Life producer mi - Study guides, Class notes & Summaries

Jane works for a company that allows employee contributions under a 401(k) plan. When will Jane become fully vested in her plan contributions? - 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? - give all important information about a proposed policy//Agents must act in the appli...

LIFE PRODUCER EXAM (MI) final verified 100% Which of the following is NOT true regarding a Certificate of Authority? a)It may be necessary for transacting business in a specific state. b)It is equivalent to an insurance license. c)It is issued by the state department of insurance. d)It is issued to group insurance participants. - d) It is issued to group insurance participants. Before insurers may transact business in a specific state, they must apply for a license or Certifica...

acting without a license ( producer regulation) - a person may not sell solicit or negotiate insurance in the state of Michigan for any line of insurance unless licensed for that qualifications; exceptions include administrative employees working for an agent a home office employee ect adverse selection(methods of handling risk) - the tendancy of less than average risks to purchase or cont to be covered by insurance resulting increased claims and reduced profitability agent - solicit insura...

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 policy owner against the cash value of a life insurance policy - would n...

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 policy owner against the cash value of a life insurance policy - would n...

MI Laws & Rules Already Graded A+ 1. Eligibility for Small Employer Group Insurance: An employee must work at least 17.5 hours per week. 2. Taft-Hartley Act Group Insurance Premiums: Premium payments made by an employer must be paid to the trust. 3. Health Coverage for Disabled Unmarried Child: Coverage must be provided until the policy terminates, with proof of incapacity. 4. Stock Insurance Company: Owned by its stockholders. 5. Reinstating a Lapsed License: A producer can reinst...

MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. Final Exam-Michigan Life and Health 1. 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 2. the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days: 30 days 3. which of these is considered to be a Living benefit option in a lif...

Which of the following is NOT true regarding a Certificate of Authority? a)It may be necessary for transacting business in a specific state. b)It is equivalent to an insurance license. c)It is issued by the state department of insurance. d)It is issued to group insurance participants. Correct Answer: d) It is issued to group insurance participants. Before insurers may transact business in a specific state, they must apply for a license or Certificate of Authority from the state departmen...

MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. Final Exam-Michigan Life and Health 1. 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 2. the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days: 30 days 3. which of these is considered to be a Living benefit option in a lif...