Michigan Life, Accident, and Health Exam Prep || with
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A policyowner may change two policy features on what type of life insurance? correct answers
Adjustable life
The legal action provision in a health contract is limited to no more than ___ years. correct
answers 5
Long-Term Care policies may provide coverage for claims arising from correct answers Senile
dementia
In group health care, what is the purpose of the coordination of benefits provision? correct
answers Determines what is paid by the primary and secondary insures in the event of a claim
All of the following riders can increase the death benefit amount EXCEPT
-Cost of Living
-Waiver of Premium
-Accidental Death Rider
-Guaranteed Insurability correct answers Wavier of premium
Frank is shopping for a disability income policy. Which of the following would have the
HIGHEST premium?
-14 day waiting period / 5 year benefit period
-14 day waiting period / 10 year benefit period
-28 day waiting period / 5 year benefit period
-28 day waiting period / 10 year benefit period correct answers 14 day waiting period / 10 year
benefit period
Which of the following is NOT a federal requirement of a qualified plan?
-Must benefit a broad cross-section of employees
-Employee must be able to make unlimited contributions
-Vesting schedule must be defined
-Employer establishes the plan correct answers Employee must be able to make unlimited
contributions
A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n)
correct answers Partial surrender
In Michigan, legal action can be taken against an insurer for failure to pay LIFE insurance claims
for a period not to exceed correct answers 6 year
All of the following are examples of a Business Continuation Plan EXCEPT correct answers
Deferred compensation
, A producer MUST be appointed by the insurer within how many days from the date the agency
contract application is submitted? correct answers 15
Small employers who are sponsored by an insurer to provide group benefits to its employees are
called correct answers MEWA
Tom has a home health care benefit and is confined to his home. Which of these benefits is NOT
typically covered? correct answers Full time nursing care
An HMO that involves a partnership of physicians and other providers who practice out of a
central facility is called a(n) correct answers group HMO
Which of these will typically authorize treatment from a specialist? correct answers Gatekeeper
What happens to the coverage under a children's term rider when that child reaches a certain
specified age? correct answers Coverage is eliminated
Which dividend option would an insurer invest the policyowner's money and add any interest
earnings as the dividends accrue? correct answers Accumulation at interest option
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) correct answers
Guaranteed insurability rider
Who assumes the investment risk with a fixed annuity contract? correct answers The insurer
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? correct answers
unpaid premium
An example of a tax-qualified retirement plan would be a(n) correct answers defined
contribution plan
Funding for Medicare Part B is partially provided by correct answers user premiums
Which settlement option pays a stated amount to an annuitant, but no residual value to a
beneficiary? correct answers life income
Group dental plans will frequently place a limit on annual benefits in order to minimize correct
answers Adverse selcetion
Benefits provided by a Medicare Supplement policy must NOT correct answers Duplicate
medicare benefits
A long-term care policy typically provides all of the following levels of care EXCEPT correct
answers Acute care
100% Verified Solutions.
A policyowner may change two policy features on what type of life insurance? correct answers
Adjustable life
The legal action provision in a health contract is limited to no more than ___ years. correct
answers 5
Long-Term Care policies may provide coverage for claims arising from correct answers Senile
dementia
In group health care, what is the purpose of the coordination of benefits provision? correct
answers Determines what is paid by the primary and secondary insures in the event of a claim
All of the following riders can increase the death benefit amount EXCEPT
-Cost of Living
-Waiver of Premium
-Accidental Death Rider
-Guaranteed Insurability correct answers Wavier of premium
Frank is shopping for a disability income policy. Which of the following would have the
HIGHEST premium?
-14 day waiting period / 5 year benefit period
-14 day waiting period / 10 year benefit period
-28 day waiting period / 5 year benefit period
-28 day waiting period / 10 year benefit period correct answers 14 day waiting period / 10 year
benefit period
Which of the following is NOT a federal requirement of a qualified plan?
-Must benefit a broad cross-section of employees
-Employee must be able to make unlimited contributions
-Vesting schedule must be defined
-Employer establishes the plan correct answers Employee must be able to make unlimited
contributions
A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n)
correct answers Partial surrender
In Michigan, legal action can be taken against an insurer for failure to pay LIFE insurance claims
for a period not to exceed correct answers 6 year
All of the following are examples of a Business Continuation Plan EXCEPT correct answers
Deferred compensation
, A producer MUST be appointed by the insurer within how many days from the date the agency
contract application is submitted? correct answers 15
Small employers who are sponsored by an insurer to provide group benefits to its employees are
called correct answers MEWA
Tom has a home health care benefit and is confined to his home. Which of these benefits is NOT
typically covered? correct answers Full time nursing care
An HMO that involves a partnership of physicians and other providers who practice out of a
central facility is called a(n) correct answers group HMO
Which of these will typically authorize treatment from a specialist? correct answers Gatekeeper
What happens to the coverage under a children's term rider when that child reaches a certain
specified age? correct answers Coverage is eliminated
Which dividend option would an insurer invest the policyowner's money and add any interest
earnings as the dividends accrue? correct answers Accumulation at interest option
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) correct answers
Guaranteed insurability rider
Who assumes the investment risk with a fixed annuity contract? correct answers The insurer
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? correct answers
unpaid premium
An example of a tax-qualified retirement plan would be a(n) correct answers defined
contribution plan
Funding for Medicare Part B is partially provided by correct answers user premiums
Which settlement option pays a stated amount to an annuitant, but no residual value to a
beneficiary? correct answers life income
Group dental plans will frequently place a limit on annual benefits in order to minimize correct
answers Adverse selcetion
Benefits provided by a Medicare Supplement policy must NOT correct answers Duplicate
medicare benefits
A long-term care policy typically provides all of the following levels of care EXCEPT correct
answers Acute care
