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Which of these annuities require premium payments that vary from year to year?

Flexible premium deferred annuity

How are annuities given favorable tax treatment

Gains are taxed at distribution

Upon finding a producer guilty of forgery, the Commissioner may take all of the following actions EXCEPT?

Require the producer to notify his/her clients will: impose a civil fine revoke a producuers license place producer on probation

Whih of these is not the responsibility of a producer -represet the insured

Responsibilites include: representing the insurer forward applications to the insurer collect iitial premiums

Which of the following protects a policy owner from a misrepresentation caused by an innocent mistake

Incontestable clause

Which of the following protects a policyowner from a misrepresentation caused by an innocent mistake

Incontestable clause

How does one qualify as a fully-insured individual under Social Security disability coverage?

Individual has been credited with the appropriate number of quarters of coverage

all of the following are characteristics of a group life insurance plan except

Individual underwriting

Under which circumstance may a deferred insurance commission be paid to an individual

Individual was a licensed producer at the time of the sale

An insurer is required to offer which of the following to each long-term care applicant at the time of purchase

Inflation protection

Who is responsible for assembling the policy forms for insured

Insurance carriers

Free look - right to examine

Insured may return policy for a full refund typically within 10 days of receipt of policy

The IRS allows a taxpayer to deduct medical expenses that exceed 7.5% of their adjusted gross income. Which of the following is considered a tax deductible medical expense under this rule?

Long Term Care Insurance premiums

The authority granted to a licensed producer is provided via the

Lot of agency

Small employers who are sponsored by an insurer to provide group benefits to its employees are called

MEWA (multiple employer welfare association)

The election of cobra for continuation of health coverage will

Maintain the same coverage and increase premium

How are premiums paid by the insured for personally owned disability income insurance treated for tax purposes?

Not tax deductible

what makes an insurance policy a unilateral contract

Only the insurer is legally bound

According to the health insurance, portability and accountability act, when can a group health policy renewal be denied

Participation or contribution rules have been violated

Automatic premium lawn provision authorizes and ensure to withdraw from a policies cash value the amount of

Past due premiums I have not been paid by the end of the grace.

Payor Rider

Rider added to policy that a parent buys for child (added premium) ‒ If parent (premium payor) dies or becomes disabled, the insurer waives premium until child reaches the age of 21

Which of these retirement plans do NOT qualify for a federal income tax deduction?

Roth IRA

which of these is not a characteristic of the accelerated death benefit option

The benefit can be offered as a rider at a specific extra cost or may be at no cost

Bill the producer is collecting the initial premium on a health policy. Which of the following statements is true?

The contract is not in force without the initial premium being paid

Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken?

$5,000

Kim has health insurance with a deductible of $500 and an 80/20 coinsurance. How much will she pay if she incurs a loss of $1,500?

$700

Reasons an insurer might refuse renewal of a small employer group plan

- coverage has been discontinued bby the insurer Number of participants does not meet minimum requirement willful misrepres

typical, long-term care insurance policy is designed to provide a minimum of ___ years of coverage

1

Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond

100 days

Sole proprietors are permitted tax seductions for health costs paid from the earnings in the amount of

100% of health costs paid by sole prop is tax deductible

Lorenzo is self employed with an S corporation. He is unmarried and had a net profit for the tax year. What are the tax ramifications of his health insurance premiums paid for the year?

100% of his health insurance costs can be deducted from his gross income

Closed network plan offers a primary physician co-pay of $25. If a subscriber to the primary care physician outside of the network, the subscriber will likely pay

100% of the billed ammounnt

A closed network plan offers a 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

Tonya has replaced her whole life policy with an annuity without incurring a tax penalty. This transaction is called a(n)

1035 exchange

Individual playing for Michigan residents producer license must have completed the required prelicensing education within ____ months of app

12

written notice of a claim must be given within

20 days after a covered loss starts or as soon as reasonably possible

the open enrollment period for medicare begin

3 months before 65th bday and lasts for 7 months

A lapsed policy may be reinstated within

3 years from the due date upon evidence of insurability and all back premiums are paid with interest

The acceptance of a credit life application requires the submission of a certificate of insurance to the insured within

30 days

free look period for medicare

30 days

jen is a producer who has obtained consumer information reports under false pretenses. under the fair credit reporting act, what is the maximum penalty that may be imposed on ken

5,000

How much does medicare part B pay for physician fees

80% - pays 80 of most doctors services, outpaitnet treatments, and durable medical equipment like o2 or wheelchairs

A producer has allowed his/her license to lapse by failing to complete the required continuing education credits. The license may be reinstated by completing the requirement within _____ days of the renewal date.

90 days

Under the pre existing conditions provision the term group health plan is defined as __

??

Who has the right to the nonforfeiture values in an annuity?

??

If a premium is NOT submitted with a life insurance application producer MUST have the applicant sign which of the following when delivering a policy?

???

what is protected by the gramm leach

???

Once an employee and insured of a group policy reach the age of 65 they

????

the cost associated wiht mortality for a life insurance policy with all other factors being equal would be higher if the insured were

????

what is an action the director might take when a customer complains they suffered finanial harm as a result of insurance licensees actions

????

when underwriting an individual health insurance policy, the underwriter will not consider the applicants __

????

which of the following statements is correct when comparing community rating to experience rating

????

Part A Hospital expense coverage provided under Medicare is automatically made available to each of the following EXCEPT

A 70-year old NOT eligible for Social Security

entire contract

A provision that the policy and the application shall constitute the entire contract between the parties. All statements made by the policyholder are considered representstions

A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called

A self-funded plan

all of the following are examples of a business continuation plan except -deferred compensation

ARE: key person insurance cross purchase agreement stock redemption plan

Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental?

Accidental bodily injury provision

Which dividend option would an insurer invest the policy owners money and add any interest earnings as a dividends accrue

Accumulation at Interest Option

Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue?

