Michigan Life and Health Final Exam Questions with Correct Answers (A+ Graded)

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