Final Exam-Michigan Life and Health || With Certified Answers.
What amount will be paid under a policy where the insured misstated his/her age? correct
answers 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 answers 30 days
which of these is considered to be a Living benefit option in a life insurance policy correct
answers Accelerated death benefit
loans obtained by a policy owner against the cash value of a life insurance policy correct answers
would not be treated as taxable income
A long term care policy typically provides all of the following levels of care EXCEPT correct
answers acute care
the elimination period under a hospital indemnity plan is correct answers 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 answers Period of time after the premium is
due but the policy remains in force
How do interest earnings accumulate in a deferred annuity correct answers On a tax-deferred
basis
a licensee who is required to take continuing education Must include how many ethics
coursework hours correct answers 3
,the automatic premium loan provision authorizes an insurer to withdraw from a policy's cash
value the amount of correct answers Past due premiums that have not been paid by the end of the
grace period
health insurance involves two perils, accident and ______ correct answers sickness
Who is responsible for assembling the policy forms for insureds correct answers Insurance
carriers
a securities license is required for a life insurance producer to sell correct answers variable life
insurance
Which of the following is NOT an illegal inducement correct answers 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 answers
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 answers Accumulation at interest option
a health insurance policy will typically cover correct answers 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 answers
Disability income rider
in addition to the actual policy, an entire contract includes which of the following? correct
answers the application
, field underwriting preformed by the producer involves correct answers completing the
application and collecting initial premium
Kathy pays a monthly premium on her health insurance policy. How long is her grace period?
correct answers 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 $10,000 benefit be taxable as income under
this plan? correct answers 0$
-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 answers 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 answers An inflation protection feature
What is the primary factor that determines the benefits paid under a disability income policy?
correct answers Wages
What is the tax liability for employer contributions in Health Savings Accounts (HSA's)? correct
answers 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 answers
12% annum
What amount will be paid under a policy where the insured misstated his/her age? correct
answers 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 answers 30 days
which of these is considered to be a Living benefit option in a life insurance policy correct
answers Accelerated death benefit
loans obtained by a policy owner against the cash value of a life insurance policy correct answers
would not be treated as taxable income
A long term care policy typically provides all of the following levels of care EXCEPT correct
answers acute care
the elimination period under a hospital indemnity plan is correct answers 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 answers Period of time after the premium is
due but the policy remains in force
How do interest earnings accumulate in a deferred annuity correct answers On a tax-deferred
basis
a licensee who is required to take continuing education Must include how many ethics
coursework hours correct answers 3
,the automatic premium loan provision authorizes an insurer to withdraw from a policy's cash
value the amount of correct answers Past due premiums that have not been paid by the end of the
grace period
health insurance involves two perils, accident and ______ correct answers sickness
Who is responsible for assembling the policy forms for insureds correct answers Insurance
carriers
a securities license is required for a life insurance producer to sell correct answers variable life
insurance
Which of the following is NOT an illegal inducement correct answers 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 answers
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 answers Accumulation at interest option
a health insurance policy will typically cover correct answers 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 answers
Disability income rider
in addition to the actual policy, an entire contract includes which of the following? correct
answers the application
, field underwriting preformed by the producer involves correct answers completing the
application and collecting initial premium
Kathy pays a monthly premium on her health insurance policy. How long is her grace period?
correct answers 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 $10,000 benefit be taxable as income under
this plan? correct answers 0$
-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 answers 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 answers An inflation protection feature
What is the primary factor that determines the benefits paid under a disability income policy?
correct answers Wages
What is the tax liability for employer contributions in Health Savings Accounts (HSA's)? correct
answers 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 answers
12% annum
