Exam (elaborations)
MICHIGAN LIFE, ACCIDENT, AND HEALTH EXAM PREP
- Course
- Institution
MICHIGAN LIFE, ACCIDENT, AND HEALTH EXAM PREP
[Show more]
Content preview
MICHIGAN LIFE, ACCIDENT, AND HEALTH EXAMPREP
A policyowner may change two policy features on what type of life insurance? -
Answers -Adjustable life
The legal action provision in a health contract is limited to no more than ___ years. -
Answers -5
Long-Term Care policies may provide coverage for claims arising from - Answers -
Senile dementia
In group health care, what is the purpose of the coordination of benefits provision? -
Answers -Determines what is paid by the primary and secondary insures in the event of
a claim
All of the following riders can increase the death benefit amount EXCEPT
-Cost of Living
-Waiver of Premium
-Accidental Death Rider
-Guaranteed Insurability - Answers -Wavier of premium
Frank is shopping for a disability income policy. Which of the following would have the
HIGHEST premium?
-14 day waiting period / 5 year benefit period
-14 day waiting period / 10 year benefit period
-28 day waiting period / 5 year benefit period
-28 day waiting period / 10 year benefit period - Answers -14 day waiting period / 10
year benefit period
he premium and he pays for 25%. How much would a $10,000 benefit be taxable as
income under this plan? - Answers -$0 (benefits under major medical are not taxed
because they just cover a loss (they are not income))
A disability income policy can prevent an insured from earning a higher income than if
he/she were working by utilizing - Answers -benefit limits
Which of the following is NOT a federal requirement of a qualified plan?
-Must benefit a broad cross-section of employees
-Employee must be able to make unlimited contributions
-Vesting schedule must be defined
-Employer establishes the plan - Answers -Employee must be able to make unlimited
contributions
, A provision that allows a policyowner to withdraw a policy's cash value interest free is
a(n) - Answers -Partial surrender
In Michigan, legal action can be taken against an insurer for failure to pay LIFE
insurance claims for a period not to exceed - Answers -6 year
All of the following are examples of a Business Continuation Plan EXCEPT - Answers -
Deferred compensation
A producer MUST be appointed by the insurer within how many days from the date the
agency contract application is submitted? - Answers -15
Small employers who are sponsored by an insurer to provide group benefits to its
employees are called - Answers -MEWA
Tom has a home health care benefit and is confined to his home. Which of these
benefits is NOT typically covered? - Answers -Full time nursing care
An HMO that involves a partnership of physicians and other providers who practice out
of a central facility is called a(n) - Answers -group HMO
Which of these will typically authorize treatment from a specialist? - Answers -
Gatekeeper
What happens to the coverage under a children's term rider when that child reaches a
certain specified age? - Answers -Coverage is eliminated
Which dividend option would an insurer invest the policyowner's money and add any
interest earnings as the dividends accrue? - Answers -Accumulation at interest option
Barbara's policy includes a rider which allows her to purchase additional insurance at
specific dates or events without evidence of insurability. This rider is called a(n) -
Answers -Guaranteed insurability rider
Who assumes the investment risk with a fixed annuity contract? - Answers -The insurer
Craig submits a $500 claim for medical expenses. With a past due premium of $100,
the insurer pays $400. Which of the Uniform Optional Provisions covers this situation? -
Answers -unpaid premium
An example of a tax-qualified retirement plan would be a(n) - Answers -defined
contribution plan
Funding for Medicare Part B is partially provided by - Answers -user premiums
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81311 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now