Missouri Life and Health Detailed Final Exam 2025

Missouri Life and Health Detailed Final Exam 2025 Which of the following types of care is typically not covered in a Long-Term Care policy - Correct Ans-Accupuncture S is close to retiring and would like to purchase a policy that will yield greater gains than bonds, but will still protect the principal with minimum level or risk. Which product would S be advised to purchase? - Correct Ans-Equity index Insurance Each life insurance applicant in Missouri is expected to be provided with a(n) - Correct Ans-Buyer's Guide and Policy Summary The Sections of an insurance contract which limit coverage are called: - Correct Ans exclusions Which of the following is a requirement for obtaining a resident producer license in Missouri? - Correct Ans-Pay a $100 license fee Which entity issues Medicare Supplement Insurance - Correct Ans-Insurance Companies ___ of personal life insurance premiums is usually deductible for federal income tax purposes - Correct Ans-0% Which of the following activities may NOT be granted as credit for continuing education units - Correct Ans-Meeting Sales Quota Which Medicare product requires use of specific hospitals and physicians for non emergency care - Correct Ans-Medicare Select Which of the following would a Medicare Supplement policy cover? - Correct Ans Allowable amounts under Medicare Part B What is Old Age and Survivors Health Insurance (OASDHI) also known as? - Correct Ans-Social Security J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? - Correct Ans-Revocable The reason for backdating a policy is - Correct Ans-To obtain a premium rate based on an earlier age MISSOURI MISSOURI In Major Medical Expense policies, what is the objective of a Stop Loss provision - Correct Ans-Limits an insured's out-of-pocket medical expenses What must a producer sign when an existing life insurance policy is being reissued with a reduction in cash value? - Correct Ans-Notice Regarding Replacement The combination of Whole Life and _____ Term insurance is referred to as a Family Income Policy - Correct Ans-Decreasing On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial Premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor.... - Correct Ans-Collect initial premium along with a signed health statement What provision in a life insurance policy states that the application is considered part of the contract? - Correct Ans-Entire Contract Provision In Missouri, which of the following is considered an Unfair Trade Practice - Correct Ans Coercion Health Coverage for the administration of general anesthesia and hospital charges for dental care MUST be provided to a(n) - Correct Ans-Child under the age of five At the time of application, major medical health plans (including HMOs) are REQUIRED to - Correct Ans-Offer coverage for prosthetic devices Credit Life Insurance is - Correct Ans-Issued in an amount not to exceed the amount of indebtedness Life insurance and annuity replacement can be BEST described as - Correct Ans Exchanging an existing policy for a new policy Insurers may request a hearing within ____ if their policy is rejected - Correct Ans-20 days A prospective insured completes and signs an application for health insurance but intentionally conceals information about a pre-existing heart condition. The company issues the Policy.... - Correct Ans-Continue coverage but exclude the heart condition M becomes disabled and is unable to work for six months. M dies soon after complications arising from this disability. M has a Disability Income policy that pays $2,000 a month. - Correct Ans-Earned, but unpaid benefits Which Unfair Trade Practice involves a producer suggesting that an insurance policy is like a share of stock? - Correct Ans-Misrepresentation MISSOURI MISSOURI Which requirement must be met for an association to be eligible for a group life plan - Correct Ans-Group was formed for a purpose other than acquiring insurance Under which circumstance could a child be denied enrollment into a health plan in Missouri? - Correct Ans-The child is not related to an is not adopted by the plan member In Missouri, all health policies must address diabetes coverage in which way? - Correct Ans-Apply the same deductible and copays to covered diabetic supplies as other medical conditions K is the insured and P is the sole beneficiary on an Accidental Death and Dismemberment(AD&D) insurance policy. Both are involved in a fatal accident where K dies before P.... - Correct Ans-Proceeds will be paid to P's estate Who makes the legally enforceable promises in a unilateral insurance policy - Correct Ans-Insurance Company A "reimbursement policy" pays what amount of covered Long-Term Care expenses? - Correct Ans-Actual Covered expenses