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Missouri Life and Health Insurance
Questions and Correct Answers/ Latest
Update / Already Graded
Insurance transaction includes:
Ans: By mail or other means:
- Solicitation
- Negotiation
- Sale
- Advising an individual about coverage
Elements of a legal contract
Ans: -Agreement (offer and acceptance)
- Consideration
- Competent parties
- Legal purpose
- Negotiation does NOT need to happen
Who make the offer in an insurance application
Ans: - Applicant
All rights reserved © 2025/ 2026 |
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When does acceptance take place
Ans: - An insurers underwriter approves the application and
issues a policy
The binding force in any contract
Ans: - Consideration
- insurer promises to pay in the event of a loss
Contract of adhesion
Ans: - Prepared by the insurer and accepted or rejected by the
insured
- "Take it or leave it" basis
Insurance contracts are
Ans: - Aleatory
- exchange of unequal amounts of values
Unilateral contract
Ans: - only one of the parties is legally bound
- "one-way contract"
All rights reserved © 2025/ 2026 |
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"When does an insurance policy go into effect"
Ans: - When the insured receives it
Conditional contract
Ans: - certain conditions must be met by the policy owner
Warranty
Ans: - An absolutely true statement upon upon which the
validity of the insurance policy depends
Representions
Ans: - Statements believed to be true
Misrepresentation
Ans: - Untrue statements on the applications
- Can void the contract
Material misrepresentation
All rights reserved © 2025/ 2026 |
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Ans: - Would alter the underwriting decision of insurance
company
Part 1- General Information
Ans: - Name, age, address, birth date, gender, income, marital
status, and occupation
Part 2- Medical Information
Ans: - Medical background, present health
- Medical visits in recent years
- Medical status of relatives/ causes of deaths
Field underwriter
Ans: - Solicited the potential insured
- Analyzes health
- Gets info on client
Agents report
Ans: - Observations concerning the proposed insured
- Does not become a part of the entire contract
All rights reserved © 2025/ 2026 |
Missouri Life and Health Insurance
Questions and Correct Answers/ Latest
Update / Already Graded
Insurance transaction includes:
Ans: By mail or other means:
- Solicitation
- Negotiation
- Sale
- Advising an individual about coverage
Elements of a legal contract
Ans: -Agreement (offer and acceptance)
- Consideration
- Competent parties
- Legal purpose
- Negotiation does NOT need to happen
Who make the offer in an insurance application
Ans: - Applicant
All rights reserved © 2025/ 2026 |
, Page |2
When does acceptance take place
Ans: - An insurers underwriter approves the application and
issues a policy
The binding force in any contract
Ans: - Consideration
- insurer promises to pay in the event of a loss
Contract of adhesion
Ans: - Prepared by the insurer and accepted or rejected by the
insured
- "Take it or leave it" basis
Insurance contracts are
Ans: - Aleatory
- exchange of unequal amounts of values
Unilateral contract
Ans: - only one of the parties is legally bound
- "one-way contract"
All rights reserved © 2025/ 2026 |
, Page |3
"When does an insurance policy go into effect"
Ans: - When the insured receives it
Conditional contract
Ans: - certain conditions must be met by the policy owner
Warranty
Ans: - An absolutely true statement upon upon which the
validity of the insurance policy depends
Representions
Ans: - Statements believed to be true
Misrepresentation
Ans: - Untrue statements on the applications
- Can void the contract
Material misrepresentation
All rights reserved © 2025/ 2026 |
, Page |4
Ans: - Would alter the underwriting decision of insurance
company
Part 1- General Information
Ans: - Name, age, address, birth date, gender, income, marital
status, and occupation
Part 2- Medical Information
Ans: - Medical background, present health
- Medical visits in recent years
- Medical status of relatives/ causes of deaths
Field underwriter
Ans: - Solicited the potential insured
- Analyzes health
- Gets info on client
Agents report
Ans: - Observations concerning the proposed insured
- Does not become a part of the entire contract
All rights reserved © 2025/ 2026 |
