Final Exam-Michigan Life and Health
Questions With Correct 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
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ANSWER✔✔-30 days |
which of these is considered to be a Living benefit option in a life
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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
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How do interest earnings accumulate in a deferred annuity - CORRECT
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ANSWER✔✔-On a tax-deferred basis | | |
a licensee who is required to take continuing education Must include
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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 -
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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?
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- 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 | | |
Questions With Correct 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 | | |
