Final exam Michigan life and health| 150 Questions| Correct Answers| Verified!!
Fixed period settlement options are considered to be a form of a(n) - ANSWER annuity Ownership of a life insurance policy may be temporarily transferred with a(n) - ANSWER collateral assignment Gina the producer caused financial harm to an insured. Which of these actions may the Commissioner take? - ANSWER Revoke Gina's license after a hearing concludes a violation has occured Converting a group plan to permanent life insurance requires - ANSWER The conversion being applied for within 31 days of termination David submits a $500 claim for medical expenses. There is a past-due amount owed for insurance premiums of $200. As a result, the insurer only pays $300 for the claim. This deduction came as a result of which provision? - ANSWER Unpaid provision An example of an unfair claims settlement practice is - ANSWER Failing to promptly provide reasonable explanations for the denial of claims A health insurance policy will typically cover - ANSWER preventative health services The acceptance of a credit life application requires the submission of a certificate of insurance to the insured within ___ days. - ANSWER 30 All of the following are functions of an insured clause EXCEPT - ANSWER primarily described the free-look period
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