Mississippi Life and Health Final Exam Actual Questions and Answers 2023 Complete
What kind of life insurance product covers children under their parent's policy? Family Maintenance rider Term rider Family Income rider Payor benefit Answer- Term Rider
Under a trustee group life policy, who would be eligible for a certificate of coverage? Corporation Employee Employer Labor union Answer- employee
A producer must report to the Commissioner of Insurance any administrative action or criminal charges taken against the producer within __ days of the final disposition of the matter. 10 15 20 30 Answer- 30
The return of all or part of the commission to the insured by an insurance producer as an inducement to purchase the insurance is known as twisting redlining rebating misrepresentation Answer- rebating
Insurance producer licenses normally must be renewed every six months one year two years three years Answer- two years Which of the following phrases refers to the fees charged by a healthcare professional? Deductible Coinsurance Usual, customary, and reasonable expenses Hospital expense Answer- Usual, customary, and reasonable expenses
The situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called a(n)
closed panel open panel co-op panel capitation panel Answer- closed panel
An accident policy will most likely pay a benefit for a(n)
self-inflicted injury critical illness on-the-job accident off-the-job accident Answer- off-the-job accident
B has a $100,000 Accidental Death and Dismemberment policy that pays triple indemnity for common carrier death. If B is killed from an accident on a commercial flight, what will the policy pay B's beneficiary? $100,000 $200,000 $300,000 $400,000 Answer- $300,000
An insurance company that replaces existing insurance must provide a copy of which of
the following documents to the existing insurance company? The new policy The premium and interest figures for the proposed policy A policy summary The Notice Regarding Proposed Replacement of Life Insurance or Annuity Answer- a policy summary
An insurance company formed under the laws of Canada would be known in Mississippi
as a domestic company an alien company a foreign company a mutual company Answer- an alien company
What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Irrevocable beneficiary Tertiary beneficiary Primary beneficiary Revocable beneficiary Answer- irrevocable beneficiary
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? -Proceeds will be paid to P's estate -Proceeds will be divided equally between K's and P's estate -Proceeds will be payable to K's estate if P dies within a specified time -The courts will decide who will receive death benefits Answer- Proceeds will be payable to K's estate if P dies within a specified time
Unfair discrimination is described as failing to choose a specific policy type charging different rates for persons in the same class writing different policies for different individuals writing policies for only one company Answer- charging different rates for persons in the same class
An agent takes an individual Disability Income application, collects the appropriate premium, and issues the prospective insured a conditional receipt. The next step the insurance company will take is to
-issue the policy only when the initial premium check has cleared -determine if the applicant is insurable by investigating family health history -issue the policy on a standard basis -determine if the applicant is an acceptable risk by completing standard underwriting procedures Answer- determine if the applicant is an acceptable risk by completing standard underwriting procedures
Which premium schedule results in the lowest cost to the policy owner? Semi-annual Monthly Quarterly Annual Answer- annual
What kind of life insurance product covers children under their parent's policy? Family Maintenance rider Term rider Family Income rider Payor benefit Answer- Term Rider
Under a trustee group life policy, who would be eligible for a certificate of coverage? Corporation Employee Employer Labor union Answer- employee
A producer must report to the Commissioner of Insurance any administrative action or criminal charges taken against the producer within __ days of the final disposition of the matter. 10 15 20 30 Answer- 30
The return of all or part of the commission to the insured by an insurance producer as an inducement to purchase the insurance is known as twisting redlining rebating misrepresentation Answer- rebating
Insurance producer licenses normally must be renewed every six months one year two years three years Answer- two years Which of the following phrases refers to the fees charged by a healthcare professional? Deductible Coinsurance Usual, customary, and reasonable expenses Hospital expense Answer- Usual, customary, and reasonable expenses
The situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called a(n)
closed panel open panel co-op panel capitation panel Answer- closed panel
An accident policy will most likely pay a benefit for a(n)
self-inflicted injury critical illness on-the-job accident off-the-job accident Answer- off-the-job accident
B has a $100,000 Accidental Death and Dismemberment policy that pays triple indemnity for common carrier death. If B is killed from an accident on a commercial flight, what will the policy pay B's beneficiary? $100,000 $200,000 $300,000 $400,000 Answer- $300,000
An insurance company that replaces existing insurance must provide a copy of which of
the following documents to the existing insurance company? The new policy The premium and interest figures for the proposed policy A policy summary The Notice Regarding Proposed Replacement of Life Insurance or Annuity Answer- a policy summary
An insurance company formed under the laws of Canada would be known in Mississippi
as a domestic company an alien company a foreign company a mutual company Answer- an alien company
What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Irrevocable beneficiary Tertiary beneficiary Primary beneficiary Revocable beneficiary Answer- irrevocable beneficiary
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? -Proceeds will be paid to P's estate -Proceeds will be divided equally between K's and P's estate -Proceeds will be payable to K's estate if P dies within a specified time -The courts will decide who will receive death benefits Answer- Proceeds will be payable to K's estate if P dies within a specified time
Unfair discrimination is described as failing to choose a specific policy type charging different rates for persons in the same class writing different policies for different individuals writing policies for only one company Answer- charging different rates for persons in the same class
An agent takes an individual Disability Income application, collects the appropriate premium, and issues the prospective insured a conditional receipt. The next step the insurance company will take is to
-issue the policy only when the initial premium check has cleared -determine if the applicant is insurable by investigating family health history -issue the policy on a standard basis -determine if the applicant is an acceptable risk by completing standard underwriting procedures Answer- determine if the applicant is an acceptable risk by completing standard underwriting procedures
Which premium schedule results in the lowest cost to the policy owner? Semi-annual Monthly Quarterly Annual Answer- annual
