Michigan Life and Health Final Exam Actual Questions and Answers with complete solution

Michigan Life and Health Final Exam Actual Questions and Answers with complete solution 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 of the following is NOT a federal requirement of a qualified plan? - 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? - Answer ️️ -Accumulation at interest option a health insurance policy will typically cover - 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? - Answer ️️ - Disability income rider in addition to the actual policy, an entire contract includes which of the following? - Answer ️️ -the application field underwriting preformed by the producer involves - Answer ️️ -completing the application and collecting initial premium Kathy pays a monthly premium on her health insurance policy. How long is her grace period? - 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 $10,000 benefit be taxable as income under this plan? - Answer ️️ -0$ -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? - Answer ️️ -file a written proof of