8/7/25, 3:43 PM Missouri Life Insurance Exam Flashcards | Quizlet
Missouri Life Insurance Exam
Save
Terms in this set (108)
A qualified retirement plan in which the employee can
401(k) Plan set aside a portion of their income with pre-tax
dollars.
Absolute: A permanent and irrevocable transfer of
rights and/or benefits by the policyowner.
Absolute Assignment v.
Collateral Assignment
Collateral: A temporary and/or revocable transfer of
benefits by the policyowner
Policy provision that allows full or partial payment of
Accelerated Death Benefit the policy's death benefit before the insured's death if
he/she is terminally ill.
An extra cost rider that requires the insurance
company to pay an additional benefit in the event that
Accidental Death Benefit
the insured dies within 90 days of an accident as a
direct result of the accident.
The Dividend Option where the policyowner leaves
Accumulate at Interest the dividends with the insurer to invest and earn
interest.
Since the insurer created all the documents of the
contract, any ambiguities in the contract will be
Adhesion
settled in favor of the insured. Since the insurer wrote
the contract they are stuck with it.
https://quizlet.com/1064425942/missouri-life-insurance-exam-flash-cards/?new 1/14
, 8/7/25, 3:43 PM Missouri Life Insurance Exam Flashcards | Quizlet
The tendency for less favorable risks to seek or
Adverse Selection continue insurance to a greater extent than more
favorable risks.
A legal document containing the terms of the
Agency Agreement or agreement between the agent and the insurance
Agency Contract company. It clearly defines what an agent can and
cannot do, and how he/she will be compensated.
Expressed: Power or authority specifically
granted in writing to an agent by the insurance
company in their Agency Agreement.
Apparent: Power or authority that the public
reasonably assumes an agent has based upon his/her
Agent Authorities
actions.
Implied: Power or authority that is not
expressly granted by the company but that an
agent can assume or that are implied he/she has
in order to transact insurance business.
Anyone who sells or aids in the selling of insurance.
Agent/Producer
Legally represents the company.
A written report from the agent submitted to the
insurer along with the application disclosing what the
Agent's Report
agent knows, observed, or learned about the
proposed insured's risks.
Unequal exchange of value. One party may obtain a
Aleatory
far greater value than the other under the contract.
A Term Life Insurance contract which gives the
policyowner the option to renew the policy each year
Annual Renewable Term
without showing proof of insurability. Premiums
increase at each renewal.
The person that buys an annuity; may or may not be
Annuitant
an annuity's policyowner.
https://quizlet.com/1064425942/missouri-life-insurance-exam-flash-cards/?new 2/14
Missouri Life Insurance Exam
Save
Terms in this set (108)
A qualified retirement plan in which the employee can
401(k) Plan set aside a portion of their income with pre-tax
dollars.
Absolute: A permanent and irrevocable transfer of
rights and/or benefits by the policyowner.
Absolute Assignment v.
Collateral Assignment
Collateral: A temporary and/or revocable transfer of
benefits by the policyowner
Policy provision that allows full or partial payment of
Accelerated Death Benefit the policy's death benefit before the insured's death if
he/she is terminally ill.
An extra cost rider that requires the insurance
company to pay an additional benefit in the event that
Accidental Death Benefit
the insured dies within 90 days of an accident as a
direct result of the accident.
The Dividend Option where the policyowner leaves
Accumulate at Interest the dividends with the insurer to invest and earn
interest.
Since the insurer created all the documents of the
contract, any ambiguities in the contract will be
Adhesion
settled in favor of the insured. Since the insurer wrote
the contract they are stuck with it.
https://quizlet.com/1064425942/missouri-life-insurance-exam-flash-cards/?new 1/14
, 8/7/25, 3:43 PM Missouri Life Insurance Exam Flashcards | Quizlet
The tendency for less favorable risks to seek or
Adverse Selection continue insurance to a greater extent than more
favorable risks.
A legal document containing the terms of the
Agency Agreement or agreement between the agent and the insurance
Agency Contract company. It clearly defines what an agent can and
cannot do, and how he/she will be compensated.
Expressed: Power or authority specifically
granted in writing to an agent by the insurance
company in their Agency Agreement.
Apparent: Power or authority that the public
reasonably assumes an agent has based upon his/her
Agent Authorities
actions.
Implied: Power or authority that is not
expressly granted by the company but that an
agent can assume or that are implied he/she has
in order to transact insurance business.
Anyone who sells or aids in the selling of insurance.
Agent/Producer
Legally represents the company.
A written report from the agent submitted to the
insurer along with the application disclosing what the
Agent's Report
agent knows, observed, or learned about the
proposed insured's risks.
Unequal exchange of value. One party may obtain a
Aleatory
far greater value than the other under the contract.
A Term Life Insurance contract which gives the
policyowner the option to renew the policy each year
Annual Renewable Term
without showing proof of insurability. Premiums
increase at each renewal.
The person that buys an annuity; may or may not be
Annuitant
an annuity's policyowner.
https://quizlet.com/1064425942/missouri-life-insurance-exam-flash-cards/?new 2/14
