Michigan Life Insurance State Actual Exam With Compplete Updated Solutions 2024

Macy is covered by his own group health insurance plan as well as by his wife's group plan. Which provision in Macy's plan will prevent over insurance? - ANSWERS,Coordination of benefits Someone who applies for an individual disability income policy who's in good health, no risky habits, works a low risk job and has no family history of disability is likely to be classified as a: - ANSWERS,Preferred risk After a commissioner issued a cease and desist order, agent smith continued to offer illegal inducements to insurance prospects in violation of the order. Which penalty can the commissioner impose? - ANSWERS,A fine up to $20,000 and license revocation XYZ insurers revived a claim and determined that a benefit was payable on June 1. Within how many days must he pay the claim? - ANSWERS,60 A life insurer is permitted to employ which if the following persons to administer funds held in the insurer's separate account? - ANSWERS,A person convicted of moving traffic violations What is not an optional provision of health insurance policies issued in Michigan? - ANSWERS,Change of beneficiary What requirements must an individual meet to be appointed as the commissioner of insurance? - ANSWERS,Resident if Michigan When can't u accelerate the benefits under a whole life policy? - ANSWERS,Someone injured in a car accident but is expected work in a month What arrangement best suits a life insurance applicants goal of keeping the policy out of their estate? - ANSWERS,Designate an irrevocable trust to be the owner of the policy. If someone lies about their age on a life insurance application what will the insurer do? - ANSWERS,Adjust the b