Xcel Solutions Final Exam - Michigan Life and Health-100 quiz and answers
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Course
Xcel
Institution
Xcel
Xcel Solutions Final Exam - Michigan Life and Health-100 quiz and answers/Xcel Solutions Final Exam - Michigan Life and Health-100 quiz and answers/Xcel Solutions Final Exam - Michigan Life and Health-100 quiz and answers
Xcel Solutions Final Exam - Michigan
Life and Health
Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life
policy covering all three of their lives. If Mike dies first, the policy proceeds
A.) Will no longer provide insurance protection
B.) Will go to Mike's estate
C.) Wwill be divided by probate
D.) Will not be paid until the last brother dies - correct answer A.) Will no longer
provide insurance protection
Susan is insured through her Group Health Insurance plan and changed her
coverage to an individual plan with the same insurer after her employment was
terminated. This change is called a(n)
A.) Crossover
B.) Conversion
C.) Exchange
D.) Extension of benefits - correct answer A.) Conversion
Which of the following is NOT a common exclusion for a medical expense policy?
A.) Physical Therapy
B.) Act of War
C.) On-the-Job Injury
D.) Self Inflicted Injury - correct answer A.) Physical Therapy
The acceptance of a credit life application requires the submission fo a certificate
of insurance to the insured within _____ days.
A.) 10
B.) 20
C.) 30
D.) 40 - correct answer C.) 30
,Xcel Solutions Final Exam - Michigan
Life and Health
In the state of Michigan, a licensed producer
A.) represents the insurer
B.) may modify insurance contracts
C.) approves insurance contracts
D.) represents the insured - correct answer A.) represents the insurer
A life insurance policy sold in Michigan may be contested by the insurer ONLY
during the first _____ year(s) of the contract.
A.) one
B.) two
C.) three
D.) four - correct answer B.) two
Which of the following does Medicare Part D cover?
A.) intensive care coverage
B.) Doctor visits
C.) Prescription drugs
D.) Hospital coverage - correct answer C.) Prescription drugs
Which situation accurately describes a reduced paid-up nonforfeiture option?
A.) Policy has a decreased face amount
B.) Face amount of the new policy equals that of the original policy
C.) Cash value is surrendered to policy owner
D.) Premiums must continue to be paid - correct answer A.) Policy has a decrease
face amount
An example of a presumptive disability would be
A.) a stroke
, Xcel Solutions Final Exam - Michigan
Life and Health
B.) deafness
C.) diabetes
D.) cancer - correct answer B.) deafness
Under Michigan Insurance Code, Chapter 45, financial loss can be defined as
A.) loss of income
B.) restrictive fees
C.) punitive penalties
D.) additional fines - correct answer A.) loss of income
A newborn must be covered under and existing health policy
A.) at the moment of birth
B.) within 7 days of birth
C.) within 10 days of birth
D.) when initial premium is paid for newborn - correct answer A.) at the moment
of birth
All of these statements concerning whole life insurance are false EXCEPT
A.) Policy owner can take out a policy loan up to the face amount
B.) When a whole life policy is surrendered, income taxes may be owned
C.) Coverage is normally temporary
D.) The death benefit is not affected by outstanding loans - correct answer B.)
When a whole life policy is surrendered, income taxes may be owned
Which policy feature makes a universal life policy different from a whole life
policy?
A.) A fixed cash value
B.) A flexible premium schedule
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