Comprehensive Numbers Game

There are ____ types of agent authority.

3

The elements of a legal contract may be remembered by the acronym C-O-A-L, making a total of ____ elements.

4

Consent in writing is needed for life insurance policies of ____ or more.

$10,000

Consent in writing is not needed if the insured is younger than ____.

18

An applicant may backdate a life insurance application for up to a specified number of ____ months to obtain a lower premium.

6

If the policy contains an unconditional refund provision of at least ____ days, a buyer's guide can be delivered with the policy.

10

The time during which any legal action may be initiated cannot be less than ____ years after the cause of such action occurs.

6

The agent's appointment fee is $____.

5

The filing fee for an original authorization for an insurer is $____.

25

The application fee for an initial applicant is $____.

10

The license examination fee is $____.

10

A Surplus Lines Agent License costs $____ each year.

100

Counselor agreement records must be kept for at least ____ years after the completion of services.

2

A temporary license may be issued for a maximum of ____ days.

180

A lapsed license may be reinstated no later than ____ months after the date of lapse without passing a written examination.

12

Producers must earn ____ hours of CE credits every ____ years.

24, 2

At least ____ hours of CE must be in Ethics.

3

Up to ____ hours of CE can be carried over.

12

A license may be suspended for a period of ____ days for failing to meet CE requirements.

90

To reinstate after CE termination, the producer must complete ____ hours of CE within ____ year of the CE review date.

24, 1

Licensees must inform the Commissioner of a change of name or address within ____ days.

30

Producers must report administrative or criminal actions to the Commissioner within ____ days after the final disposition of the matter.

30

Producers must notify the Commissioner of appointment termination within ____ days of the effective date.

30

A producer must be at least ____ years old to be licensed.

18

Prelicensing education requires ____ hours for a single line license, or ____ hours for combined licenses.

20, 40

Civil fine for violating a cease and desist order is up to $____ for each violation, not exceeding a total of $____ for multiple violations.

20,000, 100,000

Violations for misrepresenting terms or inducement to lapse are a misdemeanor with a fine up to $____ for each violation.

2,000

Violations for rebates and illegal inducement may result in a fine up to $____ per violation, and the license cannot be reissued for ____ year from the date of revocation.

100, 1

A fraudulent insurance act is a felony, with imprisonment up to ____ years, or a fine up to $____, or both.

4, 50,000

Conspiracy to commit a fraudulent insurance act may result in imprisonment for not more than ____ years or a fine of not more than $____, or both.

10, 50,000

False or dishonest certificates are a misdemeanor, with a fine up to $____, or imprisonment up to ____ months.

1,000, 3

The maximum allowed value of articles of merchandise a producer may give to a life insurance applicant or insured without violating rebating laws is $____.

5

The maximum allowed value of articles of merchandise a producer may give to a property & casualty applicant or insured without violating rebating laws is ____.

50

The Michigan Life, Accident & Health Producer Examination has ____ Scored Questions and takes ____ minutes.

150, 150

The passing score for the Michigan Life, Accident & Health Producer Examination is ____%.

75

Whole life policies must contain a table showing their guaranteed cash value for the first ____ years.

20

Whole life and limited pay life both reach maturity at age ____.

100

An example of limited pay whole life is a ____-pay life.

20

An example of limited pay whole life is life paid-up at age ____.

65

Graded-premium whole life starts with a premium approximately ____% or lower than straight life.

50

Graded-premium whole life gradually increases each year for ____ or ____ years.

5, 10

Modified life policies have a lower premium for the first ____ to ____ years.

3, 5

Universal life is a combination of ____-year renewable term and a cash value account.

1

Universal life policy information must be delivered within ____ working days after application submission, but at least ____ days before policy delivery.

15, 5

Ordinary life insurance has a grace period of ____ days.

30

Life insurance policies are incontestable after they have been in force for ____ years.

2

Suicide is covered after ____ years of policy issue.

2

The insurer may defer requests for policy loans for a period of up to ____ months.

6

If benefits are not paid on a timely basis, the insurer must pay interest at the rate of ____% per year.

12

Most insurers impose a ____-month waiting period for the Waiver of Premium Rider.

6

The Waiver of Premium Rider usually expires when the insured reaches age ____.

