Final Exam - Michigan Life and Health Latest Update with Verified Solutions

Final Exam - Michigan Life and Health Latest Update with Verified Solutions Making a statement that is false or maliciously critical of the financial condition of an insurer is known as defamation Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? Business overhead expense policy Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, the protection ends To receive proceeds from a death benefit, a minor must have an appointed guardian Under a life insurance policy, what does the insuring clause state? The insurer's obligation to pay a death benefit upon an approved death claim When can a group health policy renewal be denied according to the Health Insurance Portability and Accountability Act (HIPAA)? When contribution or participation rules have been violated What is the purpose for having an accelerated death benefit on a life insurance policy? It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? Variable universal policy An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments? 1 month Consumer privacy regulations permit the release of an insured's financial information when an authorized agency makes a written request to the insurer during an insurance fraud investigation The free-look provision gives the policyowner the right to return the policy for a full refund within a specified number of days Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. She would like to borrow $15,000 against the cash value. Which of the following statements is TRUE? Net death benefit will be reduced if the loan is not repaid Tara the producer is delivering a specified disease insurance policy to a new policyowner. Upon delivery, she may be expected to collect all of the following EXCEPT a(n) modified application with a new signature Which of the following is considered to be the period when the accumulated value in an annuity is paid out? Annuitization phase