Missouri Life and Health Insurance State Exam Simulator-
200+ questions with verified answers
J's Major Medical policy has a $2000 deductible and an 80/20
coinsurance clause. If J is hospitalized and receives a bill for $10,000, j
would pay Ans ✔✔-3,600 (2k + 20% of thr remaining bill)
Life insurance that covers an insured's whole life with level premiums
paid over a limited time is called: Ans ✔✔-Limited Pay Life
What is the purpose of the Missouri Life and Health Insurance Guaranty
Association? Ans ✔✔-Ensures that claims filed against insolvent
insurance companies will be paid
M's insurance company denied a reinstatement application for her lapsed
health insurance policy. The company did not notify M of this denial.
How many days from the reinstatement application date does the
insurance company have to notify M of the denial before the policy will
be automatically placed back in force?? Ans ✔✔-45 days
N is a 40-year old applicant who would like to retire at age 70. He is
looking to buy a life insurance policy with level premiums, permanent
protection, and be paid-up at retirement. Which of these should N
purchase? Ans ✔✔-30 Pay Life
V is insured under an individual Disability Income policy with a 30-day
Elimination period. On July 1, he is involved in an accident and
temporarily disabled. He returns to work on December 1. How many
months of benefit are payable? Ans ✔✔-4 months
,A comprehensive major medical health insurance policy contains an
Eligible Expenses provision which identifies the types of health care
services that are covered. All of the following health care services are
typically covered, EXCEPT for: Ans ✔✔-experimental and investigative
services
Which type of life policy contains a monthly mortality charge as well as
self-directed investment choices? Ans ✔✔-Variable Universal Life
In order to establish a Health Reimbursement Arrangement (HRA), it
MUST: Ans ✔✔-Be established with the employer
A term life insurance policy matures: Ans ✔✔-upon the insured's death
during the term of the policy
Which of the following consists of an offer, acceptance, and
consideration? Ans ✔✔-contract
On a life insurance policy, who is qualified to change the beneficiary
designation? Ans ✔✔-policyowner
Prior to a producer's license being revoked, a hearing must be held. Prior
to this hearing, the Director of Insurance is REQUIRED to give Ans ✔✔-
written notice to the producer
,Which of these statements about a Guaranteed Insurability Option rider
is NOT TRUE? Ans ✔✔-Evidence of insurability is required when the
option is exercised
Whose interest is being protected by the enactment of "The Replacement
of Life Insurance and Annuities" regulation? Ans ✔✔-policyowner
All students attending a large university could be covered by: Ans ✔✔-a
blanket policy
A potential client, age 40, would like to purchase a Whole Life policy
that will accumulate cash value at a faster rate in the early years of the
policy. Which of these statements made by the producer would be
correct? Ans ✔✔-20-Pay Life accumulates cash value faster than Straight
Life
Once the insurance company receives a notice of claim, they have ___
days to send the claim form. Ans ✔✔-15
An accident policy will most likely pay a benefit for a(n): Ans ✔✔-off
the job accident
Which of these is NOT a reason for purchasing life insurance on the life
of a minor? Ans ✔✔-If both parents were to die, it would provide death
benefits to the child
, Health coverage for the administration of general anesthesia and hospital
charges for dental care MUST be provided to a(n) Ans ✔✔-child under
the age of five
When an individual is planning to protect his family with life insurance,
one method of doing so is called needs analysis. What exactly does
needs analysis involve? Ans ✔✔-Establishes the needs of the individual
and his dependents
Medicare is intended for all of the following groups, EXCEPT: Ans ✔✔-
those enrolled as a full time student
What type of life policy covers 2 lives and pays the face amount after
the first one dies? Ans ✔✔-Joint Life Policy
Which of the following types of policies pays a benefit if the insured
goes blind? Ans ✔✔-Accidental Death and Disbursement
Which of the following is NOT included in an annuity contract? Ans
✔✔-AD&D Rider
Which type of policy is considered to be overfunded, as stated by IRS
guidelines? Ans ✔✔-Modified Endowment Contract
All of these are considered to be a benefit under Social Security,
EXCEPT for: Ans ✔✔-Unemployment
200+ questions with verified answers
J's Major Medical policy has a $2000 deductible and an 80/20
coinsurance clause. If J is hospitalized and receives a bill for $10,000, j
would pay Ans ✔✔-3,600 (2k + 20% of thr remaining bill)
Life insurance that covers an insured's whole life with level premiums
paid over a limited time is called: Ans ✔✔-Limited Pay Life
What is the purpose of the Missouri Life and Health Insurance Guaranty
Association? Ans ✔✔-Ensures that claims filed against insolvent
insurance companies will be paid
M's insurance company denied a reinstatement application for her lapsed
health insurance policy. The company did not notify M of this denial.
