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Michigan Life & Health State exam with correct Answers
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Michigan Life & Health State exam with correct Answers
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Michigan Life & Health State exam withcorrect Answers
Under which circumstances may a deferred insurance commission be paid to an
individual? - Answer -Individual was licensed producer at time of sale
Amy has a group medical policy through her employer with a $500 deductible and a
90% coinsurance provision. She incurs $1,500 in covered health care services. How
much will her group insurance carrier pay? - Answer -$900.00. In this situation, the
group insurance carrier will pay 90% of the covered loss after the deductible has been
applied.
Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What
is this called? - Answer -Estate conservation
A life insurance application may be backdated to - Answer -Save on premiums
Kathy's annuity is currently experiencing tax-deferred growth until she retires. What
phase is this annuity in? - Answer -Accumulation period
One of the most important considerations when replacing health insurance would be -
Answer -Exclusions on a new policy
Which type of coverage pays an amount per day for hospitalization directly to the
insured regardless of the insured's other health insurance? - Answer -Hospital
Indemnity
Under the Health Insurance Portability and Accountability Act (HIPAA), the employee's
new Group Health Plan will verify Creditable Coverage so that the - Answer -
Employee's waiting period for coverage of a preexisting condition can be reduced under
the new employer's health plan
Which type of policy combines the flexibility of universal life policy with investment
choices? - Answer -Variable universal life policy
A Roth IRA owner must be at least what age in order to make tax-free withdrawals? -
Answer -59 1/2 and owned account for a minimum of 5 years
, 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 occurred
A life insurance policy sold in Michigan May be contested by the insurer only during the
first Year(s) of the contract - Answer -Two
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 policies to be
replaced
Which of the policies does not build cash value? - Answer -Term
An applicant's character and personal habits can be obtained for underwriting purposes
from which source? - Answer -Investigative Consumer Report
What makes an insurance policy a unilateral contract? - Answer -Only the insurer is
legally bound
Which of these will have the highest monthly payout upon annuitization? - Answer -
Straight life
Claims payable to a Disability Income insured, even when the insured can continue to
work, are the result of a - Answer -Presumptive disability
Bill requires some nursing care and supervision but NOT full-time care. Which of these
nursing home options would best serve him? - Answer -assisted living
Tara the producer is delivering a specified disease insurance policy to a new
policyowner. Upon delivery, she may be expected to collect all of the following EXCEPT
a(n) - Answer -modified application with a new signature
Ken is a producer who has obtained Consumer Information Reports under false
pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may
be imposed on Ken? - Answer -$5,000
Which of these would be the best example of a limited pay life insurance policy? -
Answer -Whole life policy with premiums paid up after 20 years
What is Medicare Part B also known as? - Answer -supplementary medical insurance
An example of intimidation is - Answer -using threat or force to restrict fair trade in the
transaction of insurance
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