Exam (elaborations)

MISSOURI LIFE AND HEALTH INSURANCE FINAL EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS

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MISSOURI LIFE AND HEALTH INSURANCE

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MISSOURI LIFE AND HEALTH INSURANCE

Whose interest is being protected by the enactment of " The Replacement of Life Insurance and Annuities" regulation? - Precise Answer policyowner Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent u...

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Uploaded on August 7, 2024
Number of pages 36
Written in 2024/2025
Type Exam (elaborations)
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missouri life and health insurance final exam 202

Institution MISSOURI LIFE AND HEALTH INSURANCE
Course MISSOURI LIFE AND HEALTH INSURANCE

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MISSOURI LIFE AND HEALTH INSURANCE FINAL EXAM 2024/2025 WITH 100%
ACCURATE SOLUTIONS

Whose interest is being protected by the enactment of " The
Replacement of Life Insurance and Annuities" regulation? - Precise
Answer ✔✔policyowner

Q applied for life insurance and submitted the initial premium on
January 1. The policy was issued February 1, but it was not delivered by
the agent until February 7. Q is dissatisfied and returns the policy
February 13. How will the insurer handle this situation? - Precise
Answer ✔✔policy was returned with the "free look" period, premium
will be fully refunded

Which of the following policies is characterized by a flexible premium
and death benefit and allows policyowner control of the investment
aspect of the plan? - Precise Answer ✔✔variable universal life

Which statement regarding third party ownership of a life insurance
policy is true? - Precise Answer ✔✔it is used extensively in estate
planning as well as business circumstances

P is an employee who quits her job and wants to convert her group
health coverage to an individual policy. After the expiration of COBRA
laws, which of the following statements is TRUE? - Precise Answer
✔✔She DOES need to provide evidence of insurability

,Which of the following statements is CORRECT regarding tax treatment
of a lump sum payment paid to a life insurance policy's primary
beneficiary? - Precise Answer ✔✔all proceeds are income tax free in the
year they are received

Q is severely injured in an automobile accident and becomes totally
disabled. How many months must Q be disabled before being able to
apply for Social Security disability benefits? - Precise Answer ✔✔5
months

Agent J takes an application and initial premium from an applicant and
sends the application and premium check to the insurance company. The
insurance company returns the check back to J because the check is
made out to J instead of the insurance company. What action should J
take? - Precise Answer ✔✔return to the customer, collect a new check
made out to the insurance company, and send the new check out to the
insurance company

Which of the following statements is correct regarding an
employer/employee group health plan? - Precise Answer ✔✔employer
receives master policy and employees receive certificates

Which of these is a TRUE statement regarding how Missouri law
recognizes an association eligible for group coverage? - Precise Answer
✔✔the association must NOT have not been the organized for the
purpose of obtaining insurance

,In Missouri, an A&H policy that is paid on a monthly basis requires a
grace period of at LEAST ? - Precise Answer ✔✔ten days

The health insurance program which is administered by each state and
funded by both federal and sate governments is called? - Precise Answer
✔✔Medicaid

Which of the following statements about accumulated interested earned
on dividends from an insurance policy is TRUE? - Precise Answer
✔✔taxed as ordinary income

A producer is circulating incorrect information about the benefits of a
policy. This producer may be found guilty of? - Precise Answer
✔✔misrepresentation

Under an Individual Health Insurance policy, the Time Limit of Certain
Defenses provision states that nonfraudulent misstatements firs become
incontestable two years - Precise Answer ✔✔from the date the policy
was issued

What group term life feature permits an individual to depart from the
group and continue to be covered without providing evidence of
insurability? - Precise Answer ✔✔conversion

An insured's inability to perform two or more activities of daily living
may trigger which type of policy rider? - Precise Answer ✔✔long term
care

, What statement about whole life policy is true? - Precise Answer
✔✔cash value may be borrowed against

Information obtained from a phone conversation to the proposed insured
can be found in which of these reports? - Precise Answer ✔✔inspection
report

The section of an insurance contract which limit coverage are called -
Precise Answer ✔✔exclusions

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? - Precise Answer ✔✔reinstatement

The advantage of reinstating an original life policy is? - Precise Answer
✔✔the premiums are based on a younger age

Prior to a producer's license being revoked, a hearing must be held. Prior
to this hearing, the director of insurance is REQUIRED to give? -
Precise Answer ✔✔written notice to the producer

At the age of 45, an individual withdraws $50,000 from his Qualified
Profit-Sharing Plan and then deposits this amount into a personal
savings account. This action would result in - Precise Answer

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Exam (elaborations)

MISSOURI LIFE AND HEALTH INSURANCE FINAL EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS

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