Life and Health Exam Questions

If someone buys insurance they are doing which of the following with risk?

The tendency for poorer risks to buy insurance is defined by which of the following?

In the contract of insurance the principal would be which of the following?

The authority a producer has based upon the public's perception of what he can do is which of the following?

Authority that is given to a producer either in writing or verbally is which of the following

Authority that is not formally
communicated to a producer is which
of the following

Which of the following
best defines the law of large
numbers?

a contract not only has to be for a
legal purpose but it must also have what?

a contract has an offer and an
acceptance which of the following
is also required?

a producer will have all of the
following duties except?

rating services are designed to do
which of the following

the 2 types of risk are

If an insured purposely gives a
wrong answer on an application they
have done which of the following

Which of the following would be an
accurate description of the
exchange of value that takes place
during an insurance transaction

Statements made by an insured on
application are best described as?

The type of insurer which has
shareholders is which of the
following?

The type of insurer which pays
dividends to its policyholders is?

which of the following would
not be considered a competent party?

A. Intoxicated 35-year-old 
B. The 35-year-old child of an insane
C. An 18-year-old
mother
D. An 80-year-old who acts like a
child

A contract in which the insurer
must perform certain duties is?

The concept in contract law which
states that one party could gain an
economic advantage over the other
party based on the outcome of some
unknown future event is which of
the following?

The concept in contract law which
states the receiver of the contract
must accept or reject the contract
in its entirety and that any
ambiguity in the contract will go
against the writer of the contract
is known as which of the following?

The uncertainty of
loss could best be described as
which of the
following?

A life insurance policy that is
designed so that the death benefit
will provide a lump sum of money to
the survivors is doing which of the
following?

The human life approach to life
insurance takes into account which
of the following factors?

The premium mode of a life
insurance policy affects which of
the following?

A life insurance policy contract is
considered to be in force when
which of the following factors has
taking place?

Which of the following would help
the insurer have a better
understanding of the
applicant's character and
behavior?

If you bought a life insurance
policy that covered you for a
specified period of time and was
for pure protection only you
would've purchased which of the
following?

Insured purchases a five-year
renewal term policy that has been
in force for four years and 11
months which of the following is
true concerning the renewal of this
policy

A life insurance policy that will
remain in force until the insured
dies or turns age 100 and has a
premium payment throughout the
entire contract would be known as
which of the following?

Which of the following is true
concerning the premium payment on a
universal life policy?

In a key employee policy which of
the following is true regarding the
beneficiaries?

Which of the following statements
accurately describes the cash value
in an equity indexed policy?

Which of the following accurately
describes the three factors that
can be changed in an adjustable
life policy?

Which of the following accurately
describes one of the benefits of
group insurance?

A life insurance policy where the
death benefit is designed to pay
for the ongoing bills of the
beneficiaries would be described as
which of the following?

Which of the following would a
producer give to an applicant if
they were trying to give them
something that was SPECIFIC to the
contract they were about to buy

Which of the following policies
would allow an insured to takeout a
partial surrender?

Which of the following is true
concerning a renewal term policy?

A whole life policy where the
premium payment does not run to the
end of the contract would be known
as which of the following?

Which of the following policies as
a flexible premium payment allows
for partial surrender and allows
for the insured to invest the money
in a separate account

Which of the following statements
is not true when it comes to group
life insurance?

If the insured purchased a whole
life policy in which premium was
given with the application and
no more premium payments are
necessary the insured purchased
which of the following?

Which of the following statements
is true concerning renewal term?

Which of the following factors
would NOT be used when taking the
needs approach to determining the
death benefit

If an insured was going to replace
one life insurance policy with
another and informed the producer,
the producer would then have to
notify which of the following?

If a producer was using the needs
approach to determine how much
death benefit an insured would need
which of the following factors
would not be considered?

Which of the following is true
concerning insurable interest in
life insurance policies?

If an insured did not meet all of
the underwriting requirements but
the insurance company still issued
the policy the insured would be
which of the following

Which of the following is a true
statement concerning credit life?

How many days after a group credit
life policy has been approved does
the insurer have to give the
insured a certificate?

Which of the following is a
requirement of all insurers in the
state of Michigan when issuing a
universal life policy?

If the isurance company is going to
waive the minimum premium on a
universal life policy, that is the
costs of mortality and expenses,
then this would be known as which
of the following?

Which of the following is true
concerning a collateral assignment
in a life insurance policy?

The period of time after the
premium is due but before the
policy lapses is known as which of
the following

Which of the following is not true
regarding the reinstatement period
of a life insurance policy

Which of the following is true
regarding an irrevocable
beneficiary

If they life insurance policy
contained the common disaster
clause in an accident occurred in
which both the insured and the
primary beneficiary were dead which
of the following statements would
then be true?

