MISSISSIPPI INSURANCE LICENSING EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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Course
Mississippi Insurance
Institution
Mississippi Insurance
when the insured selects the extended term nonforfeiture option the cash value will be used to purchase term insurance with what face amount? - ANS equal to the original policy for as long as the cash value will purchase
The automatic premium loan provision is activated the end of the ---- -...
ALL VERIFIED BY AN EXPERT
A+ GRADED (LATEST UPDATE)
, when the insured selects the extended term nonforfeiture option the cash value will be used to
purchase term insurance with what face amount? - ANS equal to the original policy for as
long as the cash value will purchase
The automatic premium loan provision is activated the end of the ---- - ANS grace period
An employer has sponsored a qualified retirement plan for its employees where the employer
will contribute money whenever a profit is realized. what is this called? - ANS profit sharing
K
plan
An insured has a live insurance policy company and receives quarterly dividends. he has
C
instructed the company to apply the policy dividends to increase the death benefit. the dividend
option that the insured has chosen is called? - ANS Paid-up additions
LO
the policy owners wants to make sure that upon his death the live policy will pay a portion of the
proceeds annually to his spouse, but the principle will be paid to their children when the reach a
certain age. which settlement option should the policy owner choose? - ANS interest only
option
YC
An insured receives an annual life insurance dividend checks. what term best describes this
arrangement? - ANS cash option
what is the purpose of the buyer's guide? - ANS to all the consumer to compare the cost of
different policies
D
the validity of coverage under a live insurance policy may not be contested except for
nonpayment of premium, after the policy has been enforced for at least how many years? -
ANS two years
U
When a reduced pay up nonforfeiture option is chosen, what happens to the base amount of the
policy? - ANS it is reduced to the amount of what the cash value would buy as a single
ST
premium
Which of the following determines the length of time that benefits will be received under the
fixed amount settlement option? - ANS size of its installment
An insured purchased a live policy in 2010 and died in 2017. the insurance company discovers
that the insured had concealed information during the application process. what can they do? -
ANS pay the death benefit
In an annuity the accumulated money is converted into a stream of income during which time
period? - ANS annuitization period
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