Michigan LAH Final Exam 803 Questions and Answers with Complete Solutions Latest
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Course
NURSING 706
Institution
NURSING 706
Michigan LAH Final Exam | 803 Questions and Answers with Complete Solutions Latest
Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue?
The policyholder for a group health benefit plan is considered to be the?
In the Michi...
Michigan LAH Final Exam | 803 Questions and
Answers with Complete Solutions Latest
1). Which dividend option would an insurer invest the policyowner's money and add any
interest earnings as the dividends accrue?
Ans: Accumulation at Interest Option
2). The policyholder for a group health benefit plan is considered to be the?
Ans: Employer
3). In the michigan insurance code, chapter 45, insurance fraud defines financial loss as all of
the following except
Ans: Additional Premiums
4). Which of the following is included in the entire contract according to the entire contract
provision
Ans: Application
5). When are group disability benefits considered to be tax-free to the insured?
Ans: When the recipient pays the premiums
6). Kate has a major medical plan with a 75/25 coinsurance and a deductible of $25. how
much will she have to pay if she, not having met any of her deductible, visits the doctor and
receives a bill for $125?
Ans: 50.00
7). A producer's fiduciary duty requires that
Ans: premiums are forwarded to the insurer on a timely basis
8). Which of these would not be considered a presumptive disability
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, Ans: Loss of a leg OR arm
9). Of the following dividend options, which of these is taxable
Ans: Accumulation at interest
10). Which of the following is a requirement for any change in an insurance application
Ans: Change must be initiated by the applicant
11). Which of the following protects a policy owner from a misrepresentation caused by an
innocent mistake
Ans: Incontestible clause
12). Paul the producer has provided a false statement in relation to an insurance claim. which
illegal act has been committed
Ans: Fraud
13). When the principal gives the agent authority in writing, its referred to as
Ans: Express authority
14). Which type of plan would be most appropriate for an individual on medicare and is
concerned that medicare will not pay for charges exceeding the approved amount
Ans: Medicare supplement plan F
15). What is the primary reason for buying an annuity
Ans: Provide future economic security
16). In which of the following situations would the insurer be liable for a loss
Ans: The insured suffered an injury as an innocent bystander during a bank robbery
17). When an insured has a major medical plan with first dollar coverage, how does this impact
the benefits paid
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, Ans: No deductible payment is required
18). A modified endowment contract (mec) is best described as
Ans: A life insurance contract which accumulates cash values higher than the IRS will
allow
19). A life insurance application may be backdated to
Ans: Save on premiums
20). Which of these is not considered to be a risk factor in life insurance underwriting
Ans: Number of children
21). A life insurance policy that is subject to a contract interest rate is referred to as
Ans: Universal life
22). Amy has a group medical policy through her employer with a $500 deductible and a 90%
coinsurance provision. she incurs $1,500 in covered health care services. how much will
her group insurance carrier pay?
Ans: 900
23). In the state of michigan, a licensed producer
Ans: Represents the insurer
24). Under michigan law, which of the following would not be considered an illegal inducement
Ans: A promotional item with the producer's name and address valued at $5
25). Someone needing custodial care at home would require which type of coverage?
Ans: Long term care
26). Which of the following is considered to be an event or condition that increases the
probability of an insured's los
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, Ans: Hazard
27). A group disability income plan that pays tax-free benefits to covered employees is
considered
Ans: Fully contributory
28). An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20
coinsurance. the insured incurs $25,000 of covered losses. how much will the insured
have to pay
Ans: $5,000
29). Producer commissions may not be paid to
Ans: Licensed producers not appointed by an insurer
30). An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash
value interest free. the provision that allows this is called
Ans: Partial surrender
31). Sole proprietors are permitted tax deductions for health costs paid from their earnings in
the amount of
Ans: 100% of costs
32). David submits a $500 claim for medical expenses. there is a past-due amount owed for
insurance premiums of $200. as a result, the insurer only pays $300 for the claim. this
deduction came as a result of which provision?
Ans: Unpaid provision
33). A common exclusion or limitation on a dental policy is
Ans: Endodontics
34). Which annuity payout option allows the policyowner to choose a pre-determined number
of benefit payments?
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