Michigan Life and Health Exam Study Questions and Answers Graded A 2024
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Course
Michigan Life and Health
Institution
Michigan Life And Health
defamation - Making a statement that is false or maliciously critical of the financial condition of an insurer is known as
Business overhead expense policy - Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled?
the protection e...
Michigan Life and Health Exam Study
Questions and Answers Graded A 2024
POSSIBLEA
MICHIGAN LIFE
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,Michigan Life and Health Exam Study Questions and Answers Graded
A 2024
defamation - Making a statement that is false or maliciously critical of the
financial condition of an insurer is known as
Business overhead expense policy - Which type of business insurance is
meant to cover the costs of continuing to do business while the owner is
disabled?
the protection ends - Dorian exercised a nonforfeiture option by using his life
policy's cash value to purchase an extended term insurance option. When the
term insurance expires,
must have an appointed guardian - To receive proceeds from a death benefit,
a minor
The insurer's obligation to pay a death benefit upon an approved death claim -
Under a life insurance policy, what does the insuring clause state?
When contribution or participation rules have been violated - When can a
group health policy renewal be denied according to the Health Insurance
Portability and Accountability Act (HIPAA)?
It allows for cash advances to be paid against the death benefit if the insured
becomes terminally ill - What is the purpose for having an accelerated death
benefit on a life insurance policy?
Variable universal policy - Which type of life insurance offers flexible
premiums, a flexible death benefit, and the choice of how the cash value will
be invested?
1 month - An immediate annuity has been purchased with a single premium.
When does the annuitant typically begin receiving benefit payments?
an authorized agency makes a written request to the insurer during an
insurance fraud investigation - Consumer privacy regulations permit the
release of an insured's financial information when
Michigan Life and Health Exam Study Questions and Answers Graded
A 2024
, Michigan Life and Health Exam Study Questions and Answers Graded
A 2024
the right to return the policy for a full refund within a specified number of days
- The free-look provision gives the policyowner
Net death benefit will be reduced if the loan is not repaid - Joanne has a
$100,000 whole life policy with an accumulated $25,000 of cash value. She
would like to borrow $15,000 against the cash value. Which of the following
statements is TRUE?
modified application with a new signature - Tara the producer is delivering a
specified disease insurance policy to a new policyowner. Upon delivery, she
may be expected to collect all of the following EXCEPT a(n)
Annuitization phase - Which of the following is considered to be the period
when the accumulated value in an annuity is paid out?
Department of Insurance and Financial Services (DIFS) - The entity that has
the power to revoke a producer's insurance license is the
The shorter the payment period, the higher the premium - The statement
which best describes the relationship between the premiums of a whole life
policy and the premium payment period is
universal life - A life insurance policy that is subject to a contract interest rate
is referred to as
Average age - Which of these factors would an insurer consider when
determining whether to accept a group life plan?
is eligible for coverage upon hire - 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 - 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?
Michigan Life and Health Exam Study Questions and Answers Graded
A 2024
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