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MI LIFE PRODUCER EXAM NEWEST 2024
ACTUAL EXAM COMPLETE 100
QUESTIONS AND CORRE CT DETAILED
ANSWERS (VERIFIED ANSWERS )
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VERSION!!
MI LIFE PRODUCER EXAM
Life insurance death proceeds are
a)Taxable to the extent that they exceed 7.5% of the beneficiary's adjusted gross income.b)Taxed as a capital gain.c)Taxed as ordinary income.d)Generally not taxed as income. - ANSWER- d)Generally not taxed as income.
Explanation; Life insurance death benefits are generally not taxed as income. 1 / 3
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Annuities can be used to fund which of the following?
- estate creation
- Retirement plans
- Variable Life Variable
- Group Life Insurance - ANSWER- b) retirement plans
A policy owner who is also the insured wants to name her husband as the beneficiary of her life policy. She also wishes to retain all of the rights of ownership. The policy owner should have her husband named as the - ANSWER- revocable beneficiary
Most agents try to collect the initial premium for submission with application. When an agent collects the initial premium from the a applicant, the agent should issue the applicant - ANSWER- premium receipt
Which of the following provisions would not be allowed as a part of a life insurance policy issued in Michigan? - ANSWER- A provision that allows the effective date of the policy to be 2 / 3
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backdated up to 8 months in order to effect a lower premium rate for the insured.
Which of the following policies would be classified as a traditional level premium contract? - ANSWER- Straight Life
Which of the following applicants could insured charge a higher rate of premium and not violate regulations regarding unfair discrimination? - ANSWER- An applicant who is a smoker
A couple owns a life insurance policy with a Children's Term rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following will she need to provide for proof of insurability. - ANSWER- proof of insurability is not required.
An agent and an applicant for a life insurance policy fill out and sign the application. However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. When will coverage begin? - ANSWER- When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable Statement of Good Health
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