Michigan Life, Accident, and Health -Exam Prep. Questions With 100% Correct Answers.

A 70-year old insured individual has suffered from kidney failure for the past 24 months. She is covered by her spouse's large-group employer plan. How will Medicare be utilized in this situation? - Will be the secondary insurer and play for claims not fully covered by the group plan A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay - 100% of the billed amount A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing - benefit limits A long-term care policy typically provides all of the following levels of care EXCEPT - Acute care A policyowner may change two policy features on what type of life insurance? - Adjustable life A producer MUST be appointed by the insurer within how many days from the date the agency contract application is submitted? - 15 A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n) - Partial surrender A Renewable Term Life insurance policy can be renewed - At a predetermined date or age, regardless of the insured's health A securities license is required for a life insurance producer to sell - Variable life insurance A waiver of premium rider allows an insured to waive premium payments if the insured is - Completely and permanently disabledAll of the following are examples of a Business Continuation Plan EXCEPT - Deferred compensation All of the following riders can increase the death benefit amount EXCEPT -Cost of Living -Waiver of Premium -Accidental Death Rider -Guaranteed Insurability - Wavier of premium All of these are typically sources of underwriting information for life or health insurance EXCEPT -Consumer reports -Medical Information Bureau (MIB) reports -Disclosure authorization response -Attending physician's statement (APS) - Disclosure authorization response An example of a tax-qualified retirement plan would be a(n) - defined contribution plan An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a(n) - group HMO An indemnity plan - Provides the insured a specific dollar amount for services An insurer's claim settlement practices are regulated by the - State insurance departments Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. This rider is called a(n) - Guaranteed insurability rider Benefits provided by a Medicare Supplement policy must NOT - Duplicate medicare benefitsChris is an insured bricklayer who severed his left hand in an automobile accident. Although his primary duty cannot be performed, Chris is also a substitute high school teacher. He collects a full disability income check every month. How does his policy define total disability? - Own occupation Craig submits a $500 claim for medical expenses. With a past due premium of $100, the insurer pays $400. Which of the Uniform Optional Provisions covers this situation? - unpaid premium Decreasing term life insurance is often used to - Provide coverage for a home mortgage Fixed period settlement options are considered to be a form of a(n) - Annuity