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Michigan Insurance Test 100% solved
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Michigan Insurance Test
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Michigan Insurance Testc. Primarily describes the free-look period - Answer -All of the following are functions of
an insuring clause EXCEPT
a. States the conditions under which the policy will pay
b. Outlines the kind of benefits provided
c. Primarily describes the free-look period
d. Provides the policy's scope and limits of coverage
b. Employer - Answer -The policyholder for a group health benefit plan is considered to
be the
a. Employee
b. Employer
c. Liaison
d. Insurer
c. 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
a. is killed while committing a felony
b. dies of a stroke
c. dies instantly form a car accident
d. is injured in a skiing accident and dies 18 months later
c. benefit schedule - Answer -An insured has a health plan that pays established
amounts in accordance with a list of injuries, surgical procedures, of other losses. This
list is called a
a. loss chart
b. benefit summary
c. benefit schedule
d. coverage menu
d. universal life - Answer -A life insurance policy that is subject to a contract interest rate
is referred to as
a. adjustable life
b. group life
c. term life
d. universal life
,c. Integrated deductible - Answer -Which of the following types of deductibles would
apply a single deductible to both medical and dental insurance coverage?
a. Standard deductible
b. Combined deductible
c. Integrated deductible
d. Blended deductible
d. The applicant's medical history may be analyzed and reported - Answer -Which of the
following statements is CORRECT regarding an individual applying for life or health
insurance?
a. The applicant waives all privacy rights
b. The applicant's family medical history is always required
c. The applicant's medical history is irrelevant
d. The applicant's medical history may be analyzed and reported
c. Home health care - Answer -Which type of long-term care benefit would be most
appropriate for a stroke victim who required speech therapy administered at her home?
a. Respite care
b. Continuing care
c. Home health care
d. Custodial care
b. year - Answer -A Universal Life policyowner must receive a notice of cash surrender
value at LEAST every
a. 6 months
b. year
c. 2 years
d. 5 years
c. Presumptive disability - Answer -Claims payable to a Disability Income insured, even
when the insured can continue to work, are the result of a
a. Total disability
b. Recurrent disability
c. Presumptive disability
d. Length elimination period
b. master policy - Answer -An employer is issues a group medical insurance policy. This
single contract in known as a(n)
a. entire contract
b. master policy
c. certificate of coverage
d. employer contract
c. stock - Answer -A(n) ________ company is owned exclusively by shareholders.
a. mutual
, b. mixed
c. stock
d. interactive
d. Commissioner - Answer -Any change of address by a licensee requires notice within
30 days to which of the following?
a. Governor
b. Attorney General
c. Insurer
d. Commissioner
d. licensed producers not appointed by an insurer - Answer -Producer commissions
may NOT be paid to
a. licensed and appointed producers
b. licensed and appointed producers who are sharing commissions
c. non-resident producers
d. licensed producers not appointed by an insurer
d. Guaranteed insurability rider - Answer -Tom has a rider on his disability income policy
that guarantees the right to increase his benefits without a medical exam. What kind of
rider is this?
a. Waiver of premium rider
b. Guaranteed benefit rider
c. Payor benefit rider
d. Guaranteed insurability rider
a. avoid overpayment of claims - Answer -The purpose of the Coordination of Benefits
provision in group accident and health plans is to
a. avoid overpayment of claims
b. reduced out-of-pocket costs
c. reduce adverse selection
d. lower the cost of premiums
a. responsible third party - Answer -Under the subrogation clause, legal action can be
taken by the insurer against the
a. responsible third party
b. beneficiary
c. policyowner
d. state
c. Last Survivor Life insurance - Answer -What kind of life insurance policy covers two
or more people with the death benefit payable upon the last person's death?
a. Dual Life insurance
b. Joint Life insurance
c. Last Survivor Life insurance
d. Shared Life insurance
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