MO Health and Life Insurance Exam with 100% correct solutions 2024

Adverse Selection correct answers insuring of risks that are more prone to losses than the average risk agent/producer correct answers legal representative of insurance company producer correct answers includes agents and brokers agent correct answers agent of the insurer applicant correct answers a person applying for insurance beneficiary correct answers person who receives benefits of an insurance policy death benefit correct answers the amount paid upon death of the person insured through life insurance insurance policy correct answers a contract between a policy owner and insurance company which agrees to pay the insured or beneficiary for loss caused by special events insured correct answers person covered by the insurance policy may or may not be the policy owner insurer correct answers the company that issues the insurance policy lapse correct answers policy termination due to non payment or premium life insurance correct answers coverage of human lives policy owner correct answers the person entitled to exercise the rights and privileges of the company premium correct answers the money paid to the company for the policy Elements of a Legal Contract correct answers 1. Agreement- offer and acceptance 2. Consideration 3. Competent parties 4. Legal Purpose Agreement correct answers Applicant makes an offer when submitting an application