Life and Health Insurance Exam (Missouri) Guaranteed Success
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Module
Life and Health Insurance Exm Guarante
Institution
Life And Health Insurance Exm Guarante
Life and Health Insurance Exam (Missouri) Guaranteed Success
Aleatory Contracts - Insurance policies are considered aleatory contracts because:
️ Performance is conditioned upon a future occurrence, because there is an element of chance and
potential for an unequal exchange of value.
Po...
Life and Health Insurance Exam (Missouri) Guaranteed Success
Aleatory Contracts
- Insurance policies are considered aleatory contracts because:
✔️ Performance is conditioned upon a future occurrence, because there is an element of chance and
potential for an unequal exchange of value.
Policy Provisions
- K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment
which the insurer subsequently accepts. Which policy provision specifies that coverage may be restored
in this situation?
✔️ Reinstatement
Liquidating an Estate
- What type of contract liquidates an estate through recurrent payments?
✔️ Annuity
Grace Period for Health Insurance
- An insured pays premiums on an annual basis for an individual health insurance policy. What is the
MINIMUM number of days for the Grace Period provision?
✔️ The grace period is a minimum of 31 days for policies that are paid for on an annual basis.
Misrepresentation
- Making an unfair comparison of two policies is defined as:
✔️ Misrepresentation
Nursing Home Benefits
- Nursing home benefits must be provided for at least 12 consecutive months in which of the following
types of policies?
✔️ Long term care
, Policy for Future Expenses
- T would like to be assured $10,000 is available in 10 years to replace a roof on his house. What kind of
$10,000 policy should T purchase?
✔️ Ten Year Endowment
Time Limit on Certain Defenses
- An insured recently took out a cancer insurance policy. The time limit on certain defenses provision in
this policy allows the insurer to:
✔️ Deny the amount of a claim for misstatements occurring prior to the expiration of the first 2 policy
years.
Elimination Period
- Elimination Period:
✔️ The time between the onset of a disability and when you are eligible for benefits.
Medicare Coverage
- Medicare Part B does not cover:
✔️ Inpatient hospital services
Traditional Individual Retirement Accounts
- All of the following statements about traditional individual retirement accounts are false EXCEPT:
✔️ 10% penalty is applied to withdrawals before age 59 1/2.
OASDHI
- What is Old Age and Survivors Health Insurance (OASDHI) also known as?
✔️ Social Security.
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