Michigan life and health - Study guides, Class notes & Summaries

defamation - Answer-Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy - Answer-Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? the protection ends - Answer-Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, must have an...

Final Exam-Michigan Life and Health Questions With Complete Solutions

Michigan Life And Health Final Exam Questions & Answers, 100% Rated-What amount will be paid under a policy where the insured misstated his/her age? - an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - 30 days which of these is considered to be a Living benefit option in a life insurance policy - Accelerated death benefit loans obtained by a poli...

Which is TRUE regarding the annuitant, when the annuitant is NOT the policy owner? 1. The annuitant has the right to name the beneficiary 2. The annuitant is the person paying the premiums 3. The cash value is available to the annuitant for withdrawals 4. Annuity payments will be based on the annuitants life expectancy - ANSWER Annuity payments will be based on the annuitants life expectancy Signing an applicants name for insurance is known as...? 1. Concealment 2. Defamation...

FINAL EXAM - MICHIGAN LIFE AND HEALTH

What amount will be paid under a policy where the insured misstated his/her age? - Answer- an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - Answer- 30 days which of these is considered to be a Living benefit option in a life insurance policy - Answer- Accelerated death benefit loans obtained by a policy owner against the cash value of a life in...

Accelerated Benefits - Answer- Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. accident - Answer- An unplanned unforeseen event, which occurs suddenly and an unspecific place accident insurance - Answer- A type of insurance that protects the insured against loss due to accidental bodily injury. Accidental Bodily Injury - Answer- Unplanned, unforeseen traumatic injury to the body. Accidental death and dis...

Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds A.) Will no longer provide insurance protection B.) Will go to Mike's estate C.) Wwill be divided by probate D.) Will not be paid until the last brother dies - Answer-A.) Will no longer provide insurance protection Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with...

defamation - Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy - Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? the protection ends - Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, must have an appointed guardian -...

What amount will be paid under a policy where the insured misstated his/her age? ️ an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days ️ 30 days which of these is considered to be a Living benefit option in a life insurance policy ️ Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy ️ ...