Michigan Life, Accident, and Health
____% of eligible employees have to participate in a contributory plan. - ANS-seventy five%
____% of eligible personnel need to take part in a non-contributory plan. - ANS-one
hundred%
A ___________ is given to each blanketed character below a collection life insurance policy.
- ANS-Certificate of Insurance
A baker's union and a butcher's union be a part of together to form a believe to provide
coverage to their personnel. This form of group is referred to as _______. - ANS-Taft-Hartley
believe (Group manufactured from one or extra unions)
A described advantage plan is where the business enterprise has the same opinion to make
important contributions on behalf of _____________ in order to offer a selected retirement
benefit. - ANS-Eligible personnel
A health facility income policy will make payments to:
A. The medical institution
B. The insured
C. Both A&B
D. The beneficiary - ANS-B. The insured
A life coverage coverage agreement will permit reinstatement within _____ years of a policy
lapsing. Proof of insurability can be required. Reinstatement utility ought to be filed. - ANS-3
years
A life coverage's incontestability period is ___ years. After this time, the insurer CANNOT
dispute the validity of the settlement - ANS-2 years
A LTC coverage should provide coverage for as a minimum ______ consecutive months. -
ANS-12 consecutive months
A character turns into eligible for the federal Medicare program at the age of ____. Coverage
should be asked within _____ days earlier than or after the applicant's birthday. - ANS-sixty
five years vintage, 90 days
A man or woman who gets retirement advantages at everyday retirement age gets _____%
if PIA as a retirement benefit. - ANS-100%
A policy or rider that pays a face quantity if there's an unintended loss of: 2 arms, 2 legs, or
the lack of vision in each eyes - ANS-Accidental Death & Dismemberment (AD&D)
,A seasoned-rata return is one in which the insurer returns ______ of the unearned premium.
- ANS-All of the unearned top class is back.
A manufacturer has _____ days to respond to expenses of violating insurance laws. -
ANS-30 days.
A manufacturer has ______ days to notify the Department of Insurance of any name or
address modifications. - ANS-30 days
A manufacturer has a fiduciary duty to all the following: - ANS-- Insured on cancelled
regulations
- Insurer, for charges due
- Prospective customer of coverage, when the software is rejected.
A rider that offers extra advantages at some point of the primary 6 months or yr of a declare
is a _________________ rider. - ANS-Additional month-to-month benefit rider
A surviving spouse who is disabled can start receiving survivor benefits at age ____, if the
deceased was absolutely insured. - ANS-Age 50
A surviving partner who isn't always disabled can start receiving survivor benefits at age
____, if the deceased changed into absolutely insured. - ANS-Age 60
A temporary license issued to close the affairs of a deceased manufacturer can be issued for
as much as _____ days on the discretion of the Commissioner - ANS-180 days
A form of plan wherein personnel can pick out benefits from lots of coverage options
primarily based on person and family desires. - ANS-Cafeteria plan
After the deductible is satisfied, Part B will pay what % of all authorised costs? - ANS-80%
Aleatory contract - ANS-Dependent on an uncertain event
All coverage rules may be cancelled at any time by _______________ most effective. -
ANS-The insured.
All of the following are examples of coverage transactions except:
A. Soliciting programs for coverage
B. Turning in guidelines
C. Licensing of manufacturers
D. Collecting charges - ANS-Correct solution: C - licensing of manufacturers
All of the subsequent are managed care plans EXCEPT:
A. Point-of-provider plans
B. Health maintenance corporations
C. Preferred issuer organizations
D. Indemnity preparations - ANS-D, indemnity arrangements
, All of the following may be taken into consideration dependents EXCEPT the insured's:
A. Parents
B. Adopted youngsters
C. 25-yr-antique baby who became bodily disabled at 24
D. 21-yr-antique child who's attending university complete time - ANS-C. 25-12 months-old
baby who have become disabled at 24
An commercial for a life coverage coverage have to include all the following: - ANS-- facts
cloth to the coverage policy
- a description of the sort of coverage advertised
- the identity of the insurer
An annuity is the opposite of _______. - ANS-Life coverage
An applicant who has been denied an insurance license has _____ days to request a
listening to to protest the denial. - ANS-30 days
An worker who works at the least _____ hours weekly should be taken into consideration an
eligible worker for small organisation scientific plans. - ANS-30 hours / week
An whole settlement incorporates all of the following EXCEPT:
A. The insurance policy
B. The premium payment
C. Any attachments
D. Any endorsements - ANS-B. The premium price
An character that is constantly insured below a collection coverage for at least ____ months
may convert to an man or woman coverage upon policy termination. - ANS-3 months
An coverage organisation ought to record a note of appointment or provide notice of
appointment termination to a producer within _____ days. - ANS-15 days
An insurer has a ____ day window whilst the insured can not sue the insurer to recover
under a declare because the insurer desires time with a view to reply. - ANS-60 day window
Andy is a 30 year antique guy who liquids once in a while, does not smoke, and has no
regarded fitness troubles. What type of chance could he be labeled as? - ANS-Standard
threat
Angela has a standard life coverage that she purchased numerous years in the past. At that
point, the demise benefit of the coverage was $250,000. Her coins value is now $50,000.
