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Michigan LAH Final Exam Questions And Answers
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Michigan LAH Final Exam QuestionsAnd Answers
Which dividend option would an insurer invest the policyowner's
money and add any interest earnings as the dividends accrue? - correct
answer ✅Accumulation at Interest Option
The policyholder for a group health benefit plan is considered to be
the? - correct answer ✅Employer
In the Michigan Insurance Code, Chapter 45, insurance fraud defines
financial loss as all of the following except - correct answer
✅Additional Premiums
Which of the following is included in the entire contract according to
the entire contract provision - correct answer ✅Application
When are group disability benefits considered to be tax-free to the
insured? - correct answer ✅When the recipient pays the premiums
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? -
correct answer ✅50.00
A producer's fiduciary duty requires that - correct answer ✅premiums
are forwarded to the insurer on a timely basis
,Michigan LAH Final Exam Questions
And Answers
Which of these would not be considered a presumptive disability -
correct answer ✅Loss of a leg OR arm
Of the following dividend options, which of these is taxable - correct
answer ✅Accumulation at interest
Which of the following is a requirement for any change in an insurance
application - correct answer ✅Change must be initiated by the
applicant
Which of the following protects a policy owner from a
misrepresentation caused by an innocent mistake - correct answer
✅Incontestible clause
Paul the producer has provided a false statement in relation to an
insurance claim. Which illegal act has been committed - correct answer
✅Fraud
When the principal gives the agent authority in writing, its referred to
as - correct answer ✅Express authority
Which type of plan would be most appropriate for an individual on
Medicare and is concerned that Medicare will not pay for charges
,Michigan LAH Final Exam Questions
And Answers
exceeding the approved amount - correct answer ✅Medicare
supplement plan F
What is the primary reason for buying an annuity - correct answer
✅Provide future economic security
In which of the following situations would the insurer be liable for a loss
- correct answer ✅The insured suffered an injury as an innocent
bystander during a bank robbery
When an insured has a major medical plan with first dollar coverage,
how does this impact the benefits paid - correct answer ✅No
deductible payment is required
A modified endowment contract (MEC) is best described as - correct
answer ✅A life insurance contract which accumulates cash values
higher than the IRS will allow
A life insurance application may be backdated to - correct answer
✅Save on premiums
Which of these is not considered to be a risk factor in life insurance
underwriting - correct answer ✅Number of children
, Michigan LAH Final Exam Questions
And Answers
A life insurance policy that is subject to a contract interest rate is
referred to as - correct answer ✅Universal life
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? - correct answer ✅900
In the state of Michigan, a licensed producer - correct answer
✅Represents the insurer
Under Michigan law, which of the following would not be considered an
illegal inducement - correct answer ✅A promotional item with the
producer's name and address valued at $5
Someone needing custodial care at home would require which type of
coverage? - correct answer ✅Long term care
Which of the following is considered to be an event or condition that
increases the probability of an insured's los - correct answer ✅Hazard
A group disability income plan that pays tax-free benefits to covered
employees is considered - correct answer ✅Fully contributory
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