MISSOURI LIFE INSURANCE 2025
EXAM
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Qualified Retirement Plan - ANSWERS-A retirement plan that meets certain
federal requirements and therefore qualifies for special tax treatment.
Plans must be:
1. for the exclusive benefit of employees,
2. in writing,
3. nondiscriminatory,
4. either defined benefits or defined contributions, and
5. permanent.
QUESTION 2
Rebating - ANSWERS-Anything of value given by an agent to a client as an
inducement to buy insurance.
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EXAM
QUESTION 3
Reduced Paid-up Insurance - ANSWERS-Nonforfeiture option where cash value is
used to make a single premium payment to purchase as much of the same type of
insurance as possible. Face amount of the new policy would be less than the
original policy but no further premium payments would be necessary. Policy can
be reinstated.
QUESTION 4
Reinstatement Clause - ANSWERS-Contained in the policy this clause described
how a policy can be restored to its original condition. It states the conditions,
period of time and necessary steps to reinstate a policy.
QUESTION 5
Reinsurance - ANSWERS-The sharing of risk between insurance companies. One
insurance company sells part of its risk to another insurance company.
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EXAM
QUESTION 6
Renewable Term - ANSWERS-Term insurance where at the end of the specified
term the policyowner has the right to continue the policy for another term without
proof of insurability. Premiums will be determined by the new attained age.
QUESTION 7
Replacement - ANSWERS-The exchange of one policy for another. Replacement
regulations must be followed.
QUESTION 8
Representations - ANSWERS-Statements made by the applicant on the insurance
application that are believed to be true, but are not guaranteed to be true.
QUESTION 9
Revocable Beneficiary v. Irrevocable Beneficiary - ANSWERS-Revocable: A
beneficiary named by the policy
owner that can be changed by the policyowner at
his/her discretion.
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EXAM
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Qualified Retirement Plan - ANSWERS-A retirement plan that meets certain
federal requirements and therefore qualifies for special tax treatment.
Plans must be:
1. for the exclusive benefit of employees,
2. in writing,
3. nondiscriminatory,
4. either defined benefits or defined contributions, and
5. permanent.
QUESTION 2
Rebating - ANSWERS-Anything of value given by an agent to a client as an
inducement to buy insurance.
END OF
PAGE 1
, MISSOURI LIFE INSURANCE 2025
EXAM
QUESTION 3
Reduced Paid-up Insurance - ANSWERS-Nonforfeiture option where cash value is
used to make a single premium payment to purchase as much of the same type of
insurance as possible. Face amount of the new policy would be less than the
original policy but no further premium payments would be necessary. Policy can
be reinstated.
QUESTION 4
Reinstatement Clause - ANSWERS-Contained in the policy this clause described
how a policy can be restored to its original condition. It states the conditions,
period of time and necessary steps to reinstate a policy.
QUESTION 5
Reinsurance - ANSWERS-The sharing of risk between insurance companies. One
insurance company sells part of its risk to another insurance company.
END OF
PAGE 2
, MISSOURI LIFE INSURANCE 2025
EXAM
QUESTION 6
Renewable Term - ANSWERS-Term insurance where at the end of the specified
term the policyowner has the right to continue the policy for another term without
proof of insurability. Premiums will be determined by the new attained age.
QUESTION 7
Replacement - ANSWERS-The exchange of one policy for another. Replacement
regulations must be followed.
QUESTION 8
Representations - ANSWERS-Statements made by the applicant on the insurance
application that are believed to be true, but are not guaranteed to be true.
QUESTION 9
Revocable Beneficiary v. Irrevocable Beneficiary - ANSWERS-Revocable: A
beneficiary named by the policy
owner that can be changed by the policyowner at
his/her discretion.
END OF
PAGE 3
