FINAL EXAM MICHIGAN LIFE AND HEALTH INSURANCE
COURSE 2025/2026 | VERIFIED QUESTIONS AND
ANSWERS GRADED A+ | LIFE, HEALTH & POLICY
MANAGEMENT STUDY GUIDE | GUARANTEED SUCCESS
Shawn, Mike and Dave are brothers who have a $100,000 "first to die" joint life
policy covering all three of their lives. If Mike dies first, the policy proceeds. -
CORRECT ANSWER - Will no longer provide life insurance protection
the entity that has the power to revoke a producers insurance license is the -
CORRECT ANSWER - Department of Insurance and Financial Services
Who is the individual paid on a fee-for-service basis - CORRECT ANSWER -
provider
all of the following occurrences may result in license revocation EXCEPT -
CORRECT ANSWER - producing an inadequate amount of a new premium
the limit period of time given to all members to sign up for a group health plan
is called the - CORRECT ANSWER - enrollment period
Under Workers compensation, injured employees are covered for all of the
following issues EXCEPT - CORRECT ANSWER - pain and suffering
Tom has a home health care benefit and is confined to his home. Which of these
benefits is NOT typically covered? - CORRECT ANSWER - Full-time
nursing care
How is a health provider reimbursed if they do NOT have an agreement in place
with the insurance company? - CORRECT ANSWER - a usual, customary,
and reasonable fee
,which type of long-term care benefit would be most appropriate for a stroke
victim who requires speech therapy administered at her home? - CORRECT
ANSWER - home health care
The open enrollment period for Medicare supplements begins at age -
CORRECT ANSWER - 65
an immediate annuity has been purchased with a single premium. when does the
annuitant typically begin receiving benefit payments - CORRECT ANSWER -
1 month
a Medicare supplement plan can be canceled by the insurer - CORRECT
ANSWER - for nonpayments of premiums
Level premium permanent insurance accumulates a reserve that will eventually
- CORRECT ANSWER - equal the face amount of the policy
An indemnity plan - CORRECT ANSWER - provides the insured a specific
dollar amount for services
which type of policy combines the flexibility of a universal life policy with
investment choices - CORRECT ANSWER - variable universal life policy
An insured individual and the policy's beneficiary die from the same accident.
The common disaster provision states the insurer will continue as if -
CORRECT ANSWER - the insured outlived the beneficiary
the type of policy which pays on the death of the last person is called -
CORRECT ANSWER - survivorship life
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
COURSE 2025/2026 | VERIFIED QUESTIONS AND
ANSWERS GRADED A+ | LIFE, HEALTH & POLICY
MANAGEMENT STUDY GUIDE | GUARANTEED SUCCESS
Shawn, Mike and Dave are brothers who have a $100,000 "first to die" joint life
policy covering all three of their lives. If Mike dies first, the policy proceeds. -
CORRECT ANSWER - Will no longer provide life insurance protection
the entity that has the power to revoke a producers insurance license is the -
CORRECT ANSWER - Department of Insurance and Financial Services
Who is the individual paid on a fee-for-service basis - CORRECT ANSWER -
provider
all of the following occurrences may result in license revocation EXCEPT -
CORRECT ANSWER - producing an inadequate amount of a new premium
the limit period of time given to all members to sign up for a group health plan
is called the - CORRECT ANSWER - enrollment period
Under Workers compensation, injured employees are covered for all of the
following issues EXCEPT - CORRECT ANSWER - pain and suffering
Tom has a home health care benefit and is confined to his home. Which of these
benefits is NOT typically covered? - CORRECT ANSWER - Full-time
nursing care
How is a health provider reimbursed if they do NOT have an agreement in place
with the insurance company? - CORRECT ANSWER - a usual, customary,
and reasonable fee
,which type of long-term care benefit would be most appropriate for a stroke
victim who requires speech therapy administered at her home? - CORRECT
ANSWER - home health care
The open enrollment period for Medicare supplements begins at age -
CORRECT ANSWER - 65
an immediate annuity has been purchased with a single premium. when does the
annuitant typically begin receiving benefit payments - CORRECT ANSWER -
1 month
a Medicare supplement plan can be canceled by the insurer - CORRECT
ANSWER - for nonpayments of premiums
Level premium permanent insurance accumulates a reserve that will eventually
- CORRECT ANSWER - equal the face amount of the policy
An indemnity plan - CORRECT ANSWER - provides the insured a specific
dollar amount for services
which type of policy combines the flexibility of a universal life policy with
investment choices - CORRECT ANSWER - variable universal life policy
An insured individual and the policy's beneficiary die from the same accident.
The common disaster provision states the insurer will continue as if -
CORRECT ANSWER - the insured outlived the beneficiary
the type of policy which pays on the death of the last person is called -
CORRECT ANSWER - survivorship life
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
