Free Types of Life Insurance Policies Practice Questions
Michigan Life, Accident & Health exam (series 16-80) — 64 practice questions.
Subtopics: Universal life, Group life, Group life conversion, Term life, Whole life, Indexed life, Variable life, Variable universal life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Credit life, Multiple protection, Fraternal and other
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Sample questions & answers
1. If a universal life policy is delivered fewer than 5 days after the applicant received the statement of policy information, the free-look period is extended to:
15 days
MCL 500.4038(5) extends the free-look period to 15 days when the policy is delivered sooner than 5 days after the statement of policy information.
2. If the universal life statement of policy information is not given at application, it must be delivered within 15 working days after the application and at least how long before policy delivery?
5 days
MCL 500.4038(4) requires delivery within 15 working days after the application is taken, but at least 5 days before the policy is delivered.
3. A Michigan universal life policy must provide that the insurer will send the policyholder a report on the policy's status:
At least annually, at no charge
MCL 500.4037(a) requires a report at least annually, without charge, showing policy values, charges, death benefit, surrender value, and loans.
4. A Michigan flexible premium universal life policy must provide a grace period, after lapse, of at least:
30 days
MCL 500.4037(g) requires a grace period of at least 30 days after lapse, with lapse occurring when the net cash surrender value first equals zero.
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Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
