Michigan Life, Accident, and Health Questions And Answers Rated A+ New Update Assured Satisfaction

Retirement income annuity - Deferred annuity with a decreasing term life insurance rider. A retirement income annuity provides both a death benefit (with a decreasing term rider) and the annuity's surrender value if the annuitant dies before retirement. What type of eligible groups for health insurance consists of 2 or more employers or labor unions? - MET and MEWA. Multiple employer trusts and multiplier employer welfare arrangements consist of 2 or more employers or labor unions seeking group health insurance coverage. An underwriter will consider which of the following conditions in making their decision to approve an application for insurance? - A condition that occurs prior to making an application for insurance. An underwriter should be informed about any conditions that existed prior to an application for insurance. Field underwriting is primarily useful to: - Make observations that could impact insurability. The primary value of field underwriting, is that the agent has the opportunity to view the applicant in his/her surroundings, in person, and make observations regarding insurability and perhaps class of risk (i.e. is the applicant obese, does he/she have any obvious dangerous hobbies, does he/she smoke). Which of the following is a benefit of a prescription drug policy? - Prescriptions are for a set, lower price. Under a prescription policy, prescription drugs are not only at a set price, but a much lower price - usually $2, $3, or $5, regardless of the actual cost of the drug. For a non-contributory plan, how many of the employees must be offered coverage under the group? - 100%A non-contributory plan is based on the employer paying the full cost of the program, which means 100% of the employees are covered. Any of the following is considered advertising for a health insurance company, EXCEPT: - Morbidity tables Morbidity tables are used to determine rates for health products. Which of the following is not an element of the nonforfeiture value of a whole life insurance policy? - Cash withdrawn does not reduce the face value of the life policy. Cash withdrawn from a whole life policy DOES reduce the face value of the policy as well as the cash value of the policy. When the only logical beneficiary is a minor, all of the following options are available, EXCEPT: - The benefits can go directly to the estate of the insured. In the event that the only logical beneficiary for a life policy is a minor, the guardian, trust and insurance company holding the proceeds are all options available. Steven currently earns $50,000 annually. He has calculated that he should have approximately $1,500,000 in life insurance to be sure his family is guaranteed the lifestyle he would provide if he dies. This approach is called: - Human life value. While there is not specific way to determine the worth of one life, using the income one may earn over the course of ones life is one approach. When completing an application for insurance, an agent is allowed to do which of the following: - Witness the applicants signature. The agent must be present to witness signatures. The other actions are either prohibited or functions for others in the underwriting process.A person becomes eligible for Medicare when: - Part A is automatic for all persons reaching Age 65. When a person reaches age 65, they become eligible for Medicare part A, even if they continue to work. Collin intentionally surrendered a right on his contract known as waiver. What prevented him from reclaiming the right? - Estoppel.