Final Exam - Michigan Life and Health Study Guide with Complete Solution
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Course
Michigan Life and Health
Institution
Michigan Life And Health
Final Exam - Michigan Life and Health
Study Guide with Complete Solutions
defamation - Answer️️ -Making a statement that is false or maliciously critical of the
financial condition of an insurer is known as
Business overhead expense policy - Answer️️ -Which type of business insurance is...
The shorter the payment period, the higher the premium - Answer✔️✔️-The statement
which best describes the relationship between the premiums of a whole life policy and
the premium payment period is
universal life - Answer✔️✔️-A life insurance policy that is subject to a contract interest
rate is referred to as
Average age - Answer✔️✔️-Which of these factors would an insurer consider when
determining whether to accept a group life plan?
is eligible for coverage upon hire - Answer✔️✔️-According to HIPAA, when an insured
individual leaves an employer and immediately begins working for a new company that
offers group health insurance, the individual
$5,000 - Answer✔️✔️-An insured has a stop-loss limit of $5,000, a deductible of $500,
and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much
will the insured have to pay?
Guaranteed insurability rider - Answer✔️✔️-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)
Pay age-corrected benefits - Answer✔️✔️-What is an insurer required to do when faced
with an error made under the Misstatement of Age provision?
twisting - Answer✔️✔️-The unfair trade practice of replacing an insurance policy from one
insurer to another based on misrepresentation is called
Life annuity - Answer✔️✔️-Which type of annuity stops all payments upon the death of
the annuitant?
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