MI Life & Health case studies
MI Life & Health · Put your knowledge to work in context.
A Michigan life and health insurance producer license authorizes an individual to sell, solicit, and negotiate life insurance, accident and health insurance, and annuity products in the state. Candidates generally complete any required prelicensing coursework, pass a licensing exam, submit fingerprints, and apply for the license through Michigan's licensing system; the exam itself is delivered by a testing vendor that is now branded Pearson Professional Assessments (formerly Pearson VUE), so program pages and links may look different from older study materials. The MI Life & Health case studies are 5 cases and about 3,744 words.
1Replacing a Loan-Laden Whole Life Policy at Age 71
Delores, 71, has owned a 250,000 whole life policy for 12 years. It holds 48,000 of cash value and a 12,000 policy loan at 6% interest that has never been repaid; she has paid 31,000 in premiums over the life of the contract.
778 words, about 4 min2A Death Claim With an Unpaid Premium, a Misstated Age, and an Accidental Death Rider
On March 1, 2022, Kelvin, who stated his age as 45, bought a 500,000 whole life policy with an annual premium of 6,200 due each March 1, a 31-day grace period, an accidental death benefit rider paying an additional 500,000, and a standard misstatement-of-age provision. His true age was 47; at age 47, 6,200 would have purchased $437,000.
775 words, about 4 min3A 1035 Exchange Into a Bonus Fixed Indexed Annuity With an 18-Month Cash Need
Walter, 68, holds 300,000 in a nonqualified variable deferred annuity with a 180,000 cost basis. The surrender charge is 2% if he moves the money now, and it disappears in eight months.
723 words, about 4 min4An Oral Surgeon, a Residual Rider, and a Group LTD Offset
Amara Okafor, 52, is an oral surgeon whose practice nets her 240,000 a year, or 20,000 a month. She owns an individual disability policy with an 8,000 monthly benefit, a 90-day elimination period, an own-occupation definition for 24 months that then converts to any-occupation, a residual disability rider with a 20% loss-of-income threshold, and a 3% compound cost-of-living rider; she pays the 4,800 annual premium herself.
705 words, about 4 min5A 66-Year-Old Active Employee, a 24-Year-Old Dependent, and an HSA Request
Rosa, 66, works full time for a Michigan manufacturer with 45 employees that offers a fully insured PPO. She enrolled in Medicare Parts A and B when she turned 65 and kept both along with the employer plan.
763 words, about 4 min