up to the daily maximum What is the MINIMUM benefit period that must be offered by a Long-Term Care policy issued in Missouri? - Correct Ans-12 months Jay's application for a producer's license has been denied. He may request a earing within ______days after receipt of the denial - Correct Ans-30 Days Continuing education providers must report to the Director a licensee's earned credit hours within - Correct Ans-30 days of course completion When a policyowner exchanges a term policy for a whole life policy without providing proof of good health, which of these apply? - Correct Ans-Conversion Provision Which of these is NOT considered to be a right given to a policyowner? - Correct Ans Modify a provision in the insurance contract Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine: - Correct Ans-Probability of making timely premium payments Which of these is considered a true statement regarding Medicaid - Correct Ans-Funded by both state and federal governments Periodic health claim payments MUST be made at least: - Correct Ans-Monthly MISSOURI MISSOURI Michael the insurance producer is acting in a dicuciary capacity when conducting business with all of these principals EXCEPT - Correct Ans-The Director B is a teacher who was injured in a car accident and cannot work. She is now receiving monthly benefits as a result of this accident. Which type of policy does B have? - Correct Ans-Disability Income When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this may be considered a red flag for a(n): - Correct Ans-Anti-Money Laundering violation Which of these is NOT considered to be an element of an insurance contract? - Correct Ans-Negotiating A life policy that contains a monthly morality charge as well as self-directed investment choices is called a(n) - Correct Ans-Variable Universal Life policy Convincing a prospective insured to buy an insurance policy based on exaggerations is called - Correct Ans-Misrepresentation According to the Time Payment of Claims provision, the insurer must pay Disability Income benefits no less frequently than which of the following options - Correct Ans Monthly "A producer does not have the authority to change a policy or waive any of its provisions". The health provision that best describes this statement is called the - Correct Ans-Entire Contract What must the policyowner provide to the insurer for validation that a loss has occured? - Correct Ans-Proof of Loss Insureds in the same risk classification are being charged different premiums by an insurance company. This insurer is committing the illegal act of - Correct Ans-Unfair Discrimination A whole life insurance policyowner does not wish to continue making premium payments. Which of the following enables the policyowner to sell the policy for more than its cash value - Correct Ans-Life Settlement contract A major medical policy typically: - Correct Ans-Provides benefits for reasonable and necessary medical expenses, subject to policy liits. The clause in an Accident and Health policy which defines the benefit amounts the insurer will pay is called the: - Correct Ans-Insuring Clause MISSOURI MISSOURI What action can a policyowner take if an application for a bank loan requires collateral? - Correct Ans-Assign policy ownership to the bank A policyowner's rights are limited under which beneficiary designation? - Correct Ans Irrevocable Which of the following BEST describes how pre-admission certification is used? - Correct Ans-Used to prevent nonessential medical costs An insurance company normally has 2 years to contest information provided on an accident and health application. This 2 year period begins on the date that the: - Correct Ans-Insurer dates the policy Which of these is considered an unfair trade practice? - Correct Ans-A producer stating that a policy's dividends are guaranteed Which of these statements regarding health coverage for physically handicapped dependents is FALSE? - Correct Ans-The dependent must have been over ten years of age when the handicap was incurred Under which circumstance MUST a health insurer have an expedited grievance review procedure? - Correct Ans-When the enrollee's life or health is jeapordized Which of the following types of organizations are prepaid group health plans, where members pay in advance for the services of participating physicians and hospitals that have agreements? - Correct Ans-HMO A producer is circulating incorrect information about the benefits of a policy. This producer may be found guilty of - Correct Ans-Misrepresentation Why is an applicant's signature required on a life insurance application? - Correct Ans To attest that the statements on the application are accurate to the best of the applicant's knowledge