EXAM!!!!!
the dividend option where the insurer issues a policy owner a check for the divided amount i called a
cash dividend option
when an applicant applies for a health insurance policy a producer is not required to
determine the premium rate
what is the term used to describe taxable portions of non qualified annuity
exclusion ratio
An individual applying for a Michigan producer license must have completed the required pre-licensing education within..... months of license application.
12
which will terminate guaranteed renewable insurance coverage
If premiums not paid
all of the following are examples of a business continuation plan EXCEPT
deferred compensation
What is the primary purpose of a rating service such as A.M best?
determine financial strength of an insurance company.
All of these are standard exclusions found in a life insurance policy EXCEPT
disability
a life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Which rider would pay a monthly amount because of this disability?
disability income rider
When the principal gives the agent authority in writing, it's referred to as
expressed authority
An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of
fraud
a producer who knowingly submits a false statement in support to a claim may be found guilty in
fraud
if a producer diverts funds from an insurer, he/she may be found guilty of
fraud
An annuitant is guaranteed to NOT outlive their benefits with a(n)
guaranteed lifetime withdraw benefit
under workers compensation, injured employees are covered for all of the following issues EXCEPT
pain and suffering
a provision that allows a policyowner to withdraw a policy's cash value interest free is
partial Surender
an individual employer group health plan is noncontributory when
the employer pays the entire premium and the employee does not contribute to premium payment.
a whole life insurance policy accumulates cash value that becomes
the policy loan value which the insured may borrow against
if an insurer determines the insured is totally disabled the policy owner is relieved of
the policyowner is relieved of paying the policy premiums as long as the disability continues.
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
The free-look provision gives the policyowner
the right to return the policy for a full refund within a specified number of days
once an employee and insured group policy reaches the age of 65 they
they cannn get medicaid
a physician submit claim information prior to treating patient for particular procedure
this is called Prospective review (aka precertification provision) the patient is required to sign a release of information form
A field underwriter's main task is
to ensure an applicant's medical information is accurate and complete
According to the Taft-Hartley act, group insurance payments made by an employer must be paid ro the
trust
the unfair trade practice of replacing an insurance policy from one insurer to another based on misrepresentation is called
twisting
the act of ...... insurance does not require an individual to hold an insurance producer license
underwriting
which of the following pertains to the analysis of an applicant's personal information and determining whether insurance should be issued or declined?
underwriting
In an insurance contract, the insurer is the only party legally obligated to perform. Because of this, an insurance contract is considered
unilateral
An example of intimidation is
using threat or force to restrict fair trade in the transaction of insurance
A policyowner can receive an immediate payment before the insured dies by using
vatical settlement contract
All of the following riders can increase the death benefit amount EXCEPT
waiver of premium
Under what conditions will a long term care policy begin paying benefits?
-The inability to perform two or three specific "activities of daily living" without help. These include bathing, dressing, eating, toileting and "transferring" or being able to move from place to place or between a bed and a chair. -Cognitive impairment. Most policies cover stroke and Alzheimer's and Parkinson's disease, but other forms of mental incapacity may be excluded.
Michigan requires that a licensee complete ___ hours of continuing education on the subject of ethics every reporting period
3
The acceptance of credit life application requires the submission of a certificate of insurance to the insured within.... days
30
how many days does a terminated employee have to convert his group life insurance to an individual one
31 days
Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy?
4,000
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
How many months can a life insurance policy normally be backdated from the date of the application?
6
a life insurance applicant in michigan may backdate the application for up to ...... months
6
in Michigan, legal action can be taken against an insurer for failure to pay LIFE insurance claims for a period not to exceed
6 years
vents or conditions that increase the likelihood of an insured loss are referred to as
A peril
which of the following is not considered advertising quizlet
A rating from a rating service company, such as A.M. Best
which of the following is required to be licensed as an insurance producer
A salaried employee who advertises and solicits insurance
what insurance concept is characterized by the tendency for most poor risk applicants to apply
Adverse selection
under which circumstance do consumer privacy regulations allow an insured's financial information to be released?
An authorized agency makes a written request to the insurer during an insurance fraud investigation
which of the following is a whole life policy option that allows for a delinquent premium to be paid automatically
An automatic premium loan
who may terminate a producer's appointment
An insurer
which of the following services must be provided by hmo plans
An organization that provides its members with basic healthcare services for a fixed price and for a given time period.
what is implied authority defined as?
Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties
Which of the following is closely allied with twisting?A) Defamation.B) ChurningC) Rebating.D) Coercion.
B) Churning
When making a change of address, it is typically required that the producer notify the head of the Department of Insurance:A) only if the change involves moving out of state.B) within a specified time period.C) within a reasonable time period.D) if the change involves moving to a new city.
B) within a specified time period.
under workers compensation injured employees are covered for all of the following except
B. Second injury fund...or Intentional acts...or stress and pressure The Second Injury Fund pays that portion of the loss attributed to the prior disabling injury. The purpose of the fund is to relieve an employer of the portion of claims related to prior injuries that are simply made worse by the employee's current work. This is part of the policy but something provided on a state-by-state basis. 14.4
An insurer has a right to screen applicants for HIV in which of the following ways?
Blood test for HIV
Insurable interest does not occur on which of the following relationships?
Business owner and business client
Twisting is a form of:A) defamation.B) rebating.C) misrepresentation.D) coercion.
C) misrepresentation.
Any change of address by a licensee requires notice within 30 days to which of the following?
Commissioner
which type of health insurance combine all of the basic medical expense benefits into a single package quizlet
Comprehensive major medical insurance:
withholding a material factor by the a
Concealment
Rob has a benefit at work which enables him to defer his current receipt of income and have it paid at a later date, when he will probably be in a lower tax bracket. Which benefit fits this description?
Deferred compensation option
A producer's insurance license may ONLY be revoked by the
Department of Insurance and Financial Services
the type of policy where 80 to 90 of the premium is invested in traditional
Equity index whole life
A professional liability for which producers can be sued for mistakes of putting a policy into effect is called
Errors and omissions
when individuals purchase life insurance to enable their heirs to pay estate taxes this is called
Estate Conservation
Fraternal Benefit Society has each of the following characteristics EXCEPT
Exists for profit
From what authority derives the requirement that an insurance application contains a disclosure stating that an investigative consumer report may be obtained on an applicant?
Fair Credit Reporting ActThe Fair Credit Reporting Act requires that an insurance application state that an investigative consumer report may be obtained on an applicant.
How are annuities given favorable tax treatment?
Gains are taxed at distribution
which of these is NOT subject to false advertising regulations?
Gifts
Index whole life insurance contains a securities component that acts as a(n)
Hedge against inflation
when a beneficiary inherited rating ira which of the following is true about taxation
If you inherit a Roth IRA, you're free of taxes. But with a traditional IRA, any amount you withdraw is subject to ordinary income taxes UNLESS you inherit cash, shares, property or gifts unless you are advised by the executor
under which circumstances may a deferred insurance commission be paid to an individual?
Individual was a licensed producer at the time of the sale
in a life insurance contract warranties are considered to be
Insurable interest
a producer who knowingly solicits new insurance risks by an insolvent insurer is guilty of
Insurance Fraud Regulation
what's the purpose of having an accelerated death benefit on a life insurance policy?
It allows for cash advances to be paid against the death benefit if the insures becomes terminally ill
insurance companies determine risk exposure by which of the following?
Law of large numbers and risk pooling
which type of coverage would be most appropriate for an individual who needs custodial care
Long-term care coverage
All of the following are examples of pure risk except
Losing money at a casino
the purpose of medical supplement insurance is to address gaps in medicare coverage which can include
Medicare in-hospital deductible
falsifying this term benefits advantages of conditions loan insurance policy is an example of which of the following
Misrepresentation
A benificiary has just received a claim payment for a life insurance policy. Which of the following is true regarding the federal income tax liability owed?
No federal income tax is owed on life insurance proceeds.
which of the following is a provision in an interest sensitive life policy which allows the policyowner to withdraw cash value interest free
PARTIAL SURRENDER
what is an insurer required to do when faced with an error made under the misstatement of age provision?
Pay age-corrected benefits
which of the following is not a right of the life insurance policyowner
Payor Clause..........or revoke an absolute assignment
when an immediate annuity is funded the annuity may begin receiving payment after
Payouts can begin immediately. Payments start one month after your annuity is issued or can be delayed up to a year.
what is known as the immediate specific event causing loss and giving rise to risk?
Peril
which of these is considered to be a document that describes the critical segments of a life insurance policy?
Policy summary
During the accumulation period, who can surrender an annuity?
Policyowner
which of the following is a common exclusion for coverages found in accent and health policies
Pre-Existing Conditions. Dental and Vision. ... Maternity. ... Alternative Medicine. ... Sports. ... Mental Health. ... Outpatient Prescriptions.
a person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification?
