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Michigan Life Producer — Information & Free Practice

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Michigan Life Producer

Provider
PSI Services LLC
Format
Computer-administered at PSI testing locations
Exam questions
100 scored items; 1 to 10 unscored experimental items may be added
Time limit
2 hours
Passing score
72% (72 correct to pass)
Exam fee
$41
Examination outline
  • Insurance Regulation (17%)
    • Company Regulation
    • Company Regulation > Producer Appointment (500.1208a, .1208b, .1209, .1411)
    • Company Regulation > Termination of Appointment (500.1208b, .1209)
    • Producer Regulation
    • Producer Regulation > Duties (500.1201a, .1202)
    • Producer Regulation > Commissions (500.1240, .2011)
    • Producer Regulation > Types of Licensees (500.1206)
    • Producer Regulation > Types of Licensees (500.1206) > Producer (500.240, 500.1201, .1201a, .1204, .1205, .1206, .1206b, .1240)
    • Producer Regulation > Types of Licensees (500.1206) > Counselor (500.1232, .1234, .1236)
    • Producer Regulation > Types of Licensees (500.1206) > Business Entity (500.1201, .1205)
    • Producer Regulation > Maintenance and Duration
    • Producer Regulation > Maintenance and Duration > Change of Name and Address (500.1206(5))
    • Producer Regulation > Maintenance and Duration > Reporting of Actions (500.1208b, .1239, .1244, .1246, .1247)
    • Producer Regulation > Maintenance and Duration > Assumed Names (500.1211a)
    • Producer Regulation > Maintenance and Duration > Continuing Education Requirements (500.1204, .1204c, .1204d, .1204e, .1204f, .1206)
    • Producer Regulation > Disciplinary Actions
    • Producer Regulation > Disciplinary Actions > Cease and Desist Order (500.1244, .2038)
    • Producer Regulation > Disciplinary Actions > Suspension, Revocation, Refusal to Issue or Renew (500.1200, .1209, .1239, .1244, .1379, .2029, .2043)
    • Producer Regulation > Disciplinary Actions > Penalties and Fines (500.1242, .1244, .1379, .2038, .2040, .2064, .2069)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > Misrepresentation (500.2005, .2005a, .2055, .2057, .2064, .2218)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > False Information and Advertising (500.2001, .2002, .2005, .2005a, .2007, .2055, .2057, .2064; R500.1371-.1387)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > Inducement (500.2005(f), .2024, .2064(2), .2066, .2069, .2070)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > False Statement (500.1015, .2014, .2018, .2055, .2062, .2474, .2666)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > Deception (500.2007, .2009; 600.2911)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > Boycott, Coercion, and Intimidation (500.1242, .2012)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > Unfair Discrimination (500.2019, .2020, .2027, .2082)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > Rebating (500.2024a, .2066, .2069, .2070)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > Fiduciary Responsibilities (500.1207)
    • Producer Regulation > Unfair Insurance Trade Practices (500.1239, .1244, .2003, .2006-.2014, .2016-.2021, .2026, .2029) > Forgery (500.1239)
    • Insurance Fraud Regulation (500.2088, .4501, .4503, .4507, .4509, .4511, .8197; 752.1003, .1005)
    • Consumer Privacy Regulation (500.501, .503, .505, .507, .513, .515, .533, .535, .2005a, .4501, .4507, .4509; R500.551-.560)
  • General Insurance (18%)
    • Concepts
    • Concepts > Risk Management Key Terms
    • Concepts > Risk Management Key Terms > Risk
    • Concepts > Risk Management Key Terms > Loss
    • Concepts > Methods of Handling Risk
    • Concepts > Methods of Handling Risk > Avoidance
    • Concepts > Methods of Handling Risk > Retention
    • Concepts > Methods of Handling Risk > Reduction
    • Concepts > Methods of Handling Risk > Transfer
    • Concepts > Elements of Insurable Risks
    • Concepts > Adverse Selection
    • Concepts > Law of Large Numbers
    • Insurers
    • Insurers > Types of Insurers
    • Insurers > Types of Insurers > Stock Companies
    • Insurers > Types of Insurers > Mutual Companies
    • Producers and General Rules of Agency
    • Producers and General Rules of Agency > Producer/Insurer Relationship
    • Producers and General Rules of Agency > Authority and Powers of Producers
    • Producers and General Rules of Agency > Authority and Powers of Producers > Express
    • Producers and General Rules of Agency > Authority and Powers of Producers > Implied
    • Producers and General Rules of Agency > Authority and Powers of Producers > Apparent
