Combined Michigan Life and Health Study Guide questions and Answers

defamation - Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy - Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? the protection en...

A health insurance policy that allows an insurer to change the policy owners premiums, but not cancel the policy is called - Guaranteed renewable policy Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? -...

Fixed period settlement options are considered to be a form of a(n) - annuity Ownership of a life insurance policy may be temporarily transferred with a(n) - collateral assignment Gina the producer caused financial harm to an insured. Which of these actions may the Commissioner take? - Revoke ...

in which of the following situations, would the insurer be liable for a loss? - The insurer suffered an injury as an innocent bystander during a bank robbery. The election of COBRA for continuation of health coverage will - maintain the same coverage and increase premium Which of these would n...

The Commissioner of Insurance is appointed by the Governor for a term of - 4 years All of the following are examples of insurance transactions except: A. soliciting applications for insurance B. delivering policies C. licensing of producers D. collecting premiums - Correct answer: C - licens...

Which is TRUE regarding the annuitant, when the annuitant is NOT the policy owner? 1. The annuitant has the right to name the beneficiary 2. The annuitant is the person paying the premiums 3. The cash value is available to the annuitant for withdrawals 4. Annuity payments will be based ...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable whe...