Preferred
An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT
Providing commission information to the applicant
Dana is an employee who deposits a percentage of her income into her individual annuity. Her company also contributes a percentage into a separate company pension plan. What kind of annuity is this considered?
Qualified retirement annuity
a proudcers fiduciary responsibility includes which of the following activities
Recording the receipt and distribution of premiums due to an insurer
which of the following is a form of risk if an entity chooses to set aside funds to be self insuring
Retention
Which of these retirement plans do NOT qualify for a federal income tax deduction?
Roth IRA
A nonparticipating company is sometimes called
Stock insurer
term life insurance differs from parent life insurance in that most often term life insurance
Term life is pure insurance, with no cash value (or "savings element") associated with it. Because the policyowner pays only for the cost of pure protection, term insurance premiums are smaller than premiums for permanent insurance for the same insured at the same issue age. However, the older a term insurance policy insured gets, the higher his or her term insurance premiums become.
Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because
The MEC tends to be an investment vehicle
which kind of retirement plan can a 150 employes profit corporation established
The Michigan Chamber of Commerce Multiple Employer 401(k) Plan is exclusive to Michigan Chamber of Commerce Members. The MiMEP is a retirement plan solution for businesses with 2-150 employees
which of the following statements is true regarding the annuitant
The annuitant's life expectancy determines the annuity payments
which of these statements regarding the annuitant is correct?
The annuitant's life expectancy determines the annuity payments
which of the following is not considered to be a characteristic of the whole life insurance
The cash value in a permanent life insurance policy is not a nonforfeiture benefit.
which of the following is true regarding group health
The employer is the policyholder
which approach considers the insured future state of income
The human life value approach
which of the following circumstances may cause policy premiums to be high than standard premium
The insured does not meet established underwriting requirements
under which circumstance may a minor receive proceeds from a death benefit?
The minor must have an appointed gaurdian
which nonforfeiture option allows the policyowner to purchase less coverage for life
The reduced paid-up insurance option allows the policyowner to purchase paid-up whole life coverage at a reduced face amount based on the amount of the policy cash value.
The statement which best describes the relationship between premiums of a whole life policy and the premium payment period is
The shorter the payment period, the higher the premium
what is the period of time referred to that must elapse before monthly disability income benefits
The waiting period, also known as the elimination period.
individual who continue to work after the age of 65 and keep the group health insurance
They can sign up for Medicare
which of the following characteristics is associated with an equity indexed
Unlike annuities with a fixed interest rate, equity-indexed annuities base their interest on an equity index like the S&P 500.
when does a life insurance policy typically become effective?
When initial premium is collected and policy is issued
the cost of a long term care policy is based on all the following except
Whether the coverage is provided under a Medicare or supplement policy.
If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies?
a prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age
All of these are common exclusions to a life insurance policy except
accidental death
People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called
adverse selection
Tim purchases an insurance policy from a producer. The producer must present to tim a notice detailing privacy policies and practices. After this initial notice, Tim must be provided another notice
annually
Fixed period settlement options are considered to be a form of a(n)
annuity
a renewable term life insurance policy that can be renewed
at a predetermined date or age, regardless of the insured's death
A life insurance application must be signed by all of these EXCEPT
beneficiary
Preferred risk policies with reduced premiums are issued by insurance companies because the insured has
better than average morality or morbidity experience
Naming a contingent beneficiary as "all surviving children" is described by which term?
class designation
A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called
collateral assignment
life insurance policies will normally pay for losses arising from
commercial aviation
withholding a material fact by the applicant is called
concealment
In an insurance contract, the element that shows each party is giving something of value is called
consideration
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".
consideration clause
which of these is affected by the frequency of an insurance policy's premium payments?
cost
The least expensive option to pay off a 30-year mortgage balance would be
decreasing term life
Which of these is considered a major tax advantage of life insurance?
income tax is typically not owed on proceeds paid directly to a beneficiary
all of the following are characteristics of a group life insurance plan except
individual underwriting
the ..... must notify the producer in the event of the producer's insurance appointment being terminated.
insurer
A foreign insurance company doing business in michigan
is a company domiciled under the laws of another state
Upon receiving a producer compliant, the commissioner may immediately
issue a cease and desist order
Producer commissions may NOT be paid to
licensed producers not appointed by an insurer
Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them?
