FINAL EXAM-MICHIGAN LIFE AND HEALTH / STUDY
GUIDE / LATEST VERSION 2025-2026 /QUESTIONS
AND CORRECT ANSWERS / A GRADE SCORE
SOLUTION.
Terms in this set (242)
What amount will be paid an amount the premium would have purchased at the correct age
under a policy where the
insured misstated his/her
age?
the acceptance of a credit life 30 days
application requires the
submission of a certificate of
insurance to the insured
within_____ days
which of these is considered Accelerated death benefit
to be a Living benefit option
in a life insurance policy
loans obtained by a policy would not be treated as taxable income
owner against the cash value
of a life insurance policy
A long term care policy acute care
typically provides all of
the following levels of
care EXCEPT
,the elimination period under the specific # of days an insured must wait before becoming
a hospital indemnity plan is eligible to receive benefits for each hospitalization
what is an insurance policy's Period of time after the premium is due but the policy remains in
grace period? force
How do interest earnings On a tax-deferred basis
accumulate in a deferred
annuity
a licensee who is required to 3
take continuing education
Must include how many
ethics coursework hours
the automatic premium Past due premiums that have not been paid by the end of
loan provision authorizes an the grace period
insurer to withdraw from a
policy's cash value the
amount of
health insurance involves two sickness
perils, accident and
______
Who is responsible for Insurance carriers
assembling the policy
forms for insureds
a securities license is variable life insurance
required for a life insurance
producer to sell
Which of the following is giving the insured an article of merchandise printed with the
NOT an illegal inducement producers name costing 5$
employee must be able to make unlimited contributions
Which of the following is NOT
a federal requirement of a
qualified plan?
,Which dividend option would Accumulation at interest option
an insurer invest the policy
owner's money and add any
interest earnings as the
dividends accrue?
a health insurance policy will preventative health services
typically cover
a life insurance policy owner Disability income rider
was injured in a car accident
which results in a total and
permanent disability. which
rider would pay a monthly
amount because of this
disability?
in addition to the actual the application
policy, an entire contract
includes which of the
following?
field underwriting completing the application and collecting initial premium
preformed by the
producer involves
10 days
Kathy pays a monthly
premium on her health
insurance policy. How long
is her grace period?
, Pierre is covered by his 0$
employer's group major
medical plan. His employer
-benefits that fall under a major medical plan are considered
pays for 75% of the premium
to be a reimbursement for a loss, and is not taxable as
and he pays for 25%. How
income
much would a $10,000
benefit be taxable as income
under this plan?
After an insured gives notice file a written proof of loss
of loss, what must he/she do
if the insurer does not
furnish forms?
Under long term care An inflation protection feature
insurance, which of the
following MUST an insurer
offer to each policy owner at
the time of purchase?
What is the primary factor Wages
that determines the benefits
paid under a disability
income policy?
What is the tax liability for No tax payment needed
employer contributions in
Health Savings Accounts -Employer paid contributions to HSA's are tax free to the
(HSA's)? employee
12% annum
In the state of MI, properly
filed health claims are not
timely paid require the
insurer to pay simple interest
from a date 60 days from
satisfactory proof of loss at
the rate of?
GUIDE / LATEST VERSION 2025-2026 /QUESTIONS
AND CORRECT ANSWERS / A GRADE SCORE
SOLUTION.
Terms in this set (242)
What amount will be paid an amount the premium would have purchased at the correct age
under a policy where the
insured misstated his/her
age?
the acceptance of a credit life 30 days
application requires the
submission of a certificate of
insurance to the insured
within_____ days
which of these is considered Accelerated death benefit
to be a Living benefit option
in a life insurance policy
loans obtained by a policy would not be treated as taxable income
owner against the cash value
of a life insurance policy
A long term care policy acute care
typically provides all of
the following levels of
care EXCEPT
,the elimination period under the specific # of days an insured must wait before becoming
a hospital indemnity plan is eligible to receive benefits for each hospitalization
what is an insurance policy's Period of time after the premium is due but the policy remains in
grace period? force
How do interest earnings On a tax-deferred basis
accumulate in a deferred
annuity
a licensee who is required to 3
take continuing education
Must include how many
ethics coursework hours
the automatic premium Past due premiums that have not been paid by the end of
loan provision authorizes an the grace period
insurer to withdraw from a
policy's cash value the
amount of
health insurance involves two sickness
perils, accident and
______
Who is responsible for Insurance carriers
assembling the policy
forms for insureds
a securities license is variable life insurance
required for a life insurance
producer to sell
Which of the following is giving the insured an article of merchandise printed with the
NOT an illegal inducement producers name costing 5$
employee must be able to make unlimited contributions
Which of the following is NOT
a federal requirement of a
qualified plan?
,Which dividend option would Accumulation at interest option
an insurer invest the policy
owner's money and add any
interest earnings as the
dividends accrue?
a health insurance policy will preventative health services
typically cover
a life insurance policy owner Disability income rider
was injured in a car accident
which results in a total and
permanent disability. which
rider would pay a monthly
amount because of this
disability?
in addition to the actual the application
policy, an entire contract
includes which of the
following?
field underwriting completing the application and collecting initial premium
preformed by the
producer involves
10 days
Kathy pays a monthly
premium on her health
insurance policy. How long
is her grace period?
, Pierre is covered by his 0$
employer's group major
medical plan. His employer
-benefits that fall under a major medical plan are considered
pays for 75% of the premium
to be a reimbursement for a loss, and is not taxable as
and he pays for 25%. How
income
much would a $10,000
benefit be taxable as income
under this plan?
After an insured gives notice file a written proof of loss
of loss, what must he/she do
if the insurer does not
furnish forms?
Under long term care An inflation protection feature
insurance, which of the
following MUST an insurer
offer to each policy owner at
the time of purchase?
What is the primary factor Wages
that determines the benefits
paid under a disability
income policy?
What is the tax liability for No tax payment needed
employer contributions in
Health Savings Accounts -Employer paid contributions to HSA's are tax free to the
(HSA's)? employee
12% annum
In the state of MI, properly
filed health claims are not
timely paid require the
insurer to pay simple interest
from a date 60 days from
satisfactory proof of loss at
the rate of?
