Oregon Life / Health Insurance Practice Exam | Questions with 100% Correct Answers | Verified | Latest Update 2024

All of the following are reasons for group insurance termination for dependents EXCEPT a) The end of the last period for which the employee has made the required premium for dependent coverage passes. b) The overall maximum benefit for major medical benefits is received c) The dependent reaches age 21 d) The dependent fails to meet the definition of a dependent - The dependent reaches 21 Which of the following statements is INCORRECT concerning Modified Endowment Contracts (MECs)? a) An MEC must always pass the 7-pay test b) A life insurance policy failing the 7-pay test is classified as an MEC c) A primary purpose of the regulations governing MECs was to reduce incentives for the use of life insurance as a short-term investment vehicle