Michigan Life, Accident, and Health Exam Prep Questions and Answers with Certified Solutions

Michigan Life, Accident, and Health Exam Prep Questions and Answers with Certified Solutions A policyowner may change two policy features on what type of life insurance? Adjustable life The legal action provision in a health contract is limited to no more than ___ years. 5 Long-Term Care policies may provide coverage for claims arising from Senile dementia In group health care, what is the purpose of the coordination of benefits provision? Determines what is paid by the primary and secondary insures in the event of a claim All of the following riders can increase the death benefit amount EXCEPT -Cost of Living -Waiver of Premium -Accidental Death Rider -Guaranteed Insurability Wavier of premium Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium? -14 day waiting period / 5 year benefit period -14 day waiting period / 10 year benefit period -28 day waiting period / 5 year benefit period -28 day waiting period / 10 year benefit period 14 day waiting period / 10 year benefit period Which of the following is NOT a federal requirement of a qualified plan? -Must benefit a broad cross-section of employees -Employee must be able to make unlimited contributions -Vesting schedule must be defined -Employer establishes the plan Employee must be able to make unlimited contributions A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n) Partial surrender In Michigan, legal action can be taken against an insurer for failure to pay LIFE insurance claims for a period not to exceed 6 year All of the following are examples of a Business