Final Exam-Michigan Life and Health Questions and Answers 2023/2024

What amount will be paid under a policy where the insured misstated his/her age? - 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 - Answer- 30 days which of these is considered to be a Living benefit option in a life insurance policy - Answer- Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy - Answer- would not be treated as taxable income A long term care policy typically provides all of the following levels of care EXCEPT - Answer- acute care the elimination period under a hospital indemnity plan is - 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? - Answer- Period of time after the premium is due but the policy remains in force How do interest earnings accumulate in a deferred annuity - Answer- On a tax-deferred basis a licensee who is required to take continuing education Must include how many ethics coursework hours - Answer- 3 the automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value the amount of - Answer- Past due premiums that have not been paid by the end of the grace period health insurance involves two perils, accident and ______ - Answer- sickness Who is responsible for assembling the policy forms for insureds - Answer- Insurance carriers a securities license is required for a life insurance producer to sell - Answer- variable life insurance Which of the following is NOT an illegal inducement - Answer- giving the insured an article of merchandise printed with the producers name costing 5$ Which o