Missouri health - 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...

An agent is ready to deliver a policy to an applicant but has not yet received payment. Upon delivery, the agent collects the applicant's premium check, answers any questions the applicant may have, and then leaves. What did he forget to do? - Answer Ask her to sign a statement of good health An insured misstated her age on an application for an individual health insurance policy. The insurance company found the mistake after the contestable period had expired. The insurance company will ...

Consideration -ANSWER something of value that each party gives to the other Warranty -ANSWER absolutely true statement upon which the validity of the policy rests Representation -ANSWER statements believed to be true to the best of one's knowledge but not guaranteed to be true. misrepresentations -ANSWER untrue statements that void the policy material misrepresentation -ANSWER a statement that, if discovered, would alter an insurance company's underwriting decision. Intentional ...

Consideration - Answer something of value that each party gives to the other Warranty - Answer absolutely true statement upon which the validity of the policy rests Representation - Answer statements believed to be true to the best of one's knowledge but not guaranteed to be true. misrepresentations - Answer untrue statements that void the policy material misrepresentation - Answer a statement that, if discovered, would alter an insurance company's underwriting decision. ...

Missouri Health insurance Questions 1 Consideration -ANSWER something of value that each party gives to the other Warranty -ANSWER absolutely true statement upon which the validity of the policy rests Representation -ANSWER statements believed to be true to the best of one's knowledge but not guaranteed to be true. misrepresentations -ANSWER untrue statements that void the policy material misrepresentation -ANSWER a statement that, if discovered, would alter an insurance company's...

Which of the following entities has the authority to make changes to an insurance policy? -ANSWER Insurers executive officer What is the purpose of a conditional receipt? -ANSWER It is intended to provide coverage on a date prior to the policy issue When a disabled dependent child reaches the age limit for coverage, how long does the policy owner have to provide proof of dependency in order for the dependent to remain covered under the policy? -ANSWER 31 days In comparison to consumer r...

Consideration - something of value that each party gives to the other Warranty - absolutely true statement upon which the validity of the policy rests Representation - statements believed to be true to the best of one's knowledge but not guaranteed to be true. misrepresentations - untrue statements that void the policy material misrepresentation - a statement that, if discovered, would alter an insurance company's underwriting decision. Intentional misrepresentation - Considered fraud b...

Missouri Health Insurance Questions With Correct Answers

Missouri Health and Life |Practice Test 1 Questions & Answers 100% accurate! Which of the following entities has the authority to make changes to an insurance policy? -ANSWER Insurers executive officer What is the purpose of a conditional receipt? -ANSWER It is intended to provide coverage on a date prior to the policy issue When a disabled dependent child reaches the age limit for coverage, how long does the policy owner have to provide proof of dependency in order for the dependent t...