Exam (elaborations)
Michigan Life and health accident exam questions and answers 2024
- Course
- Institution
Michigan Life and health accident exam questions and answers
[Show more]
Content preview
Michigan Life and health accident examquestions and answers
An insured owns a whole life insurance policy on himself. He would also like coverage
for his son. One way the insured can accomplish this goal is to purchase a... - Answer -
Child term rider
When underwriting an individual health insurance policy, the underwriter will NOT
consider the applicant's...? - Answer -Martial Status
Why do comprehensive dental plans usually provide routine dental care services
without deductibles or coinsurance? - Answer -To encourage preventative dental care.
When a beneficiary inherits traditional IRA, which of the following is true about taxation
when the money is withdrawn. The beneficiary pays? - Answer -Income Tax
To receive proceed from death benefit, a minor - Answer -Must have an appointed
guardian.
How many days does a terminated employee have to convert his group life insurance
policy to an individual policy? - Answer -31 days
When an immediate annuity is funded with a single premium, the annuitant may begin
receiving payment after? - Answer -1 month
An insurer's intentional relinquishment of a known right is? - Answer -A waiver
When would attending physician's statement be appropriate for life insurance purposes?
- Answer -At the request of the insurer when it could affect the underwriting decision but
with the consent of the applicant.
Mrs. Smith doctor told her that she has arthritis in both legs. Mrs. Smith then sees a
physical therapists who tells her that she needs physical therapy and will need a wheel
chair for a few months. What part of Medicare insurance will cover all of these services?
- Answer -Part B
Long term care policies cover expenses for care when the insured CANNOT perform all
of the following activities of daily living except. - Answer -Shopping
, Which of the following long term disability clauses states that insureds are considered
totally disabled when they CANNOT perform the major duties of a gainful occupation for
which they are reasonably suited because of education, training, or experience? -
Answer -Any occupational clause.
A general report used during the health insurance underwriting process that may
provide information regarding the application morals, lifestyle, and financial background,
including a credit report, is referred to as the. - Answer -Consumer Investigation report.
If an insurer determines the insured is totally disabled, the policy owner is relieved of
paying the policy premiums as long as the disability continues. This statement describes
the - Answer -Waiver of premium rider.
An insured has elected to receive $20,000 per month until the principal and interest on
his wife's life insurance policy has been paid out. The insured has elected which option.
- Answer -Fixed Amount
The type of policy where %80 - %90 of the premium is invested in traditional fixed
income securities and the remainder of the premium is invested in contracts tied to a
stipulated stock index is? - Answer -Equity Index whole life.
If a premium is NOT submitted with a life insurance application, the producer MUST
have the applicant sign which of the following when delivering a policy. - Answer -A
statement of good health
An insurer monitors care an insured is receiving in the hospital to be sure that
everything is preceding according to schedule. this best describes: - Answer -
Concurrent review
When an insurance licensee changes his or her address under the Michigan Insurance
Code, who MUST be notified. - Answer -The Commissioner (DIFS)
What insurance concept is characterized by the tendency for more poor risk applicants
to apply for insurance than good risk application. - Answer -Adverse selection
The major factor in determining the benefit under a disability income policy is - Answer -
wages
What is an action the director may take when a consumer complains they suffered
financial harm as a result of an insurance licensee's actions? - Answer -Order the
licensee to make restitution within 30 days or be subject to an administrative hearing.
Which of the following is covered under Medicare Part B? - Answer -Home health care
An applicant purchases a life insurance policy to avoid the forced sale of assets upon
his death. What is this action called? - Answer -Estate conversion
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mereka. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now