Michigan life Study guides, Class notes & Summaries
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![Michigan Life Insurance State Exam Solved 100% Correct](/docpics/6425da06692a3_2535603.jpg)
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Michigan Life Insurance State Exam Solved 100% Correct
- Exam (elaborations) • 35 pages • 2023
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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Only if withdrawn prior to age 59 1/2 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 - 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Earnings are not taxable when withdrawn 
 
Earnings are taxable when withdrawn 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Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn 
 
Wh...
![Michigan Life and Health Insurance Exam With Complete Solutions 2023](/docpics/3207176/64d14bff628a1_3207176_121_171.jpeg)
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Michigan Life and Health Insurance Exam With Complete Solutions 2023
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Michigan Life and Health Insurance Exam With Complete Solutions 2023
![PSI life, accident, and health 2023/2024//Final Exam-Michigan Life and Health Questions and Answers 2023/2024//PSI Practice exam NJ Questions And Answers 2023/health and accident exam psi Questions And Answers 2023/PSI Life, Accident & Health Insurance -O](/docpics/640eee4edda6e_2466065.jpg)
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PSI life, accident, and health 2023/2024//Final Exam-Michigan Life and Health Questions and Answers 2023/2024//PSI Practice exam NJ Questions And Answers 2023/health and accident exam psi Questions And Answers 2023/PSI Life, Accident & Health Insurance -O
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PSI life, accident, and health 2023/2024//Final Exam-Michigan Life and Health Questions and Answers 2023/2024//PSI Practice exam NJ Questions And Answers 2023/health and accident exam psi Questions And Answers 2023/PSI Life, Accident & Health Insurance -OH/Life, Accident, and Health Producer Exam/CA PSI Site - Life, Accident and Health Agent Exam
![MICHIGAN LIFE AND HEALTH FINAL EXAM](/docpics/5202143/663838b5709e1_5202143_121_171.jpeg)
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MICHIGAN LIFE AND HEALTH FINAL EXAM
- Exam (elaborations) • 23 pages • 2024
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defamation - Answer-Making a statement that is false or maliciously critical of the financial condition of an insurer is known as 
 
Business overhead expense policy - Answer-Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? 
 
the protection ends - Answer-Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, 
 
must have an...
![Michigan Life And Health Final Exam Questions & Answers, 100% Rated](/docpics/5382716/664c321394daf_5382716_121_171.jpeg)
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Michigan Life And Health Final Exam Questions & Answers, 100% Rated
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Michigan Life And Health Final Exam Questions & Answers, 100% Rated-What amount will be paid under a policy where the insured misstated his/her age? - an amount the premium would have purchased at the correct age 
 
the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - 30 days 
 
which of these is considered to be a Living benefit option in a life insurance policy - Accelerated death benefit 
 
loans obtained by a poli...
![MICHIGAN LIFE INSURANCE STATE EXAM](/docpics/5155953/66315a6d78ea1_5155953_121_171.jpeg)
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MICHIGAN LIFE INSURANCE STATE EXAM
- Exam (elaborations) • 35 pages • 2024
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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 - 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 - Answer- Earnings are taxable when withdrawn 
 
...
![MICHIGAN LIFE, ACCIDENT, AND HEALTH Q&A](/docpics/5202155/663839e5f1d25_5202155_121_171.jpeg)
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MICHIGAN LIFE, ACCIDENT, AND HEALTH Q&A
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Retirement income annuity - Answer-Deferred annuity with a decreasing term life insurance rider. A retirement income annuity provides both a death benefit (with a decreasing term rider) and the annuity's surrender value if the annuitant dies before retirement. 
 
What type of eligible groups for health insurance consists of 2 or more employers or labor unions? - Answer-MET and MEWA. Multiple employer trusts and multiplier employer welfare arrangements consist of 2 or more employers or labor uni...
![MICHIGAN LIFE ACCIDENT & HEALTH EXAM](/docpics/5156038/66315c16632ae_5156038_121_171.jpeg)
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MICHIGAN LIFE ACCIDENT & HEALTH EXAM
- Exam (elaborations) • 26 pages • 2024
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What is considered to be the primary reason for buying life insurance? - Answer- Provide death benefits 
 
Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Feguson Act, what is the minimum penalty for this? - Answer- $10,000 or up to 1 year in jail 
 
A nonparticipating company is sometimes called a(n) - Answer- Stock insurer, because policyholders do not participate in dividends resulting from stock ownershi...
![MICHIGAN LIFE INSURANCE STATE EXAM ANSWER 2024](/docpics/5145653/663020a3bedd6_5145653_121_171.jpeg)
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MICHIGAN LIFE INSURANCE STATE EXAM ANSWER 2024
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MICHIGAN LIFE INSURANCE STATE EXAM ANSWER 2024 
 
 
Which is TRUE regarding the annuitant, when 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 - correct answer Annuity payments will be based on the annuitants life expectancy 
 
Signing an applicants name f...
![XCEL SOLUTIONS FINAL EXAM - MICHIGAN LIFE AND HEALTH](/docpics/5202177/66383c0087f16_5202177_121_171.jpeg)
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XCEL SOLUTIONS FINAL EXAM - MICHIGAN LIFE AND HEALTH
- Exam (elaborations) • 16 pages • 2024
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Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds 
 A.) Will no longer provide insurance protection 
 B.) Will go to Mike's estate 
 C.) Wwill be divided by probate 
 D.) Will not be paid until the last brother dies - Answer-A.) Will no longer provide insurance protection 
 
Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with...
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