MISSOURI LIFE AND HEALTH INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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MISSOURI LIFE AND HEALTH INSURANCE
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 - Precise Answer Performance is conditioned upon a fu...
MISSOURI LIFE AND HEALTH INSURANCE EXAM 2024/2025 WITH 100%
ACCURATE 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 - Precise Answer
✔✔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 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?
1)free-look
2)reinstatement
3)grace period
4)consideration - Precise Answer ✔✔Reinstatement
What type of contract liquidates an estate through recurrent payments?
1)Universal life insurance
2)Whole life insurance
3)Annuity
,4)401k - Precise Answer ✔✔Annuity
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?
1)7
2)10
3)20
4)31 - Precise Answer ✔✔The grace period is a minimum of 31 days for
policies hat are paid for on an annual basis.
Making an unfair comparison of two policies is defined as - Precise
Answer ✔✔misrepresentation
Nursing home benefits must be provided for at least 12 consecutive
months in which of the following types of policies?
1)blanket custodial
2)long term care
3)critical illness
4)Medicare supplements - Precise Answer ✔✔long term care
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?
1)Interest Sensitive Whole Life
2)Ten Year Endowment
, 3)Variable Universal Life
4)Ten Year Renewable Term - Precise Answer ✔✔Ten Year
Endowment
An insured recently took out a cancer insurance policy. The time limit
on certain defenses provision in this policy allows the insurer to
1)to cancel a policy for any reason for up to 5 years
2)to reduce the benefit for a loss occurring after two years due to
misstatements
3)to deny the amount of a claim for statements on the application
4)to deny the amount of a claim for misstatements occurring prior to the
expiration of the first 2 policy years - Precise Answer ✔✔To deny the
amount of a claim for missstatements occurring prior to the expiration of
the first 2 policy years
Elimination Period - Precise Answer ✔✔The time between the onset of
a disability, and when you are eligible for benefits.
Medicare Part B does not cover
1)occupational therapy
2)inpatient hospital services
3)physician and surgeon services
4)medical equipment rental - Precise Answer ✔✔inpatient hospital
services
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