Accumulation at Interest Option

Why are dividends from a mutual insurer, not subject to taxation

Because dividends are considered to be a return of premium

Donald is the primary insured of a life insurance policy and adds a child term rider. What is the advantage of adding this rider

Can be converted to a permanent coverage, without evidence of insurability

Modified endowment contract

Can be described as a life insurance policy that accumulated cash values higher than the IRS allows

which of the following is not part of an insurance contract

Certificate of Authority The Certificate of Authority allows an insurer to conduct business in a state. It is not part of an insurance contract.

What would happen if the life insurance applicant is given a conditional receipt from an insurance agent, and then dies the next day?

Claim will be paid if application is approved

Which of the following is not a valid reason for an insurer to refuse renewal of a small employer group plan?

Claims were higher than expected

An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called

Coinsurance

Any change of address by a licensee requires notice within 30 days to which of the following

Comissioner

In an insurance contract the element that shows each party is giving something of value is called

Consideration : is the element of an insurance contract which demonstrates that each party is giving something of value

Which of the following statements is not true regarding a critical illness plan?

Coverage is limited to a single devastating disease True: - pays a lump sum to the insured upon the diagnosis of a critical illness - the insurer may have a list of critical illnesses they will cover - also known as specified disease plans

Tax qualified long-term care premiums are considered a medical expense

The taxpayers medical expenses exceed 7.5% of their adjusted gross income, long-term care premiums are tax deductible

What is the elimination period of an individual disability policy?

Time period a disabled person must wait before benefits are paid

All of these statements concerning whole life, insurance are false, except

When a whole life policy is surrendered, income taxes may be owed

An individual can enroll in a Part C Medicare Advantage Plan at what time?

When becoming eligible for Medicare

Under Michigan Law, which of the following would NOT be considered an illegal inducement?

a promotional item with the producers name and address valued at 5$ things taht would be: sharing commision w insured paying premiums for insured 100$ gift to insured

Under which circumstance me a minor purse receive proceeds from a death benefit

The minor must have an appointed guardian

which type of group has a constitution and bylaws, is organized and maintains

association or labor group

a renewable term life policy can be renewed

at a predetermined date or age regardless of their health status

long term care policies must pay for at home care

at the same daily amount paid for a nursing home if the insured meets qualifications for nursing home

insurable interest exists

at the time of application

The purpose of the coordination of benefits provision in group accident, and health plans is to

avoid overpayment of claims

Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a terminated employee's benefits must

be the same and the premium cannot exceed 102%

a modified endowment contact reciveves different tax treatment on pre death distributions than other life insurance policies

because it tends to be an investment vehicle

Primary difference between pre-certification ad concurrent recview is that pre certification occurs

before the treatmet is provided

a disability income policy can prevent an insured from earning a higher income than if they were working by utilizing

benefit limits

The period in which there are no social security benefits for the surviving spouse is called the

bklackout period

An accident and health insurer has just received written proof of loss from one of its insureds. The insured must now wait 60 days before

bringing legal action against the insurer

social security enchances

but does ot replace a sound personal insurance plan SS purpose: provides basic protection against financial probs accompanying death disability and retirement it augments a sound personal insurance plan provides retirement and surivor benefits to a worker and the workers family

Ted has a health insurance plan that requires him to pay a specific sum out of pocket before any benefits are paid in a calendar year. Which of these does his health plan have?

calender year deductible

Which of the following is not required provision in an accident and health insurance policy

change of occupation required: legal actions grace period reinstatement

Furniture changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates

change of occupation provision

Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium".

comsideration clause

nate's dependent son is physically handicapped, but not eligible for medicare. how long may his son remain on nate's health coverage after the age of 26?

coverage remains with written proof of disability and dependency

medicare provides coverage for each of the following except

custodial care

If an annuitant dies during the accumulation period, what will the beneficiary receive?

either the cash value of the policy or the amount of premiums paid, whichever is the larger amount

a type of life insurance policy which provides for the payment of the face amoiunt at the end of the specified period if the insured is still alive

endowment policy

Level premium permanent insurance accumulates a reserve that will eventually

equal the face amount of the policy

Medigap policy is designed to pay costs associated with

medicare parts a and b

Underwriters can acquire information from all of the following sources

mib consumer reports attending physician statments

The suicide clause of a life insurance policy states that if an insured commits suicide within a stated. From the policies, inception, ensure will only be liable for a return of premium is paid.

minus indebted and without interest

Insurance premium is determined by each of the following factors EXCEPT

mortality (interest, expenses, liquidity)

A beneficiary change can occur

normally at any time during the policy term

A nonparticipating policy will

not pay dividends

The automatic premium loan provision authorizes an insurer to withdraw from the policies, cash value amount of

past due premiums that have not been paid by the end of the grace period

Errors and Omissions

profession liability for which producers can be sued for mistakes of putting a policy into effect

Branch of dentistry much deals with the replacement of missing parts is called

prosthodontics

In an insurance contract, the applicants consderation is teh

statements made in the application adn the premium

a child term rider is level term insurance

that can be added to an existing policy

universal life has a guaranteed interest rate with the possibility to earn an interest rate

that is higher than the guaranteed rate

A whole life insurance policy accumulates cash value that becomes

the policy loan value which the insured may borrow against

adjustable life allows

the policy owner to change 2 deautures: face amount & premium

with a reduced paid up nonforfeiture option

the policy will have a decreased face amount

If an insured dies during the grace period with no premiums paid

the policy would be payable, minus the premium amount

if term life insurance is renewable

the policyowner is purhcasing the right to renew the policy without showing proof of insurability

all advertisements for health insurance shall make clear

the identity of the insurer

When a preferred provider organization (PPO) insured goes out-of-network, which of the following actions occur?

the insurer will pay a reduced amount

Insuring clause states

the insurers obligation to pay a death benefit upon an approved death claim

The type of policy where the insured can send a notice to the insured that the policy has been canceled in the middle of the term is called

cancelable

A doctor who accepts Medicare Assignment agrees to which of the following?

