MICHIGAN LIFE AND HEALTH FINAL EXAM LATEST 2025 WITH CORRECT QUESTIONS AND
DETAILED ANSWERS/ALREADY GRADED A+
Someone who is licensed to negotiate a life settlement contract is called a - (answer)Life settlement
broker
Chris has a single major medical contract which covers all medical expenses. His plan is considered to be
- (answer)comprehensive
What typically changes at the re-entry option date found in some life insurance policies? -
(answer)Premium - a re-entry option gives the insured the opportunity to provide evidence of
insurability at the end of the term to qualify to renew the policy at a lower premium
In Connecticut, continuing education courses must be approved by the - (answer)Commissioner
After a life insurance policy has been in effect for _____ year(s), it becomes incontestable. - (answer)2
Which of the following must clearly be illustrated in all sales material for market value adjusted
annuities?
1. The market value adjustment must always be approved by the commissioner
2. The market value adjustment is always downward
3. The market value adjustment is always upwards
4. The market value adjustment can be either upward or downward - (answer)4. The market value
adjustment can be either upward or downward
According to the Pregnancy Discrimination Act of 1978, employers must treat a pregnancy in the same
manner as - (answer)any other medical disability - the pregnancy discrimination act of 1978 requires
that employers treat pregnancy in the same manner as a disability for any other medical reason
,MICHIGAN LIFE AND HEALTH FINAL EXAM LATEST 2025 WITH CORRECT QUESTIONS AND
DETAILED ANSWERS/ALREADY GRADED A+
Which of these noncontributory group plans would a claim likely result in the payment of federal
income?
1. Accidental health
2. Blanket health
3. Major medical
4. Disability income - (answer)Disability income
During the liquidation phase of an annuity contract, to whom are the income benefits normally payable
to? - (answer)Annuitant - the income benefits distributed during the liquidation phase of an annuity
contract are normally payable to the annuitant
Under an adjustable life insurance policy, which of the following may NOT be changed without further
underwriting?
The person insured
The period of coverage
The payment period
The plan of coverage - (answer)The person insured - all of these may normally be changed without
further underwriting in an adjustable life insurance policy expect for the "person insurance"
All of these are duties that a producer may be required to perform when delivering an insurance policy
expect
Acquire a statement of good health signature
Gather the initial premium
Review policy with applicant
Leave a conditional receipt with client - (answer)Leave a conditional receipt with client - a conditional
receipt is normally given prior to a policy being issued
, MICHIGAN LIFE AND HEALTH FINAL EXAM LATEST 2025 WITH CORRECT QUESTIONS AND
DETAILED ANSWERS/ALREADY GRADED A+
According to the affordable care act, insurers can no longer deny health coverage due to pre-existing
conditions unless that plan is a(n) - (answer)Grandfathered plan - under the affordable care act, health
insurers can no longer charge more or deny coverage to you or your child because of a pre-existing
health condition unless it is grandfathered health plan
Which of the following types of insurers limits the exposures it writes to those of its owners? -
(answer)Captive insurer - an insurer that confines largely limits the exposures it writes to those of its
owners is called a captive insurer
Which of the following could be a future use of cash value that builds in a recently-purchased whole life
insurance policy?
Convert the cash value to a paid-up term policy
Gives policyowner ability to borrow against funds within two years
Increases policy's face amount
Provide supplemental income in 35 years - (answer)Provide supplemental income in 35 years - whole
kife policies typically begin to accrue cash value during the 3rd year after issue. The cash value that
accumulates can be used to supplement income during retirement years
An accident and health insurance policy's premium requirements are set forth in which of the following
provisions? - (answer)Consideration clause - sets forth an accident and health insurance policy's
premium requirements
An insured has $25,000 whole life insurance policy with $6000 cash value available. Under the extended
term nonforfeiture option, what is the amount of insurance available to the insured? - (answer)$25,000
- the extended term option uses the policy's cash value to purchase a level term insurance policy in an
amount equal to the original policy's face value, for as long a period as the cash value will purchase.
