Michigan Life Insurance State Exam Answer Key Correct 100%

Rogers life insurance representative advised he buy a whole life policy for all of the following reasons EXCEPT...? 1. The policy will build cash value over time 2. The policy premiums will diminish overtime 3. The policy will pay death benefit upon his death 4. The policy premiums will remain level while the policy is in force {Ans: 2. The policy premiums will diminish overtime}Earnings in a Roth IRA are taxed... 1. At distribution 2. Prior to contribution 3. Upon a premature distribution 4. During the accumulation period {Ans: 3. Upon a premature distribution}All of the following are considering a risk EXCEPT the...? 1. Nature of the insured's occupation 2. Amount the insured charged for services 3. Location of the insured's business 4. Proximity of the insured location to emergency services {Ans: 2. Amount the insured charged for services}Which of the following is an example of risk sharing? 1. Purchasing an insurance policy to cover liability exposure 2. Installing a sprinkler system in a high-rise building 3. Pulling money to cover malpractice exposure 4. Choosing not to purchase a car {Ans: 1. Purchasing an insurance policy to cover liability exposure}Not required for credit insurance? 1. Charge