life annuity certain
A permanent life insurance policy where the policyowner pays the premiums for a specified number of years is called
limited pay policy
An insurer's ability to make unpredictable payouts to policyowners is called
liquidity
Under Michigan Insurance Code, Chapter 45, insurance fraud defines financial loss as
loss of income
what is involved when a life insurance policy has been backdated?
making the policy effective on an earlier date than the present
All of the following are considered key factors in underwriting life insurance except
marital status
a guaranteed issue insurance policy has no
medical underwriting
The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid
minus indebtedness and without interest
A type of insurer that is owned by its policyowners is called
mutual
A life insurance claim which involves a per capita distribution policy proceeds would be payable to the
named living primary beneficiaries
A nonparticipating policy will
not pay dividends
Under a Modified Endowment Contract, what are the likely tax consequences?
pre-death distributions will become taxable
what is the automatic continuance of insurance coverage referred to as?
renewal
which of these is not the responsibility of a producer?
represent the insured
Statements made by an insurance applicant on an application are considered to be
representations
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
A life insurance policy owner does not have the right to
revoke an absolute assignment
Gina the producer caused financial harm to an insured. which of these actions may the commissioner take?
revoke her license after a hearing concludes a violation has occurred.
An endorsement found in an insurance plan which modifies the provisions of the policy is called
rider
which of the following is solicitation by a producer
sales presentation
A life insurance application may be backdated to
save on premiums
which of the following are the premium payments for a universal life policy NOT used for?
separate account investments
which form of insurer has shareholders
stock
which statement is correct concerning classification of risk
stock insurance company
which of the following constitutes unfair discrimination in life insurance
that is, the formulation of rates on the basis of criteria that do not fairly measure the actual risk involved............ EXAMPLES: (DONT READ IF WASTING TIME) B) Refusing to service the policy needs of a person because of where she lives. C) Charging one person a higher premium than someone else who represents an equal risk to the insurer. D) Refusing to sell a policy to someone because of her race or religion.
if an annuitant dies during the accumulation period his or her beneficiary will receive
the beneficiary receives benefits from the annuity: either the amount paid into the plan or the cash value - whichever is greater.
A universal life policyowner must receive a notice of cash surrender value at LEAST every
year
to be eligible for medicaid part c an individual must be enrolled in which of the following
both Medicare parts A and B.
what is a producers apparent authority
power of an agent to act on behalf of a principal, even though NOT expressly or impliedly granted.
if a premium is not submitted with a life insurance application the producer must have the applicant sign which of the following after
"Forward the application to the insurer without the initial premium". In this situation, the producer should submit the application to the insurance company without the premium. However, if a premium is not paid with the application, the policy will not become valid until the initial premium is collected.
the insurance application is considered legal and binding
(1) Offer and acceptance, (2) consideration, (3) legal purpose, and (4) competent parties. The effective date of a policy is the date the insurer accepts an offer by the applicant "as written."
insurers offering dental care plan minimize adverse selection by
--by selective underwriting (using medical questionnaires), risk rating (setting higher premiums for groups presenting high risk, e.g., age-related) and product differentiation (designing benefits so to attract lower risks). --limiting coverage or raising premiums.
which of the following are most likely used for underwriting purposes
-An applicant's character and personal habits can be obtained for underwriting purposes -underwriting process is accomplished by reviewing and evaluating information about an applicant and applying what is known of the individual against the insurer's standards and guidelines for insurability and premium rates.
group disability income insurance usually involves
-Group disability income policies are usually short-term disability policies. -The benefit amount is 60% - 80% of the insured's income and benefits are generally paid on a weekly basis. -Benefits can be stated as a flat amount, such as $300 weekly, or as a percent of income such as 66 2/3% of base salary.
which of the following is one of the main tasks of a field underwriter
-To ensure an applicant's medical information is accurate and complete
one of the purpose of the formation of the medical information bureau was to
-To help underwriters evaluate risk. -its primary purpose is to protect insurance companies against fraud. -to combat fraud by compiling information from previous life, health, disability, and long-term care insurance applications
preferred risk reflects
-adapted for moderate to low risk properties. The significant difference is the lower premiums -insured has a lower than average chance of loss and that usually may pay a lower premium because of the past accidents, he was not a preferred risk.
which of the following is not a characteristic of a group life insurance plan
-individual policies -group coverage must be extended for terminated employees up to a certain period of time at the former employees expense.
