MI INSURANCE
MI INSURANCE EXAM | QUESTIONS &
ANSWERS (VERIFIED) | LATEST
UPDATE | GRADED A+
an insurance applicant with a below average likelihood of loss is typically
considered to be Correct Answer: Preferred Risk
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 termination. Which
of these describes the change that will take place?
Correct Answer: Conversion
Matt is applying for life insurance and requests a double indemnity rider. A double
indemnity benefit will be payable to Matt's beneficiary if Matt..
Correct Answer: Dies instantly from a car accident
which of the following is not covered under workers comp?
Correct Answer: Pain and Suffering
All of the following are considered appropriate uses of life insurance for business
purposes except
MI INSURANCE EXAM QUESTIONS & ANSWERS (VERIFIED) LATEST UPDATE GRADED A+
,MI INSURANCE
Correct Answer: Protecting the business by covering entry level employees with
life insurance
Which of these retirement plans do not qualify for a federal income tax
deduction? Correct Answer: Roth IRA
An insurer would be committing unfair discrimination if coverage was denied
based upon Correct Answer: Martial Status
In an insurance contract, the insurer is the only party legally obligated to perform.
Because of this, an insurance contract is considered
Correct Answer: Unilateral
One of the most important considerations when replacing health insurance
would be the Correct Answer: Exclusions on a new policy
A type of group that has a constitution and bylaws and has been organized for the
purpose other than obtaining insurance is called an
Correct Answer: Association or Labor group
MI INSURANCE EXAM QUESTIONS & ANSWERS (VERIFIED) LATEST UPDATE GRADED A+
, MI INSURANCE
Under the subrogation clause, legal action can be taken by the insurer
against the Correct Answer: Responsible Third Party
An insured under a major medical expense plan with a plan zero deductible
and 80/20 coinsurance provision files a $1000 claim. How much of this claim is
the insured responsible for? Correct Answer: $200
Which of these is NOT a qualifying event for Medicare?
Correct Answer: Falling below the federal poverty level
ABC insurance agency is entering each applicant who purchase insurance
thought their agency into a drawing to win a free trip. This is an unlawful
insurance practice known as Correct Answer: Illegal Inducement
When calculating the amount of life insurance needed for an income earner, what
has to be determined when using the Needs Approach?
Correct Answer: Financial Objectives if the income earner were to die/disabled
Joe has life insurance policy that's has a face amount of $300,000. After a number of
years, the policy cash value accumulates $50K making it $350K.
Correct Answer: Universal Life Policy
MI INSURANCE EXAM QUESTIONS & ANSWERS (VERIFIED) LATEST UPDATE GRADED A+
MI INSURANCE EXAM | QUESTIONS &
ANSWERS (VERIFIED) | LATEST
UPDATE | GRADED A+
an insurance applicant with a below average likelihood of loss is typically
considered to be Correct Answer: Preferred Risk
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 termination. Which
of these describes the change that will take place?
Correct Answer: Conversion
Matt is applying for life insurance and requests a double indemnity rider. A double
indemnity benefit will be payable to Matt's beneficiary if Matt..
Correct Answer: Dies instantly from a car accident
which of the following is not covered under workers comp?
Correct Answer: Pain and Suffering
All of the following are considered appropriate uses of life insurance for business
purposes except
MI INSURANCE EXAM QUESTIONS & ANSWERS (VERIFIED) LATEST UPDATE GRADED A+
,MI INSURANCE
Correct Answer: Protecting the business by covering entry level employees with
life insurance
Which of these retirement plans do not qualify for a federal income tax
deduction? Correct Answer: Roth IRA
An insurer would be committing unfair discrimination if coverage was denied
based upon Correct Answer: Martial Status
In an insurance contract, the insurer is the only party legally obligated to perform.
Because of this, an insurance contract is considered
Correct Answer: Unilateral
One of the most important considerations when replacing health insurance
would be the Correct Answer: Exclusions on a new policy
A type of group that has a constitution and bylaws and has been organized for the
purpose other than obtaining insurance is called an
Correct Answer: Association or Labor group
MI INSURANCE EXAM QUESTIONS & ANSWERS (VERIFIED) LATEST UPDATE GRADED A+
, MI INSURANCE
Under the subrogation clause, legal action can be taken by the insurer
against the Correct Answer: Responsible Third Party
An insured under a major medical expense plan with a plan zero deductible
and 80/20 coinsurance provision files a $1000 claim. How much of this claim is
the insured responsible for? Correct Answer: $200
Which of these is NOT a qualifying event for Medicare?
Correct Answer: Falling below the federal poverty level
ABC insurance agency is entering each applicant who purchase insurance
thought their agency into a drawing to win a free trip. This is an unlawful
insurance practice known as Correct Answer: Illegal Inducement
When calculating the amount of life insurance needed for an income earner, what
has to be determined when using the Needs Approach?
Correct Answer: Financial Objectives if the income earner were to die/disabled
Joe has life insurance policy that's has a face amount of $300,000. After a number of
years, the policy cash value accumulates $50K making it $350K.
Correct Answer: Universal Life Policy
MI INSURANCE EXAM QUESTIONS & ANSWERS (VERIFIED) LATEST UPDATE GRADED A+
