Michigan Life, Accident, and Health Exam Prep

A policyowner may change two policy features on what type of life insurance? - Answer-Adjustable life The legal action provision in a health contract is limited to no more than ___ years. - Answer-5 Long-Term Care policies may provide coverage for claims arising from - Answer-Senile dementia In group health care, what is the purpose of the coordination of benefits provision? - Answer-Determines what is paid by the primary and secondary insures in the event of a claim All of the following riders can increase the death benefit amount EXCEPT -Cost of Living -Waiver of Premium -Accidental Death Rider -Guaranteed Insurability - Answer-Wavier of premium Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium? -14 day waiting period / 5 year benefit period -14 day waiting period / 10 year benefit period -28 day waiting period / 5 year benefit period -28 day waiting period / 10 year benefit period - Answer-14 day waiting period / 10 year benefit period Which of the following is NOT a federal requirement of a qualified plan? -Must benefit a broad cross-section of employees -Employee must be able to make unlimited contributions -Vesting schedule must be defined -Employer establishes the plan - Answer-Employee must be able to make unlimited contributi