Michigan Life and Health Final Exam Questions with Correct Answers (A+ Graded)

c. Primarily describes the free-look period Correct 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 scop...

Preferred Risk Correct Answer an insurance applicant with a below average likelihood of loss is typically considered to be Conversion Correct Answer Tim is covered under a group plan and would like to change is group coverage to an individual policy with the name insurer because of employment ter...

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 ...

FIO Correct Answer (Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level Correct Answer Insurance in...

What amount will be paid under a policy where the insured misstated his/her age? Correct Answer 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 Correct A...

The death benefit can be increased by providing evidence of insurability. Correct Answer The policyowner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change? The insurer may terminate the contract only at renewal for...

Defamation Correct Answer Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy Correct Answer Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disa...