Exam (elaborations)
MICHIGAN LIFE AND HEALTH REGULATIONS
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MICHIGAN LIFE AND HEALTH REGULATIONS
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MICHIGAN LIFE AND HEALTH REGULATIONSFor policies of $10,000 or more, any individual who has an insurable interest in the life
of another person must not insure that persons life for the individuals benefit except
under what circumstance? - Answers -The insured consents in writing
The rules for ______ do NOT apply to transactions in which the application for new life
insurance is made to the same insurer that issued the existing life insurance. - Answers
-Replacement
Universal life insurance policies must contain which of the following provisions? -
Answers --Insurer must provide the policyholder with an annual report regarding the
policy status
-Upon written request the insurer must provide the policyholder with an illustrative report
-A general description of the calculation of cash surrender values
What is the maximum that the Michigan Life and Health Insurance Guaranty Association
(MLHIGA) will pay for basic hospital, medical, and surgical insurance benefits for any
one life? - Answers -$500,000
The policyholder is allowed to return the policy within a period not less than 10 days and
receive a refund of the first premium payment. Which life insurance policy provision is
described by the previous text? - Answers -Right to examine (free look)
Blanket disability insurance covers all of the following categories EXCEPT: - Answers -
Passengers on any carrier
The term preexisting condition may not ___________________. - Answers -be used
without an appropriate accompanying definition
If an outline of coverage is given to a prospective applicant for life insurance and that
outline includes: a description of the benefits provided by the policy, a list of the
exclusions and limitations, a statement that the outline is just a summary and the actual
policy should also be read, and an explanation of the return policy then what necessary
component is the outline missing? - Answers -A statement of the continuation terms
Insurers may not require an asymptomatic applicant to undergo genetic testing before
issuing a policy, however what may the insurers require of an applicant regarding
genetic information? - Answers -That the applicant answers questions about family
history
If a group disability coverage is replaced by a policy which contains a preexisting
condition limitation and covers 10 or more employees then the new policy coverage
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