Michigan Insurance Exams PACKAGE DEAL | BUNDLE contains the latest life, health, accident, credit producer insurance solutions, knowledge check and updated study guide - Everything you need to pass is here!

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 ...

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 ...

The Commissioner of Insurance is appointed by the Governor for a term of ️ 4 years All of the following are examples of insurance transactions except: A. soliciting applications for insurance B. delivering policies C. licensing of producers D. collecting premiums ️ Correct answer: C - lice...

Making a statement that is false or maliciously critical of the financial condition of an insurer is known as ️ defamation Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? ️ Business overhead expense policy Dorian exercis...

Life Insurance ️ protects against financial loss associated with an insured's death, and pays a death benefit to beneficiaries upon the death of the insured. The policyowner of the insurance contract pays a premium to the insurer. The insurer issues a policy covering the insured. In the event ...

All of the following are functions of an insuring clause EXCEPT a. States the conditions under which the policy will pay b. Outlines the kind of benefits provided c. Primarily describes the free-look period d. Provides the policy's scope and limits of coverage ️ c. Primarily describes the fr...

Credit Life Insurance ️ Insurance that is issued on the life of the debtor pursuant to or in connection with a specific loan or other credit transaction Credit accident and health insurance ️ insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other cred...

Producer ️ licensed person who has the authority to sell, solicit, or negotiate insurance contracts Who has permission to cancel the license? ️ the commissioner Agent ️ person or corporation authorized to solicit insurance, collect premiums & transact insurance business on behalf of an ins...

______ can be defined as the spreading of financial risk over a large group of people in order to minimize the potential economic loss to any one individual ️ Insurance Which of the following would be true concerning risk? ️ An insurable pure risk only involves the possibility of loss Which...

Definition of Insurance ️ "A social device for transferring risk through an accumulation of funds" Policy ️ A contract with the insurance company (insurer) that states what the policyowner (insured) must pay for and what they agree to cover if damage or loss occurs. Premium ️ A set amou...