Michigan Life Insurance State Exam Latest

Michigan Life Insurance State Exam Latest Update - 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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