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 ...
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
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