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 and Health Insurance Exam Questions and Answers 100% Correct $10.89   Add to cart
Quickly navigate to
Preview
  2.  
  3. Missouri Life And Health Insurance
  4.  
  5. Missouri Life and Health Insurance

Exam (elaborations)

Missouri Life and Health Insurance Exam Questions and Answers 100% Correct
 14 views  0 purchase
  • Course
  • Missouri Life and Health Insurance
  • Institution
  • Missouri Life And Health Insurance

Insurance transaction includes: - ANSWER-By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract - ANSWER--Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does ...

[Show more]

Preview 4 out of 38  pages

Document information

  • May 18, 2024
  • 38
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • missouri life and health insurance exam questions
  • missouri life and health insurance exam stuvia
  • insurance transaction includes answer by mail o

Written for

  • Missouri Life and Health Insurance
  • Missouri Life and Health Insurance

Seller

avatar-seller
IMORA

Reviews received

Content preview

Missouri Life and Health Insurance
Exam Questions and Answers 100%
Correct

Insurance transaction includes: - ANSWER-By mail or other means:

- Solicitation

- Negotiation

- Sale

- Advising an individual about coverage



Elements of a legal contract - ANSWER--Agreement (offer and acceptance)

- Consideration

- Competent parties

- Legal purpose

- Negotiation does NOT need to happen



Who make the offer in an insurance application - ANSWER-- Applicant



When does acceptance take place - ANSWER-- An insurers underwriter approves the
application and issues a policy



The binding force in any contract - ANSWER-- Consideration

- insurer promises to pay in the event of a loss



Contract of adhesion - ANSWER-- Prepared by the insurer and accepted or rejected by
the insured

- "Take it or leave it" basis



Insurance contracts are - ANSWER-- Aleatory

- exchange of unequal amounts of values

,Unilateral contract - ANSWER-- only one of the parties is legally bound

- "one-way contract"



"When does an insurance policy go into effect" - ANSWER-- When the insured receives
it



Conditional contract - ANSWER-- certain conditions must be met by the policy owner



Warranty - ANSWER-- An absolutely true statement upon upon which the validity of the
insurance policy depends



Representions - ANSWER-- Statements believed to be true



Misrepresentation - ANSWER-- Untrue statements on the applications

- Can void the contract



Material misrepresentation - ANSWER-- Would alter the underwriting decision of
insurance company



Part 1- General Information - ANSWER-- Name, age, address, birth date, gender,
income, marital status, and occupation



Part 2- Medical Information - ANSWER-- Medical background, present health

- Medical visits in recent years

- Medical status of relatives/ causes of deaths



Field underwriter - ANSWER-- Solicited the potential insured

- Analyzes health

- Gets info on client

,Agents report - ANSWER-- Observations concerning the proposed insured

- Does not become a part of the entire contract

- communicate with underwriter and provide info about the applicant known by the agent



Required signatures - ANSWER-- the proposed insured

- the agent

- the policy owner (if not proposed insured)



Changes in the application - ANSWER-- Applicant must initial the change



Consequences of incomplete applications - ANSWER-- Must return to applicant for
completion

- If a policy is issued with questions left unanswered, the contract will be interpreted as if
the insurer waived its right to have an answer to the question



Premium receipt - ANSWER-- Agent must issue

- Will determine when coverage will be effective



Conditional receipt - ANSWER-- effective either on the date of application or medical
exam

- Most common type of receipt

- used when applicant submits prepaid application



Replacement - ANSWER-- Terminating an existing policy or letting it lapse and
obtaining a new one

- Nothing illegal about replacing life insurance



Underwriting - ANSWER-- The risk selection process

- Avoid adverse selection

, Adverse selection - ANSWER-- Risks which are more likely to suffer a loss

- Protects the insurer



Insurable interest - ANSWER-- Must exist between policy owner and insured at time of
application

- Cannot buy on anyone

- Suffer financially if someone dies



Application - ANSWER-- Submit an application to the insurer for approval for a policy to
be issued



Fair Credit Reporting Act - ANSWER-- Consumer-reporting agencies must follow in
order to ensure that records are properly used

- Protects consumers

- Insurance rated by states

- "At the time of application"

- If willingly violates Act penalty up to $2,500



Consumer report - ANSWER-- Written and/or oral information regarding a consumers
credit, character, habits collected by a reporting agency from employment records,
credit reports, and other public sources



Investigative consumer reports - ANSWER-- Visit with neighbors/employers

- insured or reporting agency has 5 days to provider the consumer with additional
informtion



Medical Information Bureau (MIB) - ANSWER-- Insurance company looks at

- Nonprofit trade organization which received medical info from insurance companies
and maintains confidential medical information

- "Rated or declined"

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 $10.89. 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
$10.89
  • (0)
  Add to cart