    • Producers and General Rules of Agency > Responsibilities to the Applicant/Insured
    • Contracts
    • Contracts > Elements of a Legal Contract
    • Contracts > Elements of a Legal Contract > Offer and Acceptance
    • Contracts > Elements of a Legal Contract > Consideration
    • Contracts > Elements of a Legal Contract > Competent Parties
    • Contracts > Elements of a Legal Contract > Legal Purpose
    • Contracts > Distinct Characteristics of an Insurance Contract
    • Contracts > Legal Interpretations affecting Contracts
    • Contracts > Legal Interpretations affecting Contracts > Indemnity
    • Contracts > Legal Interpretations affecting Contracts > Representations/Misrepresentations
    • Contracts > Legal Interpretations affecting Contracts > Warranties
    • Contracts > Legal Interpretations affecting Contracts > Concealment
    • Contracts > Legal Interpretations affecting Contracts > Fraud
    • Contracts > Legal Interpretations affecting Contracts > Waiver and Estoppel
  • Life Insurance Basics (21%)
    • Michigan Life Insurance Laws
    • Michigan Life Insurance Laws > Insurable Interest (500.2207, .2211)
    • Michigan Life Insurance Laws > Regulation of Variable Products (SEC, FINRA, and Michigan) (R500.830-.839, .841-.842; Bul 09-15)
    • Michigan Life Insurance Laws > Solicitation and Sales Presentations (500.1371-.1383)
    • Michigan Life Insurance Laws > Solicitation and Sales Presentations (500.1371-.1383) > Advertising (R500.1371-.1387)
    • Michigan Life Insurance Laws > Solicitation and Sales Presentations (500.1371-.1383) > Life and Health Insurance Guaranty Association (500.7702)
    • Michigan Life Insurance Laws > Solicitation and Sales Presentations (500.1371-.1383) > Illustrations
    • Michigan Life Insurance Laws > Solicitation and Sales Presentations (500.1371-.1383) > Policy Summary
    • Michigan Life Insurance Laws > Solicitation and Sales Presentations (500.1371-.1383) > Buyer's Guides for Life Insurance and Annuities
    • Michigan Life Insurance Laws > Solicitation and Sales Presentations (500.1371-.1383) > Replacement (R500.601-.606)
    • Michigan Life Insurance Laws > Solicitation and Sales Presentations (500.1371-.1383) > Use and Disclosure of Insurance Information
    • Michigan Life Insurance Laws > Selection Criteria and Unfair Discrimination (500.2027)
    • Personal Uses of Life Insurance
    • Personal Uses of Life Insurance > Estate Creation
    • Personal Uses of Life Insurance > Cash Accumulation
    • Personal Uses of Life Insurance > Security
    • Personal Uses of Life Insurance > Liquidity
    • Personal Uses of Life Insurance > Estate Conservation
    • Determining Amount of Personal Life Insurance
    • Determining Amount of Personal Life Insurance > Human Life Value Approach
    • Determining Amount of Personal Life Insurance > Needs Approach
    • Determining Amount of Personal Life Insurance > Needs Approach > Types of Information Gathered
    • Determining Amount of Personal Life Insurance > Needs Approach > Determining Lump-Sum Needs
    • Determining Amount of Personal Life Insurance > Needs Approach > Planning for Income Needs
    • Business Uses of Life Insurance
    • Business Uses of Life Insurance > Buy-Sell Funding
    • Business Uses of Life Insurance > Key Person
    • Classes of Life Insurance Policies
    • Classes of Life Insurance Policies > Group versus Individual
    • Classes of Life Insurance Policies > Permanent versus Term
    • Classes of Life Insurance Policies > Participating versus Nonparticipating
    • Classes of Life Insurance Policies > Fixed versus Variable Life Insurance and Annuities
    • Premiums
    • Premiums > Premium Payment Mode
    • Producer Responsibilities
    • Producer Responsibilities > Field Underwriting
    • Producer Responsibilities > Field Underwriting > Notice of Information Practices
    • Producer Responsibilities > Field Underwriting > Application Procedures including Conditional Receipts
    • Producer Responsibilities > Delivery
    • Producer Responsibilities > Delivery > Policy Review
    • Producer Responsibilities > Delivery > Effective Date of Coverage
    • Producer Responsibilities > Delivery > Premium Collection
    • Producer Responsibilities > Delivery > Statement of Good Health
    • Individual Underwriting by the Insurer
    • Individual Underwriting by the Insurer > Information Sources and Regulation
    • Individual Underwriting by the Insurer > Information Sources and Regulation > Application
    • Individual Underwriting by the Insurer > Information Sources and Regulation > Producer Report
