MS LIFE AND HEALTH INSURANCE TEST QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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Course
Mississippi Insurance
Institution
Mississippi Insurance
Which of these do NOT constitute policy delivery? - ANS Policy issued with a rating
Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options? - ANS Variable Life
J, an Accidental Death and Dismemberm...
WITH CORRECT ANSWERS
ALL VERIFIED BY AN EXPERT
A+ GRADED (LATEST UPDATE)
, Which of these do NOT constitute policy delivery? - ANS Policy issued with a rating
Which of these types of life insurance allows the policyowner to have level premiums and to
also choose from a selection of investment options? - ANS Variable Life
J, an Accidental Death and Dismemberment (AD&D) policy holder, dies after injuries sustained
in an accident. J's age as stated on the application five years ago was found to be understated
by ten years. Which of the following actions will the insurance company take? - ANS The
K
insurer will adjust the benefit to what the premiums paid would have purchased at the insured's
actual age
C
A life insurance policy which ensures that the premium will be paid if the insured becomes
disabled has what kind of rider attached? - ANS Waiver of Premium
LO
A producer must report to the Commissioner of Insurance any administrative action or criminal
charges taken against the producer within __ days of the final disposition of the matter. - ANS
30
A physician opens up a new practice and qualifies for a $7,000/month Disability Income policy.
YC
What rider would the physician add if he wants the ability to increase his policy benefit as his
practice and income grow? - ANS Guaranteed Insurability Option rider
Which type of policy is considered to be overfunded, as stated by IRS guidelines? - ANS
Modified Endowment Contract
D
How does a typical Variable Life Policy investment account grow? - ANS Through mutual
funds, stocks, bonds
U
Which Federal law allows an insurer to obtain an inspection report on a potential insured? -
ANS Fair Credit Reporting Act
ST
What is Medicare? - ANS is a hospital and medical expense insurance program
What kind of premium does a Whole Life policy have? - ANS level
T took out a $50,000 life insurance policy with an Accidental Death and Dismemberment rider.
Five years later, T commits suicide. How much will the insurer pay? - ANS 50,000
Pre-hospitalization authorization is considered an example of: - ANS managed care
Under a Renewable Term policy, - ANS the renewal premium is calculated on the basis of the
insured's attained age
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