Michigan Life and Health Final Exam Questions and Answers Solved Completely 2024
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Course
Michigan Life and Health
Institution
Michigan Life And Health
What amount will be paid under a policy where the insured misstated his/her age? - 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 - 30 days
which of...
Michigan Life and Health Final Exam
Questions and Answers Solved
Completely 2024
Michigan life
possiblea . Michigan life
, Michigan Life and Health Final Exam Questions and Answers Solved
Completely 2024
What amount will be paid under a policy where the insured misstated his/her age? -
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 - 30 days
which of these is considered to be a Living benefit option in a life insurance policy -
Accelerated death benefit
loans obtained by a policy owner against the cash value of a life insurance policy -
would not be treated as taxable income
A long term care policy typically provides all of the following levels of care EXCEPT -
acute care
the elimination period under a hospital indemnity plan is - 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? - Period of time after the premium is due
but the policy remains in force
How do interest earnings accumulate in a deferred annuity - On a tax-deferred basis
a licensee who is required to take continuing education Must include how many
ethics coursework hours - 3
the automatic premium loan provision authorizes an insurer to withdraw from a
policy's cash value the amount of - Past due premiums that have not been paid by
the end of the grace period
health insurance involves two perils, accident and ______ - sickness
Who is responsible for assembling the policy forms for insureds - Insurance carriers
a securities license is required for a life insurance producer to sell - variable life
insurance
, Michigan Life and Health Final Exam Questions and Answers Solved
Completely 2024
Which of the following is NOT an illegal inducement - 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? - 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? - Accumulation at interest option
a health insurance policy will typically cover - 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? - Disability income rider
in addition to the actual policy, an entire contract includes which of the following? -
the application
field underwriting preformed by the producer involves - completing the application
and collecting initial premium
Kathy pays a monthly premium on her health insurance policy. How long is her grace
period? - 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 $10,000 benefit be
taxable as income under this plan? - 0$
-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? - 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? - An inflation protection feature
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