Final Exam - Michigan Life and Health Insurance Actual Quiz with Correct Answers | latest 2024/2025

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 Final Exam - Michigan Life and Health Insurance Actual Quiz with Correct Answers | latest 2024/2025