Exam (elaborations)
MI Final Insurance Test Questions and Answers
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MI Final Insurance Test Questions and Answers
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MI Final Insurance Test Questions andAnswers
In a whole-life policy, the amount of pure insurance protection is the policy's face
value minus the cash value. When the cash value increases, what happens to the
PIP & FV
PIP + FV increase
"" remain the same
PIP decreases, FV increases
PIP decreases, FV stays the same
PIP decreases, FV stays the same
The insured has dental coverage through their employers group plan. The
employer pays the entire premium. Which statement is correct about the tax
treatment of the premium and any benefits that the insured receives?
Insured must report premium as ordinary income
Insured must report benefits as ordinary income
Employer can deduce the premium as a business expense
Employer can deduct any benefits paid as a business expense
Employer can deduce the premium as a business expense
When advertising, the identity of the insurer shall be
Capitalized
Generally secure
Guaranteed
Clearly identified
,Clearly identified
A long term care insurance policy or certificate replaces another long term care
policy, what does the replacing policy have to do?
Allow a 45-day free look period
Waive any preexisting condition requirements after 30 days and allow for a 45
day free look period
Waive any time periods applicable to preexisting conditions to the extent that
similar exclusions have been satisfied under the original policy
"" as long as client agrees in wriitng to stay on a doctor recommended treatment
schedule
Waive any time periods applicable to preexisting conditions to the extent that
similar exclusions have been satisfied under the original policy
Who of the following is required to be licenses as an insurance producer
Underwriter
Officer or director of a licenese insurer
Administrator of a group plan
Indidvidual selling a policy for commission
Indidvidual selling a policy for commission
Under long term care insurance, which of the following must an insurer offer to
each policyowner at the time of purchasE?
Daily minimum benefit levels
An inflation protection feature
Lifetime minimum benefit feature
Decrease in annual benefit levels
An inflation protection feature
, A type of medicare supplement plan is
Type n
Type o
Type r
Type t
Type n
An early withdrawal before age 59.5 from a qualified plan is taxed an additional
penalty of what percent?
5%
10%
25%
50%
10%
Which of the following statements is ture about an insurers righ to screen
applicants for HIV
An insurer can require a blood test for HIV
An insurer can ask about sexual orientation
An insurer can ask about risky sexual behaviors
An insurer can use an investigative consumer report to determine sexual
orientation
An insurer can require a blood test for HIV
Which of the following is characteristic of a term life policy
The price will be locked in for the life of the insured
The initial premium will be lower than a standard whole-life policy
The policy will protect the insured for their entire life, regardless of age
The policyholder can make a loan against the policy as cash value builds
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