Life, Accident, and Health Producer Exam Latest Update 2024-2025 Actual Exam 150 Questions and 100% Verified Correct Answers Guaranteed A+
A baby is born to a husband and wife covered under a family accident and health insurance policy. If the newborn is covered at birth, the first payment for the additional
coverage would become due in _____ days - CORRECT ANSWER: 31
A disability elimination period is best described as a - CORRECT ANSWER: time
deductible
A foreign insurance company doing business in Michigan - CORRECT ANSWER: Is a
company domiciled under the laws of another state
A guaranteed issue insurance policy has no - CORRECT ANSWER: medical
underwriting
A hospital or medical expense policy will typically cover dental treatment expenses
under which circumstance? - CORRECT ANSWER: Dental treatment is needed to
repair an injury
A life insurance applicant in Michigan may backdate the application for up to ____
month(s) - CORRECT ANSWER: 6
A life insurance application may be backdated to - CORRECT ANSWER: Save on
premiums
A life insurance company has transferred some of its risk to another insurer. The insurer
assuming the risk is called the - CORRECT ANSWER: Reinsurer
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A life insurance policy sold in Michigan may be contested by the insurer ONLY during
the first ____ year(s) of the contract - CORRECT ANSWER: two
A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) - CORRECT ANSWER: Guaranteed insurability rider
A limited payment whole life policy provides - CORRECT ANSWER: lifetime protection
A Medicare Supplement policy issued in the state of Michigan is required to provide
each of the following EXCEPT - CORRECT ANSWER: It must include outpatient
prescription drug coverage
A partial surrender is allowed in which of the following life policies? - CORRECT
ANSWER: Universal life
A policyowner may change two policy features on what type of life insurance? -
CORRECT ANSWER: Adjustable Life
A producer is hired to sell insurance for an insurer. Upon submission of the agency contract application, the producer MUST be appointed by the insurer within ______
days - CORRECT ANSWER: 15
A producer's insurance license may ONLY be revoked by the - CORRECT ANSWER:
Department of Insurance and Financial Services (DIFS)
A producer's license is required for all of these activities EXCEPT - CORRECT
ANSWER: Underwriting insurance
A proposed insured for a health insurance policy was treated for heart disease within the past year. When applying for heath insurance, the heart disease treatment -
CORRECT ANSWER: Indicates a preexisting condition
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A rehabilitation benefit is intended to - CORRECT ANSWER: prepare the insured to return to employment
A renewable Term Life insurance policy allows the policyowner the right to renew the
policy - CORRECT ANSWER: Without producing proof of insurability
A(n) _____ company is owned exclusively by shareholders - CORRECT ANSWER:
stock
ABC Insurance Agency 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 - CORRECT ANSWER: illegal inducement
All of the following are qualifications for establishing a health savings account (HSA)
EXCEPT - CORRECT ANSWER: Enrolled in a health plan with a prescription drug
benefit
All of these are considered key factors in underwriting life insurance EXCEPT -
CORRECT ANSWER: Marital status
All of these are valid options for an Adjustable Life Policy EXCEPT - CORRECT
ANSWER: A nonforfeiture option can be used to increase the death benefit
Amy has a group medical policy through her employer with a $500 deductible and a 90% coinsurance provision. She incurs $1,500 in covered health care services. How
much will her group insurance carrier pay? - CORRECT ANSWER: $900
An applicant intentionally lying to an insurance company on an application in order to
obtain a cheaper premium is an example of - CORRECT ANSWER: Fraud
An example of a primary care physician would be a(n) - CORRECT ANSWER: internist
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