Missouri Life and Health Insurance Questions
and Answers| Latest Update
"What is it called when you take a reduced paid-up at the same time as taking a new policy"
Correct Ans-- Replacement
Notice regarding replacement Correct Ans-- Signed by both the applicant and the producer
Conservation Correct Ans-- Trying to convince a current policy owner not to replace the
existing insurance or annuity
Policy loan rates Correct Ans-- Not exceed 8% per year
- Connected to external rate
Missouri statutes- grace period Correct Ans-- 31 days for the payment of any premium except
the first
Missouri statutes- incontestibility Correct Ans-- May not be contested after policy has been in
force for 2 years
"The lender is all of the following exept" Correct Ans-- The premium payer
Credit life insurance Correct Ans-- Pays off loan in case of death
,"When you die how much will bank receive" Correct Ans-- Never more than the amount of
the debt
Variable products Correct Ans-- Securities license to sell
- Keep mutual funds in a separate account
Graded death benefits Correct Ans-- Is a policy intended to be used for substandard risk
- Death benefit increases over time
- Issued with little to no underwriting
Period disclosure Correct Ans-- To policy owner
- At least once a year
- No earlier than 3 months prior to report mailing date
Minimum maternity benfits Correct Ans-- 48 hours after normal delivery
- 96 hours after C-section
Newborns Correct Ans-- Provided coverage from the moment of birth
- Premium payment to insurance company required within 31 days
Adopted children Correct Ans-- Have coverage from birth if a petition is filled within 30 days
,- Mother is covered for 90 days of cereget
Immunization Correct Ans-- Provide coverage for immunization for a child from birth to age
5
Coverage for formula and food products cannot be greater than Correct Ans-- 50%
Coverage for Mammography Correct Ans-- A mammogram for woman ages 40-49
- Every 2 years or more frequently based on the recommendation of the patients physicians
Substance abuse/ alcoholism Correct Ans-- Coverage limited to 30 days
Drug cancellation notification Correct Ans-- Must be let know 30 days prior to any deletion
in the plans prescription drug
- Must be done electronically or in writing
Antigen testing for bone marrow transplant Correct Ans-- Mandatory coverage in all health
benefit plans
- human leukocyte testing
Right to appeal Correct Ans-- Enrollees must have right to appeal coverage for
pharmaceutical drugs
, Advertisements Correct Ans-- Company is responsible regardless of who wrote, created the
advertisements
Required coverage for diabetes Correct Ans-- All individual and group health insurance
policies issued in this state must offer coverage
- Treatment of gestational, Type I and II
Medicare supplement- free look Correct Ans-- 30 day period for supplements
Medicare supplement- open enrollment Correct Ans-- Application for policy has been
submitted within 6 months
- 65 or older and is enrolled in Medicare part B
"First year commission" Correct Ans-- 2X or 200%
Standards for marketing Correct Ans-- Must retain for at least 3 years from first use
Twisting Correct Ans-- Illegal misrepresentation
Replacement of policies Correct Ans-- Ongoing claims under former policy must continue to
be paid
"Suzie wants coverage while on school activities" Correct Ans-- Blanket policy
and Answers| Latest Update
"What is it called when you take a reduced paid-up at the same time as taking a new policy"
Correct Ans-- Replacement
Notice regarding replacement Correct Ans-- Signed by both the applicant and the producer
Conservation Correct Ans-- Trying to convince a current policy owner not to replace the
existing insurance or annuity
Policy loan rates Correct Ans-- Not exceed 8% per year
- Connected to external rate
Missouri statutes- grace period Correct Ans-- 31 days for the payment of any premium except
the first
Missouri statutes- incontestibility Correct Ans-- May not be contested after policy has been in
force for 2 years
"The lender is all of the following exept" Correct Ans-- The premium payer
Credit life insurance Correct Ans-- Pays off loan in case of death
,"When you die how much will bank receive" Correct Ans-- Never more than the amount of
the debt
Variable products Correct Ans-- Securities license to sell
- Keep mutual funds in a separate account
Graded death benefits Correct Ans-- Is a policy intended to be used for substandard risk
- Death benefit increases over time
- Issued with little to no underwriting
Period disclosure Correct Ans-- To policy owner
- At least once a year
- No earlier than 3 months prior to report mailing date
Minimum maternity benfits Correct Ans-- 48 hours after normal delivery
- 96 hours after C-section
Newborns Correct Ans-- Provided coverage from the moment of birth
- Premium payment to insurance company required within 31 days
Adopted children Correct Ans-- Have coverage from birth if a petition is filled within 30 days
,- Mother is covered for 90 days of cereget
Immunization Correct Ans-- Provide coverage for immunization for a child from birth to age
5
Coverage for formula and food products cannot be greater than Correct Ans-- 50%
Coverage for Mammography Correct Ans-- A mammogram for woman ages 40-49
- Every 2 years or more frequently based on the recommendation of the patients physicians
Substance abuse/ alcoholism Correct Ans-- Coverage limited to 30 days
Drug cancellation notification Correct Ans-- Must be let know 30 days prior to any deletion
in the plans prescription drug
- Must be done electronically or in writing
Antigen testing for bone marrow transplant Correct Ans-- Mandatory coverage in all health
benefit plans
- human leukocyte testing
Right to appeal Correct Ans-- Enrollees must have right to appeal coverage for
pharmaceutical drugs
, Advertisements Correct Ans-- Company is responsible regardless of who wrote, created the
advertisements
Required coverage for diabetes Correct Ans-- All individual and group health insurance
policies issued in this state must offer coverage
- Treatment of gestational, Type I and II
Medicare supplement- free look Correct Ans-- 30 day period for supplements
Medicare supplement- open enrollment Correct Ans-- Application for policy has been
submitted within 6 months
- 65 or older and is enrolled in Medicare part B
"First year commission" Correct Ans-- 2X or 200%
Standards for marketing Correct Ans-- Must retain for at least 3 years from first use
Twisting Correct Ans-- Illegal misrepresentation
Replacement of policies Correct Ans-- Ongoing claims under former policy must continue to
be paid
"Suzie wants coverage while on school activities" Correct Ans-- Blanket policy
