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Life and Health Insurance Exam (Missouri) Questions and Answers(SCORED A)
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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 - ANSWER-Performance is conditioned upon a future occ...

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  • May 18, 2024
  • 14
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • life and health insurance exam missouri question
  • life and health insurance exam missouri stuvia
  • insurance policies are considered aleatory contra

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  • Life and Health Insurance

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Life and Health Insurance Exam
(Missouri) Questions and
Answers(SCORED A)

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 - 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 - ANSWER-Reinstatement



What type of contract liquidates an estate through recurrent payments?

1)Universal life insurance

2)Whole life insurance

3)Annuity

4)401k - 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 - 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 - 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 - 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 - 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 - ANSWER-To deny the amount of a claim for missstatements
occurring prior to the expiration of the first 2 policy years



Elimination Period - ANSWER-The time between the onset of a disability, and when you
are eligible for benefits.

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