Missouri life insurance - Study guides, Class notes & Summaries

Life and Health Insurance Exam (Missouri) with Verified Solutions Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time gra...

Missouri Life Insurance Exam full update.

Missouri Life Insurance Exam Questions And Verified Answers Latest Updated 2024/2025 | ALREADY GRADED

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 b...

Accelerated benefit rider - Allows the insured to receive a portion of the death benefit prior to death if the insured has a terminal illness and is expected to die within 1 to 2 years. Adjustable life policies - Are distinguished by their flexibility that comes from combining term and whole life insurance into a single plan. Adjustable life insurance allows you to bury your coverage as needed. Advantages of whole life insurance - It covers the entire life of the insured. Provides living be...

Missouri Life Insurance Exam (2022/2023) Already Graded A 401(k) Plan 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 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 Policy provision that allows full or partial payment of the policy's ...

Missouri Life Insurance Questions & Answers Term life - ANS-Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life - ANS-Insurance provides death benefits for the entire life of the insured. It also provides living benefits in the form of cash values. It matures at age 100 Group life - ANS-Coverage is provided to the members of the group under the master contract. The...

Term life -ANSWER Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life -ANSWER Insurance provides death benefits for the entire life of the insured. It also provides living benefits in the form of cash values. It matures at age 100 Group life -ANSWER Coverage is provided to the members of the group under the master contract. The group is written as a whole, not on ea...

401(k) Plan - 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 - 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 - Policy provision that allows full or partial payment of the policy's death benefit before the insured's death if he/s...

Missouri Life Insurance Questions 100% Solved(rate Term life -ANSWER Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life -ANSWER Insurance provides death benefits for the entire life of the insured. It also provides living benefits in the form of cash values. It matures at age 100 Group life -ANSWER Coverage is provided to the members of the group under the master ...