MI INSURANCE EXAM QUESTIONS

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MI INSURANCE EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Counselor

Answer:

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

Question 2: Claims were higher than expected

Answer:

Which if the following is NOT a valid reason for an insurer to refuse renewable of the small employer group plan?

Question 3: assisted living facility

Answer:

Which of the following nursing home options would best suit an individual who needs some nursing care and supervision but not full time care?

Question 4: Optional Renewable Clauases

Answer:

A clause that allows an insurer that right to terminate coverage at any anniversary date is called

Question 5: A policy that is paid up after only one payment

Answer:

A single premium cash value policy can be described as

Question 6: Decreasing Term Life

Answer:

The least expensive option to pay off a 30-year mortgage balance would be

Question 7: Reduced death benefit prepayment

Answer:

What is the primary feature of a viatical settlement?

Question 8: 60 days

Answer:

Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid tax consequences?

Question 9: Qualified Retirement Annuity

Answer:

Dana is an employer who deposits a percentage of her income her individual annuity. Her company also contributes a percentage into a separate company pension plan. What kind of annuity is this considered?

Question 10: Experience Rating

Answer:

XYZ company has applied for group health insurance for it's employees. What information would the insurers underwriters likely use to determine the appreciate and final premium rate given to the group?

Question 11: A rating from a rating service company such as AM best

Answer:

Which of the following is NOT considered advertising?

Question 12: Hospital Indemnity

Answer:

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

Question 13: After the premium is dues but the policy remains in force

Answer:

what is an insurance policies grace period?

Question 14: Juvenile Insurance

Answer:

Which type of life insurance is normally associated with a Payor Benefit rider?

Question 15: Life Annuity Certain

Answer:

Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them?

Question 16: Tom

Answer:

Bob and Tom start a business. Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. Eventually, they retire and dissolve the business. Bob dies 12 months later. The policies continue in force with no change. Both partners are still married at the time of Bob's death. In this situation, who will receive Bob's policy proceeds?

Question 17: Certificate

Answer:

what is insured to each employee health plan?

Question 18: Survivorship Life Policy

Answer:

The type of multiple protection that pays on the death of the last person is called an

Question 19: Insured

Answer:

An accident and health policy that provides reimbursement benefits make them payable to the

Question 20: $700

Answer:

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?

Question 21: Two

Answer:

A life insurance policy sold in Michigan may by contested by the insurers only during the first ___ years of the contract?

Question 22: An individual the means to replace wages

Answer:

Loss of income insurance provides

Question 23: Deferred Compensation

Answer:

All of the following are examples of a Business Continuation Plan EXCEPT

Question 24: Conversion

Answer:

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

Question 25: Incontestable Clause

Answer:

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

Question 26: The annuitant's life expectancy determine the annuity payments

Answer:

Which of the following statements regarding the annuitant is correct?

Question 27: long term care

Answer:

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