MICHIGAN LIFE AND HEALTH FINAL
EXAM | QUESTIONS & ANSWERS
(VERIFIED) | LATEST UPDATE | GRADED
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
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
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
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$
EXAM | QUESTIONS & ANSWERS
(VERIFIED) | LATEST UPDATE | GRADED
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
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
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
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$
