MISSOURI LIFE AND HEALTH INSURANCE FINAL EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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Course
MISSOURI LIFE AND HEALTH INSURANCE
Institution
MISSOURI LIFE AND HEALTH INSURANCE
Whose interest is being protected by the enactment of " The Replacement of Life Insurance and Annuities" regulation? - Precise Answer policyowner
Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent u...
MISSOURI LIFE AND HEALTH INSURANCE FINAL EXAM 2024/2025 WITH 100%
ACCURATE SOLUTIONS
Whose interest is being protected by the enactment of " The
Replacement of Life Insurance and Annuities" regulation? - Precise
Answer ✔✔policyowner
Q applied for life insurance and submitted the initial premium on
January 1. The policy was issued February 1, but it was not delivered by
the agent until February 7. Q is dissatisfied and returns the policy
February 13. How will the insurer handle this situation? - Precise
Answer ✔✔policy was returned with the "free look" period, premium
will be fully refunded
Which of the following policies is characterized by a flexible premium
and death benefit and allows policyowner control of the investment
aspect of the plan? - Precise Answer ✔✔variable universal life
Which statement regarding third party ownership of a life insurance
policy is true? - Precise Answer ✔✔it is used extensively in estate
planning as well as business circumstances
P is an employee who quits her job and wants to convert her group
health coverage to an individual policy. After the expiration of COBRA
laws, which of the following statements is TRUE? - Precise Answer
✔✔She DOES need to provide evidence of insurability
,Which of the following statements is CORRECT regarding tax treatment
of a lump sum payment paid to a life insurance policy's primary
beneficiary? - Precise Answer ✔✔all proceeds are income tax free in the
year they are received
Q is severely injured in an automobile accident and becomes totally
disabled. How many months must Q be disabled before being able to
apply for Social Security disability benefits? - Precise Answer ✔✔5
months
Agent J takes an application and initial premium from an applicant and
sends the application and premium check to the insurance company. The
insurance company returns the check back to J because the check is
made out to J instead of the insurance company. What action should J
take? - Precise Answer ✔✔return to the customer, collect a new check
made out to the insurance company, and send the new check out to the
insurance company
Which of the following statements is correct regarding an
employer/employee group health plan? - Precise Answer ✔✔employer
receives master policy and employees receive certificates
Which of these is a TRUE statement regarding how Missouri law
recognizes an association eligible for group coverage? - Precise Answer
✔✔the association must NOT have not been the organized for the
purpose of obtaining insurance
,In Missouri, an A&H policy that is paid on a monthly basis requires a
grace period of at LEAST ? - Precise Answer ✔✔ten days
The health insurance program which is administered by each state and
funded by both federal and sate governments is called? - Precise Answer
✔✔Medicaid
Which of the following statements about accumulated interested earned
on dividends from an insurance policy is TRUE? - Precise Answer
✔✔taxed as ordinary income
A producer is circulating incorrect information about the benefits of a
policy. This producer may be found guilty of? - Precise Answer
✔✔misrepresentation
Under an Individual Health Insurance policy, the Time Limit of Certain
Defenses provision states that nonfraudulent misstatements firs become
incontestable two years - Precise Answer ✔✔from the date the policy
was issued
What group term life feature permits an individual to depart from the
group and continue to be covered without providing evidence of
insurability? - Precise Answer ✔✔conversion
An insured's inability to perform two or more activities of daily living
may trigger which type of policy rider? - Precise Answer ✔✔long term
care
, What statement about whole life policy is true? - Precise Answer
✔✔cash value may be borrowed against
Information obtained from a phone conversation to the proposed insured
can be found in which of these reports? - Precise Answer ✔✔inspection
report
The section of an insurance contract which limit coverage are called -
Precise Answer ✔✔exclusions
K failed to pay a renewal premium within the time granted by the
insurer. K then sends in a payment which the insurer subsequently
accepts. Which policy provision specifies that coverage may be restored
in this situation? - Precise Answer ✔✔reinstatement
The advantage of reinstating an original life policy is? - Precise Answer
✔✔the premiums are based on a younger age
Prior to a producer's license being revoked, a hearing must be held. Prior
to this hearing, the director of insurance is REQUIRED to give? -
Precise Answer ✔✔written notice to the producer
At the age of 45, an individual withdraws $50,000 from his Qualified
Profit-Sharing Plan and then deposits this amount into a personal
savings account. This action would result in - Precise Answer
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