US Insurance Michigan Advanced Test 1

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

Prepared with up-to-date content

Insurance — Advanced (Michigan) Professional (Insurance, USA) USA — Michigan State Insurance License — USA

What is this test? for Insurance (Property/Casualty, Life/Health) license, USA — Professional (Insurance, USA) level, USA — Michigan.
For adults preparing for Insurance license in the USA
Section: Insurance — Advanced (Michigan) · Education: Professional (Adult) · Part: Insurance — Advanced (Michigan) · Country: USA · Region: USA — Michigan

A regular habit of taking practice tests makes learned information stick and is one of the most important factors directly affecting exam success.

This test will help you gauge your knowledge in your field and manage your exam prep more efficiently.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

What is a premium?

A) claim payout

B) regular insurance payment

C) copay

D) deductible

Question 2

What is a deductible?

A) amount paid before coverage

B) payout

C) monthly bill

D) copay

Question 3

What is a copay?

A) premium

B) payout

C) fixed visit fee

D) deductible

Question 4

What is liability coverage?

A) theft of yours

B) your car repairs

C) medical for you

D) pays others' damage you cause

Question 5

What is collision coverage?

A) flood

B) theft

C) your car crash repairs

D) liability

Question 6

What is comprehensive coverage?

A) liability

B) non-crash damage (theft, hail)

C) health

D) collision

Question 7

What is term life insurance?

A) investment

B) lifetime

C) coverage for a set period

D) no expiry

Question 8

What is whole life insurance?

A) term only

B) yearly

C) no payout

D) lifetime plus cash value

Question 9

What is a beneficiary?

A) adjuster

B) agent

C) person receiving payout

D) lender

Question 10

What is underwriting?

A) claim filing

B) canceling

C) risk assessment for policies

D) selling

Question 11

What is an exclusion?

A) covered item

B) deductible

C) premium

D) what policy does NOT cover

Question 12

What is a rider?

A) added coverage option

B) claim

C) cancel

D) basic policy

Question 13

What is coinsurance?

A) copay

B) shared percent after deductible

C) full coverage

D) premium

Question 14

What is an out-of-pocket max?

A) premium

B) unlimited

C) deductible

D) yearly payment ceiling

Question 15

What is HMO?

A) network HMO care plan

B) no referrals

C) any doctor

D) PPO

Question 16

What is PPO?

A) HMO only

B) no coverage

C) flexible network plan

D) free care

Question 17

What is flood insurance?

A) no need

B) separate NFIP policy

C) auto covers

D) homeowners covers

Question 18

What is an adjuster?

A) collects premiums

B) sells policies

C) cancels

D) assesses claim payouts

Question 19

What is subrogation?

A) canceling

B) refunding

C) doubling payout

D) insurer recovering from at-fault party

Question 20

What is actual cash value?

A) new price

B) purchase price

C) agreed value

D) replacement minus depreciation

US Insurance Michigan Advanced Test 1

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