FINAL EXAM-MICHIGAN LIFE AND
HEALTH EXAM QUESTION WITH
ANSWERS LATEST UPDATE 2024/25
What amount will be paid under a policy where the insured misstated
his/her age? (CORRECT ANSWER) an amount the premium would
have purchased at the correct age
the acceptance of a credit life application requires the submission of a
certificate of insurance to the insured within_____ days (CORRECT
ANSWER) 30 days
which of these is considered to be a Living benefit option in a life
insurance policy (CORRECT ANSWER) Accelerated death benefit
loans obtained by a policy owner against the cash value of a life
insurance policy (CORRECT ANSWER) would not be treated as
taxable income
A long term care policy typically provides all of the following levels of
care EXCEPT (CORRECT ANSWER) acute care
the elimination period under a hospital indemnity plan is (CORRECT
ANSWER) the specific # of days an insured must wait before becoming
eligible to receive benefits for each hospitalization
,what is an insurance policy's grace period? (CORRECT ANSWER)
Period of time after the premium is due but the policy remains in force
How do interest earnings accumulate in a deferred annuity (CORRECT
ANSWER) On a tax-deferred basis
a licensee who is required to take continuing education Must include
how many ethics coursework hours (CORRECT ANSWER) 3
the automatic premium loan provision authorizes an insurer to withdraw
from a policy's cash value the amount of (CORRECT ANSWER) Past
due premiums that have not been paid by the end of the grace period
health insurance involves two perils, accident and ______ (CORRECT
ANSWER) sickness
Who is responsible for assembling the policy forms for insureds
(CORRECT ANSWER) Insurance carriers
a securities license is required for a life insurance producer to sell
(CORRECT ANSWER) variable life insurance
Which of the following is NOT an illegal inducement (CORRECT
ANSWER) giving the insured an article of merchandise printed with the
producers name costing 5$
,Which of the following is NOT a federal requirement of a qualified
plan? (CORRECT ANSWER) employee must be able to make
unlimited contributions
Which dividend option would an insurer invest the policy owner's
money and add any interest earnings as the dividends accrue?
(CORRECT ANSWER) Accumulation at interest option
a health insurance policy will typically cover (CORRECT ANSWER)
preventative health services
a life insurance policy owner was injured in a car accident which results
in a total and permanent disability. which rider would pay a monthly
amount because of this disability? (CORRECT ANSWER) Disability
income rider
in addition to the actual policy, an entire contract includes which of the
following? (CORRECT ANSWER) the application
field underwriting preformed by the producer involves (CORRECT
ANSWER) completing the application and collecting initial premium
Kathy pays a monthly premium on her health insurance policy. How
long is her grace period? (CORRECT ANSWER) 10 days
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 $10,000 benefit be taxable as income under this plan?
(CORRECT ANSWER) 0$
-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? (CORRECT ANSWER) 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? (CORRECT
ANSWER) An inflation protection feature
What is the primary factor that determines the benefits paid under a
disability income policy? (CORRECT ANSWER) Wages
What is the tax liability for employer contributions in Health Savings
Accounts (HSA's)? (CORRECT ANSWER) 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? (CORRECT ANSWER) 12%
annum
HEALTH EXAM QUESTION WITH
ANSWERS LATEST UPDATE 2024/25
What amount will be paid under a policy where the insured misstated
his/her age? (CORRECT ANSWER) an amount the premium would
have purchased at the correct age
the acceptance of a credit life application requires the submission of a
certificate of insurance to the insured within_____ days (CORRECT
ANSWER) 30 days
which of these is considered to be a Living benefit option in a life
insurance policy (CORRECT ANSWER) Accelerated death benefit
loans obtained by a policy owner against the cash value of a life
insurance policy (CORRECT ANSWER) would not be treated as
taxable income
A long term care policy typically provides all of the following levels of
care EXCEPT (CORRECT ANSWER) acute care
the elimination period under a hospital indemnity plan is (CORRECT
ANSWER) the specific # of days an insured must wait before becoming
eligible to receive benefits for each hospitalization
,what is an insurance policy's grace period? (CORRECT ANSWER)
Period of time after the premium is due but the policy remains in force
How do interest earnings accumulate in a deferred annuity (CORRECT
ANSWER) On a tax-deferred basis
a licensee who is required to take continuing education Must include
how many ethics coursework hours (CORRECT ANSWER) 3
the automatic premium loan provision authorizes an insurer to withdraw
from a policy's cash value the amount of (CORRECT ANSWER) Past
due premiums that have not been paid by the end of the grace period
health insurance involves two perils, accident and ______ (CORRECT
ANSWER) sickness
Who is responsible for assembling the policy forms for insureds
(CORRECT ANSWER) Insurance carriers
a securities license is required for a life insurance producer to sell
(CORRECT ANSWER) variable life insurance
Which of the following is NOT an illegal inducement (CORRECT
ANSWER) giving the insured an article of merchandise printed with the
producers name costing 5$
,Which of the following is NOT a federal requirement of a qualified
plan? (CORRECT ANSWER) employee must be able to make
unlimited contributions
Which dividend option would an insurer invest the policy owner's
money and add any interest earnings as the dividends accrue?
(CORRECT ANSWER) Accumulation at interest option
a health insurance policy will typically cover (CORRECT ANSWER)
preventative health services
a life insurance policy owner was injured in a car accident which results
in a total and permanent disability. which rider would pay a monthly
amount because of this disability? (CORRECT ANSWER) Disability
income rider
in addition to the actual policy, an entire contract includes which of the
following? (CORRECT ANSWER) the application
field underwriting preformed by the producer involves (CORRECT
ANSWER) completing the application and collecting initial premium
Kathy pays a monthly premium on her health insurance policy. How
long is her grace period? (CORRECT ANSWER) 10 days
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 $10,000 benefit be taxable as income under this plan?
(CORRECT ANSWER) 0$
-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? (CORRECT ANSWER) 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? (CORRECT
ANSWER) An inflation protection feature
What is the primary factor that determines the benefits paid under a
disability income policy? (CORRECT ANSWER) Wages
What is the tax liability for employer contributions in Health Savings
Accounts (HSA's)? (CORRECT ANSWER) 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? (CORRECT ANSWER) 12%
annum
