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Final Exam - Michigan Life and Health Questions and Answers
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Final Exam - Michigan Life and Health Questions and Answers
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Final Exam - Michigan Life and HealthQuestions and Answers
in which of the following situations, would the insurer be liable for a loss? - Answer -The
insurer suffered an injury as an innocent bystander during a bank robbery.
The election of COBRA for continuation of health coverage will - Answer -maintain the
same coverage and increase premium
Which of these would not be considered a presumptive disability? - Answer -Loss of a
leg or arm
which of the following actions is required by a producer who is replacing an existing life
insurance policy? - Answer -Submit to the replacing ensure a list of the policies to be
replaced
The free look provision gives the policy owner - Answer -the right to return the policy for
a full refund within a specified number of days
A partial surrender is allowed in which of the following life policies? - Answer -Universal
Life
Over the course of a year, which premium payment mode is most expensive? - Answer
-Monthly
Under a nonqualified annuity, interest is taxed after the - Answer -exclusion ratio has
been calculated
What is the purpose of the medical information bureau? - Answer -To help underwriters
evaluate risk
What makes an insurance policy a unilateral contract? - Answer -Only the insurer is
legally bound
A fee for service health insurance plan will normally cover - Answer -a disease
, which of the following is typically not eligible for coverage in a group health policy? -
Answer -Temporary Employee
According to the Taft-Hartley Act, group insurance premium payments made by an
employer MUST be paid to the - Answer -trust
any change of address by a licensee requires notice within 30 days to which of the
following? - Answer -commissioner
Funding for Medicare part B is partially provided by - Answer -user premiums
The monthly benefit for an individual disability income policy is usually limited to a
percentage of the insured's income in order to avoid - Answer -over insurance
disability income plans, which require that the insurer can never change or alter
premium rates are usually considered - Answer -Noncancellable
How is a health provider reimbursed if they do NOT have an agreement in place with
the insurance company? - Answer -With a usual, customary, and reasonable fee
for individual health insurance coverage for pre-existing conditions may be excluded for
up to ___ months after issuance of the policy - Answer -12
A provision that allows a policy owner to temporarily give up ownership. Rights to
secure loan is called a - Answer -collateral assignment
An example of intimidation is - Answer -using threat or force to restrict fair trade in the
transaction of insurance
An example of endodontic treatment is a - Answer -root canal
The waiver of premium does not include which provision? - Answer -All future premiums
are waived if the insured recovers from the disability
The limited period of time given to all members to sign up for a group health plan is
called the - Answer -enrollment period
Matt is applying for life insurance and requests a double indemnity rider. A double
indemnity benefit will be payable to Matt's beneficiary if Matt - Answer -dies instantly
from a car accident
tara the producer is delivering a specified disease insurance policy to a new policy
owner upon delivery she may be expected to collect all the following, except a - Answer
-Modified application with a new signature
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