How much is her modern loss of life advantage? - ANS-$250,000, UL policies have a level
death gain no matter the coins fee accumulations
Annuities are ___________ at some stage in the accumulation period, however advantage
payments are _________ as earnings. - ANS-Taxed, now not taxed
____% of eligible employees have to participate in a contributory plan. - ANS-seventy five%
____% of eligible personnel need to take part in a non-contributory plan. - ANS-one
hundred%
A ___________ is given to each blanketed character below a collection life insurance policy.
- ANS-Certificate of Insurance
A baker's union and a butcher's union be a part of together to form a believe to provide
coverage to their personnel. This form of group is referred to as _______. - ANS-Taft-Hartley
believe (Group manufactured from one or extra unions)
A described advantage plan is where the business enterprise has the same opinion to make
important contributions on behalf of _____________ in order to offer a selected retirement
benefit. - ANS-Eligible personnel
A health facility income policy will make payments to:
A. The medical institution
B. The insured
C. Both A&B
D. The beneficiary - ANS-B. The insured
A life coverage coverage agreement will permit reinstatement within _____ years of a policy
lapsing. Proof of insurability can be required. Reinstatement utility ought to be filed. - ANS-3
years
A life coverage's incontestability period is ___ years. After this time, the insurer CANNOT
dispute the validity of the settlement - ANS-2 years
A LTC coverage should provide coverage for as a minimum ______ consecutive months. -
ANS-12 consecutive months
A character turns into eligible for the federal Medicare program at the age of ____. Coverage
should be asked within _____ days earlier than or after the applicant's birthday. - ANS-sixty
five years vintage, 90 days
A man or woman who gets retirement advantages at everyday retirement age gets _____%
if PIA as a retirement benefit. - ANS-100%
A policy or rider that pays a face quantity if there's an unintended loss of: 2 arms, 2 legs, or
the lack of vision in each eyes - ANS-Accidental Death & Dismemberment (AD&D)
,A seasoned-rata return is one in which the insurer returns ______ of the unearned premium.
- ANS-All of the unearned top class is back.
A manufacturer has _____ days to respond to expenses of violating insurance laws. -
ANS-30 days.
A manufacturer has ______ days to notify the Department of Insurance of any name or
address modifications. - ANS-30 days
A manufacturer has a fiduciary duty to all the following: - ANS-- Insured on cancelled
regulations
- Insurer, for charges due
- Prospective customer of coverage, when the software is rejected.
A rider that offers extra advantages at some point of the primary 6 months or yr of a declare
is a _________________ rider. - ANS-Additional month-to-month benefit rider
A surviving spouse who is disabled can start receiving survivor benefits at age ____, if the
deceased was absolutely insured. - ANS-Age 50
A surviving partner who isn't always disabled can start receiving survivor benefits at age
____, if the deceased changed into absolutely insured. - ANS-Age 60
A temporary license issued to close the affairs of a deceased manufacturer can be issued for
as much as _____ days on the discretion of the Commissioner - ANS-180 days
A form of plan wherein personnel can pick out benefits from lots of coverage options
primarily based on person and family desires. - ANS-Cafeteria plan
After the deductible is satisfied, Part B will pay what % of all authorised costs? - ANS-80%
Aleatory contract - ANS-Dependent on an uncertain event
All coverage rules may be cancelled at any time by _______________ most effective. -
ANS-The insured.
All of the following are examples of coverage transactions except:
A. Soliciting programs for coverage
B. Turning in guidelines
C. Licensing of manufacturers
D. Collecting charges - ANS-Correct solution: C - licensing of manufacturers
All of the subsequent are managed care plans EXCEPT:
A. Point-of-provider plans
B. Health maintenance corporations
C. Preferred issuer organizations
D. Indemnity preparations - ANS-D, indemnity arrangements
, All of the following may be taken into consideration dependents EXCEPT the insured's:
A. Parents
B. Adopted youngsters
C. 25-yr-antique baby who became bodily disabled at 24
D. 21-yr-antique child who's attending university complete time - ANS-C. 25-12 months-old
baby who have become disabled at 24
An commercial for a life coverage coverage have to include all the following: - ANS-- facts
cloth to the coverage policy
- a description of the sort of coverage advertised
- the identity of the insurer
An annuity is the opposite of _______. - ANS-Life coverage
An applicant who has been denied an insurance license has _____ days to request a
listening to to protest the denial. - ANS-30 days
An worker who works at the least _____ hours weekly should be taken into consideration an
eligible worker for small organisation scientific plans. - ANS-30 hours / week
An whole settlement incorporates all of the following EXCEPT:
A. The insurance policy
B. The premium payment
C. Any attachments
D. Any endorsements - ANS-B. The premium price
An character that is constantly insured below a collection coverage for at least ____ months
may convert to an man or woman coverage upon policy termination. - ANS-3 months
An coverage organisation ought to record a note of appointment or provide notice of
appointment termination to a producer within _____ days. - ANS-15 days
An insurer has a ____ day window whilst the insured can not sue the insurer to recover
under a declare because the insurer desires time with a view to reply. - ANS-60 day window
Andy is a 30 year antique guy who liquids once in a while, does not smoke, and has no
regarded fitness troubles. What type of chance could he be labeled as? - ANS-Standard
threat
Angela has a standard life coverage that she purchased numerous years in the past. At that
point, the demise benefit of the coverage was $250,000. Her coins value is now $50,000.
How much is her modern loss of life advantage? - ANS-$250,000, UL policies have a level
death gain no matter the coins fee accumulations
Annuities are ___________ at some stage in the accumulation period, however advantage
payments are _________ as earnings. - ANS-Taxed, now not taxed