How many days from the reinstatement application date does the
insurance company have to notify M of the denial before the policy will
be automatically placed back in force?? Ans ✔✔-45 days
N is a 40-year old applicant who would like to retire at age 70. He is
looking to buy a life insurance policy with level premiums, permanent
protection, and be paid-up at retirement. Which of these should N
purchase? Ans ✔✔-30 Pay Life
V is insured under an individual Disability Income policy with a 30-day
Elimination period. On July 1, he is involved in an accident and
temporarily disabled. He returns to work on December 1. How many
months of benefit are payable? Ans ✔✔-4 months
,A comprehensive major medical health insurance policy contains an
Eligible Expenses provision which identifies the types of health care
services that are covered. All of the following health care services are
typically covered, EXCEPT for: Ans ✔✔-experimental and investigative
services
Which type of life policy contains a monthly mortality charge as well as
self-directed investment choices? Ans ✔✔-Variable Universal Life
In order to establish a Health Reimbursement Arrangement (HRA), it
MUST: Ans ✔✔-Be established with the employer
A term life insurance policy matures: Ans ✔✔-upon the insured's death
during the term of the policy
Which of the following consists of an offer, acceptance, and
consideration? Ans ✔✔-contract
On a life insurance policy, who is qualified to change the beneficiary
designation? Ans ✔✔-policyowner
Prior to a producer's license being revoked, a hearing must be held. Prior
to this hearing, the Director of Insurance is REQUIRED to give Ans ✔✔-
written notice to the producer
,Which of these statements about a Guaranteed Insurability Option rider
is NOT TRUE? Ans ✔✔-Evidence of insurability is required when the
option is exercised
Whose interest is being protected by the enactment of "The Replacement
of Life Insurance and Annuities" regulation? Ans ✔✔-policyowner
All students attending a large university could be covered by: Ans ✔✔-a
blanket policy
A potential client, age 40, would like to purchase a Whole Life policy
that will accumulate cash value at a faster rate in the early years of the
policy. Which of these statements made by the producer would be
correct? Ans ✔✔-20-Pay Life accumulates cash value faster than Straight
Life
Once the insurance company receives a notice of claim, they have ___
days to send the claim form. Ans ✔✔-15
An accident policy will most likely pay a benefit for a(n): Ans ✔✔-off
the job accident
Which of these is NOT a reason for purchasing life insurance on the life
of a minor? Ans ✔✔-If both parents were to die, it would provide death
benefits to the child
, Health coverage for the administration of general anesthesia and hospital
charges for dental care MUST be provided to a(n) Ans ✔✔-child under
the age of five
When an individual is planning to protect his family with life insurance,
one method of doing so is called needs analysis. What exactly does
needs analysis involve? Ans ✔✔-Establishes the needs of the individual
and his dependents
Medicare is intended for all of the following groups, EXCEPT: Ans ✔✔-
those enrolled as a full time student
What type of life policy covers 2 lives and pays the face amount after
the first one dies? Ans ✔✔-Joint Life Policy
Which of the following types of policies pays a benefit if the insured
goes blind? Ans ✔✔-Accidental Death and Disbursement
Which of the following is NOT included in an annuity contract? Ans
✔✔-AD&D Rider
Which type of policy is considered to be overfunded, as stated by IRS
guidelines? Ans ✔✔-Modified Endowment Contract
All of these are considered to be a benefit under Social Security,
EXCEPT for: Ans ✔✔-Unemployment
