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Exam (elaborations)

Missouri Life Insurance Exam Questions & Answers Latest Update
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01(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...

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  • May 18, 2024
  • 14
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • missouri life insurance exam questions answers l
  • missouri life insurance exam questions stuvia
  • 01k plan answer a qualified retirement plan in

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  • Missouri Life Insurance
  • Missouri Life Insurance

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Missouri Life Insurance Exam Questions
& Answers Latest Update

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 before the insured's death if he/she is terminally ill.



Accidental Death Benefit - ANSWER-An extra cost rider that requires the insurance
company to pay an additional benefit in the event that the insured dies within 90 days of
an accident as a direct result of the accident.



Accumulate at Interest - ANSWER-The Dividend Option where the policyowner leaves
the dividends with the insurer to invest and earn interest.



Adhesion - ANSWER-Since the insurer created all the documents of the contract, any
ambiguities in the contract will be settled in favor of the insured. Since the insurer wrote
the contract they are stuck with it.



Adverse Selection - ANSWER-The tendency for less favorable risks to seek or continue
insurance to a greater extent than more favorable risks.



Agency Agreement or Agency Contract - ANSWER-A legal document containing the
terms of the agreement between the agent and the insurance company. It clearly
defines what an agent can and cannot do, and how he/she will be compensated.



Agent Authorities - ANSWER-Expressed: Power or authority specifically

, granted in writing to an agent by the insurance

company in their Agency Agreement.



Apparent: Power or authority that the public reasonably assumes an agent has based
upon his/her actions.



Implied: Power or authority that is not

expressly granted by the company but that an

agent can assume or that are implied he/she has

in order to transact insurance business.



Agent/Producer - ANSWER-Anyone who sells or aids in the selling of insurance. Legally
represents the company.



Agent's Report - ANSWER-A written report from the agent submitted to the insurer
along with the application disclosing what the agent knows, observed, or learned about
the proposed insured's risks.



Aleatory - ANSWER-Unequal exchange of value. One party may obtain a far greater
value than the other under the contract.



Annual Renewable Term - ANSWER-A Term Life Insurance contract which gives the
policyowner the option to renew the policy each year without showing proof of
insurability. Premiums increase at each renewal.



Annuitant - ANSWER-The person that buys an annuity; may or may not be an annuity's
policyowner.



Annuity - ANSWER-A contract/policy that guarantees to pay income for a specified
period of time or for the life of the annuitant. Designed to prevent people from outliving
their savings.

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