Michigan Life Insurance State Exam ACTUAL
EXAM QUESTIONS WITH COMPLETE SOLUTION
GUIDE) (MULTIPLE CHOICES) (A+ GRADED 100%
VERIFIED) LATEST VERSION
Save
Terms in this set (150)
Under a traditional IRA, interest is Upon distribution
taxed:
Only if withdrawn prior to age 59
1/2
According to the capital gains rate
Upon distribution
During the accumulation phase
,Which of these statements Earnings are taxable when withdrawn
concerning Traditional IRAs is
CORRECT?
Earnings are not taxable when
withdrawn
Earnings are taxable when
withdrawn
Contribution are never tax
deductible
Contributions are always made by
the employer
Which of these describes the result Pre- death distributions are typically taxable
of a modified endowment contract
that failed to meet the seven- pay
test?
Policy loans are disallowed
The premium payments will be tax
deductible
Pre- death distributions are
typically taxable
Withdrawals will be prohibited
,In order for a contract to be valid, it Contain offer and acceptance
must
be filled with the state
be signing and witnessed by an
attorney
be in writing
contain offer and acceptance
Which of the following actions is Submit to the replacing insurer a list of the
REQUIRED by a producer who is policies to be replaced
replacing an existing life insurance
policy?
Keep replacement records on file
for at least 10 years
Notify the existing insurer of the
proposed replacement
Submit to the replacing insurer a list
of the policies to be replaced
Offer the insured a 60- day free-
look period
, Who were Keogh plans designed to The self emplyed
provide pension benefits for?
Corporate officers
Public school employees
The self-employed
Government employees
A producer's fiduciary duty requires Premiums are forwarded on a timely basis
that
premiums are maintained in a
personal bank account until
remittance to insurer
premiums be deposited in an
interest bearing account
premiums are forwarded to the
insurer on a timely basis
premiums be commingled
An individual who removes the risk Risk avoidance
of losing money in the stock market
by never purchasing stocks is said
to be engaging in
Risk reduction
Risk Transference
Risk avoidance
Risk retention
EXAM QUESTIONS WITH COMPLETE SOLUTION
GUIDE) (MULTIPLE CHOICES) (A+ GRADED 100%
VERIFIED) LATEST VERSION
Save
Terms in this set (150)
Under a traditional IRA, interest is Upon distribution
taxed:
Only if withdrawn prior to age 59
1/2
According to the capital gains rate
Upon distribution
During the accumulation phase
,Which of these statements Earnings are taxable when withdrawn
concerning Traditional IRAs is
CORRECT?
Earnings are not taxable when
withdrawn
Earnings are taxable when
withdrawn
Contribution are never tax
deductible
Contributions are always made by
the employer
Which of these describes the result Pre- death distributions are typically taxable
of a modified endowment contract
that failed to meet the seven- pay
test?
Policy loans are disallowed
The premium payments will be tax
deductible
Pre- death distributions are
typically taxable
Withdrawals will be prohibited
,In order for a contract to be valid, it Contain offer and acceptance
must
be filled with the state
be signing and witnessed by an
attorney
be in writing
contain offer and acceptance
Which of the following actions is Submit to the replacing insurer a list of the
REQUIRED by a producer who is policies to be replaced
replacing an existing life insurance
policy?
Keep replacement records on file
for at least 10 years
Notify the existing insurer of the
proposed replacement
Submit to the replacing insurer a list
of the policies to be replaced
Offer the insured a 60- day free-
look period
, Who were Keogh plans designed to The self emplyed
provide pension benefits for?
Corporate officers
Public school employees
The self-employed
Government employees
A producer's fiduciary duty requires Premiums are forwarded on a timely basis
that
premiums are maintained in a
personal bank account until
remittance to insurer
premiums be deposited in an
interest bearing account
premiums are forwarded to the
insurer on a timely basis
premiums be commingled
An individual who removes the risk Risk avoidance
of losing money in the stock market
by never purchasing stocks is said
to be engaging in
Risk reduction
Risk Transference
Risk avoidance
Risk retention
