, Final Exam - Michigan Life and Health
EXAM QUESTIONS AND ANSWERS
100% CORRECT AND UPDATED!
in which of the following situations, would the insurer be liable for a loss? - ANSWER
The insurer suffered an injury as an innocent bystander during a bank robbery.
The election of COBRA for continuation of health coverage will - ANSWER maintain the
same coverage and increase premium
Which of these would not be considered a presumptive disability? - ANSWER Loss of a
leg or arm
Which of the following actions is required by a producer who is replacing an existing life
insurance policy? - ANSWER Submit to the replacing ensure a list of the policies to be
replaced
The free look provision gives the policy owner - ANSWER the right to return the policy
for a full refund within a specified number of days
A partial surrender is allowed in which of the following life policies? - ANSWER
Universal Life
Over the course of a year, which premium payment mode is most expensive? -
ANSWER Monthly
Under a nonqualified annuity, interest is taxed after the - ANSWER exclusion ratio has
been calculated
What is the purpose of the medical information bureau? - ANSWER To help
underwriters evaluate risk
What makes an insurance policy a unilateral contract? - ANSWER Only the insurer is
legally bound
A fee for service health insurance plan will normally cover - ANSWER a disease
EXAM QUESTIONS AND ANSWERS
100% CORRECT AND UPDATED!
in which of the following situations, would the insurer be liable for a loss? - ANSWER
The insurer suffered an injury as an innocent bystander during a bank robbery.
The election of COBRA for continuation of health coverage will - ANSWER maintain the
same coverage and increase premium
Which of these would not be considered a presumptive disability? - ANSWER Loss of a
leg or arm
Which of the following actions is required by a producer who is replacing an existing life
insurance policy? - ANSWER Submit to the replacing ensure a list of the policies to be
replaced
The free look provision gives the policy owner - ANSWER the right to return the policy
for a full refund within a specified number of days
A partial surrender is allowed in which of the following life policies? - ANSWER
Universal Life
Over the course of a year, which premium payment mode is most expensive? -
ANSWER Monthly
Under a nonqualified annuity, interest is taxed after the - ANSWER exclusion ratio has
been calculated
What is the purpose of the medical information bureau? - ANSWER To help
underwriters evaluate risk
What makes an insurance policy a unilateral contract? - ANSWER Only the insurer is
legally bound
A fee for service health insurance plan will normally cover - ANSWER a disease
