Michigan Life, Accident, and Health Exam Prep Graded A+

Michigan Life, Accident, and Health Exam Prep Graded A+ 1. Adjustable Life: A policyowner may change two policy features on an adjustable life insurance policy. 2. Legal Action Provision: The legal action provision in a health contract is limited to no more than five years. 3. Long-Term Care Claims: Long-Term Care policies may provide coverage for claims arising from senile dementia. 4. Coordination of Benefits in Group Health Care: The purpose of the coordination of benefits provision in group health care is to determine what is paid by the primary and secondary insurers in the event of a claim. 5. Riders Increasing Death Benefit: All of the following riders can increase the death benefit amount except the waiver of premium. 6. Disability Income Policy Premiums: Frank is shopping for a disability income policy. The option with the highest premium would be the one with a 14-day waiting period and a 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 ️Employee must be able to make unlimited contributions A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n) ️Partial surrender In Michigan, legal action can be taken against an insurer for failure to pay LIFE insurance claims for a period not to exceed ️6 year All of the following are examples of a Business Continuation Plan EXCEPT ️Deferred compensation A producer MUST be appointed by the insurer within how many days from the date the agency contract application is submitted? ️15 Small employers who are sponsored by an insurer to provide group benefits to its employees are called ️MEWA Tom has a home health care benefit and is confined to his home. Which of these benefits is NOT typically covered? ️Full time nursing care An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a(n) ️group HMO Which of these will typically authorize treatment from a specialist? ️Gatekeeper What happens to the coverage under a children's term rider when that child reaches a certain specified age? ️Coverage is eliminated Which dividend option would an insurer invest the policyowner's money and ad