Final exam Michigan life and health Practice Questions and Answers
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Course
Michigan Life and Health
Institution
Michigan Life And Health
Final exam Michigan life and health
Practice Questions and Answers
Fixed period settlement options are considered to be a form of a(n) - Answer️️ -annuity
Ownership of a life insurance policy may be temporarily transferred with a(n) -
Answer️️ -collateral assignment
Gina the producer c...
All of the following are functions of an insured clause EXCEPT - Answer✔️✔️-primarily
described the free-look period
The type of multiple protection coverage that pays on the death of the last person is
called a(n) - Answer✔️✔️-Survivorship life policy
A beneficiary has just received a claim payment for a life insurance policy. Which of the
following is TRUE regarding the federal income tax liability owed? - Answer✔️✔️-No
federal income tax is owed on life insurance proceeds
A whole life insurance policy accumulates cash value that becomes - Answer✔️✔️-the
policy loan value which the insured may borrow against
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
Newborn coverage under health insurance policies MUST include coverage for -
Answer✔️✔️-birth abnormalities
At what age will a person normally enroll with an insurance carrier under a Part C
Medicare Advantage Plan? - Answer✔️✔️-65
Which of the following is a legal entity created for the sole purpose of providing
affordable group health coverage to its participants? - Answer✔️✔️-Multiple Employer
Welfare Arrangement (MEWA)
Which of the following actions is REQUIRED by a producer who is replacing an existing
life insurance policy? - Answer✔️✔️-Submit to the replacing insurer a list of the policies to
be replaced
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