cannot charge more than medicares scheduled coverage

All of the following are elements of an insurance policy, except

claim forms

ownership of a life insurance policy may be temporarily transferred with an

collateral assignment

before operating under an assumed name a producer must notify the

commissioner

endodonics

commonly excluded for a dental policy

Waiver of premium rider allows an insurer to wave premium payments if the insured is

completely and permanently disabled

Field underwriting performed by the producer involves

completing the application and collecting inital premium

Deliver, it was holding of material facts that would affect the validity of an insurance policy or claim is known as

concealment

Pre existing conditions

conditions for which the insured has received diagnosis, advice, care, or treatment during in the 12 months prior to the effective date of enrollment , may be excluded for 12 months from enrollment

Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. This change is called a(n)

conversion

Tim is covered under a group plan and would like to change his group coverage to an individual policy with the same insurer because of employment termination which of these describes a change that will take place

conversion

things that dan increase death benefit

cost of living accidental death ride gaursenteed insurability

In Michigan, a person providing insurance advice to a person or business for a fee is required to hold which license?

counselor

prepaid dental plans

coverage is limited to a closed panel of dentists

You are eligible to recieve medicare part A benefits at age 65 or older if you are

eligible to recieve social security benefits ALSO IF: you are a 50 yr old individual who has qualified for SSDI in the last 24 months - A 55year old suffering from kidney failure - a 65 year old retiree

a person who acts on behalf of another

an agent

Which of these riders will pay a death benefit if the insured's spouse dies?

Family term insurance rider

Pierre is covered by his employer's group major medical plan. His employer pays for 75% of the premium and he pays for 25%. How much would a $10,000 benefit be taxable as income under this plan?

$0- Benefits that fall under a major medical plan are considered to be a reimbursement for a loss, and is not taxable as income.

Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Ferguson Act, what is the minimum penalty for this?

$10,000

if an employee contributes 50% toward the disability plan premium provided by an employer, what would be considered the taxable income of a 1,000 monthly disability benefit

500

an insured has a stop-loss limit of 5000 and deductible of 500 and an 80/20 coinsurance. the insured incurs 25000 in covered losses. how much will the insured have to pay

5000

Erica is 35 years old and owns an IRA. At what age can she begin to receive distributions without a tax penalty?

59 1/2

In Michigan, legal action may be taken against an insurer for up to __ years for failing to pay a life insurance claim after proof of loss was submitted

6

A rollover from a traditional IRA to another IRA must be done within ____ days to avoid tax consequences

60

How many days most to traditional IRA be rolled over to another IRA in order to avoid tax consequences

60

In determining whether a pre-existing condition applies, the enrollee CANNOT have more than how many days gap in health insurance

63

at what age will a person normally enroll with an insurance carrier under a Medicare part C advantage plan

65

Maximum fixed interest rate for policy loans charged by insurers

8%

How much does Medicare Part B pay for physician fees?

80%

Guaranteed Insurability

Allows insured to purchase additional amounts of life insurance, at future dates, without needing to take a physical exam or prove insurability ‒ Future dates are typically policy anniversary dates ‒ Limited to specific age ‒ Additional insurance based on attained (actual) age

Return of Premium Rider

An Increasing Term Rider is added to a term or permanent policy, which increases death benefit in proportion to premiums paid

Return of Cash Value

An Increasing Term rider is added to a permanent (WL) policy, which increases the death benefit equal to the Cash Value accumulation increase each year

XYZ Corp pays the tax-deductible insurance premiums for a key employee disability policy. Which of the following would be the appropriate tax consequence?

Benefits are fully taxable

With a scheduled dental policy, how are covered expenses paid?

Benefits are limited to a specific maximum dollar amount per procedureT

Which of the following statements is true about an insurers right to screen for HIV

Blood test for HIV

Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled?

Business overhead expense policy

All of the following riders can increase the death benefit amount EXCEPT - waiver of premium

CAN: cost of living accidental death rider guaranteed insurability

A producer's insurance license may ONLY be revoked by the

Department of Insurance and Financial Services (DIFS)

Under hip of the employees new group health plan will verify credible covered so that the

Employees waiting period for coverage of a pre-existing condition can be reduced under the new employers health plan

All of the following are qualifications for establishing a health savings account, except

Enrolled in a health plan with a prescription drug benefit

which of the following is an annuity that is linked to a market related index

Equity indexed annuity

Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What is this called?

Estate conservation

All of the following are exempt from the 10% tax penalty for early qualified plan withdrawls except - stock purchase

Excempt are: Qualified college expenses first time home purhcase death of participant

The waiting period for a disability insurance policy

Excludes payments for a short term injury or illness

all of the following plans allow for employee contributions to be taken on a pre tax basis except

Health Reimbursement Arrangement Plan

Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance?

Hospital indemnity

which of the following is not included under a health benefit plan

Hospital indemnity plan is: major med basic hosp surgical expense

which approach predicts a persons earning potential and determines how much of that amount would be devoted to dependents

Human life value approach

what does COBRA of 1985 allow an employee to do

In the event of employment termination, group health insurance can be kept if the employee pays the premiums ????

Applicants character in personal habits can be obtained for underwriting purposes, from which source

Investigative consumer report - detailed report that contains information on the Consumers character, general reputation, personal characteristics, or motive, living in his obtained through personal interviews with neighbors, friends, or Associates of the consumer

The writer which pays a life insurance policy owner of monthly amount, in the event of total and permanent disability

Is called a disability income rider

Major medical expense plans provide coverage for each of the following except: work related injuries

It does cover: medically necessary, surgery, diagnostic test, blood and urine lab screens

what happens to interest earned if the annuitant dies before the payout start date

It is taxable

A Medicare supplement policy issued in the state of Michigan is required to provide each of the following, except

It must include outpatient prescription drug coverage

Which of the following statements regarding group disability income insurance is true

It provides benefits for nonoccupational illnesses and injuries

the open enrollment period for medicare part b is

January 1 through March 31

Donna and Mary were racing bicycles in a store parking lot while being cheered on by fellow employees. Mary ran into John, another employee, who happened to be taking out the garbage. Both Mary and John are injured. Who would most likely be covered under Workers' Compensation?

