Final Exam-Michigan Life and Health with Verified Answers
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Course
Michigan Life and Health
Institution
Michigan Life And Health
Final Exam-Michigan Life and Health with Verified Answers
an amount the premium
would have purchased
at the correct age
1. 30 days
2. Accelerated
death benefit
3. would not be
treated as tax-
able income
4. acute care
5. the specific # of
days an insured
must wait before
becoming elig...
Final Exam-Michigan Life and Health with Verified Answers
an amount the premium
What amount will be paid under a policy where the in-
would have purchased sured misstated his/her age?
at the correct age
1. 30 days
the acceptance of a credit life application requires the
submission of a certificate of insurance to the insured
within days
2. Accelerated
death benefit which of these is considered to be a Living benefit option
in a life insurance policy
3. would not be
treated as tax- loans obtained by a policy owner against the cash value
able income of a life insurance policy
4. acute care
A long term care policy typically provides all of the follow-
ing levels of care EXCEPT
5. the specific # of
days an insured the elimination period under a hospital indemnity plan is
must wait before
becoming eligi-
ble to receive
benefits for each
hospitalization
6. Period of time af-
ter the premium what is an insurance policy's grace period?
is due but the
policy remains in
force
7. On a tax-deferred How do interest earnings accumulate in a deferred annu-
basis ity
9. 3 a licensee who is required to take continuing education
Must include how many ethics coursework hours
10.
,Final Exam-Michigan Life and Health with Verified Answers
Past due premi- the automatic premium loan provision authorizes an in-
ums that have surer to withdraw from a policy's cash value the amount
not been paid by of
the end of the
grace period
11. sickness health insurance involves two perils, accident and
12. Insurance carri- Who is responsible for assembling the policy forms for
ers insureds
13. variable life in- a securities license is required for a life insurance produc-
surance er to sell
14. giving the in- Which of the following is NOT an illegal inducement
sured an article
of merchandise
printed with the
producers name
costing 5$
15. employee must Which of the following is NOT a federal requirement of a
be able to make qualified plan?
unlimited contri-
butions
16. Accumulation at Which dividend option would an insurer invest the policy
interest option owner's money and add any interest earnings as the
dividends accrue?
17. preventative a health insurance policy will typically cover
health services
18. Disability in- a life insurance policy owner was injured in a car accident
come rider which results in a total and permanent disability. which rid-
er would pay a monthly amount because of this disability?
19. the application in addition to the actual policy, an entire contract includes
which of the following?
, Final Exam-Michigan Life and Health with Verified Answers
20. completing the field underwriting preformed by the producer involves
application and
collecting initial
premium
21. 10 days Kathy pays a monthly premium on her health insurance
policy. How long is her grace period?
22. 0$ Pierre is covered by his employer's group major medical
plan. His employer pays for 75% of the premium and he
-benefits that fall pays for 25%. How much would a $10,000 benefit be
under a major taxable as income under this plan?
medical plan are
considered to be
a reimbursement
for a loss, and is
not taxable as in-
come
23. file a written After an insured gives notice of loss, what must he/she do
proof of loss if the insurer does not furnish forms?
24. An inflation pro- Under long term care insurance, which of the following
tection feature MUST an insurer offer to each policy owner at the time of
purchase?
25. Wages What is the primary factor that determines the benefits
paid under a disability income policy?
26. No tax payment What is the tax liability for employer contributions in
needed Health Savings Accounts (HSA's)?
-Employer paid
contributions to
HSA's are tax
free to the em-
ployee
27. 12% annum In the state of MI, properly filed health claims are not
timely paid require the insurer to pay simple interest from
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