Mississippi Life and Health Insurance Questions & Answers(RATED A+)

A business overhead expense policy : - ANSWER covers business expenses such as rent and utilities A provision in a life insurance policy that pays the policy owner an amount that does not surpass the guaranteed cash value is called the : - ANSWER Policy loan provision After and insured gives notice of loss what must he/she do if the insurer does not furnish forms - ANSWER File written proof of loss W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EXCEPT a(n) - ANSWER Immediate annuity Which of these statements accurately describes the Waiver of premium provision in an accident and Health policy - ANSWER premiums are waived after the insured has been totally disabled for a specified time period K has a health policy that must be renewed by the insurer and the premiums can only be increased if applied to the entire class of insureds. This type of policy is considered - ANSWER guaranteed renewable A statement made by an insured in an insurance application that must be true to the best of one's knowledge and which becomes a part of the contract is known as: - ANSWER representation A major medical policy typically contains a provision that requires the insurer to pay only part of the loss, when the balance is paid by the insured. This provision is called : - ANSWER Coinsurance Which tax would an IRA participant be subjected to on distributions received prior to age 59 1/2? - ANSWER Ordinary income tax and a 10% tax penalty for early withdraw which of the following life insurance policies combine term insurance with an investment element? - ANSWER Universal Life Which Federal law allows an insurer to obtain an inspection report on a potential insured? - ANSWER Fair Credit reposting Act A policy owner is able to choose the frequency of premium payments through what policy feature? - ANSWER Premium Mode