Mississippi Life and Health Final Exam
1. What kind of life insurance product covers children under their parent's
policy?
Family Maintenance rider
Term rider
Family Income rider
Payor benefit: Term Rider
2. Under a trustee group life policy, who would be eligible for a certificate of
coverage?
Corporation
Employee
Employer
Labor union: employee
3. A producer must report to the Commissioner of Insurance any
administrative action or criminal charges taken against the producer
within __ days of the final disposition of the matter.
10
15
20
30: 30
4. The return of all or part of the commission to the insured by an insurance
producer as an inducement to purchase the insurance is known as
twisting
redlining
rebating
misrepresentation: rebating
5. Insurance producer licenses normally must be renewed every
, Mississippi Life and Health Final Exam
six months
one year
two years
three years: two years
6. Which of the following phrases refers to the fees charged by a healthcare
professional?
Deductible
Coinsurance
Usual, customary, and reasonable expenses
Hospital expense: Usual, customary, and reasonable expenses
7. The situation in which a group of physicians are salaried employees and
conduct business in an HMO facility is called a(n)
closed panel
open panel co-op panel
capitation panel: closed panel
8. An accident policy will most likely pay a benefit for a(n)
self-inflicted injury
critical illness on-the-job accident
off-the-job accident: off-the-job accident
9. B has a $100,000 Accidental Death and Dismemberment policy that pays
triple indemnity for common carrier death. If B is killed from an accident
on a commercial flight, what will the policy pay B's beneficiary?
$100,000
$200,000
$300,000
$400,000: $300,000
, Mississippi Life and Health Final Exam
10. An insurance company that replaces existing insurance must provide a
copy of which of the following documents to the existing insurance
company?
The new policy
The premium and interest figures for the proposed policy
A policy summary
The Notice Regarding Proposed Replacement of Life Insurance or Annuity:
a policy summary
11. An insurance company formed under the laws of Canada would be
known in Mississippi as
a domestic
company an alien
company a foreign
company
a mutual company: an alien company
12. What kind of life insurance beneficiary requires his/her consent when a
change of beneficiary is made?
Irrevocable beneficiary
Tertiary beneficiary
Primary beneficiary
Revocable beneficiary: irrevocable beneficiary
13. K is the insured and P is the sole beneficiary on a life insurance policy.
Both are involved in a fatal accident where K dies before P. Under the
Common Disaster provision, which of these statements is true?
-Proceeds will be paid to P's estate
-Proceeds will be divided equally between K's and P's estate
-Proceeds will be payable to K's estate if P dies within a specified time
-The courts will decide who will receive death benefits: Proceeds will
be payable to K's estate if P dies within a specified time
, Mississippi Life and Health Final Exam
14. Unfair discrimination is described as
failing to choose a specific policy type
charging different rates for persons in the same class
writing different policies for different individuals
writing policies for only one company: charging different rates for persons in
the same class
15. An agent takes an individual Disability Income application, collects the
appropriate premium, and issues the prospective insured a conditional
receipt. The next step the insurance company will take is to
-issue the policy only when the initial premium check has cleared
-determine if the applicant is insurable by investigating family health history
-issue the policy on a standard basis
-determine if the applicant is an acceptable risk by completing standard
underwriting procedures: determine if the applicant is an acceptable risk by
completing standard underwriting procedures
16. Which premium schedule results in the lowest cost to the policy owner?
Semi-annual
Monthly
Quarterly
Annual: annual
17. The most important factor to consider when determining whether to
convert term insurance at the insured's attained age or the insured's
original age is
the cost
the health of the insured
the amount of coverage being converted
who will be beneficiary: the cost
18. The Long-Term Care cost disclosure information MUST appear in bold
print on the cover page of which of the following materials?
1. What kind of life insurance product covers children under their parent's
policy?
Family Maintenance rider
Term rider
Family Income rider
Payor benefit: Term Rider
2. Under a trustee group life policy, who would be eligible for a certificate of
coverage?
Corporation
Employee
Employer
Labor union: employee
3. A producer must report to the Commissioner of Insurance any
administrative action or criminal charges taken against the producer
within __ days of the final disposition of the matter.
10
15
20
30: 30
4. The return of all or part of the commission to the insured by an insurance
producer as an inducement to purchase the insurance is known as
twisting
redlining
rebating
misrepresentation: rebating
5. Insurance producer licenses normally must be renewed every
, Mississippi Life and Health Final Exam
six months
one year
two years
three years: two years
6. Which of the following phrases refers to the fees charged by a healthcare
professional?
Deductible
Coinsurance
Usual, customary, and reasonable expenses
Hospital expense: Usual, customary, and reasonable expenses
7. The situation in which a group of physicians are salaried employees and
conduct business in an HMO facility is called a(n)
closed panel
open panel co-op panel
capitation panel: closed panel
8. An accident policy will most likely pay a benefit for a(n)
self-inflicted injury
critical illness on-the-job accident
off-the-job accident: off-the-job accident
9. B has a $100,000 Accidental Death and Dismemberment policy that pays
triple indemnity for common carrier death. If B is killed from an accident
on a commercial flight, what will the policy pay B's beneficiary?
$100,000
$200,000
$300,000
$400,000: $300,000
, Mississippi Life and Health Final Exam
10. An insurance company that replaces existing insurance must provide a
copy of which of the following documents to the existing insurance
company?
The new policy
The premium and interest figures for the proposed policy
A policy summary
The Notice Regarding Proposed Replacement of Life Insurance or Annuity:
a policy summary
11. An insurance company formed under the laws of Canada would be
known in Mississippi as
a domestic
company an alien
company a foreign
company
a mutual company: an alien company
12. What kind of life insurance beneficiary requires his/her consent when a
change of beneficiary is made?
Irrevocable beneficiary
Tertiary beneficiary
Primary beneficiary
Revocable beneficiary: irrevocable beneficiary
13. K is the insured and P is the sole beneficiary on a life insurance policy.
Both are involved in a fatal accident where K dies before P. Under the
Common Disaster provision, which of these statements is true?
-Proceeds will be paid to P's estate
-Proceeds will be divided equally between K's and P's estate
-Proceeds will be payable to K's estate if P dies within a specified time
-The courts will decide who will receive death benefits: Proceeds will
be payable to K's estate if P dies within a specified time
, Mississippi Life and Health Final Exam
14. Unfair discrimination is described as
failing to choose a specific policy type
charging different rates for persons in the same class
writing different policies for different individuals
writing policies for only one company: charging different rates for persons in
the same class
15. An agent takes an individual Disability Income application, collects the
appropriate premium, and issues the prospective insured a conditional
receipt. The next step the insurance company will take is to
-issue the policy only when the initial premium check has cleared
-determine if the applicant is insurable by investigating family health history
-issue the policy on a standard basis
-determine if the applicant is an acceptable risk by completing standard
underwriting procedures: determine if the applicant is an acceptable risk by
completing standard underwriting procedures
16. Which premium schedule results in the lowest cost to the policy owner?
Semi-annual
Monthly
Quarterly
Annual: annual
17. The most important factor to consider when determining whether to
convert term insurance at the insured's attained age or the insured's
original age is
the cost
the health of the insured
the amount of coverage being converted
who will be beneficiary: the cost
18. The Long-Term Care cost disclosure information MUST appear in bold
print on the cover page of which of the following materials?
