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Final Exam-Michigan Life and Health questions and answers rated A+ complete solution 2024/2025
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Final Exam-Michigan Life and Health questions and answers rated A+ complete solution 2024/2025
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Final Exam-Michigan Life and HealthWhat amount will be paid under a policy where the insured misstated his/her age?
an amount the premium would have purchased at the correct age
the acceptance of a credit life application requires the submission of a certificate of insurance to the
insured within_____ days
30 days
which of these is considered to be a Living benefit option in a life insurance policy
Accelerated death benefit
loans obtained by a policy owner against the cash value of a life insurance policy
would not be treated as taxable income
A long term care policy typically provides all of the following levels of care EXCEPT
acute care
the elimination period under a hospital indemnity plan is
the specific # of days an insured must wait before becoming eligible to receive benefits for each
hospitalization
what is an insurance policy's grace period?
Period of time after the premium is due but the policy remains in force
How do interest earnings accumulate in a deferred annuity
On a tax-deferred basis
a licensee who is required to take continuing education Must include how many ethics coursework hours
3
the automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value the
amount of
Past due premiums that have not been paid by the end of the grace period
health insurance involves two perils, accident and ______
sickness
Who is responsible for assembling the policy forms for insureds
Insurance carriers
, a securities license is required for a life insurance producer to sell
variable life insurance
Which of the following is NOT an illegal inducement
giving the insured an article of merchandise printed with the producers name costing 5$
Which of the following is NOT a federal requirement of a qualified plan?
employee must be able to make unlimited contributions
Which dividend option would an insurer invest the policy owner's money and add any interest earnings
as the dividends accrue?
Accumulation at interest option
a health insurance policy will typically cover
preventative health services
a life insurance policy owner was injured in a car accident which results in a total and permanent
disability. which rider would pay a monthly amount because of this disability?
Disability income rider
in addition to the actual policy, an entire contract includes which of the following?
the application
field underwriting preformed by the producer involves
completing the application and collecting initial premium
Kathy pays a monthly premium on her health insurance policy. How long is her grace period?
10 days
We have an expert-written solution to this problem!
Pierre is covered by his employer's group major medical plan. His employer pays for 75% of the premium
and he pays for 25%. How much would a $10,000 benefit be taxable as income under this plan?
0$
-benefits that fall under a major medical plan are considered to be a reimbursement for a loss, and is not
taxable as income
After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms?
file a written proof of loss
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