John

Insurance companies determine risk exposure by which of the following

Law of large numbers and risk pooling

Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary?

Life Income

An employer is issued a group medical insurance policy, this single contract is known as an

Master policy

An insurance contract is conditional

Means that the insurance promise to pay benefits depends on the occurrence of an event covered by the contract

Which of these statements about medicaid is correct? -funded by federal, state, and local taxes

Medicaid does not: Pay for medicare charges exceeding the approvded amount intended for senior citizens administered by teh federal govt

Which of these is likely to occur when life for health insurance is being applied for

Medical history from the insured may be reviewed and reported

Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies?

Payor benefit

The following does coordination of benefits allow

Plaza secondary pair traducer benefit parrot payments so no more than 100% of the claim is paid

Which situation accurately describes a reduced paid up nonforfeiture option

Policy has a decreased face amount

Weather in insurer has the right to terminate a health insurance policy for specific reasons other than the insured's health

Policy is described as conditionally renewable

These describes a result of a modified endowment contract that failed to meet the seven pay test

Pre-death distributions are typically taxable

which of the following provides medicare supplement policies

Private insurance companies

Part D

Program the offer is a prescription drug benefit to help Medicare beneficiaries pay for the drugs I need. The drug benefit is optional and is available to anyone who is entitled to Medicare, part a or enroll in part B. This benefit is available through private prescription, drug plans, or Medicare advantage plans

a reinstatement condition

Proof of insurability

which of the following is a reinstatement condition

Proof of insurability

What is the primary reason for buying an annuity

Provide future economic security

Accidental Death Rider

Provides an additional death benefit if cause of death is accidental ‒ Multiple indemnity - for example, 2x or 3x (Double or Triple Indemnity) ‒ Death must occur within 90 days after accident ‒ Death Benefit (referred to as Principal Sum) ‒ Inexpensive

premiums paid that exceeds 7.5% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans?

Qualified Long-Term Care plan

An insurance claims settlement practices are regulated by the

State insurance departments

which of the following actions is required by a producer who is replacing an existing life insurance policy

Submit to the replacing insurer a list of the policies to be replaced

Which of the following actions is required by a producer who is replacing an existing life insurance policy

Submit to the replacing insurer list of the policies to be replaced

Which of the following describes a person who is not acceptable by an insurer at standard rates, because of health, history, occupation, or hobbies

Substandard risk

Kristi purchases an annuity that will pay her husband an income for 15 years. If he dies, this income will become payable to their children for the remainder of the period. Kristi has what kind of annuity?

Temporary annuity certain

Part B

Voluntary program designed to provide supplementary medical insurance to cover physician services, medical services, and supplies, not covered under Medicare part a

Chris is an insured bricklayer who suffered 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

The correct answer is on occupation. The owner occupation, definition of total disability requires that the insured be unable to perform the insurance current occupation as a result of an accident or sickness.

Pat owns a 20-pay life policy with a paid-up dividend option. Which of the following statements is true?

The policy may be paid up early by using policy dividends

An example of naming beneficiaries by class would be

To the children born of my union with Ned jackson

Reggie purchased a life insurance policy with a face amount of $500,000. After 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. Which type of life insurance policy is this?

Universal Life

Joe has a life insurance policy that has a face amount of $300,000. After a number of years, the policy's cash value accumulates to $50,000 and the face amount becomes $350,000. What kind of policy is this?

Universal Life policy

A partial surrender is allowed in

Universal life

Continued coverage under COBRA would be provided to all of the following EXCEPT:

a covered employee is terminated for gross misconduct would be: former dependent of employee no longer of dependent status terminated employee divorced spouse of employee

what is the period of time referred to that must lapse before monthly disability

a disability insurance elimination period ???

a permanent life insurance policy where the policyowner pays premiums for a specified number of years is called

a limited pay policy

Which of the following employers is required to follow erisa regulations

a local electrical supply compay with 12 employees

the extended term option is

a nonforfeiture option, not a settlement option

A decreasing term policy

a term insurance policy that maintains a level premium throughout all periods of coverage while death benefit decreases

inome taxes may be due when

a whole life policy is surrendered

A medical provider that accepts Medicare Assignment must

accept payment based upon a defined Medicare schedule as payment in full

All of these are valid policy dividend options for a life insurance policyowner EXCEPT

accumulate without interest options: cash outlay to the policyowner reduction in policy premium buy additional insurance coverGe

A policyowner may change two policy features on what type of life insurance?

adjustable life

A person who acts on behalf of the insurer to solicit an insurance

agent

The securities component of index whole life insurance is considered

an effective hedge against inflation

Loss of income insurance provides

an individual the means to replace wages

medical expense insurance would cover

an injury occurring at the insured's residence

a gaurenteed issue policy refers to

an insurance policy with no medical underwriting

Rob has a benefit at work, which enables him to defer his current receipt of income, and haven't paid at a later date, when he will probably be in the lower tax bracket. Which benefit fits this description.

deferred compensation option

An example of a tax-qualified retirement plan would be a(n)

defined contribution plan

An example of a tax-qualified retirement plan would be a(n)

defined contribution plan NOT: 1035 exhcange equity compensation executive index

A producers insurance license may only be revoked by the

difs

a fee for service health insurance plan will normally cover

disease

term life insurance

does not build cash value

Pharmacy benefit covers prescription drugs drive from a list

drug formulary

a pharmacy benefit covers prescription drugs derived from a list called

drug formulary

which of these statements concerning traditional it's is correct

earnings and taxable when withdrawn

Which of these would live in a companies liability to provide insurance coverage

exlcusion

Nonforfeiture Options available to policyowner

extended term insurance cash surrender reduced paid up isnruande

a health care provider claim may be settled using which of the following payment methods

fee for service

In the Michigan Insurance Code, Chapter 45, insurance fraud defines financial loss as all of the following EXCEPT - additional premiums

financial loss: - loss of earnings - out of pocket expenses - repair and replacement costs

