Final Exam - Missouri Life Only With
Already Passed Answers
Which unfair trade practice involves making false statements about the financial
condition of another insurance company? - ANSWER-Defamation
When must insurable interest exist for a life insurance contract to be valid? - ANSWER-
Inception of the contract
Which of the following statements about non-contributory employee group life insurance
is FALSE? - ANSWER-A minimum number of employees is required to participate.
D was actively serving in the Marines when he was killed in an automobile accident
while on leave. His $100,000 whole life policy contains a war exclusion clause. How
much will D's beneficiary's receive - ANSWER-The full face amount.
In Missouri, which of the following is considered an unfair trade practice? - ANSWER-
Coercion.
Which of these characteristics is consistent with a Straight Life policy? - ANSWER-
Premiums are payable for as long as there is insurance coverage in force.
Which of the following best describes a contingent beneficiary? - ANSWER-Person
designated by the insured to receive policy proceeds in the event that the primary
beneficiary dies before the insured.
A policy owner would like to change the beneficiary on a life insurance policy and make
the change permanent. Which type of designation would fulfill this need? - ANSWER-
Irrevocable
The option that provides an additional death benefit for a limited amount of time at the
lowest possible cost is called a(n): - ANSWER-Accidental Death and Dismemberment
rider (AD&D).
, What is the MAXIMUM fixed interest rate for life insurance policy loans? - ANSWER-8%
When a policy owner cash surrenders a Universal Life insurance policy in its early
years, this may be considered a red flag for a(n): - ANSWER-Anti-Money Laundering
Violation
In an individual retirement account (IRA), rollover contributions are: - ANSWER-Not
limited by dollar amount.
A credit life insurance policy covers life of the - ANSWER-Debtor.
Prior to a universal life insurance policy being terminated, written notice must be given
to the policy owner at least - ANSWER-30 days of termination date
Which parts of a life insurance policy are guaranteed to be true? - ANSWER-Warranty.
What is the underlying concept regarding level premiums? - ANSWER-The early years
are changed more than what is needed.
An applicant for a non-resident producer license must - ANSWER-Be a producer in
good standing in their home state.
When making a recommendation to a consumer to purchase an annuity, the producer
must make reasonable efforts to obtain - ANSWER-Suitability Information
Which of these statements describe a Modified Endowment Contract (MEC) -
ANSWER-Exceeds the maximum amount of premium that can be paid into a policy and
still have it recognized as a life insurance contract.
USA Patriot Act was enacted in: - ANSWER-2001
Already Passed Answers
Which unfair trade practice involves making false statements about the financial
condition of another insurance company? - ANSWER-Defamation
When must insurable interest exist for a life insurance contract to be valid? - ANSWER-
Inception of the contract
Which of the following statements about non-contributory employee group life insurance
is FALSE? - ANSWER-A minimum number of employees is required to participate.
D was actively serving in the Marines when he was killed in an automobile accident
while on leave. His $100,000 whole life policy contains a war exclusion clause. How
much will D's beneficiary's receive - ANSWER-The full face amount.
In Missouri, which of the following is considered an unfair trade practice? - ANSWER-
Coercion.
Which of these characteristics is consistent with a Straight Life policy? - ANSWER-
Premiums are payable for as long as there is insurance coverage in force.
Which of the following best describes a contingent beneficiary? - ANSWER-Person
designated by the insured to receive policy proceeds in the event that the primary
beneficiary dies before the insured.
A policy owner would like to change the beneficiary on a life insurance policy and make
the change permanent. Which type of designation would fulfill this need? - ANSWER-
Irrevocable
The option that provides an additional death benefit for a limited amount of time at the
lowest possible cost is called a(n): - ANSWER-Accidental Death and Dismemberment
rider (AD&D).
, What is the MAXIMUM fixed interest rate for life insurance policy loans? - ANSWER-8%
When a policy owner cash surrenders a Universal Life insurance policy in its early
years, this may be considered a red flag for a(n): - ANSWER-Anti-Money Laundering
Violation
In an individual retirement account (IRA), rollover contributions are: - ANSWER-Not
limited by dollar amount.
A credit life insurance policy covers life of the - ANSWER-Debtor.
Prior to a universal life insurance policy being terminated, written notice must be given
to the policy owner at least - ANSWER-30 days of termination date
Which parts of a life insurance policy are guaranteed to be true? - ANSWER-Warranty.
What is the underlying concept regarding level premiums? - ANSWER-The early years
are changed more than what is needed.
An applicant for a non-resident producer license must - ANSWER-Be a producer in
good standing in their home state.
When making a recommendation to a consumer to purchase an annuity, the producer
must make reasonable efforts to obtain - ANSWER-Suitability Information
Which of these statements describe a Modified Endowment Contract (MEC) -
ANSWER-Exceeds the maximum amount of premium that can be paid into a policy and
still have it recognized as a life insurance contract.
USA Patriot Act was enacted in: - ANSWER-2001
