MI Insurance Exam Questions And
Answers
Preferred Risk - correct answer ✅an insurance applicant with a below
average likelihood of loss is typically considered to be
Conversion - correct answer ✅Tim is covered under a group plan and
would like to change is group coverage to an individual policy with the
name insurer because of employment termination. Which of these
describes the change that will take place?
Dies instantly from a car accident - correct answer ✅Matt is applying
for life insurance and requests a double indemnity rider. A double
indemnity benefit will be payable to Matt's beneficiary if Matt..
Pain and Suffering - correct answer ✅which of the following is not
covered under workers comp?
Protecting the business by covering entry level employees with life
insurance - correct answer ✅All of the following are considered
appropriate uses of life insurance for business purposes except
Roth IRA - correct answer ✅Which of these retirement plans do not
qualify for a federal income tax deduction?
Martial Status - correct answer ✅An insurer would be committing
unfair discrimination if coverage was denied based upon
,MI Insurance Exam Questions And
Answers
Unilateral - correct answer ✅In an insurance contract, the insurer is
the only party legally obligated to perform. Because of this, an
insurance contract is considered
Exclusions on a new policy - correct answer ✅One of the most
important considerations when replacing health insurance would be the
Association or Labor group - correct answer ✅A type of group that has
a constitution and bylaws and has been organized for the purpose other
than obtaining insurance is called an
Responsible Third Party - correct answer ✅Under the subrogation
clause, legal action can be taken by the insurer against the
$200 - correct answer ✅An insured under a major medical expense
plan with a plan zero deductible and 80/20 coinsurance provision files a
$1000 claim. How much of this claim is the insured responsible for?
Falling below the federal poverty level - correct answer ✅Which of
these is NOT a qualifying event for Medicare?
Illegal Inducement - correct answer ✅ABC insurance agency is entering
each applicant who purchase insurance thought their agency into a
, MI Insurance Exam Questions And
Answers
drawing to win a free trip. This is an unlawful insurance practice known
as
Financial Objectives if the income earner were to die/disabled - correct
answer ✅When calculating the amount of life insurance needed for an
income earner, what has to be determined when using the Needs
Approach?
Universal Life Policy - correct answer ✅Joe has life insurance policy
that's has a face amount of $300,000. After a number of years, the
policy cash value accumulates $50K making it $350K.
Requires certain condition/acts by the insured individual - correct
answer ✅Which of the following best describes a conditional
insurance contract?
After the premium is dues but the policy remains in force - correct
answer ✅what is an insurance policies grace period?
Drug Formality - correct answer ✅A pharmacy benefit covers
prescription drugs derived from a list called a
Inpatient Hospital Stay - correct answer ✅Medicare Part A covers
Answers
Preferred Risk - correct answer ✅an insurance applicant with a below
average likelihood of loss is typically considered to be
Conversion - correct answer ✅Tim is covered under a group plan and
would like to change is group coverage to an individual policy with the
name insurer because of employment termination. Which of these
describes the change that will take place?
Dies instantly from a car accident - correct answer ✅Matt is applying
for life insurance and requests a double indemnity rider. A double
indemnity benefit will be payable to Matt's beneficiary if Matt..
Pain and Suffering - correct answer ✅which of the following is not
covered under workers comp?
Protecting the business by covering entry level employees with life
insurance - correct answer ✅All of the following are considered
appropriate uses of life insurance for business purposes except
Roth IRA - correct answer ✅Which of these retirement plans do not
qualify for a federal income tax deduction?
Martial Status - correct answer ✅An insurer would be committing
unfair discrimination if coverage was denied based upon
,MI Insurance Exam Questions And
Answers
Unilateral - correct answer ✅In an insurance contract, the insurer is
the only party legally obligated to perform. Because of this, an
insurance contract is considered
Exclusions on a new policy - correct answer ✅One of the most
important considerations when replacing health insurance would be the
Association or Labor group - correct answer ✅A type of group that has
a constitution and bylaws and has been organized for the purpose other
than obtaining insurance is called an
Responsible Third Party - correct answer ✅Under the subrogation
clause, legal action can be taken by the insurer against the
$200 - correct answer ✅An insured under a major medical expense
plan with a plan zero deductible and 80/20 coinsurance provision files a
$1000 claim. How much of this claim is the insured responsible for?
Falling below the federal poverty level - correct answer ✅Which of
these is NOT a qualifying event for Medicare?
Illegal Inducement - correct answer ✅ABC insurance agency is entering
each applicant who purchase insurance thought their agency into a
, MI Insurance Exam Questions And
Answers
drawing to win a free trip. This is an unlawful insurance practice known
as
Financial Objectives if the income earner were to die/disabled - correct
answer ✅When calculating the amount of life insurance needed for an
income earner, what has to be determined when using the Needs
Approach?
Universal Life Policy - correct answer ✅Joe has life insurance policy
that's has a face amount of $300,000. After a number of years, the
policy cash value accumulates $50K making it $350K.
Requires certain condition/acts by the insured individual - correct
answer ✅Which of the following best describes a conditional
insurance contract?
After the premium is dues but the policy remains in force - correct
answer ✅what is an insurance policies grace period?
Drug Formality - correct answer ✅A pharmacy benefit covers
prescription drugs derived from a list called a
Inpatient Hospital Stay - correct answer ✅Medicare Part A covers
