MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+.

MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. Final Exam-Michigan Life and Health 1. What amount will be paid under a policy where the insured misstated his/her age?: an amount the premium would have purchased at the correct age 2. the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days: 30 days 3. which of these is considered to be a Living benefit option in a life insurance policy: Accelerated death benefit 4. loans obtained by a policy owner against the cash value of a life insurance policy: would not be treated as taxable income 5. A long term care policy typically provides all of the following levels of care EXCEPT: acute care 6. the elimination period under a hospital indemnity plan is: the specific # of days an insured must wait before becoming eligible to receive benefits for each hospitalization 7. what is an insurance policy's grace period?: Period of time after the premium is due but the policy remains in force 8. How do interest earnings accumulate in a deferred annuity: On a tax-deferred basis 9. a licensee who is required to take continuing education Must include how many ethics coursework hours: 3 10. the automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value the amount of: Past due premiums that have not been paid by the end of the grace period 11. health insurance involves two perils, accident and ______: sickness 12. Who is responsible for assembling the policy forms for insureds: Insurance carriers 13. a securities license is required for a life insurance producer to sell: variable life insurance 14. Which of the following is NOT an illegal inducement: giving the insured an article of merchandise printed with the producers name costing 5$ 15. Which of the following is NOT a federal requirement of a qualified plan?: - employee must be able to make unlimited contributions 16. Which dividend option would an insurer invest the policy owner's money and add any interest earnings as the dividends accrue?: Accumulation at interest option 17. a health insurance policy will typically cover: preventative health services 18. 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?: Disability income rider