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 2 All of the following are considered appropriate uses of life insurance for business purposes except 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 anUnder 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 4 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 Which of the following best describes a conditional insurance contract? Correct Answer: Requires certain condition/acts by the insured individual what is an insurance policies grace period? Correct Answer: After the premium is dues but the policy remains in force A pharmacy benefit covers prescription drugs derived from a list called a Correct Answer: Drug Formality Medicare Part A covers Correct Answer: Inpatient Hospital Stay Dana is an employer who deposits a percentage of her income her individual annuity. Her company also contributes a percentage into a separate company pension plan. What kind of annuity is this considered? Correct Answer: Qualified Retirement Annuit Correct Answer: Association or Labor group