Final Exam-Michigan Life And Health Questions & Answers Complete And Well Explained And Verified By Experts 100% Correct | Latest Update 2024| Graded A+ All You Need To Pass Your Exams [Alredy Passed]

FINAL EXAM-MICHIGAN LIFE AND HEALTH QUESTIONS & ANSWERS COMPLETE AND WELL EXPLAINED AND VERIFIED BY EXPERTS 100% CORRECT | LATEST UPDATE 2024| GRADED A+ ALL YOU NEED TO PASS YOUR EXAMS [ALREDY PASSED] Pierre is covered by his employer's group major medical plan. His employer pays for 75% of the premium and he pays for 25%. How much would a $10,000 benefit be taxable as income under this plan? 0$ -benefits that fall under a major medical plan are considered to be a reimbursement for a loss, and is not taxable as income After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? file a written proof of loss Under long term care insurance, which of the following MUST an insurer offer to each policy owner at the time of purchase? An inflation protection feature What is the primary factor that determines the benefits paid under a disability income policy? Wages What is the tax liability for employer contributions in Health Savings Accounts (HSA's)? No tax payment needed -Employer paid contributions to HSA's are tax free to the employee In the state of MI, properly filed health claims are not timely paid require the insurer to pay simple interest from a date 60 days from satisfactory proof of loss at the rate of? 12% annum In MI, legal action can be taken against an insurer for failure to pay HEALTH insurance claims for a period not to exceed 3 years Donald is the primary insured of life insurance policy and adds a children's term rider. What is the advantage of adding this rider? Can be converted to permanent coverage without evidence of insurability -An advantage of a children's term rider is the ability to convert to permanent insurance without evidence of insurability When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? Change of occupation provision The unfair trade practice of replacing an insurance policy from one insurer to another based on misrepresentation is called? Twisting Which type of coverage pays an amount per day