Missouri insurance - Study guides, Class notes & Summaries

Life and Health Insurance Exam (Missouri) with Verified Solutions Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time gra...

Examination for Missouri Insurance Producer's License Questions and Answers!!

Tenants in Common - Passed to surviving heirs - Answer Tenants do not have right of survivor ship. If a tenant dies, ownership is passed to the surviving heirs. Joint Tenancy - Right of Survivorship - Answer A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition. Warranty Deed - Main, basic deed - Answer A deed that guarantees a clear title to the buyer of real prope...

Tenants in Common - Passed to surviving heirs - correct answer Tenants do not have right of survivor ship. If a tenant dies, ownership is passed to the surviving heirs. Joint Tenancy - Right of Survivorship - correct answer A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition. Warranty Deed - Main, basic deed - correct answer A deed that guarantees a clear title to the buye...

director of insurance - ANSWER--chief officer to the department of insurance, financial institutions, and professional registration -appointed by governor with consent of senate and holds office with governor and until successor is appointed power of director of insurance - ANSWER--regulate the internal affairs of department of insurance -prescribe forms and procedures to be followed in proceedings before the department -aid in interpretation of any state insurance law -withdraw or amy an...

Missouri Insurance Exam Chapter 7 The definition of vacancy is ️60 days The Building and Personal Property policy may be used to cover each of the following EXCEPT ️property damage liability After a Building and Personal Property policy proof of loss is filed, the claim must be paid within ️30 days Building materials used for repairs are not covered for: ️theft The Building and Personal Property policy (BPP) covers: ️outdoor furniture Under the Building and Personal Pro...

National Association of Insurance Commissioners (NAIC) - Answer writes rules and statutes for legeslature Director of the Department of Insurance is appointed by - Answer Governor, with the advice and consent of the senate. The Director can only be involved with an insurance company as a - Answer Policy holder Director has full power and authority to - Answer Regulate the Department of Insurance, Interpret laws, Examine records of insurer, examine the insurer's records ev...

Supervised Administration - correct answer -in a testate or intestate, the appointed personal representative must get court approval prior to disposing or conveying the estates property. Warranty Deed - correct answer -A deed used to convey real property which contains warranties of title and quiet possessions and grantor thus agrees to defend the premises against lawful claims of Special Warranty Deed - correct answer -A deed containing a covenant whereby the seller agrees to protect the ...

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