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Life and Health Insurance Producer Exam

Policy provisions (MI): practice questions

Our Life & Health Insurance bank has 8 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Michigan

What minimum grace periods does Michigan require in individual disability (accident and sickness) policies?

  1. 31 days for every policy, regardless of how often premium is paid
  2. 10 days weekly premium, 20 days monthly premium, 30 days all others
  3. 5 days weekly premium, 15 days monthly premium, 60 days all others
  4. 7 days weekly premium, 10 days monthly premium, 31 days all others
Show the answer

D. 7 days weekly premium, 10 days monthly premium, 31 days all others — MCL 500.3410.

Question 2 · Michigan

Under the entire contract provision of a Michigan disability policy, who may change the policy or waive its provisions?

  1. An executive officer of the insurer, with the approval endorsed on or attached to the policy
  2. The policyowner alone, by written notice mailed to the insurer
  3. The selling insurance producer, if the insured agrees to the change in writing
  4. Any licensed producer appointed by the insurer, after giving the insured 30 days' advance written notice
Show the answer

A. An executive officer of the insurer, with the approval endorsed on or attached to the policy — MCL 500.3407.

Question 3 · Michigan

What grace period must a Michigan life insurance policy provide for premiums due after the first year?

  1. 1 month
  2. 7 days
  3. 2 months
  4. 10 days
Show the answer

A. 1 month — MCL 500.4012(a).

Question 4 · Michigan

After how long in force during the insured's lifetime does a Michigan life policy become incontestable (except for nonpayment of premium)?

  1. 5 years from its date of issue
  2. 1 year from its date
  3. 2 years from its date
  4. 3 years from its date
Show the answer

C. 2 years from its date — MCL 500.4014.

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