MISSISSIPPI LIFE AND HEALTH INSURANCE
FINAL PAPER 2026 FULL SOLUTION
QUESTIONS AND ANSWERS 100% CORRECT
◉ Annually renewable term (ART.
Answer: A form of renewable term insurance that provides coverage
for one year and
allows the policy owner to renew coverage each year without
evidence of insurability. Also called yearly renewable
term (YRT)
◉ Annuitant.
Answer: One to whom an annuity is payable, or a person upon the
continuance of whose life further
payment depends.
◉ Annuity.
Answer: A contract that provides a stipulated sum payable at certain
regular intervals during the lifetime of one
or more persons, or payable for a specified period only.
◉ Annuity unit.
,Answer: The number of annuity units denotes the share of the funds
an annuitant will receive from a
variable annuity account after the accumulation period ends and
benefits begin. A formula is used to convert
accumulation units to annuity units.
◉ Any occupation.
Answer: A definition of total disability that requires that for
disability income benefits to be payable,
the insured must be unable to perform any job for which the insured
is "reasonably suited by reason of education,
training, or experience."
◉ Apparent authority.
Answer: The authority an agent appears to have, based on the
principal's (the insurer's) actions,
words, deeds, or because of circumstances the principal (the
insurer) created.
◉ Application.
Answer: Form supplied by the insurance company, usually filled in
by the agent and medical examiner (if
applicable) on the basis of information received from the applicant.It
issigned by the applicant and is part of the
,insurance policy if it is issued. It gives information to the home office
underwriting department, so it may consider
whether an insurance policy will be issued and, if so, in what
classification and at what premium rate.
◉ Appointment.
Answer: Authorization or certification of an agent to act for or
represent an insurance company
◉ Approval receipt.
Answer: Rarely used today, a type of conditional receipt that
provides that coverage is effective as of
the date the application is approved (before the policy is delivered).
◉ Assessment mutual insurer.
Answer: An insurance company characterized by member-insureds
who are assessed an
individual portion of each loss that occurs. No premium payment is
payable in advance.
◉ Assignee.
Answer: Person (including corporation, partnership, or other
organization) to whom a right or rights under a
policy are transferred by means of an assignment
, ◉ Assignment provision (health contracts).
Answer: Commercial health policy provision that allows the policy
owner to
assign benefit payments from the insurer directly to the health care
provider.
◉ Assignment.
Answer: Signed transfer of benefits of a policy by an insured to
another party. The company does not
guarantee the validity of an assignment.
◉ Assignor.
Answer: Person (including corporation, partnership, or other
organization or entity) who transfers a right or
rights under an insurance policy to another by means of an
assignment.
◉ Authority.
Answer: The actions and deeds an agent is authorized to conduct on
behalf of an insurance company, as
specified in the agent's contract.
FINAL PAPER 2026 FULL SOLUTION
QUESTIONS AND ANSWERS 100% CORRECT
◉ Annually renewable term (ART.
Answer: A form of renewable term insurance that provides coverage
for one year and
allows the policy owner to renew coverage each year without
evidence of insurability. Also called yearly renewable
term (YRT)
◉ Annuitant.
Answer: One to whom an annuity is payable, or a person upon the
continuance of whose life further
payment depends.
◉ Annuity.
Answer: A contract that provides a stipulated sum payable at certain
regular intervals during the lifetime of one
or more persons, or payable for a specified period only.
◉ Annuity unit.
,Answer: The number of annuity units denotes the share of the funds
an annuitant will receive from a
variable annuity account after the accumulation period ends and
benefits begin. A formula is used to convert
accumulation units to annuity units.
◉ Any occupation.
Answer: A definition of total disability that requires that for
disability income benefits to be payable,
the insured must be unable to perform any job for which the insured
is "reasonably suited by reason of education,
training, or experience."
◉ Apparent authority.
Answer: The authority an agent appears to have, based on the
principal's (the insurer's) actions,
words, deeds, or because of circumstances the principal (the
insurer) created.
◉ Application.
Answer: Form supplied by the insurance company, usually filled in
by the agent and medical examiner (if
applicable) on the basis of information received from the applicant.It
issigned by the applicant and is part of the
,insurance policy if it is issued. It gives information to the home office
underwriting department, so it may consider
whether an insurance policy will be issued and, if so, in what
classification and at what premium rate.
◉ Appointment.
Answer: Authorization or certification of an agent to act for or
represent an insurance company
◉ Approval receipt.
Answer: Rarely used today, a type of conditional receipt that
provides that coverage is effective as of
the date the application is approved (before the policy is delivered).
◉ Assessment mutual insurer.
Answer: An insurance company characterized by member-insureds
who are assessed an
individual portion of each loss that occurs. No premium payment is
payable in advance.
◉ Assignee.
Answer: Person (including corporation, partnership, or other
organization) to whom a right or rights under a
policy are transferred by means of an assignment
, ◉ Assignment provision (health contracts).
Answer: Commercial health policy provision that allows the policy
owner to
assign benefit payments from the insurer directly to the health care
provider.
◉ Assignment.
Answer: Signed transfer of benefits of a policy by an insured to
another party. The company does not
guarantee the validity of an assignment.
◉ Assignor.
Answer: Person (including corporation, partnership, or other
organization or entity) who transfers a right or
rights under an insurance policy to another by means of an
assignment.
◉ Authority.
Answer: The actions and deeds an agent is authorized to conduct on
behalf of an insurance company, as
specified in the agent's contract.
