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+.$25.99
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MI LIFE PRODUCER FINAL EXAM QUESTIONS BANK NEWEST 2024 ACTUAL COMPLETE EXAM QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+.
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MI LIFE PRODUCER
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MI LIFE PRODUCER
MI LIFE PRODUCER FINAL EXAM QUESTIONS BANK
NEWEST 2024 ACTUAL COMPLETE EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED ANSWERS )
ALREADY GRADED A+.
MI LIFE PRODUCER FINAL EXAM QUESTIONS BANK
NEWEST 2024 ACTUAL COMPLETE EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED ANSWERS )
ALREADY GRADE...
MI LIFE PRODUCER FINAL EXAM QUESTIONS BANK
NEWEST 2024 ACTUAL COMPLETE EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED ANSWERS )
ALREADY GRADED A+.
Jane works for a company that allows employee contributions
under a 401(k) plan. When will Jane become fully
vested in her plan contributions? - ANSWER -immediately//While
employer contributions to a qualified plan can
be subject to a vesting schedule, participants are always
fully vested in their own contributions.
Agents must act in the best interests of applicants and insureds.
What does this require them to do? - ANSWER -give all important
information about a proposed policy//Agents must act in the
applicant's or insured's best interests at all times. This means that
agents must give all important information about a proposed
policy. Also, they cannot misrepresent the terms or conditions of a
proposed policy.
What does a viatical settlement allow? - ANSWER -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 settlement allows a chronically or terminally ill
,insured to gain a sum of money that might be needed to pay
medical expenses or to enhance quality of life.
If an employer/employee group offers group life insurance on a
contributory basis, what percentage of the group
must enroll? - ANSWER -At least 75 percent of the group must
enroll in the plan//If an employer/employee
group life insurance plan is contributory, 75 percent of the
group must enroll in the plan. If the plan is non-
contributory, 100 percent of
the group must enroll.
Which of the following is NOT a life insurance premium? -
ANSWER -competitors' rates//Actuaries base life insurance
premiums on three basic factors: mortality (a charge), interest (a
credit), and expenses (a charge).
In calculating their mortality charges, life insurers today generally
use: - ANSWER -the 2001 CSO table//The
mortality factor is drawn from mortality statistics compiled
by the National Association of Insurance
Commissioners (NAIC) into a set of rates called the
Commissioners Standard Ordinary (CSO) table. Policies
issued since 2009 are required to base their
mortality charges on the 2001 CSO table.
,All of the following are standard life insurance policy nonforfeiture
options EXCEPT: - ANSWER -accumulate at
interest option//This is a policy dividend option in which
declared dividends are left with the insurer to
accumulate interest on the
policyowner's behalf.
Which of the following most correctly describes the nonforfeiture
option(s) available with universal life insurance? - ANSWER -
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 do not contain the standard nonforfeiture
options. Instead, the policyowner can either surrender the policy
for its cash value or continue coverage with no further premium
payments, in which case coverage will last for as long as the cash
value is able to support the policy's monthly mortality and expense
charge deductions.
James wants to convert his $150,000 traditional IRA to a Roth IRA.
What best describes the tax treatment for the Roth conversion? -
ANSWER -The converted funds are taxed, but Roth IRA earnings
and distribution will be tax free.//The $150,000 from the traditional
IRA has been deferred so it will be taxed upon conversion.
However, as long as James holds the new Roth IRA for at least five
years and is older than 59', distributions from the Roth IRA will be
tax free.
, Under variable life insurance plans, policy loans can be as high as
what percent of the cash value? – ANSWER- 75 to 90
percent//Policy loans under traditional whole life insurance plans
can be as high as 100 percent of the cash value, but with variable
life insurance the maximum loan amount is something less than
the full cash value (e.g., 75 to 90 percent of the cash value), less
any debt currently outstanding against the policy.
Under which nonforfeiture option does permanent life
insurance continue in force with no further need for
premiums? - ANSWER -reduced paid-up option//A paid-up policy
under the reduced paid-up option requires no
further premiums (nor can any be paid). The paid-up policy
retains a cash value that will continue to grow
throughout the life of the policy. However, it will grow much more
slowly than during the period that premiums
were
being
paid.
Which of the following can be funded with a single premium
payment, a series of fixed premium payments, or flexible premium
payments? - ANSWER -deferred annuities//Deferred annuities can
be funded with a single premium payment, a series of fixed
premium payments, or with flexible premium payments. Moreover,
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