MICHIGAN LIFE AND HEALTH FINAL EXAM

defamation - Answer-Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy - Answer-Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? the protection ends - Answer-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, must have an appointed guardian - Answer-To receive proceeds from a death benefit, a minor The insurer's obligation to pay a death benefit upon an approved death claim - Answer-Under a life insurance policy, what does the insuring clause state? When contribution or participation rules have been violated - Answer-When can a group health policy renewal be denied according to the Health Insurance Portability and Accountability Act (HIPAA)? It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill - Answer-What is the purpose for having an accelerated death benefit on a life insurance policy? Variable universal policy - Answer-Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? 1 month - Answer-An immediate annuity has been purchased with a single premium.