Michigan Life, Accident, & Health Latest Update 2023/2024

Retirement income annuity - ANSWER Deferred annuity with a decreasing term life insurance rider. A retirement income annuity provides both a death benefit (with a decreasing term rider) and the annuity's surrender value if the annuitant dies before retirement. What type of eligible groups for health insurance consists of 2 or more employers or labor unions? - ANSWER MET and MEWA. Multiple employer trusts and multiplier employer welfare arrangements consist of 2 or more employers or labor unions seeking group health insurance coverage. An underwriter will consider which of the following conditions in making their decision to approve an application for insurance? - ANSWER A condition that occurs prior to making an application for insurance. An underwriter should be informed about any conditions that existed prior to an application for insurance. Field underwriting is primarily useful to: - ANSWER Make observations that could impact insurability. The primary value of field underwriting, is that the agent has the opportunity to view the applicant in his/her surroundings, in person, and make observations regarding insurability and perhaps class of risk (i.e. is the applicant obese, does he/she have any obvious dangerous hobbies, does he/she smoke). Which of the following is a benefit of a prescription drug policy? - ANSWER Prescriptions are for a set, lower price. Under a prescription policy, prescription drugs are not only at a set price, but a much