Michigan Life and Health State exam Questions + Answers Graded A+

A 10% excise tax is normally applied to an early withdrawal from an IRA. According to HIPAA, this tax will not be applied if the withdrawal is used for medical expenses that exceed--- of the individual's adjusted gross income - 7.5% A beneficiary change can occur - Normally at any time during the policy term A common exclusion with vision plans is - Lasik Surgery A doctor who accepts Medicare Assignment agrees to which of the following - Doctor cannot charge more that medicare's scheduled coverage A foreign insurance company doing business in Michigan - is a company domiciled under the laws of another state A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance - Dental treatment is needed to repair an injury a life insurance application may be backdated to - Save on premiums A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the - Reinsurer A life insurance policy owner was injured in an automobile accident which results in a total and permanent disability. Which rider would pay a monthly amount because of this disability - Disability income rider A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability is called an - Guaranteed insurability riderA nonparticipating company is sometimes called - Stock insurer A policyholder has a major medical plan with a 80%/20% coinsurance and a deductible of $75. If the insured has previously met her deductible and receives a bill for $175, how much will the insurer pay? - $140 A producer has allowed his/her license to lapse by failing to complete the required continuing education credits. the license may be reinstated by completing the requirement within --- days of the renewal date - 90 A proposed insured for a health insurance policy was treated for heart disease within the past year. When applying for health insurance, the heart disease treatment - Indicates a preexisting condition A rollover from a traditional IRA to another IRA MUST be done within --- days to avoid tax consequences - 60 days A universal life policy owner must receive a notice of cash surrender value at LEAST every - Year A---- company is owned exclusively by shareholders - Stock An example of elective cosmetic surgery would be - Removing excess fat from an insured's waistline An individual covered under a blue cross blue shield plan is called an - Subscriber An insured was injured as an innocent bystander when someone committed a felony. the insurer is - liable for the loss Benefits provided by a Medicare supplement policy must NOT - Duplicate Medicare benefits