Michigan credit Study guides, Class notes & Summaries

MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. Final Exam-Michigan Life and Health 1. What amount will be paid under a policy where the insured misstated his/her age?: an amount the premium would have purchased at the correct age 2. the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days: 30 days 3. which of these is considered to be a Living benefit option in a lif...

International Business: The New Realities, 4e (Cavusgil) Chapter 3 The Cultural Environment of International Business 1) ________ refers to the values, beliefs, customs, arts, and other products of human thought and work that characterize the people of a given society. A) Ethnicity B) Heritage C) Culture D) Race Answer: C Diff: 1: Easy Skill: Concept Objective: 3-1: Understand culture and cross-cultural risk AACSB: Analytical Thinking; Diverse and Multicultural Work 2) Jor...

Producer ️ licensed person who has the authority to sell, solicit, or negotiate insurance contracts Who has permission to cancel the license? ️ the commissioner Agent ️ person or corporation authorized to solicit insurance, collect premiums & transact insurance business on behalf of an insurance company Producer is appointed by who ️ appointed by the agent to represent the insurer & an insurer can cancel the appointment of agent DIFS ️ Dept of Insurance and Financial Services, ...

Final Exam-Michigan Life and Health Questions and Answers Already Passed What amount will be paid under a policy where the insured misstated his/her age? an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days 30 days which of these is considered to be a Living benefit option in a life insurance policy Accelerated death benefit loans obtained by ...

Michigan Credit Insurance Study Guide Rated A+ Definintion of Insurance "A social device for transferring risk through an accumulation of funds" Policy A contract with the insurance company (insurer) that states what the policyowner (insured) must pay for and what they agree to cover if damage or loss occurs. Premium A set amount that must be paid for a Policy. Concept of Risk Risk evolves from uncertainty - the unpredictable chance occurrences of everyday life, which result ...

Credit Life Insurance ️ Insurance that is issued on the life of the debtor pursuant to or in connection with a specific loan or other credit transaction Credit accident and health insurance ️ insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy. Creditor ️ the lender of money or vendor of lessor goods Debtor ️ A borrower of money or a purchaser or Lessee of goods for...

______ can be defined as the spreading of financial risk over a large group of people in order to minimize the potential economic loss to any one individual ️ Insurance Which of the following would be true concerning risk? ️ An insurable pure risk only involves the possibility of loss Which of the following would NOT be a method of handling (copying with) risk? ️ Risk Reliance Which of the following would not be classified as an insurable pure risk? ️ The loss must be catastrophi...

What amount will be paid under a policy where the insured misstated his/her age? - Answer- an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - Answer- 30 days which of these is considered to be a Living benefit option in a life insurance policy - Answer- Accelerated death benefit loans obtained by a policy owner against the cash value of a life in...

Xcel Solutions IN Life Insurance Final Exam P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , P is considered to be a ( n ) __________ producer . nonresident . Why would the Insurance Commissioner issue a temporary license ? To allow the personal representative of a deceased producer to provide service to existing policyowners Which provision is NOT a requirement in a group life policy ? Accidental A ( n ) _________ beneficiary may be changed by th...

Definition of Insurance ️ "A social device for transferring risk through an accumulation of funds" Policy ️ A contract with the insurance company (insurer) that states what the policyowner (insured) must pay for and what they agree to cover if damage or loss occurs. Premium ️ A set amount that must be paid for a Policy. Concept of Risk ️ Risk evolves from uncertainty - the unpredictable chance occurrences of everyday life, which result in financial or economic loss. Life insur...

MICHIGAN CREDIT INSURANCE STUDY GUIDE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+MICHIGAN CREDIT INSURANCE STUDY GUIDE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+