Final Exam - Michigan Life and Health Part 2 (Actual) Questions With Correct Solutions.

The acceptance of a credit life application requires the submission of a certificate of insurance to the insured within ___ days. 10 20 30 40 - Answer-30 Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Ferguson Act, what is the minimum penalty for this? $0 $5,000 $10,000 $15,000 - Answer-$10,000 Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? Health of applicant Amount of benefits providedAge of applicant Personal income - Answer-Personal income Life insurance policies will normally pay for losses arising from commercial aviation war suicide hazardous jobs - Answer-commercial aviation Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". Premium clause Consideration clause Adhesion clause Contestability clause - Answer-Consideration clause Which of these will typically authorize treatment from a specialist? Administrator Policyowner Insurance company Gatekeeper - Answer-GatekeeperWhich of these is affected by the frequency of an insurance policy's premium payments? Settlement options Cash value Death benefit Cost - Answer-cost Which of the following is considered to be a point of service (POS) plan? Preferred provider organization Managed care plan Protected care provider Restricted provider organization - Answer-Managed care plan