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Michigan Life and Health Part 2 Final Exam Questions and Answers
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Michigan Life and Health Part 2 Final Exam Questions and Answers
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Michigan Life and Health Part 2 FinalExam Questions and Answers
30 - Answer -The acceptance of a credit life application requires the submission of a
certificate of insurance to the insured within ___ days.
10
20
30
40
$10,000 - Answer -Karen is a producer who has obtained personal information about a
client without having a legitimate reason to do so. Under the McCarran-Ferguson Act,
what is the minimum penalty for this?
$0
$5,000
$10,000
$15,000
Personal income - Answer -Which of these factors is NOT taken into consideration
when determining the cost of a long-term care policy?
Health of applicant
Amount of benefits provided
Age of applicant
Personal income
commercial aviation - Answer -Life insurance policies will normally pay for losses arising
from
commercial aviation
,war
suicide
hazardous jobs
Consideration clause - Answer -Which type of clause describes the following statement:
"We have issued the policy in consideration of the representations in your applications
and payment of the first-term
premium".
Premium clause
Consideration clause
Adhesion clause
Contestability clause
Gatekeeper - Answer -Which of these will typically authorize treatment from a
specialist?
Administrator
Policyowner
Insurance company
Gatekeeper
cost - Answer -Which of these is affected by the frequency of an insurance policy's
premium payments?
Settlement options
Cash value
Death benefit
Cost
Managed care plan - Answer -Which of the following is considered to be a point of
service (POS) plan?
Preferred provider organization
Managed care plan
Protected care provider
Restricted provider organization
statements made in the application and the
premium - Answer -In a life or health insurance contract, "consideration" would be the
offer and acceptance
premium only
, statements made in the application and the
premium
statements made in the application only
Submit to the replacing insurer a list of all Life Insurance policies or annuity contracts
proposed to be replaced - Answer -According to the Michigan Insurance Code, which of
the following MUST a producer do when replacing a Life Insurance policy?
Notify the beneficiaries of all the policies or annuity contracts proposed to be replaced
Notify the insurer whose policy is being replaced, but not the insurer replacing the
policy
Submit to the replacing insurer a list of all Life Insurance policies or annuity contracts
proposed to be replaced
Forward the signed and completed Disclosure Statement to the replacing insurer and
not provide the applicant with a copy
Variable universal policy - Answer -Which type of life insurance offers flexible premiums,
a flexible death benefit, and the choice of how the cash value will be invested?
Adjustable life policy
Variable universal policy
Universal policy
Modified whole life policy
receive matching funds to expand public assistance programs - Answer -The role of the
federal government was expanded when Medicaid was established by allowing the
state to
form a large PPO on a statewide level
purchase health insurance from the federal government
receive matching funds to expand public assistance programs
defer all costs to the federal government for public assistance programs
acute care - Answer -A long-term care policy typically provides all of the following levels
of care EXCEPT
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