And ensure his ability to make unpredictable payouts to policy owners is called

liquidy

Which policy feature makes a universal life policy different from a whole life policy

flexible premium schedule

A variable universal life policy has three key elements

flexible premium, death benefit, and the choice of how the cash value will be invested

an insurer may exclude coverage for pre existing medicare

for up to 6 months

Premium mode is a term used to describe the

frequency of the premium payment

all health plans that provide coverage to family members must provide coverage for newborns

from the moment of birth to 31 days adter

A group disability income plan that pays tax free benefits to cover employees is considered

fully contributory

An insured status under SS can be described as

fully insured

When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable?

gains

An annuitant is guardanteed to NOT outlive their benefits with an

guarenteed lifetime withdrawl benefit

A group policy

has a master contract and certificate of coverage

Group life insurance - in the event of an employee termination the employee

has the right to convert coverage into an individual policy within 31 days (the conversion period)

when a child reaches a certain specified age under a childrens term rider

he or she is eliminated from coverage

credit accident and health plans are designed to

help pay off existing loans during periods of disability

Huamn life value calculator

helps you assess the financial loss your family would incur if you were to die today - a method of determiningt the level of funds required for ongoing support int the event of the breadwinners death

HMO plans are required to provide

home health care

abc insurance company is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. this is an unlawful insurance practice known as

illegal inducement

Mortality costs are considered an expense factor

in an insurance program

A payer benefit rider waves of premium only

in connection with juvinielle insurance

Backdating

in order to save on premiums, a policy can legally be backdated up to 6 months

policy benefits are found

in the declarations

which of the following is not taken into consideration when determining eligibility for medicare benefits

income

Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's

income period

How is the cost of a policy affected when a policyowner pays premiums more frequently?

increases

Which type of beneficiary should be named if the insured wants to give explicit directions on how the policy proceeds should be paid?

individual

a partial surrender allows the policy owner to withdraw the policy's cash value

interest free

the settlement option that allows proceeds to remain with the insurer and earnings to be [aid to the beneficiary on a monthly basis is called

interest only

the settlement option that allows proceeds to remain with the insurer and earnings to be paid to the beneficiary on a monthly basis is caleld

interest only

an example of a primary care physician would be a

internist

A life insurance policy most often becomes effective when the

intial premium is collected and policy is issued

The maximum length of time an insurer can defer payment of a cash surrender value of a life insurance policy or annuity

is 6 months

A provision that allows a policyowner to temporarily give up ownership rights to secure a loan

is called collateral assignment

According to HIPAA, one of the insured individual leaves an employer, and immediately starts working for a new company that offers group health insurance the individual

is eligible for coverage upon hire

the policy feature that makes unviersal life different from whole life insurance policies

is its flexible premium schedule

Covering entry level employees with life insurance to protect the business

is not an approproate buisess use

the provision that the policy and a copy of an application is endorsed upon or attached to the policy when issued

is the entire contract provision

which of the following would disqualify a company's retirement plan from recovering favorable tax treatment

it is temporary

Which type of life insurance is normally associated with the payer benefit rider

juvenile insurance

The time limit for filing a claim disputes address in which provision of an accident and health health

legal actions

Which contract element is insurable interest a component of

legal purpose

insurance interest is a component of

legal purpose

Producer commissions may NOT be paid to

licensed producers not appointed by an insurer

Which of these characteristics of an applicant is not taken into consideration when assessing risk for disability coverage

number of children are considered: - health - gender -occupation

caught a disease unique to the trade in which he was exposed to

occupational disease

if an insurer does not pay on a disability claim, how many days after the written proof of loss

paid within 60 days after reciept of proof of loss by the insurer

a nonforfeiture provision in a cash value life insurance policy allows a policy owner to terminate the policy in return for a

reduced paid up policy of the v same type

An annuitant dies during the distribution period. What kind of annuity will return to a beneficiary the difference between the annuity value and the income payments already made?

refund annuity

the life & health guarantee association is used to

rehabilitate insolvent (financially incapacitated) insurers

In the state of MI, a licensed producer

represents the insurer

Under the subrogation clause, legal action can be taken by the insurer against the

responsible third party

Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which military service exclusion clause would pay upon his death?

results

an annuity is primarily used to provide

retirement income

A life insurance policy owner does not have the right to

revoke an absolute assignment

a life insurance policyowner does MOT have the right to

revoke an absolute assignment

an endorsement found in an insurance plan which modifies the provisions of the policy is called

rider

Who were Keogh plans designed to provide pension benefits for?

self-employed

a nonparticipating company is sometimes called an

stock insurer

An insurer has the right to recover payment made to the insured from the negligent party. These rights are called

subrogation

pays on the death of the last person in a multiple protection policy

survivorship

Distributions from a Health Savings Account (HSA) for qualified medical expenses are

tax free

Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes?

taxable income

term insurance is appropriate for individuals seeking

temporary protection and lower premiums

respite care is able to provide

temporary relief to the patient's primary caregiver

aleatory

term that describes the fact that both parties of a contract may not receive the same value

the types of life insurance generally used to cover key employee indemnification are

term, whole, and universal life insurance

When an immiediate annuity is funded with a single premium

the annuitant may begin recieving payments after 1 month

when offering s health benefit plan to small employers

the carrier must offer at least the standard plan

Converting a group plan to permanent life insurance requires

the conversion being applied for within 31 days of termination

pretreatment estimate

the cost of dental services may be required whenever the patient requires dental treatment

a whole lifei nsurance policy where the premiums are paid up after 20 years

would be considered a limited pay lifeinsurance policy

a family term rider allows both spouse and child to be added

to the pirmary insureds coverage

According to the Taft-Hartley Act, group insurance premium payments made by an employer MUST be paid to the

to trust

A partial surrender allows the interest sensitive life policyholder

to withdrawal the policy's cash value interest free

a life insurance policy sold in michigan may be contested by the insurer only during the first —- yrs if the contract

two

A life insurance policy that is subject to a contract interest rate is referred to

universal life

Under a Traditional IRA, interest earned is taxed

upon distribution

"Maximum benefits" refers to the

upper limit of the total lifetime benefits the insurance company will pay

Disability income policy with the lowest waiting period and lognest benefit period

would have highest premium

an advantage of a children's term rider is the ability to convert to permenandt insurance without evidence of insurability

ya

10 year level term life

the premiums and the face amount will remain constantt for the 1-0 year period

resorative dental

the procedure for restoring the function and integrity of a missing tooth structure ie crowns fillings and bridges

