FINAL EXAM-MICHIGAN LIFE AND HEALTH;
Study Guide |Latest Version |Actual Exam
With 100% Verified Questions And Correct
Answers |Grade A+
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
1|Page
,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
2|Page
,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
3|Page
, 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
4|Page
Study Guide |Latest Version |Actual Exam
With 100% Verified Questions And Correct
Answers |Grade A+
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
1|Page
,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
2|Page
,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
3|Page
, 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
4|Page
