100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Missouri Life Insurance Exam Questions with Grade A+ Answers $10.19   Add to cart
Quickly navigate to
Preview
  2.  
  3. Missouri Life Insurance
  4.  
  5. Missouri Life Insurance

Exam (elaborations)

Missouri Life Insurance Exam Questions with Grade A+ Answers
 11 views  0 purchase
  • Course
  • Missouri Life Insurance
  • Institution
  • Missouri Life Insurance

Term life - ANSWER-Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life - ANSWER-Insurance provides death benefits for the entire life of the insured. It also provides liv...

[Show more]

Preview 2 out of 6  pages

Document information

  • May 18, 2024
  • 6
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • missouri life insurance exam questions with grade
  • missouri life insurance exam questions stuvia
  • term life answer insurance provides pure death p

Written for

  • Missouri Life Insurance
  • Missouri Life Insurance

Seller

avatar-seller
IMORA

Reviews received

Content preview

Missouri Life Insurance Exam Questions
with Grade A+ Answers

Term life - ANSWER-Insurance provides pure death protection since it only pays a
death benefit if the insured dies during the policy term. Term life insurance does not
accrue cash value



Whole life - ANSWER-Insurance provides death benefits for the entire life of the
insured. It also provides living benefits in the form of cash values. It matures at age 100



Group life - ANSWER-Coverage is provided to the members of the group under the
master contract. The group is written as a whole, not on each individual member. One
of the benefits of group life coverage is there usually is no evidence of insurability
required.



Level term - ANSWER-Also called level premium level term, has a level face amount
and level premiums. Premiums tend to be higher than annual renewable term because
they are level throughout the policy period. However, the premiums will increase at each
renewal.



Decreasing term - ANSWER-Term life insurance that provides a decreasing face
amount overtime with six premiums. These policies are usually use for mortgage
protection



Increasing term - ANSWER-Term life insurance that provides an increasing base of
Mount overtime based on specific amounts or a percentage of the original face amount.



Convertible term - ANSWER-A term life policy that allows policy owners to convert their
term insurance into permanat policy without showing proof of insurability.



Renewable term - ANSWER-A feature of term insurance allows the policy owner to
renew that coverage after the designated term expires without having to prove
insurability

, Annual renewable term - ANSWER-Term coverage that provides a level face amount
that renews annually. This type of coverage is guaranteed renewable annually without
proof of insurability



Whole life insurance - ANSWER-Provides both living and death benefits. Provides
permanent life insurance protection for the insureds entire life. It also provides living
benefits such as c



Advantages of whole life insurance - ANSWER-It covers the entire life of the insured.
Provides living benefits or cash value policy loans and Fixed premiums



Drawbacks of whole life insurance - ANSWER-Protection is more expensive because of
living benefits and premium paint. May extend beyond the income you're earning years



There are several types of whole life insurance such as - ANSWER-Straight whole life.
Limited pay whole life. Single premium whole life. Modified whole life. Graded whole life



Straight life - ANSWER-This is basic whole life insurance with a level face amount and
fix premiums payable over the insured entire life. Premium payments made until death
of insured or age of 100



Limited pay life - ANSWER-This is whole life insurance for the insured is covered for his
entire life but premiums are paid for a limited time. As the premium payment. Shortens,
cash values increase faster.



Single premium life - ANSWER-Allows the insured to pay the entire premium in one
lump sum and have coverage for the insureds entire life



Modified whole life - ANSWER-Low premiums in the early years and jumps to a higher
premium in the later years and remains fixed thereafter. Premiums increased just once.



Grated whole life - ANSWER-Starts out with a low premium then has a slight increase
yearly for a set period of time. Premiums then level off for the remainder of the policy.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.19. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81298 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.19
  • (0)
  Add to cart