Michigan Life, Accident, and Health Insurance Exam – Study
Michigan
GuideLife,
_ Exam
Accident,
Preparation
and Health
Material.pdf
Insurance Exam – Study
Michigan
GuideLife,
_ Exam
Accident,
Preparation
and Health
Material.pdf
Insurance Exam – Study Guide _ Exam Preparation Material.pdf
Michigan Life, Accident,
and Health Insurance Exam
– Study Guide / Exam
Preparation Material
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Michigan Life, Accident, and Health Insurance Exam – Study
Michigan
GuideLife,
_ Exam
Accident,
Preparation
and Health
Material.pdf
Insurance Exam – Study
Michigan
GuideLife,
_ Exam
Accident,
Preparation
and Health
Material.pdf
Insurance Exam – Study Guide _ Exam Preparation Material.pdf
,MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
Terms in this set (120)
Adverse Selection High-risk individuals are more likely to apply
Underwriting Process of evaluating risk
Incontestability Clause After 2 years, policy cannot be voided for misstatements
Beneficiary Person who receives death benefit
HMO Health plan with primary care and referrals required
PPO Flexible health plan with network and out-of-network options
LTC Long-Term Care insurance for chronic conditions
COBRA Continuation of group coverage
HIPAA Protects health info and preexisting conditions
MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
,MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
Grace Period Extra time after due date to pay premium
Insurance Interest Must have risk of loss in insured's death
Term Life Pure insurance with NO cash value
Whole Life Permanent insurance with cash value and level premium
Universal Life Flexible premium, adjustable death benefit
Variable Life Has investment options, no guaranteed cash value
Medicare Part A Hospital coverage
Medicare Part B Medical coverage (doctor visits)
Free look Period to cancel policy with full refund
Reinstatement Reactivating lapsed policy with proof of insurability
MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
, MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
Stock Insurer Company owned by shareholders
What is the primary purpose of insurance? B. To transfer risk
A. To eliminate risk
3 multiple choice options
B. To transfer risk
C. To avoid risk
D. To reduce moral hazards
Which type of insurer is owned by its policyholders? B. Mutual
A. Stock 3 multiple choice options
B. Mutual
C. Reciprocal
D. Fraternal
What does the term adverse selection refer to? C. High-risk individuals applying for insurance more often
A. Selecting the wrong policy 3 multiple choice options
B. Insuring only low-risk individuals
C. High-risk individuals applying for insurance more often
D. Offering too many riders
MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
Michigan
GuideLife,
_ Exam
Accident,
Preparation
and Health
Material.pdf
Insurance Exam – Study
Michigan
GuideLife,
_ Exam
Accident,
Preparation
and Health
Material.pdf
Insurance Exam – Study Guide _ Exam Preparation Material.pdf
Michigan Life, Accident,
and Health Insurance Exam
– Study Guide / Exam
Preparation Material
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Michigan Life, Accident, and Health Insurance Exam – Study
Michigan
GuideLife,
_ Exam
Accident,
Preparation
and Health
Material.pdf
Insurance Exam – Study
Michigan
GuideLife,
_ Exam
Accident,
Preparation
and Health
Material.pdf
Insurance Exam – Study Guide _ Exam Preparation Material.pdf
,MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
Terms in this set (120)
Adverse Selection High-risk individuals are more likely to apply
Underwriting Process of evaluating risk
Incontestability Clause After 2 years, policy cannot be voided for misstatements
Beneficiary Person who receives death benefit
HMO Health plan with primary care and referrals required
PPO Flexible health plan with network and out-of-network options
LTC Long-Term Care insurance for chronic conditions
COBRA Continuation of group coverage
HIPAA Protects health info and preexisting conditions
MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
,MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
Grace Period Extra time after due date to pay premium
Insurance Interest Must have risk of loss in insured's death
Term Life Pure insurance with NO cash value
Whole Life Permanent insurance with cash value and level premium
Universal Life Flexible premium, adjustable death benefit
Variable Life Has investment options, no guaranteed cash value
Medicare Part A Hospital coverage
Medicare Part B Medical coverage (doctor visits)
Free look Period to cancel policy with full refund
Reinstatement Reactivating lapsed policy with proof of insurability
MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
, MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
Stock Insurer Company owned by shareholders
What is the primary purpose of insurance? B. To transfer risk
A. To eliminate risk
3 multiple choice options
B. To transfer risk
C. To avoid risk
D. To reduce moral hazards
Which type of insurer is owned by its policyholders? B. Mutual
A. Stock 3 multiple choice options
B. Mutual
C. Reciprocal
D. Fraternal
What does the term adverse selection refer to? C. High-risk individuals applying for insurance more often
A. Selecting the wrong policy 3 multiple choice options
B. Insuring only low-risk individuals
C. High-risk individuals applying for insurance more often
D. Offering too many riders
MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf MICHIGAN LIFE, ACCIDENT, AND HEALTH INSURANCE EXAM.pdf
