Exam (elaborations)
MI Insurance Exam Questions and Answers 2024
- Course
- Institution
MI Insurance Exam Questions and Answers
[Show more]
Content preview
MI Insurance Exam Questions andAnswers
Preferred Risk - Answer -an insurance applicant with a below average likelihood of loss
is typically considered to be
Conversion - Answer -Tim is covered under a group plan and would like to change is
group coverage to an individual policy with the name insurer because of employment
termination. Which of these describes the change that will take place?
Dies instantly from a car accident - Answer -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..
Pain and Suffering - Answer -which of the following is not covered under workers comp?
Protecting the business by covering entry level employees with life insurance - Answer -
All of the following are considered appropriate uses of life insurance for business
purposes except
Roth IRA - Answer -Which of these retirement plans do not qualify for a federal income
tax deduction?
Martial Status - Answer -An insurer would be committing unfair discrimination if
coverage was denied based upon
Unilateral - Answer -In an insurance contract, the insurer is the only party legally
obligated to perform. Because of this, an insurance contract is considered
Exclusions on a new policy - Answer -One of the most important considerations when
replacing health insurance would be the
Association or Labor group - Answer -A type of group that has a constitution and bylaws
and has been organized for the purpose other than obtaining insurance is called an
Responsible Third Party - Answer -Under the subrogation clause, legal action can be
taken by the insurer against the
, $200 - Answer -An insured under a major medical expense plan with a plan zero
deductible and 80/20 coinsurance provision files a $1000 claim. How much of this claim
is the insured responsible for?
Falling below the federal poverty level - Answer -Which of these is NOT a qualifying
event for Medicare?
Illegal Inducement - Answer -ABC insurance agency is entering each applicant who
purchase insurance thought their agency into a drawing to win a free trip. This is an
unlawful insurance practice known as
Financial Objectives if the income earner were to die/disabled - Answer -When
calculating the amount of life insurance needed for an income earner, what has to be
determined when using the Needs Approach?
Universal Life Policy - Answer -Joe has life insurance policy that's has a face amount of
$300,000. After a number of years, the policy cash value accumulates $50K making it
$350K.
Requires certain condition/acts by the insured individual - Answer -Which of the
following best describes a conditional insurance contract?
After the premium is dues but the policy remains in force - Answer -what is an insurance
policies grace period?
Drug Formality - Answer -A pharmacy benefit covers prescription drugs derived from a
list called a
Inpatient Hospital Stay - Answer -Medicare Part A covers
Qualified Retirement Annuity - Answer -Dana is an employer who deposits a percentage
of her income her individual annuity. Her company also contributes a percentage into a
separate company pension plan. What kind of annuity is this considered?
Life Annuity Certain - Answer -Which type of annuity guarantees a stated number of
income payments, whether or not the annuitant is still alive to receive them?
Only the insurer is legally bound - Answer -What makes an insurance policy an
unilateral contract?
The amount contributed by the employer - Answer -Which of the following would a
health saving account (HSA) owner not be able to make?
Losing money at a casino - Answer -All of the following are examples of a pure risk
except
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mereka. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now