which of the following is a characteristic of a contract of adhesion
-one party has substantially more power than the other in setting the terms of the contract -implies an unequal balance of power in the creation of the contract
a disability income benefit is intended to
-replace lost income when an insured becomes unable to work because of illness and/or injury. -Disability income benefits offer a monthly income so the policyholder can cover regular expenses while he or she is unable to work.
small employer are defined as having no more the employees
100
a whole life policy is replaced with an annuity without incurring a tax penalty this referred to as
1035 exchange
which of the following statements is regarding federal taxation group accidental death and dismemberment policy
Any benefits received are not taxable to the recipient
a group health insurance certificate of coverage is
Certificates of coverage are written documents provided by a group health plan to show the type of health care coverage a person had (e.g., employee only, family, etc.) and how long the coverage lasted.
which of the following bes describes an indemnity plan
Coverage that pays a stated amount per day of a covered hospitalization
which of the following characteristics is associated with an equity indexed
Equity indexed annuities are fixed annuities with a guaranteed minimum interest rate, and a current interest rate that is tied to the S&P 500 index......The correct answer is: Earn a guaranteed minimum rate of return or a current interest rate which is linked to the major market index S&P 500
if an insurer does not pay a covered individual health insurance claim within the time required to insurese may file a legal action against
at least 60 days after filing a written proof of loss.
which of the following insurance policies has a specific amount of insurance for each day a individual is hospitalized
Hospital confinement indemnity
which of the following is not an option in an adjustable life policy
Increasing the death benefit by using one of the nonforfeiture options is not an option in an Adjustable Life Policy
which type of immunity guarantee a level benefit payment
Life annuity certain or A life annuity with period certain
health insurance policies that can be purchased to cover specific low frequency diseases are
Limited policies
when writing an individual health insurance policy the underwriter will not consider applicants
MARITAL STATUS is not considered an underwriting factor. Individual underwriting factors include age, gender, tobacco use, occupations and hobbies, physical condition, moral hazard, health history
in most cases enrolled in coverage plan require no premium
Most people enrolled in Part A do not pay premiums because they have met the minimum Medicare tax requirements,This is referred to as premium-free Part A.......aka Medicare Advantage plan.
when advertising the identity of the insurer shall be
Name of the actual insurer shall be stated CLEARLY
which of the following would be consideration on the part of the insure
Payment of Premium
disability policies most often pay benefits in the form of
Periodic income
a document that specifies the critical segment of a purchase policy is known as
Policy Summary
which of the following statements is correct when comparing community rating with experience rating
Premiums based on a community rating allocate risks evenly across a community.With experience rated standards, premiums are adjusted based on the health history of those covered.
which of the following types of insurable risks allow the insurance company to exclude nuclear events
Pure risk is the only type insurance companies are willing to accept. ... policies usually exclude coverage for loss caused by war or nuclear events
all of the following retirement plans qualify for federal income tax deduction expect
Roth IRAs
which of the following services is excluded from coverage under medicare health insurance
Some of the items and services Medicare doesn't cover include: Long-Term Care. ... Most dental care. Eye exams related to prescribing glasses. Dentures. Cosmetic surgery. Acupuncture. Hearing aids and exams for fitting them. Routine foot care.
in the grace period an insured submits a $300 claim or medical expenses.........or David submits a $500 claim for medical expenses. There is a past-due amount owed for insurance premiums of $200. As a result, the insurer only pays $300 for the claim. This deduction came as a result of which provision?
Unpaid provision
a person say bind coverage for insurance when the person selling the insurance is
When your agent binds a policy, it means that he or she, as a representative of the insurance company, confirms that coverage is in place
what do part c medicare advantage plans require
You must be enrolled in original Medicare (Medicare parts A and B)
in health insurance policies the reinstatement provision is
a clause in some life insurance policies that allows the insured to reinstate a lapsed policy provided they meet certain parameters and execute the provision within the specified time frame. Reinstatement provisions most often come into play after a policy has lapsed because of nonpayment.
under the pre existing conditions provision the term group health plan is defined as
a health insurance provision that limits or excludes benefits for a period of time. The determination is based on the policyholder having a medical condition prior to enrolling in a health plan.
which of the following allows for a multiple of the face amount to be paid if the insured die because of an accident
accidental death benefit rider
When the insured gives birth, coverage for eligible newly born children consists of coverage for injury or sickness including
birth abnormalities
at the time of an insured's death, a per capita distribution policy proceeds are paid to
if one of the beneficiaries (person inheriting) becomes deceased before the insured, then the other beneficiaries will simply have their share increased accordingly.
