Xcel Solutions Final Exam - Michigan Life and Health
Assessment Questions and Answers
Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy
covering all three of their lives. If Mike dies first, the policy proceeds
A.) Will no longer provide insurance protection
B.) Will go to Mike's estate
C.) Wwill be divided by probate
D.) Will not be paid until the last brother dies - Correct AnswersA.) Will no longer provide
insurance protection
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)
A.) Crossover
B.) Conversion
C.) Exchange
D.) Extension of benefits - Correct AnswersA.) Conversion
Which of the following is NOT a common exclusion for a medical expense policy?
A.) Physical Therapy
B.) Act of War
C.) On-the-Job Injury
D.) Self Inflicted Injury - Correct AnswersA.) Physical Therapy
,The acceptance of a credit life application requires the submission fo a certificate of
insurance to the insured within _____ days.
A.) 10
B.) 20
C.) 30
D.) 40 - Correct AnswersC.) 30
In the state of Michigan, a licensed producer
A.) represents the insurer
B.) may modify insurance contracts
C.) approves insurance contracts
D.) represents the insured - Correct AnswersA.) represents the insurer
A life insurance policy sold in Michigan may be contested by the insurer ONLY during the
first _____ year(s) of the contract.
A.) one
B.) two
C.) three
D.) four - Correct AnswersB.) two
Which of the following does Medicare Part D cover?
A.) intensive care coverage
B.) Doctor visits
C.) Prescription drugs
D.) Hospital coverage - Correct AnswersC.) Prescription drugs
Which situation accurately describes a reduced paid-up nonforfeiture option?
A.) Policy has a decreased face amount
, B.) Face amount of the new policy equals that of the original policy
C.) Cash value is surrendered to policy owner
D.) Premiums must continue to be paid - Correct AnswersA.) Policy has a decrease face
amount
An example of a presumptive disability would be
A.) a stroke
B.) deafness
C.) diabetes
D.) cancer - Correct AnswersB.) deafness
Under Michigan Insurance Code, Chapter 45, financial loss can be defined as
A.) loss of income
B.) restrictive fees
C.) punitive penalties
D.) additional fines - Correct AnswersA.) loss of income
A newborn must be covered under and existing health policy
A.) at the moment of birth
B.) within 7 days of birth
C.) within 10 days of birth
D.) when initial premium is paid for newborn - Correct AnswersA.) at the moment of birth
All of these statements concerning whole life insurance are false EXCEPT
A.) Policy owner can take out a policy loan up to the face amount
B.) When a whole life policy is surrendered, income taxes may be owned
C.) Coverage is normally temporary
Assessment Questions and Answers
Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy
covering all three of their lives. If Mike dies first, the policy proceeds
A.) Will no longer provide insurance protection
B.) Will go to Mike's estate
C.) Wwill be divided by probate
D.) Will not be paid until the last brother dies - Correct AnswersA.) Will no longer provide
insurance protection
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)
A.) Crossover
B.) Conversion
C.) Exchange
D.) Extension of benefits - Correct AnswersA.) Conversion
Which of the following is NOT a common exclusion for a medical expense policy?
A.) Physical Therapy
B.) Act of War
C.) On-the-Job Injury
D.) Self Inflicted Injury - Correct AnswersA.) Physical Therapy
,The acceptance of a credit life application requires the submission fo a certificate of
insurance to the insured within _____ days.
A.) 10
B.) 20
C.) 30
D.) 40 - Correct AnswersC.) 30
In the state of Michigan, a licensed producer
A.) represents the insurer
B.) may modify insurance contracts
C.) approves insurance contracts
D.) represents the insured - Correct AnswersA.) represents the insurer
A life insurance policy sold in Michigan may be contested by the insurer ONLY during the
first _____ year(s) of the contract.
A.) one
B.) two
C.) three
D.) four - Correct AnswersB.) two
Which of the following does Medicare Part D cover?
A.) intensive care coverage
B.) Doctor visits
C.) Prescription drugs
D.) Hospital coverage - Correct AnswersC.) Prescription drugs
Which situation accurately describes a reduced paid-up nonforfeiture option?
A.) Policy has a decreased face amount
, B.) Face amount of the new policy equals that of the original policy
C.) Cash value is surrendered to policy owner
D.) Premiums must continue to be paid - Correct AnswersA.) Policy has a decrease face
amount
An example of a presumptive disability would be
A.) a stroke
B.) deafness
C.) diabetes
D.) cancer - Correct AnswersB.) deafness
Under Michigan Insurance Code, Chapter 45, financial loss can be defined as
A.) loss of income
B.) restrictive fees
C.) punitive penalties
D.) additional fines - Correct AnswersA.) loss of income
A newborn must be covered under and existing health policy
A.) at the moment of birth
B.) within 7 days of birth
C.) within 10 days of birth
D.) when initial premium is paid for newborn - Correct AnswersA.) at the moment of birth
All of these statements concerning whole life insurance are false EXCEPT
A.) Policy owner can take out a policy loan up to the face amount
B.) When a whole life policy is surrendered, income taxes may be owned
C.) Coverage is normally temporary
