MI Insurance Exam Questions and Answers Rated A

MI Insurance Exam Questions and Answers Rated A an insurance applicant with a below average likelihood of loss is typically considered to be Preferred Risk Tim is covered under a group plan and would like to change is group coverage to an individual policy with the name insurer because of employment termination. Which of these describes the change that will take place? Conversion Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit will be payable to Matt's beneficiary if Matt.. Dies instantly from a car accident which of the following is not covered under workers comp? Pain and Suffering All of the following are considered appropriate uses of life insurance for business purposes except Protecting the business by covering entry level employees with life insurance Which of these retirement plans do not qualify for a federal income tax deduction? Roth IRA An insurer would be committing unfair discrimination if coverage was denied based upon Martial Status In an insurance contract, the insurer is the only party legally obligated to perform. Because of this, an insurance contract is considered Unilateral One of the most important considerations when replacing health insurance would be the Exclusions on a new policy A type of group that has a constitution and bylaws and has been organized for the purpose other than obtaining insurance is called an Association or Labor group Under the subrogation clause, legal action can be taken by the insurer against the Responsible Third Party An insured under a major medical expense plan with a plan zero deductible and 80/20 coinsurance provision files a $1000 claim. How much of this claim is the insured responsible for? $200 Which of these is NOT a qualifying event for Medicare? Falling below the federal poverty level ABC insurance agency is entering each applicant who purchase insurance thought their agency into a drawing to win a free trip. This is an unlawful insurance practice known as Illegal Inducement When calculating the amount of life insurance needed for an income earner, what has to be determined when using the Needs Approach? Financial Objectives if the income earner were to die/disabled