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