Exam (elaborations)
Life and Health Insurance Exam (Missouri) questions with correct answers 2024
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Life and Health Insurance Exam (Missouri) questions with correct answers 2024
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Life and Health Insurance Exam (Missouri)questions with correct answers 2024
Insurance policies are considered aleatory contracts because:
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1)they are take it or leave it contracts
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2)both parties consent to the contract
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3)performance is conditioned upon a future occurence m m m m m m
4)the contract is voidable upon proof of fraud - ANSWER: ➡ Performance is conditioned
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upon a future occurence, because there is an element of chance and potential for unequal
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exchange of value
m m m
K failed to pay a renewal premium within the time granted by the insurer. K then sends in a
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payment which the insurer subsequently accepts. Which policy provision specifies that
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coverage may be restored in this situation?
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1)free-look
2)reinstatement
3)grace period m
4)consideration - ANSWER: ➡ Reinstatement m m mm m
What type of contract liquidates an estate through recurrent payments?
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1)Universal life insurance m m
2)Whole life insurance m m m
3)Annuity
4)401k - ANSWER: ➡ Annuity
m m mm m
An insured pays premiums on an annual basis for an individual health insurance policy. What
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is the MINIMUM number of days for the Grace Period provision?
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1)7
, 2)10
3)20
4)31 - ANSWER: ➡ The grace period is a minimum of 31 days for policies hat are paid for on
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an annual basis.
m m m
Making an unfair comparison of two policies is defined as - ANSWER: ➡ misrepresentation
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Nursing home benefits must be provided for at least 12 consecutive months in which of the
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following types of policies?
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1)blanket custodial m
2)long term care m m
3)critical illness m
4)Medicare supplements - ANSWER: ➡ long term care m m m mm m m m
T would like to be assured $10,000 is available in 10 years to replace a roof on his house.
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What kind of $10,000 policy should T purchase?
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1)Interest Sensitive Whole Life m m m
2)Ten Year Endowmentm m
3)Variable Universal Life m m
4)Ten Year Renewable Term - ANSWER: ➡ Ten Year Endowment
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An insured recently took out a cancer insurance policy. The time limit on certain defenses
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provision in this policy allows the insurer to
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1)to cancel a policy for any reason for up to 5 years
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2)to reduce the benefit for a loss occurring after two years due to misstatements
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3)to deny the amount of a claim for statements on the application
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4)to deny the amount of a claim for misstatements occurring prior to the expiration of the
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first 2 policy years - ANSWER: ➡ To deny the amount of a claim for missstatements
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occurring prior to the expiration of the first 2 policy years
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