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Missouri Life Accident and Health Insurance Producer (OP12-MO54) License Exam Question and Answers
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Refers to the location, or jurisdiction, where an insurer is formed or incorporated. - ANSWER-Domicile Which of the following is an insurance company that is organized under the laws of another state within the United States? - ANSWER-Foreign The USA Patriot Act was passed as a result of - A...

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  • May 20, 2024
  • 8
  • 2023/2024
  • Exam (elaborations)
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Missouri Life Accident and Health
Insurance Producer (OP12-MO54)
License Exam Question and Answers

Refers to the location, or jurisdiction, where an insurer is formed or incorporated. -
ANSWER-Domicile



Which of the following is an insurance company that is organized under the laws of

another state within the United States? - ANSWER-Foreign



The USA Patriot Act was passed as a result of - ANSWER-9/11 Attack



Insurable interest must exist at the time of - ANSWER-Application



The Insured's consideration is the - ANSWER-Payment of Premium



The Insurer's consideration is the - ANSWER-promise to indemnify



A contract written by one party, without any input from the applicant is considered to be
a - ANSWER-Contract of Adhesion



A contract in which one party is legally bound to the contractual obligations - ANSWER-
Unilateral Contract



Statements made by the applicant on the application that are believed to be true to the
best of the applicant's knowledge are called - ANSWER-Representations



Statements in the application that are guaranteed to be true in all aspects - ANSWER-
Warranties

, Material vs. Immaterial Representations - ANSWER-Statements that impact the
acceptance of an insurable risk are considered to be material.



Immaterial representations do not affect the acceptance or rating of the risk.



Any transaction in which a new life policy or annuity is to be purchased - ANSWER-
Replacement



A Notice Regrading Replacement must be signed by - ANSWER-The applicant and
producer



Any changes that need to be made on an application must be initialed by - ANSWER-
Applicant



What happens when the policy is issued, even though the application is incomplete? -
ANSWER-It is assumed that the missing information is not material to the issuance.



A policy will not go into effect until, - ANSWER-The initial premium has been paid



If the initial premium is paid at the time of application, the producer will issue a -
ANSWER-Conditional Receipt



The general purpose of underwriting is to detect, - ANSWER-Adverse Selection



A general report of the applicant's finances, character, morals, work, hobbies and other
habits - ANSWER-Inspection Report



A personal statement submitted by the producer regarding the applicant's financial
condition, and any personal knowledge of the applicant - ANSWER-Agent's Report



When the intitial premium is not paid with the application, the producer must also collect
a ___________ at the time of policy delivery - ANSWER-Statement of Good Health

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