Mi life insurance exam - Study guides, Class notes & Summaries

LIFE PRODUCER EXAM (MI) QUESTIONS AND ANSWERS ALREADY PASSED 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 licen...

Types of prevention - answer-primary- car restraints, bicycle helmets, immunizations secondary- prevent for those with RF-pap, mammo tertiary-mgmt of established disease- meds, lifestyle Primary - answer-Preventing the health problem, most cost effective form of healthcare **IMMUNIZATIONS, ensuring adequate illumination at home (preventing falls) Secondary - answer-Detecting disease in early asymptomatic stages, screenings -Early cause finding of asymptomatic disease via the use of a sc...

What is insurance? correct answer: Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. What is risk? correct answer: Risk is the uncertainty or chance of a loss occurring. What is peril? correct answer: Perils are the causes of loss insured against in an insurance policy. What are the elements of insurable risk? correct answer: Loss must be 1. due to chance 2....

MI Life Insurance Exam Questions and Answers With Complete Solutions 2023-2024

What is insurance? CORRECT ANSWER Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. What is risk? CORRECT ANSWER Risk is the uncertainty or chance of a loss occurring. What is peril? CORRECT ANSWER Perils are the causes of loss insured against in an insurance policy. What are the elements of insurable risk? CORRECT ANSWER Loss must be 1. due to chance 2. definit...

MI Life Insurance Exam Questions and Answers

MI Life Insurance Exam FX snapshot Q & A questions with accurate answers

In which of the following must a beneficiary change request be filed in writing to the insurer and is made effective by the insurance company recording the change in its records? 1. Designation Option 2. Recording method 3. Endorsement method 4. Succession of beneficiaries - correct answer recording method All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while 1. serving in the military 2. living overseas 3. committing a ...

In which of the following must a beneficiary change request be filed in writing to the insurer and is made effective by the insurance company recording the change in its records? 1. Designation Option 2. Recording method 3. Endorsement method 4. Succession of beneficiaries - Answer-recording method All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while 1. serving in the military 2. living overseas 3. committing a misdemea...

MI Life Insurance Exam Questions and Answers With Complete Solutions J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insurer will deny J's request to ...

In which of the following must a beneficiary change request be filed in writing to the insurer and is made effective by the insurance company recording the change in its records? 1. Designation Option 2. Recording method 3. Endorsement method 4. Succession of beneficiaries - ANSWER recording method All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while 1. serving in the military 2. living overseas 3. committing a misdemea...