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 & Answers Latest Update $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 & Answers Latest Update
 14 views  0 purchase
  • Course
  • Missouri Life Insurance
  • Institution
  • Missouri Life Insurance

01(k) Plan - ANSWER-A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - ANSWER-Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A...

[Show more]

Preview 2 out of 14  pages

Document information

  • May 18, 2024
  • 14
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • missouri life insurance exam questions answers l
  • missouri life insurance exam questions stuvia
  • 01k plan answer a qualified retirement plan in

Written for

  • Missouri Life Insurance
  • Missouri Life Insurance

Seller

avatar-seller
IMORA

Reviews received

Content preview

Missouri Life Insurance Exam Questions
& Answers Latest Update

401(k) Plan - ANSWER-A qualified retirement plan in which the employee can set aside
a portion of their income with pre-tax dollars.



Absolute Assignment v. Collateral Assignment - ANSWER-Absolute: A permanent and
irrevocable transfer of rights and/or benefits by the policyowner.



Collateral: A temporary and/or revocable transfer of benefits by the policyowner



Accelerated Death Benefit - ANSWER-Policy provision that allows full or partial
payment of the policy's death benefit before the insured's death if he/she is terminally ill.



Accidental Death Benefit - ANSWER-An extra cost rider that requires the insurance
company to pay an additional benefit in the event that the insured dies within 90 days of
an accident as a direct result of the accident.



Accumulate at Interest - ANSWER-The Dividend Option where the policyowner leaves
the dividends with the insurer to invest and earn interest.



Adhesion - ANSWER-Since the insurer created all the documents of the contract, any
ambiguities in the contract will be settled in favor of the insured. Since the insurer wrote
the contract they are stuck with it.



Adverse Selection - ANSWER-The tendency for less favorable risks to seek or continue
insurance to a greater extent than more favorable risks.



Agency Agreement or Agency Contract - ANSWER-A legal document containing the
terms of the agreement between the agent and the insurance company. It clearly
defines what an agent can and cannot do, and how he/she will be compensated.



Agent Authorities - ANSWER-Expressed: Power or authority specifically

, granted in writing to an agent by the insurance

company in their Agency Agreement.



Apparent: Power or authority that the public reasonably assumes an agent has based
upon his/her actions.



Implied: Power or authority that is not

expressly granted by the company but that an

agent can assume or that are implied he/she has

in order to transact insurance business.



Agent/Producer - ANSWER-Anyone who sells or aids in the selling of insurance. Legally
represents the company.



Agent's Report - ANSWER-A written report from the agent submitted to the insurer
along with the application disclosing what the agent knows, observed, or learned about
the proposed insured's risks.



Aleatory - ANSWER-Unequal exchange of value. One party may obtain a far greater
value than the other under the contract.



Annual Renewable Term - ANSWER-A Term Life Insurance contract which gives the
policyowner the option to renew the policy each year without showing proof of
insurability. Premiums increase at each renewal.



Annuitant - ANSWER-The person that buys an annuity; may or may not be an annuity's
policyowner.



Annuity - ANSWER-A contract/policy that guarantees to pay income for a specified
period of time or for the life of the annuitant. Designed to prevent people from outliving
their savings.

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)

78252 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