Final Exam-Michigan Life and Health Already Passed!
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
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