100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+ $14.99   Add to cart

Exam (elaborations)

MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+

 5 views  0 purchase

MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. Final Exam-Michigan Life and Health 1. What amount will be paid under a policy where the insured misstated his/her age?: an amount the premium would have purchased at the correct age 2. the acceptance of ...

[Show more]

Preview 4 out of 67  pages

  • September 20, 2024
  • 67
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • michigan
All documents for this subject (6)
avatar-seller
MasterGrade
MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+

,MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+
What amount will be paid under a policy where the insured misstated his/her age? - an amount
the premium would have purchased at the correct age

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

which of these is considered to be a Living benefit option in a life insurance policy - Accelerated
death benefit

loans obtained by a policy owner against the cash value of a life insurance policy - would not be
treated as taxable income

A long term care policy typically provides all of the following levels of care EXCEPT - acute
care

the elimination period under a hospital indemnity plan is - the specific # of days an insured must
wait before becoming eligible to receive benefits for each hospitalization

what is an insurance policy's grace period? - Period of time after the premium is due but the
policy remains in force

How do interest earnings accumulate in a deferred annuity - On a tax-deferred basis

a licensee who is required to take continuing education Must include how many ethics
coursework hours - 3

the automatic premium loan provision authorizes an insurer to withdraw from a policy's cash
value the amount of - Past due premiums that have not been paid by the end of the grace period

health insurance involves two perils, accident and - sickness

Who is responsible for assembling the policy forms for insureds - Insurance carriers

a securities license is required for a life insurance producer to sell - variable life insurance

Which of the following is NOT an illegal inducement - giving the insured an article of
merchandise printed with the producers name costing 5$

Which of the following is NOT a federal requirement of a qualified plan? - employee must be
able to make unlimited contributions

,MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+
Which dividend option would an insurer invest the policy owner's money and add any interest
earnings as the dividends accrue? - Accumulation at interest option

a health insurance policy will typically cover - preventative health services

a life insurance policy owner was injured in a car accident which results in a total and permanent
disability. which rider would pay a monthly amount because of this disability? - Disability
income rider

in addition to the actual policy, an entire contract includes which of the following? - the
application

field underwriting preformed by the producer involves - completing the application and
collecting initial premium

Kathy pays a monthly premium on her health insurance policy. How long is her grace period? -
10 days

Pierre is covered by his employer's group major medical plan. His employer pays for 75% of the
premium and he pays for 25%. How much would a $10,000 benefit be taxable as income under
this plan? - 0$

-benefits that fall under a major medical plan are considered to be a reimbursement for a loss,
and is not taxable as income

After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? -
file a written proof of loss

Under long term care insurance, which of the following MUST an insurer offer to each policy
owner at the time of purchase? - An inflation protection feature

What is the primary factor that determines the benefits paid under a disability income policy? -
Wages

What is the tax liability for employer contributions in Health Savings Accounts (HSA's)? - No
tax payment needed

-Employer paid contributions to HSA's are tax free to the employee

In the state of MI, properly filed health claims are not timely paid require the insurer to pay
simple interest from a date 60 days from satisfactory proof of loss at the rate of? - 12% annum

In MI, legal action can be taken against an insurer for failure to pay HEALTH insurance claims

, MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+
for a period not to exceed - 3 years

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 MasterGrade. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

71184 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$14.99
  • (0)
  Add to cart