which is most likely to protect proceeds from a lump sum settlement
keep that money in a separate bank account? use a prepaid credit card?
which type of the following life insurance policy is characterized by premiums that are usually paid up
limited payment insurance
a life insurance of rider which reimburses expenses incurred in consent of nursing home facility is
long term care rider.
which of the following conditions is not an example of presumptive disability
loss of sight in one eye ---has to be total blindness
what action does the misstatement of age provision give the insurance company the right to do
modify what they pay out in a death benefit if it was found that the insured lied about their age when they purchased the policy........BENEFITS CAN BE ADJUSTED
an insurer owned by its policyholders and pays dividends is considered a
mutual insurance company
health insurance policies that include benefits amount specific commonly performed operations are
naaaaaaaa
according to the health insurance portability and accountability act what can a group health policy be
naaaaaaaaaaa
which of the following is described when selected group of practitioners
naaaaaaaaaaa
who would not be covered under an additional insured rider attached to a life insurance policy
naaaaaaaaaaa
a contracted marketing firm asks the agency to provide their client policy number for use in
naaaaaaaaaaaa
an insured policy is with a cash value of $1000 a death benfit o $5,000
naaaaaaaaaaaa
non routine dental care correcting irregularity of teeth by means of apperite to
naaaaaaaaaaaa
if an insurer does not pay on a disability claim how many days after the written proof loss has been furnished ,at the insured want to ile
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a policy may contain provision excluding or retrieving coverage as spaced
naaaaaaaaaaaaaaaaaa Life insurance policies typically exclude certain risks from coverage. Some risks may be excluded for a lifetime while others are excluded for a specified time period. At the same time, most states cite provisions that are prohibited from being included in policies issued in their states
when an insurance changes his or her address under the michigan insurance code who must be notified
notify the Director of any change in his or her mailing and electronic mail address within 30 days after the change.
two parties in a binding agreement within the eyes of the law requires
offer, acceptance, and consideration
a specified coverage plan would provide coverage for which of the following
provides benefit for only a single disease, such as cancer, or for a group of diseases....Dread disease insurance
which of the following is characteristic of a term life policy quizlet
provides pure death protection (pays a death benefit only).
for what purpose is a life insurance application backdated
reduce the annual premium paid.
statements by an applicant concerning personal health history family health history and hobbies are referred to as
representation
which of the following types of benefits are provided under most long term policies
required to cover Home Health Care, Adult Day Care, Personal Care, Homemaker Services, Hospice Services and Respite Care butttttttttttttttttttttt care in a Nursing Facility or Residential Care Facilities/Residential Care Facilities for the Elderly is NOT covered or.
a business entity acting as an insurance producer must
required to obtain an insurance producer license
accident and health insurance protects the insured agent against financial loss caused by which of the following
sickness or accidental bodily injury. Health insurance coverages include accident insurance, disability income insurance, medical expense insurance, and accidental death and dismemberment insurance.
according to the Michigan Insurance code, which of the following MUST a producer do when replacing a life insurance policy?
submit to the replacing insurer a list of all the life insurance policies or annuity contracts proposed to be replaced
an employer contribution to the premium of a group disability plan is
the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the employee at: 60% of the benefit.
what happens when multiple disability policies are held from the same insurer in excess of the maximum limit of indemnity
the excess insurance will be void and all premiums paid for such excess coverage will be returned to the insured's estate.
which of the following is generally covered in a major medical plan
typically cover expenses associated with a hospitalization, surgery, major illness, or injury. However, they will not cover preventive care or minor health issues.
which of the following long term disability clauses states that insured are considered totally disabled
under the presumptive disability provision (virtually no chance at making a full recovery)
the major factor in determining the benefit under a disability income policy is
wages
Deferred commissions may be paid to a person who sold an insurance policy when the person
was a licensed broker at the time of sale
when would an attending physician's statement be appropriate for life insurance purposes
when you apply for short term disability (STD) benefits, long term disability (LTD) benefits, or a life insurance waiver of premium
a qualified long term care policy must pay benefits when an individual is
when you can't do at least two out of six "activities of daily living," called ADLs, on your own or you suffer from dementia or other cognitive impairment. (A person qualifies for benefits when they are unable to perform two or three ADLs)
a policyholder should provide notification of claim to the insurer written how many days of the loss
within twenty (20) days after the occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible.
if a term life insurance policy is renewable the policyowner is purchasing the right renew the policy
without producing proof of insurability