    • Individual Underwriting by the Insurer > Information Sources and Regulation > Attending Physician Statement
    • Individual Underwriting by the Insurer > Information Sources and Regulation > Investigative Consumer (Inspection) Report
    • Individual Underwriting by the Insurer > Information Sources and Regulation > Medical Information Bureau (MIB)
    • Individual Underwriting by the Insurer > Information Sources and Regulation > Medical Examinations and Lab Tests including HIV
    • Classification of Risks
    • Classification of Risks > Preferred
    • Classification of Risks > Standard
    • Classification of Risks > Substandard
  • Life Insurance Policies (12%)
    • Term Life Insurance
    • Term Life Insurance > Level Term
    • Term Life Insurance > Level Term > Renewable Term
    • Term Life Insurance > Level Term > Level Premium Term
    • Whole Life Insurance
    • Whole Life Insurance > Continuous Premium (Straight Life)
    • Whole Life Insurance > Limited Payment
    • Whole Life Insurance > Single Premium
    • Whole Life Insurance > Graded Premium
    • Whole Life Insurance > Modified Life
    • Whole Life Insurance > Interest Sensitive
    • Whole Life Insurance > Equity Index
    • Flexible Premium Policies
    • Flexible Premium Policies > Adjustable Life
    • Group Life Insurance
    • Group Life Insurance > Characteristics of Group Plans
    • Group Life Insurance > Group Underwriting Requirements
    • Life Insurance Policy Law
    • Life Insurance Policy Law > Group Life Conversion to Individual Policy (500.4438)
    • Life Insurance Policy Law > Universal Life (500.4001, .4037, .4038)
  • Life Insurance Policy Provisions, Options, and Riders (21%)
    • Standard Provisions
    • Standard Provisions > Ownership
    • Standard Provisions > Assignment
    • Standard Provisions > Assignment > Entire Contract (500.4014)
    • Standard Provisions > Modifications
    • Standard Provisions > Right to Examine (Free Look) (500.4015, .4073)
    • Standard Provisions > Payment of Premiums (500.4010)
    • Standard Provisions > Grace Period (500.4012)
    • Standard Provisions > Reinstatement (500.4028)
    • Standard Provisions > Incontestability (500.4014)
    • Standard Provisions > Misstatement of Age or Gender (500.4018)
    • Standard Provisions > Exclusions and Restrictions (500.4046)
    • Standard Provisions > Interest on Insurance Proceeds (500.4060)
    • Beneficiaries
    • Beneficiaries > Designation Options
    • Beneficiaries > Designation Options > Individuals
    • Beneficiaries > Designation Options > Classes
    • Beneficiaries > Designation Options > Minors
    • Beneficiaries > Designation Options > Trusts
    • Beneficiaries > Succession
    • Beneficiaries > Revocable versus Irrevocable
    • Settlement Options
    • Settlement Options > Cash Payment
    • Settlement Options > Interest Only
    • Settlement Options > Fixed-Period Installments
    • Settlement Options > Fixed-Amount Installments
    • Settlement Options > Life Income
    • Settlement Options > Life Income > Single Life
    • Settlement Options > Life Income > Joint and Survivor
    • Nonforfeiture Options
    • Nonforfeiture Options > Cash Surrender Value
    • Nonforfeiture Options > Extended Term
    • Nonforfeiture Options > Reduced Paid-Up Insurance
    • Policy Loan and Withdrawal Options
    • Policy Loan and Withdrawal Options > Cash Loans
    • Policy Loan and Withdrawal Options > Automatic Premium Loans
    • Policy Loan and Withdrawal Options > Withdrawals or Partial Surrenders
    • Dividend Options
    • Dividend Options > Cash Payment
    • Dividend Options > Reduction of Premium Payments
    • Dividend Options > Accumulation at Interest
    • Dividend Options > One-Year Term Option
    • Dividend Options > Paid-Up Additions
    • Disability Riders
    • Disability Riders > Waiver of Premium/Waiver of Stipulated Premium (Universal Life)
    • Disability Riders > Waiver of Cost of Insurance
    • Disability Riders > Disability Income Benefit
    • Disability Riders > Payor Benefit Life/Disability (Juvenile Insurance)
    • Living Benefit Provisions/Riders (500.3928, .3949)
    • Living Benefit Provisions/Riders (500.3928, .3949) > Accelerated
    • Living Benefit Provisions/Riders (500.3928, .3949) > Accelerated > Conditions for Payment
    • Living Benefit Provisions/Riders (500.3928, .3949) > Accelerated > Effect on Death Benefit
    • Living Benefit Provisions/Riders (500.3928, .3949) > Long-Term Care
    • Living Benefit Provisions/Riders (500.3928, .3949) > Long-Term Care > Conditions for Payment
    • Living Benefit Provisions/Riders (500.3928, .3949) > Long-Term Care > Effect on Death Benefit
