Exam (elaborations)
MI Insurance Exam Questions and Answers 2024
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MI Insurance Exam Questions and Answers
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MI Insurance Exam Questions andAnswers
Preferred Risk - Answer -an insurance applicant with a below average likelihood of loss
is typically considered to be
Conversion - Answer -Tim is covered under a group plan and would like to change is
group coverage to an individual policy with the name insurer because of employment
termination. Which of these describes the change that will take place?
Dies instantly from a car accident - Answer -Matt is applying for life insurance and
requests a double indemnity rider. A double indemnity benefit will be payable to Matt's
beneficiary if Matt..
Pain and Suffering - Answer -which of the following is not covered under workers comp?
Protecting the business by covering entry level employees with life insurance - Answer -
All of the following are considered appropriate uses of life insurance for business
purposes except
Roth IRA - Answer -Which of these retirement plans do not qualify for a federal income
tax deduction?
Martial Status - Answer -An insurer would be committing unfair discrimination if
coverage was denied based upon
Unilateral - Answer -In an insurance contract, the insurer is the only party legally
obligated to perform. Because of this, an insurance contract is considered
Exclusions on a new policy - Answer -One of the most important considerations when
replacing health insurance would be the
Association or Labor group - Answer -A type of group that has a constitution and bylaws
and has been organized for the purpose other than obtaining insurance is called an
Responsible Third Party - Answer -Under the subrogation clause, legal action can be
taken by the insurer against the
, $200 - Answer -An insured under a major medical expense plan with a plan zero
deductible and 80/20 coinsurance provision files a $1000 claim. How much of this claim
is the insured responsible for?
Falling below the federal poverty level - Answer -Which of these is NOT a qualifying
event for Medicare?
Illegal Inducement - Answer -ABC insurance agency is entering each applicant who
purchase insurance thought their agency into a drawing to win a free trip. This is an
unlawful insurance practice known as
Financial Objectives if the income earner were to die/disabled - Answer -When
calculating the amount of life insurance needed for an income earner, what has to be
determined when using the Needs Approach?
Universal Life Policy - Answer -Joe has life insurance policy that's has a face amount of
$300,000. After a number of years, the policy cash value accumulates $50K making it
$350K.
Requires certain condition/acts by the insured individual - Answer -Which of the
following best describes a conditional insurance contract?
After the premium is dues but the policy remains in force - Answer -what is an insurance
policies grace period?
Drug Formality - Answer -A pharmacy benefit covers prescription drugs derived from a
list called a
Inpatient Hospital Stay - Answer -Medicare Part A covers
Qualified Retirement Annuity - Answer -Dana is an employer who deposits a percentage
of her income her individual annuity. Her company also contributes a percentage into a
separate company pension plan. What kind of annuity is this considered?
Life Annuity Certain - Answer -Which type of annuity guarantees a stated number of
income payments, whether or not the annuitant is still alive to receive them?
Only the insurer is legally bound - Answer -What makes an insurance policy an
unilateral contract?
The amount contributed by the employer - Answer -Which of the following would a
health saving account (HSA) owner not be able to make?
Losing money at a casino - Answer -All of the following are examples of a pure risk
except
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