LIFE AND HEALTH INSURANCE EXAM MISSOURI

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LIFE AND HEALTH INSURANCE EXAM (MISSOURI)

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -99 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Commercial insurer

Answer:

In an insurance contract, the insurer is the only party who makes a legally enforceable promise. What kind of contract is this?

Question 2: 65

Answer:

Q applied for life insurance and submitted the initial premium on January

• 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?Question 3: Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions.

Answer:

Which of the following provisions specifies how long a policyowner's health coverage will remain in effect if the policyowner doesn't pay the premium when it is due?

Question 4: unilateral

Answer:

K buys a policy where the premium stays fixed for the first 5 years. The premium then increases in year

• and stays level thereafter, all the while the death benefit remains the same. What kind of policy is this?

Question 5: A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?

Answer:

20-Pay Life accumulates cash value faster than Straight Life Question 6: A form of disability income coverage designed to pay necessary business overhead expenses, such as rent, should the insured business owner become disabled.

Answer:

If a sale of Medicare Supplement involves Replacement, all of these actions must be performed by the producer except Question 7: 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

Answer:

long term care

Question 8: Allowable amounts under Medicare Part B

Answer:

Deductibles are used in health policies to lower

Question 9: cash value

Answer:

Business Overhead Expense Insurance

Question 10: waived one of its legal rights

Answer:

Which is true concerning a Variable Universal Life policy?Question 11: When an insured receives chiropractic service, the co-payment may not exceed ___ of the total cost of providing the service.1)30% 2)40% 3)50% 4)60%

Answer:

50%

Question 12: 10,000

Answer:

Which of the following organizations would make reimbursement payments directly to the insured individual for covered medical expenditures?1)Administrative services only 2)Commercial insurer 3)PPO 4)HMO

Question 13: The early years are charged more than what is needed

Answer:

Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy?1)Limited 2)Special risk 3)Blanket 4)Reimbursement

Question 14: waiting period

Answer:

P died five years after purchasing a life policy. While investigating the claim, the insurer discovered material misrepresentations made by P during the application process. Which of these actions will the insurer take?

Question 15: An immediate annuity

Answer:

When does a life insurance contract become effective is the initial premium is not collected during the application process?

Question 16: Social Security Disability Income

Answer:

An insured must notify an insurer of a medical claim within how many days after an accident?

Question 17: contest a claim during the contestable period

Answer:

What is the required renewability status of all Medicare supplement policies?Question 18: The licensee must hold them in a separate account before transmitting them to the insurance company.

Answer:

Who signs a Notice Regarding Replacement form when an application is taken for a new life insurance policy that replaces an existing one?

Question 19: Age, annual income, financial experience

Answer:

Which of these is considered a mandatory provision?1)Payment of Claims 2)Insurance with other insurers 3)misstatement of age 4)change of occupation

Question 20: Guaranteed renewable

Answer:

A non disabled individual is first eligible for a Medicare supplement policy at the age of

Question 21: premium payments limited to a specified number of years

Answer:

A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over?

Question 22: Variable Life

Answer:

According to the Time Payment of Claims provision, the insurer must pay Disability Income benefits no less frequently than which of the following options?1)Annually 2)Semiannually 3)Quarterly 4)Monthly