    • Riders Covering Additional Insureds
    • Riders Covering Additional Insureds > Spouse/Other-Insured Term Rider
    • Riders Covering Additional Insureds > Children's Term Rider
    • Riders Covering Additional Insureds > Family Term Rider
    • Riders Affecting the Death Benefit Amount
    • Riders Affecting the Death Benefit Amount > Accidental Death
    • Riders Affecting the Death Benefit Amount > Guaranteed Insurability
    • Riders Affecting the Death Benefit Amount > Cost of Living
    • Riders Affecting the Death Benefit Amount > Return of Premium
  • Annuities (6%)
    • Annuity Principles and Concepts
    • Annuity Principles and Concepts > Accumulation Period versus Annuity Period
    • Annuity Principles and Concepts > Owner, Annuitant, and Beneficiary
    • Annuity Principles and Concepts > Insurance Aspects of Annuities
    • Immediate versus Deferred Annuities
    • Immediate versus Deferred Annuities > Single Premium Immediate Annuities (SPIAs)
    • Immediate versus Deferred Annuities > Deferred Annuities
    • Immediate versus Deferred Annuities > Deferred Annuities > Premium Payment Options
    • Immediate versus Deferred Annuities > Deferred Annuities > Nonforfeiture
    • Immediate versus Deferred Annuities > Deferred Annuities > Death Benefits
    • Annuity Products
    • Annuity Products > Fixed Annuities
    • Annuity Products > Fixed Annuities > General Account Assets
    • Annuity Products > Fixed Annuities > Interest Rate Guarantees (Minimum versus Current)
    • Annuity Products > Fixed Annuities > Level Benefit Payment Amount
    • Annuity Products > Equity Indexed Annuities
    • Annuity Products > Market Value Adjusted Annuities (Modified Guaranteed Annuities)
    • Uses of Annuities
    • Uses of Annuities > Lump Sum Settlements
    • Uses of Annuities > Qualified Retirement Plans
    • Uses of Annuities > Qualified Retirement Plans > Group versus Individual Annuities
    • Uses of Annuities > Personal Uses
    • Uses of Annuities > Personal Uses > Individual Retirement Accounts (IRAs)
    • Uses of Annuities > Personal Uses > Tax-Deferred Growth
    • Uses of Annuities > Personal Uses > Retirement Income
    • Uses of Annuities > Personal Uses > Education Funds
  • Federal Tax Considerations for Life Insurance, Annuities, and Qualified Plans (5%)
    • Taxation of Personal Life Insurance
    • Taxation of Personal Life Insurance > Amounts Available to Policyowner
    • Taxation of Personal Life Insurance > Amounts Available to Policyowner > Cash Value Increases
    • Taxation of Personal Life Insurance > Amounts Available to Policyowner > Dividends
    • Taxation of Personal Life Insurance > Amounts Available to Policyowner > Policy Loans
    • Taxation of Personal Life Insurance > Amounts Available to Policyowner > Surrenders
    • Taxation of Personal Life Insurance > Amounts Received By Beneficiary
    • Taxation of Personal Life Insurance > Amounts Received By Beneficiary > General Rule and Exceptions
    • Taxation of Personal Life Insurance > Amounts Received By Beneficiary > Settlement Options
    • Taxation of Non-Qualified Annuities
    • Taxation of Non-Qualified Annuities > Individually-Owned
    • Taxation of Non-Qualified Annuities > Individually-Owned > Accumulation Phase (Tax Issues Related to Withdrawals)
    • Taxation of Non-Qualified Annuities > Individually-Owned > Annuity Phase and the Exclusion Ratio
    • Taxation of Non-Qualified Annuities > Individually-Owned > Distributions at Death
    • Taxation of Non-Qualified Annuities > Corporate-Owned
    • Taxation of Individual Retirement Accounts (IRAs)
    • Taxation of Individual Retirement Accounts (IRAs) > Traditional IRAs
    • Taxation of Individual Retirement Accounts (IRAs) > Traditional IRAs > Contributions and Deductible Amounts
    • Taxation of Individual Retirement Accounts (IRAs) > Traditional IRAs > Premature Distributions (including Taxation Issues)
    • Taxation of Individual Retirement Accounts (IRAs) > Traditional IRAs > Annuity Phase Benefit Payments
    • Taxation of Individual Retirement Accounts (IRAs) > Traditional IRAs > Amounts Received by Beneficiary
    • Taxation of Individual Retirement Accounts (IRAs) > Roth IRAs
    • Taxation of Individual Retirement Accounts (IRAs) > Roth IRAs > Contributions and Limits
    • Taxation of Individual Retirement Accounts (IRAs) > Roth IRAs > Distributions
    • Rollovers and Transfers (IRAs and Qualified Plans)
    • Section 1035 Exchanges
    • General Requirements for Qualfied Retirement Plans
    • General Requirements for Qualfied Retirement Plans > Taxation of Distributions (Age-Related)
Examination sources