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Exam (elaborations)

Missouri Life and Health Insurance Exam Questions and Answers 100% Correct
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  • Missouri Life And Health Insurance

Insurance transaction includes: - ANSWER-By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract - ANSWER--Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does ...

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  • May 18, 2024
  • 38
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • missouri life and health insurance exam questions
  • missouri life and health insurance exam stuvia
  • insurance transaction includes answer by mail o

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  • Missouri Life and Health Insurance
  • Missouri Life and Health Insurance

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Missouri Life and Health Insurance
Exam Questions and Answers 100%
Correct

Insurance transaction includes: - ANSWER-By mail or other means:

- Solicitation

- Negotiation

- Sale

- Advising an individual about coverage



Elements of a legal contract - ANSWER--Agreement (offer and acceptance)

- Consideration

- Competent parties

- Legal purpose

- Negotiation does NOT need to happen



Who make the offer in an insurance application - ANSWER-- Applicant



When does acceptance take place - ANSWER-- An insurers underwriter approves the
application and issues a policy



The binding force in any contract - ANSWER-- Consideration

- insurer promises to pay in the event of a loss



Contract of adhesion - ANSWER-- Prepared by the insurer and accepted or rejected by
the insured

- "Take it or leave it" basis



Insurance contracts are - ANSWER-- Aleatory

- exchange of unequal amounts of values

,Unilateral contract - ANSWER-- only one of the parties is legally bound

- "one-way contract"



"When does an insurance policy go into effect" - ANSWER-- When the insured receives
it



Conditional contract - ANSWER-- certain conditions must be met by the policy owner



Warranty - ANSWER-- An absolutely true statement upon upon which the validity of the
insurance policy depends



Representions - ANSWER-- Statements believed to be true



Misrepresentation - ANSWER-- Untrue statements on the applications

- Can void the contract



Material misrepresentation - ANSWER-- Would alter the underwriting decision of
insurance company



Part 1- General Information - ANSWER-- Name, age, address, birth date, gender,
income, marital status, and occupation



Part 2- Medical Information - ANSWER-- Medical background, present health

- Medical visits in recent years

- Medical status of relatives/ causes of deaths



Field underwriter - ANSWER-- Solicited the potential insured

- Analyzes health

- Gets info on client

,Agents report - ANSWER-- Observations concerning the proposed insured

- Does not become a part of the entire contract

- communicate with underwriter and provide info about the applicant known by the agent



Required signatures - ANSWER-- the proposed insured

- the agent

- the policy owner (if not proposed insured)



Changes in the application - ANSWER-- Applicant must initial the change



Consequences of incomplete applications - ANSWER-- Must return to applicant for
completion

- If a policy is issued with questions left unanswered, the contract will be interpreted as if
the insurer waived its right to have an answer to the question



Premium receipt - ANSWER-- Agent must issue

- Will determine when coverage will be effective



Conditional receipt - ANSWER-- effective either on the date of application or medical
exam

- Most common type of receipt

- used when applicant submits prepaid application



Replacement - ANSWER-- Terminating an existing policy or letting it lapse and
obtaining a new one

- Nothing illegal about replacing life insurance



Underwriting - ANSWER-- The risk selection process

- Avoid adverse selection

, Adverse selection - ANSWER-- Risks which are more likely to suffer a loss

- Protects the insurer



Insurable interest - ANSWER-- Must exist between policy owner and insured at time of
application

- Cannot buy on anyone

- Suffer financially if someone dies



Application - ANSWER-- Submit an application to the insurer for approval for a policy to
be issued



Fair Credit Reporting Act - ANSWER-- Consumer-reporting agencies must follow in
order to ensure that records are properly used

- Protects consumers

- Insurance rated by states

- "At the time of application"

- If willingly violates Act penalty up to $2,500



Consumer report - ANSWER-- Written and/or oral information regarding a consumers
credit, character, habits collected by a reporting agency from employment records,
credit reports, and other public sources



Investigative consumer reports - ANSWER-- Visit with neighbors/employers

- insured or reporting agency has 5 days to provider the consumer with additional
informtion



Medical Information Bureau (MIB) - ANSWER-- Insurance company looks at

- Nonprofit trade organization which received medical info from insurance companies
and maintains confidential medical information

- "Rated or declined"

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