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XCEL SOLUTIONS FINAL EXAM - MICHIGAN LIFE AND HEALTH
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XCEL SOLUTIONS FINAL EXAM - MICHIGAN LIFE AND HEALTH
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XCEL SOLUTIONS FINAL EXAM - MICHIGAN LIFE ANDHEALTH
Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy
covering all three of their lives. If Mike dies first, the policy proceeds
A.) Will no longer provide insurance protection
B.) Will go to Mike's estate
C.) Wwill be divided by probate
D.) Will not be paid until the last brother dies - Answers -A.) Will no longer provide
insurance protection
Susan is insured through her Group Health Insurance plan and changed her coverage
to an individual plan with the same insurer after her employment was terminated. This
change is called a(n)
A.) Crossover
B.) Conversion
C.) Exchange
D.) Extension of benefits - Answers -A.) Conversion
Which of the following is NOT a common exclusion for a medical expense policy?
A.) Physical Therapy
B.) Act of War
C.) On-the-Job Injury
D.) Self Inflicted Injury - Answers -A.) Physical Therapy
The acceptance of a credit life application requires the submission fo a certificate of
insurance to the insured within _____ days.
A.) 10
B.) 20
C.) 30
D.) 40 - Answers -C.) 30
Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are
tax-deductible when paid for which of the following plans?
A.) Accidental Death and Dismemberment
B.) Personal Disability Income Plan
C.) Qualified long-Term Care Plan
D.) Group disability income plan - Answers -C.) Qualified long-Term Care Plan
Which of these statements concerning Traditional IRAs in CORRECT?
A.) Earnings are not taxable when withdrawn
B.) Earnings are taxable when withdrawn
C.) Contributions are never tax-deductible
,D.) Contributions are always made by the employer - Answers -B.) Earnings are taxable
when withdrawn
Which type of life insurance policy pays the face amount at the end of the specified
period if the insured is still alive?
A.) Adjustable life policy
B.) Modified life policy
C.) Endowment policy
D.) Universal life policy - Answers -C.) Endowment policy
Joe is a Medicare participant who receives his benefits through a Managed Health Care
Plan. Which Medicare plan does he have?
A.) Part A
B.) Part B
C.) Part C
D.) Part D - Answers -C.) Part C
How does one qualify as a fully-insured individual under Social Security disability
coverage?
A.) Individual has been credited with the appropriate number of quarters of coverage
B.) Individual is currently covered under Medicaid
C.) Individual is expected to be disabled for 5 months
D.) Individual is currently employed - Answers -A.) Individual has been credited with the
appropriate number of quarters of coverage
In a Long-term Care policy, activities of daily living (ADL's) can be each of the following
EXCEPT
A.) Talking
B.) Dressing
C.) Transferring
D.) Feeding oneself - Answers -A.) Talking
A producer's insurance license may ONLY be revoked by the
A.) appointing insurance company
B.) Governor
C.) Department of Insurance and Financial Services (DIFS)
D.) National Association of Insurance Commissioners (NAIC) - Answers -C.)
Department of Insurance and Financial Services (DIFS)
How is a health provider reimbursed if they do NOT have an agreement in place with
the insurance company?
A.) With a contingent fee
B.) With a scheduled fee
C.) With a usual, customary, and reasonable fee
D.) With a reasonably appropriate fee - Answers -C.) With a usual, customary, and
reasonable fee
, Which of the following BEST describes a conditional insurance contract?
A.) A contract that requires certain conditions or acts by the insured individual
B.) A contract that has the potential for the unequal exchange of consideration for both
parties
C.) A contract where one party "adheres" to the terms of the contract
D.) A contract where only one party makes any kind of enforceable contract - Answers -
A.) A contract that requires certain conditions or acts by the insured individual
Insurable interest does NOT occur in which of the following relationships?
A.) Sister and brother
B.) Parent and children
C.) Business partners
D.) Business owner and business client - Answers -D.) Business owner and business
client
Which of the following actions is REQUIRED by a producer who is replacing an existing
life insurance policy?
A.) Keep replacement records on file for at least 10 years
B.) Notify the existing insurer of the proposed replacement
C.) Submit to the replacing insurer a list of policies to be replaced
D.) Offer the insured a 60-day free-look period - Answers -C.) Submit to the replacing
insurer a list of policies to be replaced
A foreign insurance company doing business in Michigan
A.) is a company domiciled under the laws of another state
B.) is not subject to Michigan insurance laws
C.) is a company that was formed under the laws of another country
D.) is only authorized to write business outside the United States - Answers -A.) is a
company domiciled under the laws of another state
In the state of Michigan, a licensed producer
A.) represents the insurer
B.) may modify insurance contracts
C.) approves insurance contracts
D.) represents the insured - Answers -A.) represents the insurer
A Universal Life policy owner must receive a notice of cash surrender value at LEAST
every
A.) 6 months
B.) year
C.) 2 years
D.) 5 years - Answers -B.) year
To be eligible for small employer group coverage, an employee must work a MINIMUM
of _____ hours in a typical week.
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