,Final Exam - Michigan Life and Health Part
2 QUESTIONS AND ANSWERS 100%
CORRECT !
30 - ANSWER The acceptance of a credit life application requires the submission of a
certificate of insurance to the insured within ___ days.
10
20
30
40
$10,000 - ANSWER Karen is a producer who has obtained personal information about a
client without having a legitimate reason to do so. Under the McCarran-Ferguson Act,
what is the minimum penalty for this?
$0
$5,000
$10,000
$15,000
Personal income - ANSWER Which of these factors is NOT taken into consideration
when determining the cost of a long-term care policy?
Health of applicant
Amount of benefits provided
Age of applicant
Personal income
commercial aviation - ANSWER Life insurance policies will normally pay for losses
arising from
,commercial aviation
war
suicide
hazardous jobs
Gatekeeper - ANSWER Which of these will typically authorize treatment from a
specialist?
Administrator
Policyowner
Insurance company
Gatekeeper
cost - ANSWER Which of these is affected by the frequency of an insurance policy's
premium payments?
Settlement options
Cash value
Death benefit
Cost
Managed care plan - ANSWER Which of the following is considered to be a point of
service (POS) plan?
Preferred provider organization
Managed care plan
Protected care provider
Restricted provider organization
statements made in the application and the
premium - ANSWER In a life or health insurance contract, "consideration" would be the
offer and acceptance
premium only
statements made in the application and the
, premium
statements made in the application only
Consideration clause - ANSWER Which type of clause describes the following
statement: "We have issued the policy in consideration of the representations in your
applications and payment of the first-term
premium".
Premium clause
Consideration clause
Adhesion clause
Contestability clause
Submit to the replacing insurer a list of all Life Insurance policies or annuity contracts
proposed to be replaced - ANSWER According to the Michigan Insurance Code, which
of the following MUST a producer do when replacing a Life Insurance policy?
Notify the beneficiaries of all the policies or annuity contracts proposed to be replaced
Notify the insurer whose policy is being replaced, but not the insurer replacing the
policy
Submit to the replacing insurer a list of all Life Insurance policies or annuity contracts
proposed to be replaced
Forward the signed and completed Disclosure Statement to the replacing insurer and
not provide the applicant with a copy
receive matching funds to expand public assistance programs - ANSWER The role of
the federal government was expanded when Medicaid was established by allowing the
state to
form a large PPO on a statewide level
purchase health insurance from the federal government
receive matching funds to expand public assistance programs
defer all costs to the federal government for public assistance programs
2 QUESTIONS AND ANSWERS 100%
CORRECT !
30 - ANSWER The acceptance of a credit life application requires the submission of a
certificate of insurance to the insured within ___ days.
10
20
30
40
$10,000 - ANSWER Karen is a producer who has obtained personal information about a
client without having a legitimate reason to do so. Under the McCarran-Ferguson Act,
what is the minimum penalty for this?
$0
$5,000
$10,000
$15,000
Personal income - ANSWER Which of these factors is NOT taken into consideration
when determining the cost of a long-term care policy?
Health of applicant
Amount of benefits provided
Age of applicant
Personal income
commercial aviation - ANSWER Life insurance policies will normally pay for losses
arising from
,commercial aviation
war
suicide
hazardous jobs
Gatekeeper - ANSWER Which of these will typically authorize treatment from a
specialist?
Administrator
Policyowner
Insurance company
Gatekeeper
cost - ANSWER Which of these is affected by the frequency of an insurance policy's
premium payments?
Settlement options
Cash value
Death benefit
Cost
Managed care plan - ANSWER Which of the following is considered to be a point of
service (POS) plan?
Preferred provider organization
Managed care plan
Protected care provider
Restricted provider organization
statements made in the application and the
premium - ANSWER In a life or health insurance contract, "consideration" would be the
offer and acceptance
premium only
statements made in the application and the
, premium
statements made in the application only
Consideration clause - ANSWER Which type of clause describes the following
statement: "We have issued the policy in consideration of the representations in your
applications and payment of the first-term
premium".
Premium clause
Consideration clause
Adhesion clause
Contestability clause
Submit to the replacing insurer a list of all Life Insurance policies or annuity contracts
proposed to be replaced - ANSWER According to the Michigan Insurance Code, which
of the following MUST a producer do when replacing a Life Insurance policy?
Notify the beneficiaries of all the policies or annuity contracts proposed to be replaced
Notify the insurer whose policy is being replaced, but not the insurer replacing the
policy
Submit to the replacing insurer a list of all Life Insurance policies or annuity contracts
proposed to be replaced
Forward the signed and completed Disclosure Statement to the replacing insurer and
not provide the applicant with a copy
receive matching funds to expand public assistance programs - ANSWER The role of
the federal government was expanded when Medicaid was established by allowing the
state to
form a large PPO on a statewide level
purchase health insurance from the federal government
receive matching funds to expand public assistance programs
defer all costs to the federal government for public assistance programs
