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Life and Health Insurance Producer Exam

Annuities (MI): practice questions

Our Life & Health Insurance bank has 5 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Michigan

In recommending an annuity exchange or replacement, a Michigan producer must consider whether the consumer has had another exchange or replacement, especially within the preceding

  1. 60 months
  2. 12 months
  3. 90 days
  4. three years
Show the answer

A. 60 months — MCL 500.4155(1)(c)(iii).

Question 2 · Michigan

Which item is listed as consumer profile information under Michigan's annuity best-interest law?

  1. Marital history
  2. Credit score history
  3. Employer's name
  4. Liquid net worth
Show the answer

D. Liquid net worth — MCL 500.4151(c)(xi).

Question 3 · Michigan

When must a Michigan producer give the consumer the disclosure form describing the producer's role, the products the producer may sell and how the producer is paid?

  1. At delivery, together with the free-look notice
  2. Within 10 days after the annuity contract is issued
  3. Only if the consumer asks for it in writing
  4. Before the recommendation or sale of the annuity
Show the answer

D. Before the recommendation or sale of the annuity — MCL 500.4155(1)(d).

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