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Life and Health Insurance Producer Exam

Long-term care (MI): practice questions

Our Life & Health Insurance bank has 6 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Michigan

How long does a Michigan long-term care applicant have to return the policy for a full premium refund?

  1. 45 days after the policy is issued
  2. 15 days after delivery
  3. 10 days after delivery
  4. 30 days after delivery
Show the answer

D. 30 days after delivery — MCL 500.3943(1).

Question 2 · Michigan

What fine may Michigan impose on an agent who violates long-term care marketing rules?

  1. Up to 3 times the commissions paid on each policy involved, or $10,000, whichever is greater
  2. Up to twice the annual premium on each policy, or $5,000, whichever is less
  3. Up to $1,000 per violation, with a $10,000 aggregate cap for all violations
  4. A flat $500 per policy, plus suspension of the agent's license
Show the answer

A. Up to 3 times the commissions paid on each policy involved, or $10,000, whichever is greater — MCL 500.3945.

Question 3 · Michigan

Before selling long-term care insurance in Michigan, how long must a producer's one-time LTC training course be?

  1. Not less than 24 hours
  2. Not less than 8 hours
  3. Not less than 4 hours
  4. Not less than 16 hours
Show the answer

B. Not less than 8 hours — MCL 500.1204f(5).

Question 4 · Michigan

Before issuing a long-term care policy to an applicant age 80 or older, a Michigan insurer must obtain

  1. the director's prior written approval for each individual policy issued to that applicant
  2. a physical exam report, functional assessment, physician's statement or medical records
  3. the written consent of the applicant's adult children
  4. a signed waiver of the 30-day free-look right from the applicant
Show the answer

B. a physical exam report, functional assessment, physician's statement or medical records — MCL 500.3921(4)(c).

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