, Final exam Michigan life and health EXAM
QUESTIONS AND ANSWERS 100%
ACCURATE!
Fixed period settlement options are considered to be a form of a(n) - ANSWER annuity
Ownership of a life insurance policy may be temporarily transferred with a(n) -
ANSWER collateral assignment
Gina the producer caused financial harm to an insured. Which of these actions may the
Commissioner take? - ANSWER Revoke Gina's license after a hearing concludes a
violation has occurred
Converting a group plan to permanent life insurance requires - ANSWER The
conversion being applied for within 31 days of termination
David submits a $500 claim for medical expenses. There is a past-due amount owed for
insurance premiums of $200. As a result, the insurer only pays $300 for the claim. This
deduction came as a result of which provision? - ANSWER Unpaid provision
An example of an unfair claims settlement practice is - ANSWER Failing to promptly
provide reasonable explanations for the denial of claims
A health insurance policy will typically cover - ANSWER preventative health services
The acceptance of a credit life application requires the submission of a certificate of
insurance to the insured within ___ days. - ANSWER 30
All of the following are functions of an insured clause EXCEPT - ANSWER primarily
described the free-look period
The type of multiple protection coverage that pays on the death of the last person is
called a(n) - ANSWER Survivorship life policy
A beneficiary has just received a claim payment for a life insurance policy. Which of the
following is TRUE regarding the federal income tax liability owed? - ANSWER No
federal income tax is owed on life insurance proceeds
QUESTIONS AND ANSWERS 100%
ACCURATE!
Fixed period settlement options are considered to be a form of a(n) - ANSWER annuity
Ownership of a life insurance policy may be temporarily transferred with a(n) -
ANSWER collateral assignment
Gina the producer caused financial harm to an insured. Which of these actions may the
Commissioner take? - ANSWER Revoke Gina's license after a hearing concludes a
violation has occurred
Converting a group plan to permanent life insurance requires - ANSWER The
conversion being applied for within 31 days of termination
David submits a $500 claim for medical expenses. There is a past-due amount owed for
insurance premiums of $200. As a result, the insurer only pays $300 for the claim. This
deduction came as a result of which provision? - ANSWER Unpaid provision
An example of an unfair claims settlement practice is - ANSWER Failing to promptly
provide reasonable explanations for the denial of claims
A health insurance policy will typically cover - ANSWER preventative health services
The acceptance of a credit life application requires the submission of a certificate of
insurance to the insured within ___ days. - ANSWER 30
All of the following are functions of an insured clause EXCEPT - ANSWER primarily
described the free-look period
The type of multiple protection coverage that pays on the death of the last person is
called a(n) - ANSWER Survivorship life policy
A beneficiary has just received a claim payment for a life insurance policy. Which of the
following is TRUE regarding the federal income tax liability owed? - ANSWER No
federal income tax is owed on life insurance proceeds