The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called a(n): - Correct Ans-Accidental Death and Dismemberment rider (AD&D) The ___ is authorized to assign a Life Insurance policy as collateral for a loan. - Correct Ans-Policyowner In regards to representations or warranties, which of these statements is TRUE? - Correct Ans-If material to the risk, false representations will void a policy. Which of the following is considered to be the time period after a Health Policy is issued, during which no benefits are provided for illness? - Correct Ans-Probationary Period MISSOURI MISSOURI A life policy loan in Missouri cannot charge a fixed rate of interest higher than - Correct Ans-8% P purchases a $50,000 whole life insurance policy in 2005. One of the questions on the application asks if P engages in scuba diving, to which P answers "No". The policy is then issued with no scuba exclusions..... - Correct Ans-$50,000 minus any outstanding policy loans S is employed by a large corporation that provides group health coverage for its employees and their dependents. If S dies, the company must allow his surviving spouse and dependents to continue their group health coverage for a maximum of how many months under COBRA regulations? - Correct Ans-36 months The percentage of an individual's Primary Insurance Amount (PIA) determines the benefits paid in which of the following programs - Correct Ans-Social Security Disability Income When a misrepresentation on a life insurance policy application is discovered, what action may an insurance company take? - Correct Ans-Void the policy only if it is discovered during the Contestable period and proven to be material Which of these is considered a mandatory provision? - Correct Ans-Payment of Claims The Notice of Claims provision requires a policyowner to: - Correct Ans-Notify an insurer of a claim within a specified time Which of the following statements BEST describes what the Legal Actions provision of an Accident and Health policy requires? - Correct Ans-An insured must wait at least 60 days after Proof of Loss has been submitted before a lawsuit can be filed According to the Mandatory Uniform Policy Provisions, what is the max amount of time after the premium due date - Correct Ans-31 days T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life Annuity. What will this transaction provide? - Correct Ans-Income that cannot be outlived by the owner When making a recommendation to a consumer to purchase an annuity, the producer must make reasonable efforts to obtain suitability information. - Correct Ans-Age, annual income, financial experience A producer must report any personal felony charges within ___ days of a pre-trial hearing - Correct Ans-30 days MISSOURI MISSOURI Pre-hospitalization authorization is considered an example of: - Correct Ans-Managed care Health insurance policies in Missouri are REQUIRED to contain coverage for human leukocyte antigen testing for bone marrow transplant - Correct Ans-With each issued health policy Which of the following characteristics is associated with a large group disability income policy? - Correct Ans-No medical underwriting Who may assign benefits from a group life insurance policy - Correct Ans-Insured ____can be defined as "making an unfair comparison of two insurance policies" - Correct Ans-Misrepresentation T files a claim on his Accident and Health policy after being treated for an illness. The insurance company believes that T misrepresented his actual health on the initial insurance..... - Correct Ans-Time limit on certain defenses Which of these statements is INCORRECT regarding a Preferred Provider Organization(PPO) - Correct Ans-PPO's are NOT a type of managed care systems A health insurance policy application may ONLY be altered with the written consent of the - Correct Ans-Applicant Which of the following correctly explains the actions an agent should take if a customer wants to apply for an insurance policy? - Correct Ans-Apply, complete and review with customer before signing, then sending it off What is the purpose of the Missouri Life and Health Insurance Guaranty Association - Correct Ans-Ensures that claims filed against insolvent insurance companies will be paid A licensee must complete __ hours of continuing education every two years - Correct Ans-16 D owns a Whole Life policy that was purchased 10 years ago. If the premium payments suddenly stop and D takes no additional action, which nonforfeiture option will the insurer likely proceed with? - Correct Ans-Extended Term Health insurance plans that cover physical therapy visits may NOT impose a copay that - Correct Ans-Is greater than the copay for primary care office visits Which of these do NOT constitute policy delivery - Correct Ans-Policy issued with a