Exam (elaborations)
Michigan Life and Health Exam Questions and Answers
- Course
- Institution
Michigan Life and Health Exam Questions and Answers
[Show more]
Content preview
Michigan Life and Health ExamQuestions and Answers
insurable interest does NOT occur in which of the following relationships? - Answer -
business owner and business client
an applicant intentionally lying to an insurance company on an application in order to
obtain a cheaper premium is an example of? - Answer -fraud
under which circumstance may a deferred insurance commission be paid to an
individual - Answer -individual was licensed producer at the time of the sale
An annuitant dies during the distribution period. What kind of annuity will return to a
beneficiary the difference between the annuity value and the income payments already
made? - Answer -refund annuity
Tonya has replaced her whole life policy with an annuity without incurring a tax penalty.
This transaction is called a(n) - Answer -1035 exchange
a life insurance application may be backdated to - Answer -save on premiums
Newborn coverage under health insurance policies MUST include coverage for -
Answer -birth abnormalities
When a preferred provider organization (PPO) insured goes out-of-network, which of
the following actions occur? - Answer -the insurer will pay a reduced amount
under the consolidated omnibus budget reconciliation act (COBRA), a terminated
employee's benefits must - Answer -be the same and the premium cannot exceed 102%
A baby is born to a husband and wife covered under a family accident and health
insurance policy. If the newborn is covered at birth, the first payment for the additional
coverage would become due in days. - Answer -31 days
Sonya applied for a health insurance policy on April 1. Her agent submitted the
information to the insurance company on April 6. She paid the premium on May 15 with
the policy indicating the effective date being May 30. On which date would Sonya have
coverage? - Answer -May 30
, What is an insurer required to do when faced with an error made under the
Misstatement of Age provision? - Answer -Pay age-corrected benefits
An insurer would be committing Unfair Discrimination if coverage was denied based
upon - Answer -marital status
A life insurance policyowner was injured in an automobile accident which results in a
total and permanent disability. Which rider would pay a monthly amount because of this
disability? - Answer -Disability income rider
_____ is NOT an element of a valid contract - Answer -countersignature
Which of the following is NOT a valid reason for an insurer to refuse renewal of a small
employer group plan? - Answer -claims were higher than expected
Upon finding a producer guilty of forgery, the commissioner may take all of the following
actions EXCEPT - Answer -Require the producer to notify his/her clients
An endorsement found in an insurance plan which modifies the provisions of the policy
is called a(n) - Answer -rider
Coming from an insurance point of view, which of the following is the main risk
associated with disability? - Answer -loss of income
Within how many days must a Traditional IRA be rolled over to another IRA in order to
avoid tax consequences? - Answer -60
One of the most important considerations when replacing health insurance would be the
- Answer -exclusions of a new policy
Which of the following statements is NOT true regarding a Critical Illness Plan? -
Answer -Coverage is limited to a single devastating disease
How is Medicare Part B funded? - Answer -general tax revenue and user premiums
for individual health insurance, coverage for pre-existing conditions may be excluded for
up to ___ months after issuance of the policy - Answer -12
A universal life policy owner must receive a notice of cash surrender value at least
every __________ - Answer -year
Claims payable to a Disability Income insured, even when the insured can continue to
work, are the result of a - Answer -presumptive disability
Joe is a Medicare participant who receives his benefits through a Managed Health Care
Plan. Which Medicare plan does he have? - Answer -part c
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)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now