Michigan life and health- Final exam with complete solutions latest version.

Michigan life and health- Final exam with
complete solutions latest version



A .health .insurance .policy .that .allows .an .insurer .to .change .the .policy .owners
.premiums, .but .not .cancel .the .policy .is .called .- .CORRECT .ANSWER-Guaranteed
.renewable .policy


Which .type .of .coverage .pays .an .amount .per .day .for .hospitalization .directly .to
.the .insured .regardless .of .the .insured's .other .health .insurance? .- .CORRECT
.ANSWER-Hospital .indemnity


A .life .insurance .policy .that .contains .a .guaranteed .interest .rate .with .the .chance
.to .earn .a .rate .that .is .higher .than .the .guaranteed .rate .is .called .- .CORRECT
.ANSWER-Universal .Life


Susan .is .insured .through .her .Group .Health .Insurance .plan .and .changed .her
.coverage .to .an .individual .plan .with .the .same .insurer .after .her .employment .was
.terminated. .This .change .is .called .a(n)
.crossover
.conversion
.exchange
.extension .of .benefits .- .CORRECT .ANSWER-conversion


Major .medical .insurance .will .typically .cover .medical .expenses .that .result .from .-
.CORRECT .ANSWER-a .negative .reaction .to .prescribed .medication


A .Medicare .supplement .basic .benefit .is .- .CORRECT .ANSWER-the .first .3 .pints
.of .blood .per .year


All .of .the .following .are .considered .to .be .non-forfeiture .options .available .to .a
.policy .owner .except .- .CORRECT .ANSWER-Reduction .of .premium


Chris .is .an .insured .bricklayer .who .severed .his .left .hand .in .an .automobile
.accident. .Although .his .primary .duty .cannot .be .performed, .Chris .is .also .a
.substitute .high .school .teacher. .He .collects .a .full .disability .income .check .every
.month. .How .does .his .policy .define .total .disability? .- .CORRECT .ANSWER-Own
.occupation


The .acceptance .of .a .credit .life .application .requires .the .submission .of .a
.certificate .of .insurance .to .the .insured .within .___ .days. .- .CORRECT .ANSWER-30


Which .of .the .following .is .not .considered .advertising? .- .CORRECT .ANSWER-A
.rating .from .a .rating .service .company, .such .as .A.M. .Best

, If .an .insured .dies .during .the .grace .period .with .no .premiums .paid? .- .CORRECT
.ANSWER-the .policy .would .be .payable, .minus .the .premium .amount


Which .of .these .is .considered .a .living .benefit .option .in .a .life .insurance .policy? .-
.CORRECT .ANSWER-Accelerated .death .benefit


Reggie .purchased .a .life .insurance .policy .with .the .face .amount .of .$500,000.
.After .15 .years .the .cash .value .was .accumulated .to .$100,000 .and .the .policies
.face .amount .has .become .$600,000 .which .type .of .life .insurance .policy .is .this? .-
.CORRECT .ANSWER-Universal .life


An .insured .under .a .major .medical .expense .plan .with .a .zero .deductible .and
.80/20 .coinsurance .prevention .files .a .$1000 .claim. .How .much .of .this .claim .is
.the .insured .responsible .for? .- .CORRECT .ANSWER-$200


All .of .the .following .are .included .as .part .of .a .contract .and .the .entire .contract
.except .the .- .CORRECT .ANSWER-Changes .made .by .the .producer


To .be .eligible .for .Small .employer .group .coverage, .and .employer .must .work .a
.minimum .of .___ .hours .in .a .typical .week .- .CORRECT .ANSWER-17.5


In .the .Michigan .insurance .code, .chapter .45, .insurance .fraud .defines .financial
.loss .as .all .of .the .following .except .- .CORRECT .ANSWER-Additional .premiums


Which .of .the .following .provides .Medicare .supplement .policies? .- .CORRECT
.ANSWER-private .insurance .companies


A .life .insurance .policy .owner .does .not .have .the .right .to .- .CORRECT .ANSWER-
revoke .an .absolute .assignment

Which .of .the .following .describes .a .person .who .is .not .acceptable .by .and .ensure
.our .standard .rates .because .of .health .history, .occupation, .or .hobbies? .-
.CORRECT .ANSWER-Substandard .risk


Which .of .the .following .is .included .in .the .entire .contract .according .to .the .entire
.contract .provision? .- .CORRECT .ANSWER-Application


When .calculating .the .amount .of .life .insurance .needed .for .an .income .earner,
.what .Hass .to .be .determined .when .using .the .needs .approach? .- .CORRECT
.ANSWER-The .family's .financial .objectives .if .the .income .earner .were .to .die .or
.become .disabled


Under .a .group .life .policy, .the .insurer .will .issue .an .individual ._____ .to .the
.policyowner .for .delivery .to .each .person .insured.
policy
certificate
application
rider .- .CORRECT .ANSWER-certificate