Michigan credit insurance Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Michigan credit insurance? On this page you'll find 114 study documents about Michigan credit insurance.
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MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+.
- Exam (elaborations) • 17 pages • 2023
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MICHIGAN LIFE AND 
HEALTH FINAL EXAM / 80+ 
QUESTIONS AND CORRECT 
ANSWERS 2023/2024 / 
GRADED A+. 
Final Exam-Michigan Life and Health 
1. What amount will be paid under a policy where the insured misstated his/her 
age?: an amount the premium would have purchased at the correct age 
2. the acceptance of a credit life application requires the submission of a 
certificate of insurance to the insured within_____ days: 30 days 
3. which of these is considered to be a Living benefit option in a lif...
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Michigan Life and Health Final Exam Actual Questions and Answers 100% Correct
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Michigan Life and Health Final Exam Actual Questions and Answers 100% Correct 
What amount will be paid under a policy where the insured misstated his/her age? ANS-an amount the premium would have purchased at the correct age 
 
the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days ANS-30 days 
 
which of these is considered to be a Living benefit option in a life insurance policy ANS-Accelerated death benefit 
 
loans o...
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Michigan Credit Insurance Producer Study Guide with Verified Solutions | Latest 2024/2025
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Producer ️ licensed person who has the authority to sell, solicit, or 
negotiate insurance contracts 
Who has permission to cancel the license? ️ the commissioner 
Agent ️ person or corporation authorized to solicit insurance, collect 
premiums & transact insurance business on behalf of an insurance 
company 
Producer is appointed by who ️ appointed by the agent to represent the 
insurer & an insurer can cancel the appointment of agent 
DIFS ️ Dept of Insurance and Financial Services, ...
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Final Exam-Michigan Life and Health Questions and Answers Already Passed
- Exam (elaborations) • 40 pages • 2024
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Final Exam-Michigan Life and Health 
Questions and Answers Already Passed 
 
What amount will be paid under a policy where the insured misstated his/her age? an amount 
the premium would have purchased at the correct age 
 
the acceptance of a credit life application requires the submission of a certificate of insurance to 
the insured within_____ days 30 days 
 
which of these is considered to be a Living benefit option in a life insurance policy 
Accelerated death benefit 
 
loans obtained by ...
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Michigan Credit Insurance Study Guide Rated A+
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Michigan Credit Insurance Study Guide 
 
Rated A+ 
 
Definintion of Insurance "A social device for transferring risk through an accumulation of 
funds" 
 
Policy A contract with the insurance company (insurer) that states what the policyowner 
(insured) must pay for and what they agree to cover if damage or loss occurs. 
 
Premium A set amount that must be paid for a Policy. 
 
Concept of Risk Risk evolves from uncertainty - the unpredictable chance occurrences of 
everyday life, which result ...
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Michigan Credit Insurance Knowledge Check with Correct Solutions | Latest 2024/2025
- Exam (elaborations) • 8 pages • 2024
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Credit Life Insurance ️ Insurance that is issued on the life of the debtor 
pursuant to or in connection with a specific loan or other credit transaction 
Credit accident and health insurance ️ insurance on a debtor to provide 
indemnity for payments becoming due on a specific loan or other credit 
transaction while the debtor is disabled as defined in the policy. 
Creditor ️ the lender of money or vendor of lessor goods 
Debtor ️ A borrower of money or a purchaser or Lessee of goods for...
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Michigan Credit Insurance Producer Actual Test with Verified Answers | Latest 2024/2025
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______ can be defined as the spreading of financial risk over a large group 
of people in order to minimize the potential economic loss to any one 
individual ️ Insurance 
Which of the following would be true concerning risk? ️ An insurable 
pure risk only involves the possibility of loss 
Which of the following would NOT be a method of handling (copying with) 
risk? ️ Risk Reliance 
Which of the following would not be classified as an insurable pure risk? 
️ The loss must be catastrophi...
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Michigan Credit Insurance Practice Questions with Approved Answers | Latest 2024/2025
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Definition of Insurance ️ "A social device for transferring risk through an 
accumulation of funds" 
Policy ️ A contract with the insurance company (insurer) that states what 
the policyowner (insured) must pay for and what they agree to cover if 
damage or loss occurs. 
Premium ️ A set amount that must be paid for a Policy. 
Concept of Risk ️ Risk evolves from uncertainty - the unpredictable 
chance occurrences of everyday life, which result in financial or economic 
loss. 
Life insur...
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Xcel Solutions IN Life Insurance Final Exam
- Exam (elaborations) • 11 pages • 2023
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Xcel Solutions IN Life Insurance Final Exam 
P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , 
P is considered to be a ( n ) __________ producer . 
nonresident . 
Why would the Insurance Commissioner issue a temporary license ? 
To allow the personal representative of a deceased producer to provide service to 
existing policyowners 
Which provision is NOT a requirement in a group life policy ? 
Accidental 
A ( n ) _________ beneficiary may be changed by th...
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MICHIGAN CREDIT INSURANCE STUDY GUIDE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+
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MICHIGAN CREDIT INSURANCE STUDY 
GUIDE EXAM | QUESTIONS & ANSWERS 
(VERIFIED) | LATEST UPDATE | GRADED 
A+MICHIGAN CREDIT INSURANCE STUDY 
GUIDE EXAM | QUESTIONS & ANSWERS 
(VERIFIED) | LATEST UPDATE | GRADED 
A+