The marketing of Medicare Supplements is regulated to prevent the sales of excessive insurance inaccurate policy comparisons and failure to display notice of limitations to the buyer

the producer who solicits the application is primarily responsible for determining the appropriateness of a medicare supplement policy

Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires,

the protection ends

when the structure and flexibility of a universal health policy are combined with investment choices

the result is a variable universal life policy

with a whole life policy

the shroter the payment period, the higher the annual premium

survivorship life insuance polcieis are useful in estate planning because

they can provide money to pay taxes on assets

there is no federal income tax on life insurance proceeds if you recieve the proceeds under a life insurance contract

as a beneficiary

The insurance carrier has become responsible for

assesbling the policy forms for the insured persons

open enrollment for medicare supplements

begin at age 65

the results clause states the insurer is excused from paying the amount only if the death is a result of war

- killed in an accident while on leave from military

grace period

1 month in michigan. a time in which the policy remains in force after a premium is due, but not paid IF AN INSURED DIES DURING GRACE PERIOD, DEATH PROCEEDS WILL STILL BE MADE MINUS THE PREMIUM DUE

Kathy pays a monthly premium on her health insurance policy. How long is her grace? Period.

10 days

for individual health insurance, coverage for pre existing conditions may be excluded for up to ___ months after issuance of the policy

12

How long must an individual be unable to engage in any gainful activity due to physical or mental disability in order to qualify for Social Security Total Disability?

12 months

How long was an individual be unable to engage in any gainful activity due to physical or mental disability in order to qualify for Social Security total disability

12 months

XYZ insurance company recieves satisfactory proof of loss for a claim. If XYZ does not pay the cliam within 60 days of reciept, the isurer must pay simple interest of ___ per annum

12%

Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium?

14 day waiting period / 10 year benefit period

An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim.

15

a producer is hired to sell insurance for an insurer. Upon submission of agency contract application, a producer must be appointed by the insurer within ____ days

15

what is the period of time referred to as the great inflation

1965-1982

A life insurance policy sold in michigan may be contested by the insurer only durig the first

2 yeras of contract

Michigan legal action can be taken for up to blank years against insure for failure to pay health insurance claims after proof of loss was submitted

3

If an insured has multiple policies with one insurer that gives the insured benefits that exceed the companies allowable maximum how much will the policies pay?

???

Whcih of the following is a provision in an interest sensitive life policy which allows the policyowner to withdraw the policys cash value interest free

???

When managing a health insurance plan for a group, insureres administrative cost of each insured person

???

when underwriting an individual health insurance policy

???

which of the following is described when a selected group of practitioners in a certain area agrees to provifr services at a pre arranged cost

???

An early withdrawl before age 59.5 fromo a qualified plan

???? early/premature distributions individuals must pay an additional 10% early withdrawl tax unless an exception applies

Of the following dividend options, which of these is taxable?

Accumulation at interest

Of the following dividend options, which of these is taxable?

Accumulation at interest not - reduction of premium, one year term, paid up additions

which of these is not a qualifying event for medicare

Falling below the federal poverty level

which of the following is considered to be the period when the accumulated value in an annuity is paid out

Annuitization phase

Cost of Living Adjustment Rider (COLA)

Automatically increase death benefit (based on Consumer Price Index, or CPI)

Purpose of the coordination of benefits provision in group accident and health plans is to

Avoid overpayment of claims

Maria 👸 has a PPO and receive care of him an out of network provider which of the following is a likely result

Care is covered

The coverage, conditions, and limtations in the amster plicy of a group contract can be found in which document

Certificate of coverage and benefits

The following is a requirement for any change in an insurance application

Change must be initialed by the applicant

Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this?

Child term rider

one of the most important considerations when replacing health insurance would be the

Exclusions on a new policy

XYZ Company has applied for group health insurance for its employees. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group?

Experience rating - system used to estimate how much a specific group with have to spend on medical care

How is Medicare Part B funded?

General tax revenue and user premiums

Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability

Guaranteed insurability rider

what medical plan requires the subscriber to chose a PCP who authorizes referrals (gatekeep)

HMO

health insurance will typically cover which of the following perils

Injury due to accident

The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement?

Insurable interest can be based on the love and affection of individuals related by blood or law

Employer pays 75, insured pays 25

Insured must pay taxes on the 75 % of the benefits recieved

What is the purpose for having an accelerated death benefit on the life insurance policy?

It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill

which of these is not considered to be a common life insurance nonforfeiture option

Life income annuity

Low frequency diseases can be exclusively covered by what kind of health insurance policies?

Limited policies

Which of the following is a legal entity created for the sole purpose of providing affordable group health coverage to its participants

MEWA - multiple employer welfare arrangment

What is involved when a life insurance policy has been backdated

Making the policy effective on an earlier date than the present

which type of plan would be most appropriate for an individual on medicare and is concerned that medicare will not pay for charges exceeding the approved amount

Medicare supplement Plan F

Group health plans may deny participation based upon

Members part-time employment status

When are group disability benefits considered to be tax-free to the insured?

