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
MO Health and Life Insurance Exam Questions & Answers(SCORED A) $10.89   Add to cart
Quickly navigate to
Preview
  2.  
  3. MO Health And Life Insurance
  4.  
  5. MO Health and Life Insurance

Exam (elaborations)

MO Health and Life Insurance Exam Questions & Answers(SCORED A)
 18 views  0 purchase
  • Course
  • MO Health and Life Insurance
  • Institution
  • MO Health And Life Insurance

Adverse Selection - ANSWER-insuring of risks that are more prone to losses than the average risk agent/producer - ANSWER-legal representative of insurance company producer - ANSWER-includes agents and brokers agent - ANSWER-agent of the insurer applicant - ANSWER-a person applying for i...

[Show more]

Preview 3 out of 18  pages

Document information

  • May 20, 2024
  • 18
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • mo health and life insurance exam questions answ
  • mo health and life insurance exam questions stuvia
  • adverse selection answer insuring of risks that

Written for

  • MO Health and Life Insurance
  • MO Health and Life Insurance

Seller

avatar-seller
IMORA

Reviews received

Content preview

MO Health and Life Insurance Exam
Questions & Answers(SCORED A)

Adverse Selection - ANSWER-insuring of risks that are more prone to losses than the
average risk



agent/producer - ANSWER-legal representative of insurance company



producer - ANSWER-includes agents and brokers



agent - ANSWER-agent of the insurer



applicant - ANSWER-a person applying for insurance



beneficiary - ANSWER-person who receives benefits of an insurance policy



death benefit - ANSWER-the amount paid upon death of the person insured through life
insurance



insurance policy - ANSWER-a contract between a policy owner and insurance company
which agrees to pay the insured or beneficiary for loss caused by special events



insured - ANSWER-person covered by the insurance policy may or may not be the
policy owner



insurer - ANSWER-the company that issues the insurance policy



lapse - ANSWER-policy termination due to non payment or premium



life insurance - ANSWER-coverage of human lives

,policy owner - ANSWER-the person entitled to exercise the rights and privileges of the
company



premium - ANSWER-the money paid to the company for the policy



Elements of a Legal Contract - ANSWER-1. Agreement- offer and acceptance

2. Consideration

3. Competent parties

4. Legal Purpose



Agreement - ANSWER-Applicant makes an offer when submitting an application



Consideration - ANSWER-binding force in any contract. Each party gives to one
another. The consideration on part of the insurer is the promise to pay in the event of
loss



Competent parties - ANSWER-Competent in the eyes of the law. legal age. mentally
competent



legal purpose - ANSWER-not against public policy. Must have both: insurable interest
and consent



Contract Adhesion - ANSWER-the insured must accept the entire contract with all of its
terms and conditions. Take-it-or-leave-it basis by insurer to the insured party



Aleatory Contract - ANSWER-The exchange of value is unequal.



unilteral contract - ANSWER-Only one of the parties of the contract is legally bound to
do anything. The insured makes no legally binding promises.

, BUT insurer is legally bound to pay losses covered by policy in force



Conditional Contract - ANSWER-A type of an agreement in which both parties must
perform certain duties and follow rules of conduct to make the contract enforceable.



The insured must pay the premium and provide proof of loss in order for the insurer to
cover the claim



Warrenty - ANSWER-Absolute true statement



Breach of Warranty - ANSWER-The failure of a product to meet the terms of its
warranty.



Statement made by applicants for life and health policies are usually not considered
warranties except in case of fraud.



Grounds for voiding the policy or return of premium



Representations - ANSWER-Statements made by the applicant on the insurance
application that are believed to be true, but are not guaranteed to be true.



Material Misrepresentation - ANSWER-A statement that, if discovered, would alter the
underwriting decision of the insurance company.



If intentional-- Fraud



Misrepresentation - ANSWER-Untrue statements that could void the contract



Application - ANSWER-starting point and basic source of info used by the company in
the risk selection process

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 $10.89. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

62555 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
$10.89
  • (0)
  Add to cart