Michigan Life and Health Accident Questions and Answers Rated A+

Michigan Life and Health Accident Questions and Answers Rated A+ An insured owns a whole life insurance policy on himself. He would also like coverage for his son. One way the insured can accomplish this goal is to purchase a... Child term rider When underwriting an individual health insurance policy, the underwriter will NOT consider the applicant's...? Martial Status Why do comprehensive dental plans usually provide routine dental care services without deductibles or coinsurance? To encourage preventative dental care. When a beneficiary inherits traditional IRA, which of the following is true about taxation when the money is withdrawn. The beneficiary pays? Income Tax To receive proceed from death benefit, a minor Must have an appointed guardian. How many days does a terminated employee have to convert his group life insurance policy to an individual policy? 31 days When an immediate annuity is funded with a single premium, the annuitant may begin receiving payment after? 1 month An insurer's intentional relinquishment of a known right is? A waiver When would attending physician's statement be appropriate for life insurance purposes? At the request of the insurer when it could affect the underwriting decision but with the consent of the applicant. Mrs. Smith doctor told her that she has arthritis in both legs. Mrs. Smith then sees a physical therapists who tells her that she needs physical therapy and will need a wheel chair for a few months. What part of Medicare insurance will cover all of these services? Part B Long term care policies cover expenses for care when the insured CANNOT perform all of the following activities of daily living except. Shopping Which of the following long term disability clauses states that insureds are considered totally disabled when they CANNOT perform the major duties of a gainful occupation for which they are reasonably suited because of education, training, or experience? Any occupational clause. A general report used during the health insurance underwriting process that may provide information regarding the application morals, lifestyle, and financial background, including a credit report, is referred to as the. Consumer Investigation report. If an insurer determines the insured is totally disabled, the policy owner is relieved of paying the policy premiums as long as the disability continues. This statement describes the Waiver of premium rider. An insured has elected to receive $20,000 per month until the principal and interest on his wife's life insurance policy has been paid out. The insured has elected which option. Fixed Amount The type of policy where %80 - %90 of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index is? Equity Index whole life. If a premium is NOT submitted with a life insurance application, the producer MUST have the applicant sign which of the following when delivering a policy. A statement of good health An insurer monitors care an insured is receiving in the hospital to be sure that everything is preceding according to schedule. this best describes: Concurrent review When an insurance licensee changes his or her address under the Michigan Insurance Code, who MUST be notified. The Commissioner (DIFS) What insurance concept is characterized by the tendency for more poor risk applicants to apply for insurance than good risk application. Adverse selection The major factor in determining the benefit under a disability