If the proceeds of a life insurance
policy were paid all at one time
this would be known as which of the
following settlement options?

Which of the following is true
concerning a policy loan from a
whole life policy?

All of the following are true
regarding the reduced paid-up
nonforfeiture option except

The settlement option where the
death benefit remains intact but
the beneficiary receives monthly
benefits would be known as which of
the following?

All of the following are
nonforfeiture options except

With an insured who exercises the cash
only nonforfeiture option which of
the following is true?

Which of the following accurately
describes the dividend paid by
mutual insurance company?

A payor benefit would be found in
which of the following life
insurance policies?

All of the following are triggers
for the accelerated death benefit
except?

Which of the following would a
husband use to add his wife onto
his life insurance policy?

Which of the following type of
insurance would be used to add an
additional insured on to a life
insurance policy?

The insured has the accidental
death and dismemberment rider added
to their life insurance policy. The
insured dies of a heart attack
which of the following statements
is true?

Which of the following is the
reason for the cost-of-living rider

Which of the following dividend
options allows for the insured to
pay a lower amount of premium in
the coming year

The automatic premium loan
rider accomplishes which of the
following?

If an insured was unable to pay
their premium because of the
sickness or accident which of the
following riders would pay for
their stay in a long-term nursing
care facility

Which of the following best
describes when benefits are paid
out of an annuity?

During the accumulation period the
owner of an annuity would be known
as which of the following?

In a qualified plan which of the
following describes the benefit to
the employer?

which is a characteristic of a fixed annuity?

If someone makes regular premium
payments into their annuity they
have just purchased which of the
following annuities?

Which of the following is a true
statement concerning the taxation
of an annuity?

Which of the following is not a use
of an annuity?

Which of the following is true
concerning an annuity?

If someone made regular premium
payments into their annuity and
then had the annuity paying for the
rest of their life with a minimum
rate of interest being guaranteed
and no one else being a part of it
this person would've purchased
which of the following annuities

When surrendering a whole life
policy for its cash value which of
the following statements is true
concerning the taxation of the cash?

When will the owner of a
traditional IRA pay taxes on their
IRA

Which of the following statements
is not true regarding a Roth
IRA?

Which of the following statements
is true concerning the death
benefit in a life insurance policy

Which of the following is not
allowed under IRS code section 1035
policy exchanges?

On many days does someone have for
an IRA rollover?

Which of the following is not true
concerning a qualified pension plan?

Which of the following actions
would require notification to the
office of financial and insurance
services

When a person involved in the
insurance industry makes
maliciously critical statements
about the financial condition of
the insurer they have committed
which of the following violations

The Commissioner upon receiving a
complaint would do which of the
following

Which of the following would need a
license

Which of the following would not be
a violation of the unfair claim
statute

Under consumer privacy laws the
producer must disclose all privacy
information at which of the
following times

Which of the following would not be
considered a violation of the
rebating statute

If a producer forges someone
else's name on application the
Commissioner has the power to do
all of the following except

When a producer is being terminated
they would receive that notice of
termination from who

How many days does the producer
have to inform the Commissioner of
a change of name

Which of the following actions can
the commissioner take

An unlicensed individual can do all
of the following EXCEPT

To receive a deferred commission
which of the following must be true

If a producer knowingly violates
the insurance code the commissioner
can impose a MAXIMUM fine of how
much per violation

If a producer does not turn over
money to the insurer in a timely
manner they have committed which of
the following violations

An insurance agency will place you
in a drawing for a free trip if you
purchase a policy from them. 
This is an example of which of the
following

If a producer misrepresents the
terms of a policy in order for you
to replace one policy with another,
the producer has committed which of
the following

Under the consumer privacy act a
producer could share an
insured's private information
with all of the following except

Within how many days of a producer
signing a contract to represent an
insurer must the insurer file the
notice of appointment

Chapter 45 of the insurance code
dealing with fraud states that all
of the following are considered
financial losses except

If a producer purposely lies on an
application for insurance he has
committed which violation under the
law

If a producer makes a false
statement on a claim form the
producer has committed which
violation under the law?

If a producer lies on their license
application they have committed
which violation under the law

Someone who holds a counselors
license and no other licenses may
do which of the following

Someone who uses threats in order
to have insureds buy insurance
policies from them has committed
which violation under the law

If the commissioner suspects that
someone has committed a fiduciary
violation under the law the
commissioner could do which of the
following

How many hours of continuing
education must a producer do every
2 years

When the producer is doing their
continuing education they must have
a concentration of hours in which
topic?

When an agent is doing their
concentration on a specific subject
how many hours do they have to do?

When a business entity wants to get
licensed they need to do all of the
following except

Under Michigan law chapter 45 fraud
which of the following would not be
part of the definition for
financial loss?