A life settlement ______ negotiates a life settlement between a policyowner and a life settlement
provider. - (answer)Broker
DETAILED ANSWERS/ALREADY GRADED A+
Someone who is licensed to negotiate a life settlement contract is called a - (answer)Life settlement
broker
Chris has a single major medical contract which covers all medical expenses. His plan is considered to be
- (answer)comprehensive
What typically changes at the re-entry option date found in some life insurance policies? -
(answer)Premium - a re-entry option gives the insured the opportunity to provide evidence of
insurability at the end of the term to qualify to renew the policy at a lower premium
In Connecticut, continuing education courses must be approved by the - (answer)Commissioner
After a life insurance policy has been in effect for _____ year(s), it becomes incontestable. - (answer)2
Which of the following must clearly be illustrated in all sales material for market value adjusted
annuities?
1. The market value adjustment must always be approved by the commissioner
2. The market value adjustment is always downward
3. The market value adjustment is always upwards
4. The market value adjustment can be either upward or downward - (answer)4. The market value
adjustment can be either upward or downward
According to the Pregnancy Discrimination Act of 1978, employers must treat a pregnancy in the same
manner as - (answer)any other medical disability - the pregnancy discrimination act of 1978 requires
that employers treat pregnancy in the same manner as a disability for any other medical reason
,MICHIGAN LIFE AND HEALTH FINAL EXAM LATEST 2025 WITH CORRECT QUESTIONS AND
DETAILED ANSWERS/ALREADY GRADED A+
Which of these noncontributory group plans would a claim likely result in the payment of federal
income?
1. Accidental health
2. Blanket health
3. Major medical
4. Disability income - (answer)Disability income
During the liquidation phase of an annuity contract, to whom are the income benefits normally payable
to? - (answer)Annuitant - the income benefits distributed during the liquidation phase of an annuity
contract are normally payable to the annuitant
Under an adjustable life insurance policy, which of the following may NOT be changed without further
underwriting?
The person insured
The period of coverage
The payment period
The plan of coverage - (answer)The person insured - all of these may normally be changed without
further underwriting in an adjustable life insurance policy expect for the "person insurance"
All of these are duties that a producer may be required to perform when delivering an insurance policy
expect
Acquire a statement of good health signature
Gather the initial premium
Review policy with applicant
Leave a conditional receipt with client - (answer)Leave a conditional receipt with client - a conditional
receipt is normally given prior to a policy being issued
, MICHIGAN LIFE AND HEALTH FINAL EXAM LATEST 2025 WITH CORRECT QUESTIONS AND
DETAILED ANSWERS/ALREADY GRADED A+
According to the affordable care act, insurers can no longer deny health coverage due to pre-existing
conditions unless that plan is a(n) - (answer)Grandfathered plan - under the affordable care act, health
insurers can no longer charge more or deny coverage to you or your child because of a pre-existing
health condition unless it is grandfathered health plan
Which of the following types of insurers limits the exposures it writes to those of its owners? -
(answer)Captive insurer - an insurer that confines largely limits the exposures it writes to those of its
owners is called a captive insurer
Which of the following could be a future use of cash value that builds in a recently-purchased whole life
insurance policy?
Convert the cash value to a paid-up term policy
Gives policyowner ability to borrow against funds within two years
Increases policy's face amount
Provide supplemental income in 35 years - (answer)Provide supplemental income in 35 years - whole
kife policies typically begin to accrue cash value during the 3rd year after issue. The cash value that
accumulates can be used to supplement income during retirement years
An accident and health insurance policy's premium requirements are set forth in which of the following
provisions? - (answer)Consideration clause - sets forth an accident and health insurance policy's
premium requirements
An insured has $25,000 whole life insurance policy with $6000 cash value available. Under the extended
term nonforfeiture option, what is the amount of insurance available to the insured? - (answer)$25,000
- the extended term option uses the policy's cash value to purchase a level term insurance policy in an
amount equal to the original policy's face value, for as long a period as the cash value will purchase.
A life settlement ______ negotiates a life settlement between a policyowner and a life settlement
provider. - (answer)Broker