When the recipient pays the premiums

How does one become eligible for part D

Must have Medicare coverage

in a whole life policy nonforfeiture options are: reduced paid up insurance extended term insurance cash surrender

NOT interest only

Joanne has 100,000 whole life policy with an accumulated 25,000 of cash value she would like to borrow 15,000 against the cash value which of the following statements is TRUE?

Net death benefit will be reduced if the loan is not repaid

When an insured has a major medical plan with first dollar coverage how does this imapct the benefits paid

No deductible payment is requried

What is the tax liability for employer contributions in Health Savings Accounts (HSA's)?

No tax payment needed

All of the following plans allow for employee contributions to be taken on a pretax basis except: - health reimbursement arrangement plan - employers contribute to HRAs, not employees

Ones that do allow: section 125 cafeteria premium only plan

which of the following is an example of a producers fiduciary duty

Recording receipt and remittance of premiums due to the insurance company

A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due?

Reduction of premium dividend option

A policy owner may exercise which of these different options that uses the dividend, pay all or part of the next premium due

Reduction of premium dividends option

Statements by an applicant concerning personal health, history, family, health, history, occupation, and hobbies are referred to as

Representations

Under a contract of adhesion

The contract has been prepared by one party, parentheses insurance company, parentheses with no negotiation between the applicant and insure. The applicant adheres to the terms of the contract on a take it, or leave it bases when accepted

When calculating the amount of life insurance needed for an income earner, what Hass to be determined when using the needs approach

The families, financial objectives of third income earner were to die, or become disabled

When a preferred provider organization (PPO) insured goes out-of-network, which of the following actions occur?

The insurer will pay a reduced amount

Common disaster, provision states that it's a beneficiary dies from the same accident as the insured individual

The insurer will proceed as if the insured outlived the beneficiary, this allows the proceeds to go to the contingent beneficiary

Which of the following typically does not provide a form of managed care? -Major medical indemnity plan

The ones that do provide a form of managed care: PPO Point of service plan HMO

Which of these would be the best example of a limited pay life insurance policy

Whole life policy with premiums paid up after 20 years

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 pay for claims not fully covered by the group plan

How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company?

With a usual, customary, and reasonable fee

Loans obtained by a policy owner against the cash value of a life insurance policy

Would not be treated as taxable income

Events or conditions that increase the likelihood of a loss occurring are referred to as

a

exclusion

a condition which limits the company's liability to provide coverage

Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in?

accumulation period

Group dental plans will frequently place a limit on annual benefits in order to minimize

adverse selection

What does the group life underwriting risk selection process, help protect insurance companies from

adverse selection

a noncontributory health insurance plan helps the insurer avoid

adverse selection

The Reduction of Premium Dividend Option

allows a policyowner to use the dividend to pay all or part of the next premium due on the policy

an alternative to a life settlement is

an accelerated rate benefit rider

Conversion is when

an insured idividaul changes his or her gorup insurance to an individual policy with the same isurer at the termination of employment

After an initial notice regarding privacy policies and practices is provided..

an insured must recieve these notices on an annual basis

who may terminate a producers appointment

an insurer

which of the following clauses allows the insurer the unrestricted right

an optional renewability clause allows an insurer the unrestricted right to terminate coverage at any anniversary or at any premium due date

The factor used most often when underwriting a disability income policy is

annual earnings

Fixed period settlement options are considered to be a form of a(n)

annuity

If a buisness pays the premium as a tax deductible expense

any benefits paid will be fully taxable

which of the following is included in the entire contract, according to the entire contract provision

application

which of the following is included in the entire contract according to the entire contract provision

application & policy are what the entire contract consists of

all of these are characteristics of major medical policy, except -Elimination period

are: Large, benefit, maximums, deductibles, coinsurance

Which of the following is ineligible to participate in a section 125 - an s-corp owner with a greater than 2% share - Shareholders with greater than 2% of an s corp, llc, parternship, or sole proprietorship are not eligible to participate in any aspect of a section 125 plan. Owners of a c corp are eligible, but they must hold up to the non discrimination rules

eligible: key employee in a c corp highly compensated employee in an s corp a c corp owner with a greater than 2% share

in an employer-sponsored group accident and health plan( a master contract is issued to the

employer

the ____ reserves the right to renew a small employer health pla

employer

which of the following would be considered a possible applicant and contract policyholder for group health benefits

employer

group policies are most common for

employers

small employer

employes between 2-50 ppl or at least 50% of its working days during the preceding calendar year. an employee is to work at least 17.5 hours in a normal week to be eligble

The limited period of time given to all members to sign up for a group health plan is called the

enrollment period

The type of policy where 80% to 90% of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index

equity index whole life

a common use for decreasing term life insurance

house mortgage

the death benefit would NOT be subject to

income tax under a modified endowment contract

Mike has inherited his father's traditional IRA. As beneficiary, he will pay ____ taxes on any money withdrawn.

income. when a beneficary inherits a taditional IRA, an income tax is paid when money is withdrawn

The conversion privilege under a group life plan allows an employee to convert to a(n)

individual plan upon termination

coverage for newborns includes

injury and sickness, including birth defects

When an insurance appointment with an agent is terminated the party that must notify the agent of the termination is the

insurer

All the following are considered to be nonforfeiture options available to a policy owner except reduction of premium

options: extended term insurance cash surredner reduced paid up insurance

apparent authority

is the appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.

Upon receiving a producer complaint, the Commissioner may immediately

issue a cease and desist order

Someone needing custodial care at home would require which type of coverage?

long term care coverage

which of these would NOT be considered a presumptive disbaility

loss of a leg or arm WOULD BE: loss of vision and speech loss of hearing loss of leg AND arm

Under Michigan Insurance Code, Chapter 45, insurance fraud defines financial loss as

loss of income

The election of cobra for continuation of health coverage will

maintain the same coverage and increase premium

Backdating on an insurance policy is the practice of

making the policy effective on an earlier date than the present

In contrast to a guaranteed renewable policy, a noncancellable policy

may never raise premiums

Index whole life insurance contains a securities component that acts as a(n)

means to lowering taxes on earnings

The focus of a major medical insurance is

medical and hospitalization expenses

Which of the following is Medicare part B also known as

medical insurance

a guarenteed issue insurance policy has o

medical underwriting

Part C

medicare advantage, offers a variety of managed care, plans, a private fee for service plan, and Medicare specialty plans. The specialty plans provide services that focus on the management of a specific disease or condition.

