Xcel Solutions Final Exam - Michigan Life and Health Exam Questions And Answers
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Course
Xcel
Institution
Xcel
Xcel Solutions Final Exam - Michigan Life and Health Exam Questions And Answers
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
...
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
K
B.) Will go to Mike's estate
C.) Will be divided by probate
D.) Will not be paid until the last brother dies - ANS A.) Will no longer provide insurance protection
C
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)
LO
A.) Crossover
B.) Conversion
C.) Exchange
D.) Extension of benefits - ANS A.) Conversion
YC
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 - ANS A.) Physical Therapy
D
The acceptance of a credit life application requires the submission fo a certificate of insurance to the
insured within _____ days.
U
A.) 10
B.) 20
C.) 30
ST
D.) 40 - ANS C.) 30
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 - ANS 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 - ANS B.) two
Which of the following does Medicare Part D cover?
A.) intensive care coverage
B.) Doctor visits
C.) Prescription drugs
D.) Hospital coverage - ANS C.) Prescription drugs
Which situation accurately describes a reduced paid-up nonforfeiture option?
K
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
C
D.) Premiums must continue to be paid - ANS A.) Policy has a decrease face amount
An example of a presumptive disability would be
LO
A.) a stroke
B.) deafness
C.) diabetes
D.) cancer - ANS B.) deafness
YC
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 - ANS A.) loss of income
D
A newborn must be covered under and existing health policy
A.) at the moment of birth
B.) within 7 days of birth
U
C.) within 10 days of birth
D.) when initial premium is paid for newborn - ANS A.) at the moment of birth
ST
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 - ANS 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
C.) A fixed death benefit
, D.) The ability to take out a policy loan - ANS B.) A flexible premium schedule
Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when
paid for which of the following plans?
A.) Accidental Death and Dismemberment
B.) Personal Disability Income Plan
C.) Qualified long-Term Care Plan
D.) Group disability income plan - ANS C.) Qualified long-Term Care Plan
Which of these statements concerning Traditional IRAs in CORRECT?
K
A.) Earnings are not taxable when withdrawn
B.) Earnings are taxable when withdrawn
C.) Contributions are never tax-deductible
C
D.) Contributions are always made by the employer - ANS B.) Earnings are taxable when withdrawn
Which type of life insurance policy pays the face amount at the end of the specified period if the insured
LO
is still alive?
A.) Adjustable life policy
B.) Modified life policy
C.) Endowment policy
D.) Universal life policy - ANS C.) Endowment policy
YC
Joe is a Medicare participant who receives his benefits through a Managed Health Care Plan. Which
Medicare plan does he have?
A.) Part A
B.) Part B
C.) Part C
D
D.) Part D - ANS C.) Part C
How does one qualify as a fully-insured individual under Social Security disability coverage?
U
A.) Individual has been credited with the appropriate number of quarters of coverage
B.) Individual is currently covered under Medicaid
C.) Individual is expected to be disabled for 5 months
ST
D.) Individual is currently employed - ANS A.) Individual has been credited with the appropriate
number of quarters of coverage
In a Long-term Care policy, activities of daily living (ADL's) can be each of the following EXCEPT
A.) Talking
B.) Dressing
C.) Transferring
D.) Feeding oneself - ANS A.) Talking
A producer's insurance license may ONLY be revoked by the
A.) appointing insurance company
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