MICHIGAN LIFE ACCIDENT AND HEALTH EXAM COMPLETE STUDY QUESTIONS WITH CORRECT VERIFIED ANSWERS GUARANTEED PASS | RATED A+
Joe has only paid 5 payments on his health insurance policy when he is hit by a
car. The insurance company pays out nearly half a million to cover treatment
for injuries. This is an example of:
A. Contract of adhesion
B. Aleatory contract
C. Unilateral contract
D. Utmost good faith - ANSWER-Correct answer - B, it is contingent on an
uncertain event
Leslie has a policy that will pay $100,000 if she dies before age 65 and $75,000
if she dies after age 65. She probably has what type of policy? - ANSWERMultiple protection policy
The human life value approach to selling life insurance focuses on an
individual's . - ANSWER-An individual's future stream of
income. (Annualsalary, expenses, yearsremaining until retirement, future
value of current dollars)
The needs approach to selling life insurance focuses on .
- ANSWER-The needs of the survivors. (Funeral expenses, final illness,
continuing family income, education)
How long is the typical grace period? - ANSWER-31 days
If Ben dies, Joan will receive the death benefit. If Joan had died before Ben,
Toby would receive the benefit. Toby is what type of beneficiary? - ANSWERContingent beneficiary
Health insurance is in force for newborns from birth and notification must be
given within days of birth for coverage to extend beyond that point. -
ANSWER-31 days
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