65

A Children's Term Rider coverage terminates when the child reaches age ____.

18

The Return of Premium Rider usually expires at a specified age, such as age ____.

60

The maximum Accelerated Death Benefit is typically ____% of the face amount, but can be up to ____%.

50, 100

An Accelerated Death Benefit may also have a dollar limit, such as $____.

100,000

The free-look period for life insurance is commonly ____ days.

10

If a policy with a cash value lapses for nonpayment, the insured has ____ days from the premium due date to select a nonforfeiture option.

60

The cost of group life coverage paid by the employer in excess of $____ is taxed to the employee.

50,000

The premium for a $____ immediate annuity is $____.

100,000, 100,000

Equity-indexed annuities (EIAs) reference an index like the S&P ____.

500

Fixed annuities typically guarantee a minimum rate of ____%.

3

Equity Indexed Annuities typically guarantee a minimum rate of ____% or ____%.

3, 4

Equity Indexed Annuities may allow the company to keep the first ____% earned.

4

The maturity period for a Market Value Adjusted (MVA) Annuity can range anywhere between ____ to ____ years.

3, 10

A surviving recipient in a Joint and Survivor Annuity may receive a reduced payment (e.g., joint and ____ survivor or joint and survivor).

1/2, 2/3

A lump-sum settlement from an annuity is subject to an additional ____% penalty prior to the annuitant reaching age ____ ½.

10, 59

Traditional IRA withdrawals prior to age ____ ½ are subject to a ____% additional tax.

59, 10

Owners of traditional IRAs must start receiving distributions at age ____.

73

Modified Endowment Contracts (MECs) have a ____% IRS penalty for premature distributions.

10

MECs are classified if they fail the ____-pay test.

7

Rollovers must be completed within ____ days from the time money is taken out of the first plan.

60

If a distribution is paid directly to the participant, ____% of the distribution must be withheld.

20

The ____% penalty for premature distributions from an IRA may be waived for a first-time homebuyer.

10

Premature distributions made from a deductible IRA for qualified educational expenses are exempt from the ____% penalty.

10

Distributions from a Roth IRA are not taxable if the contract is held for at least ____ years.

5

Distributions from a Roth IRA are not taxable if the participant is at least age ____ ½.

59

Coverage for dependent children under the ACA must extend until the adult child reaches the age of ____.

26

If a dependent child is handicapped, coverage may continue if proof of handicap is provided and any required premium is paid within ____ days.

31

COBRA continuation for voluntary termination, other termination, or status change is up to ____ months.

18

COBRA continuation for death, divorce, or legal separation (for dependents) is up to ____ months.

36

A terminated employee must exercise COBRA extension within ____ days.

60

An employer can collect COBRA premium at no more than ____% of the individual’s group premium rate.

102

COBRA applies to employers with ____ or more employees.

20

A COBRA dependent child's coverage loss may qualify for a maximum continuation of ____ months.

36

Late enrollees for Michigan Special Enrollment must request within ____ days.

30

A dependent special enrollment period must last for at least ____ days.

30

Every small employer carrier must actively offer at least ____ health benefit plans.

2

A small employer is defined as any entity employing at least ____, and not more than ____ eligible employees.

2, 50

An eligible employee works on a full-time basis with a normal workweek of ____ or more hours.

30

An eligible employee's workweek can include ____ to ____ hours if uniformly applied.

17.5, 30

A small employer affiliation period (waiting period) is not to exceed ____ days for new enrollees.

60

A small employer affiliation period (waiting period) is not to exceed ____ days for late enrollees.

90

Major medical deductibles can range from $____ to $____.

100, 2,500

Coinsurance can be , , or , or .

90, 10, 80, 20, 70, 30, 50, 50

The time limit on certain defenses in Michigan for health insurance is ____ years.

3

A grace period for health insurance is not shorter than ____ days (weekly), ____ days (monthly), and ____ days (all other modes).

7, 10, 31

If a health insurance policy is reinstated, the premium is applied to a period not more than ____ days before reinstatement.

60

There is a ____% chance for a 25-year-old to be disabled for more than ____ days prior to age ____.

30, 90, 65

Disability income benefit limits are usually a maximum of ____% for higher incomes or ____% for lower incomes.

65, 85

Disability may be defined as the loss of use of any ____ limbs.

2