Missouri Life and Health Insurance Final Exam | 235 Questions with 100% Correct Answers | Verified | Latest Update 2024

Whose interest is being protected by the enactment of " The Replacement of Life Insurance and Annuities" regulation? - policyowner Q applied for life insurance and submitted the initial premium on January 1. 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? - policy was returned with the "free look" period, premium will be fully refunded Which of the following policies is characterized by a flexible premium and death benefit and allows policyowner control of the investment aspect of the plan? - variable universal life Which statement regarding third party ownership of a life insurance policy is true? - it is used extensively in estate planning as well as business circumstances P is an employee who quits her job and wants to convert her group health coverage to an individual policy. After the expiration of COBRA laws, which of the following statements is TRUE? - She DOES need to provide evidence of insurability Which of the following statements is CORRECT regarding tax treatment of a lump sum payment paid to a life insurance policy's primary beneficiary? - all proceeds are income tax free in the year they are received Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to apply for Social Security disability benefits? - 5 months