Michigan Life Insurance State Exam Latest Update 2024-2025 Actual Exam 300 Questions and 100% Verified Correct Answers Guaranteed A+ Verified by Professor
____ is NOT an element of a valid contract
Legal
Consideration
Competent parties
Countersignature - CORRECT ANSWER: Countersignature
A foreign insurance company doing business in Michigan
is a company domiciled under the laws of another state
is not subject to Michigan Insurance laws
is a company that was formed under the laws of another country
is only authorized to write business outside the United States - CORRECT ANSWER: is a company domiciled under the laws of another state
A guaranteed issue insurance policy has no
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initial premium requirement
incontestable period
waiting period
medical underwriting - CORRECT ANSWER: Medical Underwriting
A life insurance applicant in Michigan may backdate the application for up to ____ months
4 5 6
7 - CORRECT ANSWER: 6
A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the
Mutual insurer
Reinsurer
reciprocal insurer
participating insurer - CORRECT ANSWER: Reinsurer
a life insurance policy sold in Michigan may be contested by the insurer ONLY during the first ___ years of the contract 2 / 4
one
two
three
four - CORRECT ANSWER: two
a life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called
whole life
group life
credit life
universal life - CORRECT ANSWER: universal life
A life insurance policy that is subject to a contract interest rate is referred to as
adjustable life
group life
term life
universal life - CORRECT ANSWER: Universal life 3 / 4
A life insurance policy written on one contract for two people in which it is payable upon the first death is called
Split
Shared
Joint
Survivorship - CORRECT ANSWER: Joint
A life insurance policyowner does NOT have the right to
Change a beneficiary
select a beneficiary
take out a policy loan
revoke an absolute assignment - CORRECT ANSWER: revoke an absolute assignment
A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability is called a(n) guaranteed term rider
guaranteed insurability rider
accelerated benefit rider
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