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Mississippi Life and Health Insurance Exam
Actual Questions With 100% Verified
Answers |Excellent Scores
Absolute assignment - Correct-answer-Policy assignment under which the
assignee (person to whom the policy is assigned)
receives full control over the policy and also full rights to its benefits. Generally,
when a policy is assigned to secure
a debt, the owner retains all rights in the policy in excess of the debt, even though
the assignment is absolute in
form. (See assignment)
Classification - Correct-answer-Occupational category of a risk.
Cleft lip - Correct-answer-A congenital furrow or groove in the upper lip that
results from incomplete embryonic development.
This condition may be associated with a cleft palate. Also called a hare lip.
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Cleft palate - Correct-answer-A congenital furrow or groove in the roof of the
mouth that results from incomplete embryonic
development.This condition may be associated with a cleft lip.
Close corporation - Correct-answer-A corporation owned by a small group of
stockholders, each of whom usually has a voice
in operating the business.
COBRA (Consolidated Omnibus Budget Reconciliation Act) - Correct-answer-
Extends group health coverage to terminated
employees and their families
Coinsurance (percentage participation) - Correct-answer-Principle under which
the company insures only part of the
potential loss, the policyowners paying the other part. For instance, in a major
medical policy, the company may
agree to pay % of the insured expenses, with the insured to pay the other %.
Collateral assignment - Correct-answer-Assignment of a policy to a creditor as
security for a debt. The creditor is entitled to be
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reimbursed out of policy proceeds for the amount owed. The beneficiary is
entitled to any excess of
policy proceeds over the amount due the creditor in the event of the insured's
death.
Combination company - Correct-answer-Company whose agents sell both weekly
premium life and health insurance and
ordinary life insurance. Also called a multi-line company.
Commercial health insurers - Correct-answer-Insurance companies that function
on the reimbursement approach, which
allows policy owners to seek medical treatment then submit the charges to the
insurer for reimbursement.
Commissioner - Correct-answer-Head of a state insurance department; public
officer charged with supervising the insurance
business in a state and administrating insurance laws. Called "superintendent" in
some states, "director" in others.
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Commissioner's Standard Ordinary (CSO) Table - Correct-answer-Table of
mortality based on intercompany experience
over a period of time, which is legally recognized as the mortality basis for
computing maximum reserves on
policies issued within past years
Common disaster provision - Correct-answer-Sometimes added to a policy and
designed to provide an alternative
beneficiary in the event that the insured as well as the original beneficiary dies as
the result of a common
accident
Competent parties - Correct-answer-To be enforceable, a contract must be
entered into by competent parties. A competent party
is one who is capable of understanding the contract being agreed to.
Comprehensive major medical insurance - Correct-answer-Designed to give the
protection offered by both a basic medical
expense and major medical policy. It is characterized by a low deductible amount,
coinsurance clause, and
high maximum benefits
Mississippi Life and Health Insurance Exam
Actual Questions With 100% Verified
Answers |Excellent Scores
Absolute assignment - Correct-answer-Policy assignment under which the
assignee (person to whom the policy is assigned)
receives full control over the policy and also full rights to its benefits. Generally,
when a policy is assigned to secure
a debt, the owner retains all rights in the policy in excess of the debt, even though
the assignment is absolute in
form. (See assignment)
Classification - Correct-answer-Occupational category of a risk.
Cleft lip - Correct-answer-A congenital furrow or groove in the upper lip that
results from incomplete embryonic development.
This condition may be associated with a cleft palate. Also called a hare lip.
,2|Page
Cleft palate - Correct-answer-A congenital furrow or groove in the roof of the
mouth that results from incomplete embryonic
development.This condition may be associated with a cleft lip.
Close corporation - Correct-answer-A corporation owned by a small group of
stockholders, each of whom usually has a voice
in operating the business.
COBRA (Consolidated Omnibus Budget Reconciliation Act) - Correct-answer-
Extends group health coverage to terminated
employees and their families
Coinsurance (percentage participation) - Correct-answer-Principle under which
the company insures only part of the
potential loss, the policyowners paying the other part. For instance, in a major
medical policy, the company may
agree to pay % of the insured expenses, with the insured to pay the other %.
Collateral assignment - Correct-answer-Assignment of a policy to a creditor as
security for a debt. The creditor is entitled to be
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reimbursed out of policy proceeds for the amount owed. The beneficiary is
entitled to any excess of
policy proceeds over the amount due the creditor in the event of the insured's
death.
Combination company - Correct-answer-Company whose agents sell both weekly
premium life and health insurance and
ordinary life insurance. Also called a multi-line company.
Commercial health insurers - Correct-answer-Insurance companies that function
on the reimbursement approach, which
allows policy owners to seek medical treatment then submit the charges to the
insurer for reimbursement.
Commissioner - Correct-answer-Head of a state insurance department; public
officer charged with supervising the insurance
business in a state and administrating insurance laws. Called "superintendent" in
some states, "director" in others.
, 4|Page
Commissioner's Standard Ordinary (CSO) Table - Correct-answer-Table of
mortality based on intercompany experience
over a period of time, which is legally recognized as the mortality basis for
computing maximum reserves on
policies issued within past years
Common disaster provision - Correct-answer-Sometimes added to a policy and
designed to provide an alternative
beneficiary in the event that the insured as well as the original beneficiary dies as
the result of a common
accident
Competent parties - Correct-answer-To be enforceable, a contract must be
entered into by competent parties. A competent party
is one who is capable of understanding the contract being agreed to.
Comprehensive major medical insurance - Correct-answer-Designed to give the
protection offered by both a basic medical
expense and major medical policy. It is characterized by a low deductible amount,
coinsurance clause, and
high maximum benefits