Training personal information about a client without having a legitimate reason to do so

minimum penalty is 10,000

Tara the producer is delivering a specified disease insurance policy to a new policyowner. Upon delivery, she may be expected to collect all of the following EXCEPT a(n)

modified application with a new signature may be collected: initial premium sighed impairment rider acknowledgement good health statement

Duties of replacing insurance companies

must allow the owner to return the policy within 30 days after delivery for a full refund

a notice to buyer

must be on the first page of each long-term care policy delivered in. It explains that some long-term care costs may not be covered.

fraternal benefit society

non for profit -without capital stock -exist for the benefit of its members -incorporated

disability income plans, which requires that the insurer can never change or alter Premium rates are usually considered.

noncancellable

a whole life policy option where extended term insurance is selected is called

nonforfeiture option

increasing teh death benefit by using one of the nonforfeiture options is

not an option in an adjustable life policy

exclusions & limitations

on the basis of alzheimer's is not permitted. limits and exclusions may be placed upon: preexisting conditions alcoholism / drug addiction war or acts of war participation in felony, riot or insurrection suicide of self inflicted aviation

which of the following is not an example of utilization review

ongoing inspection of accident prone individuals is: monitoring length of stay, monitoring appropriate of care, setting a hospital release date for a patient

Which of these is not considered to be a nonforfeiture option in a whole life insurance policy - interest only

options included: reduced paid up insruance extended term insurance cash surredner

A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision?

partial disability

a provision that allows a policyowner to withdraw a policy's cash value interest free is an

partial surrender

decreasing term insurance is normally used to

pay off a mortgage balance in the event of death of the insured

if a premium is required to cover the newborn

payment is needed within 31 days

mortality is calculated by using a large risk pool of

people and time

The cause of loss

peril

Which annuity payout option allows the policyowner to choose a pre-determined number of benefit payments?

period certain

in what form do disability income polciies typically pay benefits

periodic income

to prevent adverse selection in a group dental expense plan

plan may require: probationary periods, waiting p, evidence of insurability, or limits on annual benefits

The accumulated cash value of a whole life insurance policy becomes the

policy loan value upon which the insured may borroe

a double indemnity rider

policy requiring insurer to pay twice ordinary face amount if death is accidental.

Medicaid is a government funded program designed to provide healthcare to

poor people

Coronation of benefits regulation, applies to all of the following plans, except

ppo

failing to meet the seven pay test results in

pre death distributions likely to become taxable

the tax consequence of a modified endowment contracts is

pre death distributionsa re likely to become taxable

Andee, the annuitant dies before the annuity start day, which of the following is a true statement

premiums paid plus interest earned is returned to the beneficiary

modified whole life premiums are distinguished by

premiums that are loweer than typical whole life premiums during the first few years and then higher than tyical thereafter

I rehabilitation benefit is intended to

prepare the insured to return to employment

claims payable to a disability income insured, even when the insured can continue to work, are the results of a

presumptive disability

In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST

provide evidence of insurability

The two major actions required for policyholder to comply with the reinstatement clause are

provide evidence of insurability, pay past due premiums

Medicare part A

provide specified in hospital, benefits, and related benefits. All workers covered by social security, finance its operation through a portion of their tax.

A family term insurance rider

provides a death benefit if the spouse of the insured dies

When comparing an HMO to a PPO, the PPO

provides a greater choice of providers PPO service may be covered out of netowkr

an indemnity plan

provides the insured a specific dollar amount for services

which of these is not considered to be a purpose of an annuity - annuties are intended to create an estate

purposes: -intended to liquidate an estate - intended for the tax free growth of principal - annuities are intended to distribute accumulated principal

which statement is correct concerning classification of risks

r

The role of the federal government was expanded when Medicaid was established by allowing the state to

receive matching funds to expand public assistance programs

premium payments for universal life policy are mot used for

separate account investments

health insurance involves two perils, accident and

sickness

This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes

the entire insurance contract between the parties

the word level in level term describes

the face amount

A Medicare supplement basic benefit is

the first 3 pints of blood per year

per capita is a method of life insurance distribution using total number of individuals.

this means that all living members that are identified in the life insurance policy will recieve an equal amount of the life insurance proceeds. using per capita distribution means that if one of the beneficiaries becomes decreased before the insured, then the other beneficiaries will simply have their share increased accordingly

Tonya has replaced her whole life policy with an annuity without incurring a tax penalty

this transcation is called a 1035 exhcange -allows for rollover of a non qualified annuity to a new annuity or life policy of equal or greater value

Funding for Medicare Part B is partially provided by

user premiums

A securities license is required for a life insurance producer to sell

variable life insurance

variable whole life policy has cash values that

vary according to the investment performance of common stocks

what is the primary factor that determines the benefits paid under disability income policy

wages

Falsifying the terms, benefits, advantages, or conditions of an insurance policy is an example of which of the following?

which

policy owner dividends normally accumulate

with interest

written proof of any loss must be given to the insurance company

within 90 days

Limited pyament insurance is characterized by premiums that are fully paid up

within a stated period, after which no further premiums are required

A joint life insurance policy covers the lives of two people and is payable upon the first death

yea

a universal life policyowner must receive a notice of cash surrender value at least every

year

After proof of loss, no imitation of of legal action can be taken before 60 days or after 3 yesrs

yes

The right to select the investment which will provide the greatest return pertains only to variable universal life insurance.

yes

a group health policy must be continued for an employee for at least 6 months after the insurance has been cancelled

yes

the corridor is the gap between a universsal life policys total death benefit and the policys cash value

yes


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