Michigan Life, Accident, and Health Question with 100 % correct answers | Verified | updated

____% of eligible employees must participate in a contributory plan. - 75% ____% of eligible employees must participate in a non-contributory plan. - 100% A ___________ is given to each covered person under a group life insurance policy. - Certificate of Insurance A baker's union and a butcher's union join together to form a trust to provide insurance to their employees. This type of group is called _______. - Taft-Hartley trust (Group made of one or more unions) A defined benefit plan is where the employer agrees to make necessary contributions on behalf of _____________ in order to provide a specific retirement benefit. - Eligible employees A hospital income policy will make payments to: A. the hospital B. the insured C. both A&B D. the beneficiary - B. the insured A life insurance policy contract will permit reinstatement within _____ years of a policy lapsing. Proof of insurability may be required. Reinstatement application must be filed. - 3 years A life policy's incontestability period is ___ years. After this time, the insurer CANNOT dispute the validity of the contract - 2 years A LTC policy must provide coverage for at least ______ consecutive months. - 12 consecutive monthsA person becomes eligible for the federal Medicare program at the age of ____. Coverage must be requested within _____ days before or after the applicant's birthday. - 65 years old, 90 days A person who receives retirement benefits at normal retirement age receives _____% if PIA as a retirement benefit. - 100% A policy or rider that pays a face amount if there is an accidental loss of: 2 arms, 2 legs, or the loss of vision in both eyes - Accidental Death & Dismemberment (AD&D) A pro-rata return is one in which the insurer returns ______ of the unearned premium. - All of the unearned premium is returned. A producer has _____ days to respond to charges of violating insurance laws. - 30 days. A producer has ______ days to notify the Department of Insurance of any name or address changes. - 30 days A producer has a fiduciary responsibility to all of the following: - - Insured on cancelled policies - Insurer, for premiums due - Prospective purchaser of insurance, when the application is rejected. A rider that provides more benefits during the first 6 months or year of a claim is a _________________ rider. - Additional monthly benefit rider A surviving spouse who is disabled can start receiving survivor benefits at age ____, if the deceased was fully insured. - Age 50 A surviving spouse who is not disabled can start receiving survivor benefits at age ____, if the deceased was fully insured. - Age 60