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Final exam Michigan life and health questions and answers $11.99   Add to cart

Exam (elaborations)

Final exam Michigan life and health questions and answers

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  • Course
  • Michigan State Insurance Law
  • Institution
  • Michigan State Insurance Law

Final exam Michigan life and health questions and answers

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  • September 3, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Michigan State Insurance Law
  • Michigan State Insurance Law
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mereka
Final exam Michigan life and health
questions and answers
Fixed period settlement options are considered to be a form of a(n) - Answer -annuity

Ownership of a life insurance policy may be temporarily transferred with a(n) - Answer -
collateral assignment

Gina the producer caused financial harm to an insured. Which of these actions may the
Commissioner take? - Answer -Revoke Gina's license after a hearing concludes a
violation has occured

Converting a group plan to permanent life insurance requires - Answer -The conversion
being applied for within 31 days of termination

David submits a $500 claim for medical expenses. There is a past-due amount owed for
insurance premiums of $200. As a result, the insurer only pays $300 for the claim. This
deduction came as a result of which provision? - Answer -Unpaid provision

An example of an unfair claims settlement practice is - Answer -Failing to promptly
provide reasonable explanations for the denial of claims

A health insurance policy will typically cover - Answer -preventative health services

The acceptance of a credit life application requires the submission of a certificate of
insurance to the insured within ___ days. - Answer -30

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

A 70-year old insured individual has suffered from kidney failure for the past 24 months.
She is covered by her spouse's large-group employer plan. How will Medicare be
utilized in this situation? - Answer -Will be the secondary insurer and pay for claims not
fully covered by the group plan

Which of the following is present when an applicant stands to lose value if the insured
dies? - Answer -insurable interest

How many employees must an employer have for a terminated employee to be eligible
for COBRA? - Answer -20

Which requirement must be met by associations that seek group health coverage for its
members? - Answer -Must have been formed for a legitimate purpose other than
obtaining insurance

States that have "no loss no gain" laws require a replacing policy to - Answer -pay for
ongoing claims under the policy it replaces

Which of these statements regarding the annuitant is CORRECT? - Answer -The
annuitant's life expectancy determines the annuity payments

Disability income plans which require that the insurer can NEVER change or alter
premium rates are usually considered - Answer -noncancellable

Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15
years after the policy's inception date, how much will her beneficiary receive? - Answer -
nothing

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