MISSOURI LIFE & HEALTH INSURANCE EXAM BUNDLE 2024!!

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 ...

Misrepresentation - ANSWERAn applicant inaccurately representing information on the application is guilty of: Establish and enforce sound underwriting practices - ANSWERTo address adverse selection what can an insurer legally do If an individual is denied coverage, they can request copy of rep...

An employee who owns an individual disability income policy is injured in an automobile accident and files proof of loss with the insurance company. Under the payment of claims provision in the policy, the company will likely pay the policy benefits to the A: Insured's employer B: Insured'...

Requirements for the life insurance illustrations -ANSWER They may only be used as approved, they must identify non guaranteed values, they must differentiate between guaranteed and projected amounts Which life insurance settlement option guarantees payments for the lifetime of the recipient, but...

Which of the following is not a penalty for refusing to testify in a department hearing? -ANSWER The circuit court may impose a civil penalty up to 50,000 for each violation Which of the following is NOT a duty of the director of insurance? -ANSWER does not create insurance laws, instead has auth...

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. misrepresen...

When an employer terminate coverage under a group policy, how long is that coverage in force? - ANSWER31 Days. The employee has 31 days under the conversion privilege to convert to an individual policy. When talking about parties to a contract, what makes a person legally competent. - ANSWERThe p...

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 no...

The ______ branch writes and passes state insurance laws, or statutes, to protect the insuring public. -ANSWER Legislative A life insurance applicant 's answers on the application indicate that they in good health. In fact, the applicant actually has a disease that they are not aware of. The sta...

When an employer terminate coverage under a group policy, how long is that coverage in force? -ANSWER 31 Days. The employee has 31 days under the conversion privilege to convert to an individual policy. When talking about parties to a contract, what makes a person legally competent. -ANSWER The p...

The Federal Fair Credit Reporting Act -ANSWER Regulates Consumer Reports, also known as consumer investigative reports, or credit reports. Premium Reciept -ANSWER When an agent collects the initial premium from the applicant the agent should issue the applicant a $2,500 -ANSWER What is the max...

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 ...

For coverage of low protein modified food products for treatment of PKU or any inherited disease of amino and organic acids, a health plan may require a reasonable copayment or coinsurance, not to exceed -ANSWER 50% of the cost of the formula or food products Which of the following is a requireme...

Director does financial examination of insurers every -ANSWER 5 years Age to apply for producer license -ANSWER 18 To reinstate expired license w/o taking exam -ANSWER 12 months CE required every 2 years -ANSWER 16 credit hours CE required in ethics, state law and producer duties -ANSWER...

First-dollar basis - ANSWERAnother term used to describe "no deductible" is Revocable - ANSWERAn insured wants to name her husband as the beneficiary of her health policy. She also wishes to retain all of the rights of ownership. The insured should have her husband named as what type of benefic...

A policyowner's consideration is the: -ANSWER Premiums paid and representations on the application In order for a contract to be legal, both parties must be: -ANSWER Competent Aleatory Contract -ANSWER The exchange of value is unequal. Estoppel -ANSWER A legal impediment to denying a fact ...

Abstract of Title - ANSWERA summary of public records relating to the title to a particular tract of land. Acknowledgement - ANSWERA formal declaration before a duly authorized officer (usually a notary public) by a person who has executed an instrument that such execution is his own act and deed...

cease and desist - ANSWERto stop and discontinue commission - ANSWERpayment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium Exempt - ANSWERnot subject to an obligation Home state - ANSWERinsurer's headquarters, principal place of busi...

Which of the following is NOT a penalty for refusing to testify in a Department hearing? Being held in contempt Being required to appear before the Director Being assessed a civil penalty up to $5,000 per violation Being ordered to testify in circuit court -ANSWER Being assessed a civil penalty ...

When completing the application, the agent would be expected to do all of the following EXCEPT? -ANSWER Set the final rates for the new policy If after completing the application the agent finds that a question was missed. The agent should? -ANSWER Schedule another appointment with the applicant ...

A qualified Long-Term Care Policy may exclude losses incurred from preexisting conditions for no longer than ______ months from the effective date of coverage. 6 8 3 12 -ANSWER A Every LTC Policy that provides benefits of homecare or community-based services shall provide all of the following...

Tenants in Common - Passed to surviving heirs - ANSWERTenants do not have right of survivor ship. If a tenant dies, ownership is passed to the surviving heirs. Joint Tenancy - Right of Survivorship - ANSWERA form of concurrent ownership, which occurs when two or more persons own a single estate ...

A health insurance policy application may ONLY be altered with the written consent of the -ANSWER Applicant All of these statements concerning a licensee's responsibility for premiums received are true EXCEPT -ANSWER The licensee shall hold them in a fiduciary capacity before transmitting them t...

Mandatory Standard Provisions - ANSWEREntire contract including endorsements and attached papers 2 year time limit on certain defenses Reinstatement- if no decision is made within 45 the policy is automatically reinstated Notice of claim- 20 days Claims Forms- 15 days of the notice Proof of los...

Credit Life Insurance - ANSWERWritten in connection with loans and credit transactions Graded Death Benefits - ANSWERDows not pay full face amount of insurance at the insured's death until after a specific period has passed, usually 2-3 years. Universal Life Insurance - ANSWERFeatures insuran...

The Director has the power and authority - ANSWER1.) Regulate the internal affairs of the Department of Insurance 2.) Prescribe forms and procedures to be followed in proceedings before the Department 3.) Aid in the interpretation of any state insurance law 4.) Withdraw or amend any rule or regul...

Which of these is a TRUE statement regarding the regulatory authority of the DIrector? A.) The Director may mandate the financial restructuring of insolvent producers B.) The Director may levy fines on policy applications to defray operating costs C.) The Director may establish guidelines for con...

an insured was seriously injured in a skiing accident that required him to be hospitalized for 5 weeks. his medical expense policy covered all of the following EXCEPT - ANSWERloss of income while hospitalized once the initial benefit on Medicare part D is reached, how is the beneficiary affected?...

Which of the following liability exposures is most likely for a small specialty clothing retail boutique? A Completed operations liability exposure B Premises liability exposure C Operations liability exposure D Product liability exposure - ANSWERPremises liability exposure Under the covera...

Convincing a prospective insured to buy an insurance policy based on exaggerations is called - ANSWERMisrepresentation A nondisabled individual is first eligible for a Medicare Supplement policy at age - ANSWER65 In a qualified retirement plan, the yearly contributions to an employee's accoun...

Capital Sum - ANSWERthe sum that is paid upon the loss of 1 limb or sight in 1 eye What are the main activities of daily living(ADL)? - ANSWERbathing, continence, dressing, eating, toileting, and transferring Hospital income and indemnity - ANSWERa type of health insurance policy that pays its...