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Final Exam - Missouri Life Only With Already Passed Answers
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Which unfair trade practice involves making false statements about the financial condition of another insurance company? - ANSWER-Defamation When must insurable interest exist for a life insurance contract to be valid? - ANSWER-Inception of the contract Which of the following statements about...

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  • May 20, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
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  • final exam missouri life only with already passe
  • final exam missouri life only with stuvia
  • which unfair trade practice involves making false

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Final Exam - Missouri Life Only With
Already Passed Answers

Which unfair trade practice involves making false statements about the financial
condition of another insurance company? - ANSWER-Defamation



When must insurable interest exist for a life insurance contract to be valid? - ANSWER-
Inception of the contract



Which of the following statements about non-contributory employee group life insurance
is FALSE? - ANSWER-A minimum number of employees is required to participate.



D was actively serving in the Marines when he was killed in an automobile accident
while on leave. His $100,000 whole life policy contains a war exclusion clause. How
much will D's beneficiary's receive - ANSWER-The full face amount.



In Missouri, which of the following is considered an unfair trade practice? - ANSWER-
Coercion.



Which of these characteristics is consistent with a Straight Life policy? - ANSWER-
Premiums are payable for as long as there is insurance coverage in force.



Which of the following best describes a contingent beneficiary? - ANSWER-Person
designated by the insured to receive policy proceeds in the event that the primary
beneficiary dies before the insured.



A policy owner would like to change the beneficiary on a life insurance policy and make
the change permanent. Which type of designation would fulfill this need? - ANSWER-
Irrevocable



The option that provides an additional death benefit for a limited amount of time at the
lowest possible cost is called a(n): - ANSWER-Accidental Death and Dismemberment
rider (AD&D).

, What is the MAXIMUM fixed interest rate for life insurance policy loans? - ANSWER-8%



When a policy owner cash surrenders a Universal Life insurance policy in its early
years, this may be considered a red flag for a(n): - ANSWER-Anti-Money Laundering
Violation



In an individual retirement account (IRA), rollover contributions are: - ANSWER-Not
limited by dollar amount.



A credit life insurance policy covers life of the - ANSWER-Debtor.



Prior to a universal life insurance policy being terminated, written notice must be given
to the policy owner at least - ANSWER-30 days of termination date



Which parts of a life insurance policy are guaranteed to be true? - ANSWER-Warranty.



What is the underlying concept regarding level premiums? - ANSWER-The early years
are changed more than what is needed.



An applicant for a non-resident producer license must - ANSWER-Be a producer in
good standing in their home state.



When making a recommendation to a consumer to purchase an annuity, the producer
must make reasonable efforts to obtain - ANSWER-Suitability Information



Which of these statements describe a Modified Endowment Contract (MEC) -
ANSWER-Exceeds the maximum amount of premium that can be paid into a policy and
still have it recognized as a life insurance contract.



USA Patriot Act was enacted in: - ANSWER-2001

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