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Final Exam-Michigan Life and Health Questions With Complete Solutions
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Final Exam-Michigan Life and Health Questions With Complete Solutions
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Final Exam-Michigan Life and Health Questions WithComplete Solutions
"Maximum benefits" refers to the Correct Answer upper limit
of the total lifetime benefits the insurance company will pay
a 10% exercise tax is normally applied to an early withdrawal
from an IRA. according to HIPAA, this tax will not be applied If
the withdrawal is used for medical expenses that exceed__ of the
individuals adjusted gross income Correct Answer 7.5%
A change in an insurance application requires Correct Answer
an initial made by the applicant
A disability income policy can prevent an insured from earning
a higher income than if he/she were working by utilization
Correct Answer benefit limits
a dread disease policy is considered to be a type of Correct
Answer limited health insurance policy
a father has a son who is mentally handicapped but not eligible
for Medicare. the son is dependent on his father. under which of
the following circumstances can the son remain on the fathers
coverage after the age of 26. Correct Answer with written
proof of disability and dependency
A fee for service health insurance plan will normally cover
Correct Answer a disease
,a field underwriter's main task is Correct Answer to ensure an
applicants medical information is accurate and complete
a form of medical health insurance covering the treatment and
care of gum disease is called Correct Answer dental expense
insurance
a group disability income plan that pays tax-free benefits to
covered employees is considered Correct Answer fully
contributory
a health insurance policy that allows an insurer to change the
policy owner's premiums, but not cancel the policy is called a(n)
Correct Answer guaranteed renewable policy
a health insurance policy will typically cover Correct Answer
preventative health services
a hospital or medical expense policy will typically cover dental
treatment expenses under which circumstance Correct Answer
dental treatment is needed to repair an injury
A licensee who informs an insured of inaccurate terms, benefits,
or advantages of any policy is committing which of the
following violations? Correct Answer Misrepresentation
a licensee who is required to take continuing education Must
include how many ethics coursework hours Correct Answer 3
a life insurance policy owner was injured in a car accident which
results in a total and permanent disability. which rider would
,pay a monthly amount because of this disability? Correct
Answer Disability income rider
a limited payment whole life policy provides Correct Answer
lifetime protections
A long term care policy typically provides all of the following
levels of care EXCEPT Correct Answer acute care
A master contract and certificate of coverage can be found in
which type of policy? Correct Answer group
a Medicare supplement plan can be canceled by the insurer
Correct Answer for nonpayments of premiums
A Medicare Supplement policy is issued in the state of Michigan
is required to provide each of the following EXCEPT Correct
Answer It must include outpatient prescription drug coverage
a non-contributory health insurance plan helps the insurer avoid
Correct Answer adverse selection
A notice of cash surrender value must be sent to a Universal Life
policy owner Correct Answer At least Annually
A partial surrender is allowed in which of the following policies
Correct Answer Universal life
A payment system for health care in which the provider is paid
for each service given is called Correct Answer Fee-for-Service
, a person who is a nonsmoker, of average weight, and excellent
health would most likely be in which risk classification?
Correct Answer preferred
A pharmacy benefit covers prescription drugs derived from list
called a(n) Correct Answer Drug Formulary
A plan in which an employer pays insurance benefits from a
fund derived from the employer's current revenues is called
Correct Answer A self funded plan
A policy owner may exercise which of these dividend options
that uses the dividend to pay all or part of the next premium
due? Correct Answer Reduction of Premium Dividend Option
A policy owner suffers an injury the renders him incapable of
performing one or more important job duties. Any decrease in
income resulting from this injury would make him eligible for
benefits under which provision? Correct Answer Partial
Disability
A producer's license has been suspended due to the failure of
completing required continuing education credits. The license
may be activated by completing the CE requirement within how
many days of the renewal date? Correct Answer 90
a producers fiduciary responsibility included which of the
following Correct Answer recording the recipe and distribution
of premiums due to an insurer
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