MI LIFE PRODUCER LATEST UPDATED FINAL 2024
EXAM WITH DETAILED QUESTIONS AND CORRECT
ACTUAL VERIFIED ANSWERS ALREADY A+ GRADED
indemnify - ANSWER-to restore the insured to the same
condition as prior to loss with no intent of loss or gain
insurance - ANSWER-a contract whereby one party
(insurer) agrees to indemnify or guarantee another party
(insured) against a loss by a specified future contingency
or peril in return for payment of a premium.
risk - ANSWER-uncertainty as to the outcome of an event
when two or more possibilities exist
peril - ANSWER-the cause of a possible loss
non-participating (known as stock) - ANSWER-policy does
not pay dividends to policy owners: taxable dividends are
paid to stockholder
,authorized (admitted) insurer - ANSWER-an insurance
company authorized and licensed to transact business in
a particular state.
unauthorized (nonadmitted) insurer - ANSWER-an
insurance company or insurer not licensed to transact
business
(also known as Excess and Surplus insurance) or (E&S) or
(surplus lines)
life insurance - ANSWER-a contract between an insurer
and policyholder specifying a sum to be paid to a
beneficiary upon the insured's death
transfers - ANSWER-a basic principal of an insurance
under which the risk of financial loss is assigned to
another party
pure risk - ANSWER-refers to situations that can only
result in a loss or no change
, speculative risk - ANSWER-opportunity for either loss or
gain
hazzard - ANSWER-circumstance that increases the
likelihood of a loss
hazzard, moral - ANSWER-the effect of a persons
reputation, character, living habits, ect. on his/her
insurability
hazzard, morale - ANSWER-the effect a persons
indifference concerning loss has on the risk to be insured
hazzard, physical - ANSWER-arises from the physical
characteristics from an individual such as: physical
disability due to current circumstance or condition
present at birth
law of agency - ANSWER-the relationship between the
principal and the agent/producer
EXAM WITH DETAILED QUESTIONS AND CORRECT
ACTUAL VERIFIED ANSWERS ALREADY A+ GRADED
indemnify - ANSWER-to restore the insured to the same
condition as prior to loss with no intent of loss or gain
insurance - ANSWER-a contract whereby one party
(insurer) agrees to indemnify or guarantee another party
(insured) against a loss by a specified future contingency
or peril in return for payment of a premium.
risk - ANSWER-uncertainty as to the outcome of an event
when two or more possibilities exist
peril - ANSWER-the cause of a possible loss
non-participating (known as stock) - ANSWER-policy does
not pay dividends to policy owners: taxable dividends are
paid to stockholder
,authorized (admitted) insurer - ANSWER-an insurance
company authorized and licensed to transact business in
a particular state.
unauthorized (nonadmitted) insurer - ANSWER-an
insurance company or insurer not licensed to transact
business
(also known as Excess and Surplus insurance) or (E&S) or
(surplus lines)
life insurance - ANSWER-a contract between an insurer
and policyholder specifying a sum to be paid to a
beneficiary upon the insured's death
transfers - ANSWER-a basic principal of an insurance
under which the risk of financial loss is assigned to
another party
pure risk - ANSWER-refers to situations that can only
result in a loss or no change
, speculative risk - ANSWER-opportunity for either loss or
gain
hazzard - ANSWER-circumstance that increases the
likelihood of a loss
hazzard, moral - ANSWER-the effect of a persons
reputation, character, living habits, ect. on his/her
insurability
hazzard, morale - ANSWER-the effect a persons
indifference concerning loss has on the risk to be insured
hazzard, physical - ANSWER-arises from the physical
characteristics from an individual such as: physical
disability due to current circumstance or condition
present at birth
law of agency - ANSWER-the relationship between the
principal and the agent/producer
