Mississippi Life and Health Final Exam
What type of policy would offer a 40-year old the quickest accumulation of cash value?
Paid-up at 65
20-pay life
30-pay life
Straight whole life - Answer-20-pay life
Which of these statements accurately describes the Waiver of Premium provision in an Accident and
Health policy?
Past due premiums on a lapsed policy are waived and coverage is restored
The insured is paid a monthly benefit to keep insurance premiums current in the event of total disability
Premiums are waived after the insured has been unemployed for a specified time period
Premiums are waived after the insured has been totally disabled for a specified time period - Answer-
Premiums are waived after the insured has been totally disabled for a specific time period
What kind of premium does a Whole Life policy have?
, decreasing
adjustable
level
deferred - Answer-level
Which of the following actions is NOT possible with a Universal Life policy?
Policy's cash value may be used to pay premiums
Premium payments may be made at unscheduled times
Premiums may be applied as a credit against income tax
Face amount may be adjusted - Answer-premiums may applied as a credit against income tax
The clause identifying which losses resulting from an accident or sickness are insured by the policy is
called the
Entire Contract provision
Consideration clause
Benefit clause
Insuring clause - Answer-insuring clause
A Disability Income policyowner recently submitted a claim for a chronic neck problem that has now
resulted in total disability. The original neck injury occurred before the application was taken 5 years
prior. The neck injury was never disclosed to the insurer at the time of application. How will the insurer
handle this claim?
Claim will be paid and coverage will remain in force
Claim will be denied and coverage will remain in force
What type of policy would offer a 40-year old the quickest accumulation of cash value?
Paid-up at 65
20-pay life
30-pay life
Straight whole life - Answer-20-pay life
Which of these statements accurately describes the Waiver of Premium provision in an Accident and
Health policy?
Past due premiums on a lapsed policy are waived and coverage is restored
The insured is paid a monthly benefit to keep insurance premiums current in the event of total disability
Premiums are waived after the insured has been unemployed for a specified time period
Premiums are waived after the insured has been totally disabled for a specified time period - Answer-
Premiums are waived after the insured has been totally disabled for a specific time period
What kind of premium does a Whole Life policy have?
, decreasing
adjustable
level
deferred - Answer-level
Which of the following actions is NOT possible with a Universal Life policy?
Policy's cash value may be used to pay premiums
Premium payments may be made at unscheduled times
Premiums may be applied as a credit against income tax
Face amount may be adjusted - Answer-premiums may applied as a credit against income tax
The clause identifying which losses resulting from an accident or sickness are insured by the policy is
called the
Entire Contract provision
Consideration clause
Benefit clause
Insuring clause - Answer-insuring clause
A Disability Income policyowner recently submitted a claim for a chronic neck problem that has now
resulted in total disability. The original neck injury occurred before the application was taken 5 years
prior. The neck injury was never disclosed to the insurer at the time of application. How will the insurer
handle this claim?
Claim will be paid and coverage will remain in force
Claim will be denied and coverage will remain in force
