Michigan Life and Health || with Accurate Answers 100%.
insurable interest does NOT occur in which of the following relationships? correct answers
business owner and business client
an applicant intentionally lying to an insurance company on an application in order to obtain a
cheaper premium is an example of? correct answers fraud
under which circumstance may a deferred insurance commission be paid to an individual correct
answers individual was licensed producer at the time of the sale
An annuitant dies during the distribution period. What kind of annuity will return to a beneficiary
the difference between the annuity value and the income payments already made? correct
answers refund annuity
Tonya has replaced her whole life policy with an annuity without incurring a tax penalty. This
transaction is called a(n) correct answers 1035 exchange
a life insurance application may be backdated to correct answers save on premiums
Newborn coverage under health insurance policies MUST include coverage for correct answers
birth abnormalities
When a preferred provider organization (PPO) insured goes out-of-network, which of the
following actions occur? correct answers the insurer will pay a reduced amount
under the consolidated omnibus budget reconciliation act (COBRA), a terminated employee's
benefits must correct answers be the same and the premium cannot exceed 102%
A baby is born to a husband and wife covered under a family accident and health insurance
policy. If the newborn is covered at birth, the first payment for the additional coverage would
become due in days. correct answers 31 days
Sonya applied for a health insurance policy on April 1. Her agent submitted the information to
the insurance company on April 6. She paid the premium on May 15 with the policy indicating
the effective date being May 30. On which date would Sonya have coverage? correct answers
May 30
What is an insurer required to do when faced with an error made under the Misstatement of Age
provision? correct answers Pay age-corrected benefits
An insurer would be committing Unfair Discrimination if coverage was denied based upon
correct answers marital status
, A life insurance policyowner 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?
correct answers Disability income rider
_____ is NOT an element of a valid contract correct answers countersignature
Which of the following is NOT a valid reason for an insurer to refuse renewal of a small
employer group plan? correct answers claims were higher than expected
Upon finding a producer guilty of forgery, the commissioner may take all of the following
actions EXCEPT correct answers Require the producer to notify his/her clients
An endorsement found in an insurance plan which modifies the provisions of the policy is called
a(n) correct answers rider
Coming from an insurance point of view, which of the following is the main risk associated with
disability? correct answers loss of income
Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid
tax consequences? correct answers 60
One of the most important considerations when replacing health insurance would be the correct
answers exclusions of a new policy
Which of the following statements is NOT true regarding a Critical Illness Plan? correct answers
Coverage is limited to a single devastating disease
How is Medicare Part B funded? correct answers general tax revenue and user premiums
for individual health insurance, coverage for pre-existing conditions may be excluded for up to
___ months after issuance of the policy correct answers 12
A universal life policy owner must receive a notice of cash surrender value at least every
__________ correct answers year
Claims payable to a Disability Income insured, even when the insured can continue to work, are
the result of a correct answers presumptive disability
Joe is a Medicare participant who receives his benefits through a Managed Health Care Plan.
Which Medicare plan does he have? correct answers part c
which of these is NOT the responsibility of a producer? correct answers represent the insured
A health insurance policy where the insurer has the right to terminate the policy for reasons other
than the insured's health is called correct answers conditionally renewable
insurable interest does NOT occur in which of the following relationships? correct answers
business owner and business client
an applicant intentionally lying to an insurance company on an application in order to obtain a
cheaper premium is an example of? correct answers fraud
under which circumstance may a deferred insurance commission be paid to an individual correct
answers individual was licensed producer at the time of the sale
An annuitant dies during the distribution period. What kind of annuity will return to a beneficiary
the difference between the annuity value and the income payments already made? correct
answers refund annuity
Tonya has replaced her whole life policy with an annuity without incurring a tax penalty. This
transaction is called a(n) correct answers 1035 exchange
a life insurance application may be backdated to correct answers save on premiums
Newborn coverage under health insurance policies MUST include coverage for correct answers
birth abnormalities
When a preferred provider organization (PPO) insured goes out-of-network, which of the
following actions occur? correct answers the insurer will pay a reduced amount
under the consolidated omnibus budget reconciliation act (COBRA), a terminated employee's
benefits must correct answers be the same and the premium cannot exceed 102%
A baby is born to a husband and wife covered under a family accident and health insurance
policy. If the newborn is covered at birth, the first payment for the additional coverage would
become due in days. correct answers 31 days
Sonya applied for a health insurance policy on April 1. Her agent submitted the information to
the insurance company on April 6. She paid the premium on May 15 with the policy indicating
the effective date being May 30. On which date would Sonya have coverage? correct answers
May 30
What is an insurer required to do when faced with an error made under the Misstatement of Age
provision? correct answers Pay age-corrected benefits
An insurer would be committing Unfair Discrimination if coverage was denied based upon
correct answers marital status
, A life insurance policyowner 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?
correct answers Disability income rider
_____ is NOT an element of a valid contract correct answers countersignature
Which of the following is NOT a valid reason for an insurer to refuse renewal of a small
employer group plan? correct answers claims were higher than expected
Upon finding a producer guilty of forgery, the commissioner may take all of the following
actions EXCEPT correct answers Require the producer to notify his/her clients
An endorsement found in an insurance plan which modifies the provisions of the policy is called
a(n) correct answers rider
Coming from an insurance point of view, which of the following is the main risk associated with
disability? correct answers loss of income
Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid
tax consequences? correct answers 60
One of the most important considerations when replacing health insurance would be the correct
answers exclusions of a new policy
Which of the following statements is NOT true regarding a Critical Illness Plan? correct answers
Coverage is limited to a single devastating disease
How is Medicare Part B funded? correct answers general tax revenue and user premiums
for individual health insurance, coverage for pre-existing conditions may be excluded for up to
___ months after issuance of the policy correct answers 12
A universal life policy owner must receive a notice of cash surrender value at least every
__________ correct answers year
Claims payable to a Disability Income insured, even when the insured can continue to work, are
the result of a correct answers presumptive disability
Joe is a Medicare participant who receives his benefits through a Managed Health Care Plan.
Which Medicare plan does he have? correct answers part c
which of these is NOT the responsibility of a producer? correct answers represent the insured
A health insurance policy where the insurer has the right to terminate the policy for reasons other
than the insured's health is called correct answers conditionally renewable
