Missouri Life Insurance Exam Correct Questions & Answers(RATED A)
401(k) Plan - ANSWER A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - ANSWER Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner Accelerated Death Benefit - ANSWER Policy provision that allows full or partial payment of the policy's death benefit before the insured's death if he/she is terminally ill. Accidental Death Benefit - ANSWER An extra cost rider that requires the insurance company to pay an additional benefit in the event that the insured dies within 90 days of an accident as a direct result of the accident. Accumulate at Interest - ANSWER The Dividend Option where the policyowner leaves the dividends with the insurer to invest and earn interest. Adhesion - ANSWER Since the insurer created all the documents of the contract, any ambiguities in the contract will be settled in favor of the insured
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