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Missouri life insurance exam practice Questions & Answers!! $12.99   Add to cart

Exam (elaborations)

Missouri life insurance exam practice Questions & Answers!!

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  • Missouri life And Health insurance
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  • Missouri Life And Health Insurance

Missouri life insurance exam practice Questions & Answers!!

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  • April 9, 2024
  • 30
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • missouri life insurance
  • Missouri life And Health insurance
  • Missouri life And Health insurance
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suedocs
Missouri life insurance exam practice Questions & Answers!!
When an employer terminate coverage under a group policy, how long is that coverage in force? -ANSWER 31 Days. The employee has 31 days under the conversion privilege
to convert to an individual policy.
When talking about parties to a contract, what makes a person legally competent. -
ANSWER The person must complete secondary education.
What is the number of credits required for the fully insured status of social Security disability benefits? -ANSWER 40
What type of insurance would be used for a return premium rider -ANSWER Increasing Term
When an insured under a life insurance policy died the beneficiary receive the face amount of the policy and a refund of all premiums paid. Which rider is attached to this policy. -ANSWER Return of premium
A soon to be insured receives his conditional receipt, but dies before the policy has been issued. What will the insurer do? -ANSWER Pay the policy proceeds only if it would have issued the policy.
A time in which the annuitant or the beneficiary DO NOT receive income. -ANSWER Depreciation period
Jim Bob buys a $100,000 annual renewable term life policy for extra protection until his children graduate college he finds out that his policy. -ANSWER Required a premium increase each renewal
Under the fair credit report act if a customer questions the accuracy of the information in
his or her report what would the agency do? -ANSWER Respond to the customers complaints
What is NOT true about beneficiary designations? -ANSWER The beneficiary must have insurable interest in the insured.
What may a participating insurance policy do? -ANSWER Pay dividends to the policy owner What nonforfeiture option Provides coverage for the longest period of time -ANSWER Reduced Paid-Up
A life insurance policy used to fund an agreement establishing the intent of someone to purchase a business upon the insured, business owners death is? Ps just writing this made my brain hurt. -ANSWER Buy-sell agreement
Buy-Sell Agreement -ANSWER are used to contractually establish the intent of someone else to purchase the business upon the insured's death, and to set a value (purchase price) on a business. Life insurance is used to fund the buy-sell agreement. Any type of life insurance may be purchased to provide the necessary funds for the agreement.
Insurance can be used to either fully or partially fund the buy-sell agreement.
What will be included in the policy summary? -ANSWER A policy summary must be delivered along with the policy and will provide •producer's name and address
•the insurance company's home office address
•the generic name of the policy issued •premium, cash value, surrender value •death benefit figures for specific policy years.
What qualifies employees insured under a group life plan to be allowed to convert to individual insurance of the same coverage once the plan is terminated? -ANSWER Those who have been insured under the plan for at least 5 years.
All of the following are Nonforfeiture options EXCEPT
a) Cash surrender
b) Extended term
c) Reduced paid-up
d) Interest only -ANSWER d) Interest only
Nonforfeiture values include cash surrender, extended term and reduced paid-up. Interest only is a settlement option.
A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as
a) Juvenile protection provision.
b) Survivor protection.
c) Life planning.
a) Survivorship insurance. -ANSWER b) Survivor protection.
Life insurance can provide the funds necessary for the survivors of the insured to be able to maintain their lifestyle in the event of the insured's death. This is known as survivor protection. In insurance, an offer is usually made when
a) The insurer approves the application and receives the initial premium.
b)The agent hands the policy to the policyholder. c)An agent explains a policy to a potential applicant.
d)An applicant submits an application to the insurer. -ANSWER d) An applicant submits an application to the insurer.
In insurance, the offer is usually made by the applicant in the form of the application. Acceptance takes place when an insurer's underwriter approves the application and issues the policy.
Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium?
a) Automatic premium loan
b) Extended term
c) Reinstatement
d) Reduced paid-up option -ANSWER a) Automatic premium loan
Automatic premium loan provision is not required, but is commonly added to contracts with a cash value at no additional charge. This is a special type of loan that prevents the
unintentional lapse of a policy
due to nonpayment of the premium.
Who can make a fully deductible contribution to a traditional IRA?
a) Anybody; all IRA contributions are fully deductible regardless of income level
b) Someone making contributions to an educational IRA
c) A person whose contributions are funded by a return on investment
d) An individual not covered by an employer-sponsored plan who has
earned income -ANSWER d) An individual not covered by an employer-sponsored plan who has
earned income
Individuals who are not covered by an employer-sponsored plan may deduct the amount of their IRA contributions regardless of their income level.
What are the two components of a universal policy?
a) Mortality cost and interest

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