Missouri Life and Health Insurance Exam Questions and Answers |Complete Solutions Graded
A+ |100% Correct
Commision's and comp - Acceptable to share if both are licensed in the correct lines
Before insurers may transact business they must apply for a - Certificate of authority
"Coercion" - Illegal to say you must buy from bank
Defamation - When an oral or written statement is made with intention to injure a person in
the insurance business
- Also applies to statements that are maliciously critical of the financial conditions of any
company
Missouri insurance guaranty association - All insurers are required to be members to
transact business in the state
Guaranteed association disclaimer - Protect policy holder if go bankrupt
"What is it called when you take a reduced paid-up at the same time as taking a new policy"
- Replacement
Notice regarding replacement - Signed by both the applicant and the producer
Conservation - Trying to convince a current policy owner not to replace the existing
insurance or annuity
Policy loan rates - Not exceed 8% per year
- Connected to external rate
,Missouri statutes- grace period - 31 days for the payment of any premium except the first
Missouri statutes- incontestibility - May not be contested after policy has been in force for 2
years
"The lender is all of the following exept" - The premium payer
Credit life insurance - Pays off loan in case of death
"When you die how much will bank receive" - Never more than the amount of the debt
Variable products - Securities license to sell
- Keep mutual funds in a separate account
Graded death benefits - Is a policy intended to be used for substandard risk
- Death benefit increases over time
- Issued with little to no underwriting
Period disclosure - To policy owner
- At least once a year
- No earlier than 3 months prior to report mailing date
Minimum maternity benfits - 48 hours after normal delivery
- 96 hours after C-section
Newborns - Provided coverage from the moment of birth
,- Premium payment to insurance company required within 31 days
Adopted children - Have coverage from birth if a petition is filled within 30 days
- Mother is covered for 90 days of cereget
Immunization - Provide coverage for immunization for a child from birth to age 5
Coverage for formula and food products cannot be greater than - 50%
Coverage for Mammography - A mammogram for woman ages 40-49
- Every 2 years or more frequently based on the recommendation of the patients physicians
Substance abuse/ alcoholism - Coverage limited to 30 days
Drug cancellation notification - Must be let know 30 days prior to any deletion in the plans
prescription drug
- Must be done electronically or in writing
Antigen testing for bone marrow transplant - Mandatory coverage in all health benefit plans
- human leukocyte testing
Right to appeal - Enrollees must have right to appeal coverage for pharmaceutical drugs
Advertisements - Company is responsible regardless of who wrote, created the
advertisements
, Required coverage for diabetes - All individual and group health insurance policies issued in
this state must offer coverage
- Treatment of gestational, Type I and II
Medicare supplement- free look - 30 day period for supplements
Medicare supplement- open enrollment - Application for policy has been submitted within 6
months
- 65 or older and is enrolled in Medicare part B
"First year commission" - 2X or 200%
Standards for marketing - Must retain for at least 3 years from first use
Twisting - Illegal misrepresentation
Replacement of policies - Ongoing claims under former policy must continue to be paid
"Suzie wants coverage while on school activities" - Blanket policy
Small employer group - at least 2 but no more than 50 eligible employees
Insurance transaction includes: By mail or other means:
- Solicitation
- Negotiation
- Sale
- Advising an individual about coverage
A+ |100% Correct
Commision's and comp - Acceptable to share if both are licensed in the correct lines
Before insurers may transact business they must apply for a - Certificate of authority
"Coercion" - Illegal to say you must buy from bank
Defamation - When an oral or written statement is made with intention to injure a person in
the insurance business
- Also applies to statements that are maliciously critical of the financial conditions of any
company
Missouri insurance guaranty association - All insurers are required to be members to
transact business in the state
Guaranteed association disclaimer - Protect policy holder if go bankrupt
"What is it called when you take a reduced paid-up at the same time as taking a new policy"
- Replacement
Notice regarding replacement - Signed by both the applicant and the producer
Conservation - Trying to convince a current policy owner not to replace the existing
insurance or annuity
Policy loan rates - Not exceed 8% per year
- Connected to external rate
,Missouri statutes- grace period - 31 days for the payment of any premium except the first
Missouri statutes- incontestibility - May not be contested after policy has been in force for 2
years
"The lender is all of the following exept" - The premium payer
Credit life insurance - Pays off loan in case of death
"When you die how much will bank receive" - Never more than the amount of the debt
Variable products - Securities license to sell
- Keep mutual funds in a separate account
Graded death benefits - Is a policy intended to be used for substandard risk
- Death benefit increases over time
- Issued with little to no underwriting
Period disclosure - To policy owner
- At least once a year
- No earlier than 3 months prior to report mailing date
Minimum maternity benfits - 48 hours after normal delivery
- 96 hours after C-section
Newborns - Provided coverage from the moment of birth
,- Premium payment to insurance company required within 31 days
Adopted children - Have coverage from birth if a petition is filled within 30 days
- Mother is covered for 90 days of cereget
Immunization - Provide coverage for immunization for a child from birth to age 5
Coverage for formula and food products cannot be greater than - 50%
Coverage for Mammography - A mammogram for woman ages 40-49
- Every 2 years or more frequently based on the recommendation of the patients physicians
Substance abuse/ alcoholism - Coverage limited to 30 days
Drug cancellation notification - Must be let know 30 days prior to any deletion in the plans
prescription drug
- Must be done electronically or in writing
Antigen testing for bone marrow transplant - Mandatory coverage in all health benefit plans
- human leukocyte testing
Right to appeal - Enrollees must have right to appeal coverage for pharmaceutical drugs
Advertisements - Company is responsible regardless of who wrote, created the
advertisements
, Required coverage for diabetes - All individual and group health insurance policies issued in
this state must offer coverage
- Treatment of gestational, Type I and II
Medicare supplement- free look - 30 day period for supplements
Medicare supplement- open enrollment - Application for policy has been submitted within 6
months
- 65 or older and is enrolled in Medicare part B
"First year commission" - 2X or 200%
Standards for marketing - Must retain for at least 3 years from first use
Twisting - Illegal misrepresentation
Replacement of policies - Ongoing claims under former policy must continue to be paid
"Suzie wants coverage while on school activities" - Blanket policy
Small employer group - at least 2 but no more than 50 eligible employees
Insurance transaction includes: By mail or other means:
- Solicitation
- Negotiation
- Sale
- Advising an individual about coverage
