Final Exam-Michigan Life And Health Questions And Answers Well Illustrated 2024.
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Module
Michigan Life and Health
Institution
Michigan Life And Health
Final Exam-Michigan Life And Health Questions And Answers Well Illustrated 2024.
What amount will be paid under a policy where the insured misstated his/her age? - correct answer. an amount the premium would have purchased at the correct age
the acceptance of a credit life ...
Final Exam-Michigan Life And Health
Questions And Answers Well Illustrated
2024.
What amount will be paid under a policy where the insured misstated his/her age? -
correct answer. an amount the premium would have purchased at the correct age
the acceptance of a credit life application requires the submission of a certificate of
insurance to the insured within_____ days - correct answer. 30 days
which of these is considered to be a Living benefit option in a life insurance policy -
correct answer. Accelerated death benefit
loans obtained by a policy owner against the cash value of a life insurance policy -
correct answer. would not be treated as taxable income
A long term care policy typically provides all of the following levels of care EXCEPT -
correct answer. acute care
,the elimination period under a hospital indemnity plan is - correct answer. the specific
# of days an insured must wait before becoming eligible to receive benefits for each
hospitalization
what is an insurance policy's grace period? - correct answer. Period of time after the
premium is due but the policy remains in force
How do interest earnings accumulate in a deferred annuity - correct answer. On a tax-
deferred basis
a licensee who is required to take continuing education Must include how many ethics
coursework hours - correct answer. 3
the automatic premium loan provision authorizes an insurer to withdraw from a policy's
cash value the amount of - correct answer. Past due premiums that have not been
paid by the end of the grace period
health insurance involves two perils, accident and ______ - correct answer. sickness
Who is responsible for assembling the policy forms for insureds - correct answer.
Insurance carriers
a securities license is required for a life insurance producer to sell - correct answer.
variable life insurance
Which of the following is NOT an illegal inducement - correct answer. giving the
insured an article of merchandise printed with the producers name costing 5$
Which of the following is NOT a federal requirement of a qualified plan? - correct
answer. employee must be able to make unlimited contributions
Which dividend option would an insurer invest the policy owner's money and add any
interest earnings as the dividends accrue? - correct answer. Accumulation at interest
option
a health insurance policy will typically cover - correct answer. preventative health
services
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
in addition to the actual policy, an entire contract includes which of the following? -
correct answer. the application
, field underwriting preformed by the producer involves - correct answer. completing the
application and collecting initial premium
Kathy pays a monthly premium on her health insurance policy. How long is her grace
period? - correct answer. 10 days
Pierre is covered by his employer's group major medical plan. His employer pays for
75% of the premium and he pays for 25%. How much would a $10,000 benefit be
taxable as income under this plan? - correct answer. 0$
-benefits that fall under a major medical plan are considered to be a reimbursement for
a loss, and is not taxable as income
After an insured gives notice of loss, what must he/she do if the insurer does not furnish
forms? - correct answer. file a written proof of loss
Under long term care insurance, which of the following MUST an insurer offer to each
policy owner at the time of purchase? - correct answer. An inflation protection feature
What is the primary factor that determines the benefits paid under a disability income
policy? - correct answer. Wages
What is the tax liability for employer contributions in Health Savings Accounts (HSA's)? -
correct answer. No tax payment needed
-Employer paid contributions to HSA's are tax free to the employee
In the state of MI, properly filed health claims are not timely paid require the insurer to
pay simple interest from a date 60 days from satisfactory proof of loss at the rate of? -
correct answer. 12% annum
In MI, legal action can be taken against an insurer for failure to pay HEALTH insurance
claims for a period not to exceed - correct answer. 3 years
Donald is the primary insured of life insurance policy and adds a children's term rider.
What is the advantage of adding this rider? - correct answer. Can be converted to
permanent coverage without evidence of insurability
-An advantage of a children's term rider is the ability to convert to permanent insurance
without evidence of insurability
When an insured changes to a more hazardous occupation, which disability policy
provision allows an insurer to adjust policy benefits and rates? - correct answer.
Change of occupation provision
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