Missouri Life Insurance Exam
Question & Answers ( Latest 2025 )
401(k) Plan - CORRECT ANSWERS ✅✅A qualified
retirement plan in which the employee can set aside a
portion of their income with pre-tax dollars.
Absolute Assignment v. Collateral Assignment -
CORRECT ANSWERS ✅✅Absolute: A permanent and
irrevocable transfer of rights and/or benefits by the
policyowner.
Collateral: A temporary and/or revocable transfer of
benefits by the policyowner
Accelerated Death Benefit - CORRECT ANSWERS
✅✅Policy provision that allows full or partial payment of
the policy's death benefit before the insured's death if
he/she is terminally ill.
Accidental Death Benefit - CORRECT ANSWERS
✅✅An extra cost rider that requires the insurance
company to pay an additional benefit in the event that
the insured dies within 90 days of an accident as a direct
result of the accident.
,Missouri Life Insurance Exam
Question & Answers ( Latest 2025 )
Accumulate at Interest - CORRECT ANSWERS
✅✅The Dividend Option where the policyowner leaves
the dividends with the insurer to invest and earn interest.
Adhesion - CORRECT ANSWERS ✅✅Since the insurer
created all the documents of the contract, any
ambiguities in the contract will be settled in favor of the
insured. Since the insurer wrote the contract they are
stuck with it.
Adverse Selection - CORRECT ANSWERS ✅✅The
tendency for less favorable risks to seek or continue
insurance to a greater extent than more favorable risks.
Agency Agreement or Agency Contract - CORRECT
ANSWERS ✅✅A legal document containing the terms
of the agreement between the agent and the insurance
company. It clearly defines what an agent can and cannot
do, and how he/she will be compensated.
Agent Authorities - CORRECT ANSWERS
✅✅Expressed: Power or authority specifically
granted in writing to an agent by the insurance
company in their Agency Agreement.
, Missouri Life Insurance Exam
Question & Answers ( Latest 2025 )
Apparent: Power or authority that the public reasonably
assumes an agent has based upon his/her actions.
Implied: Power or authority that is not
expressly granted by the company but that an
agent can assume or that are implied he/she has
in order to transact insurance business.
Agent/Producer - CORRECT ANSWERS ✅✅Anyone
who sells or aids in the selling of insurance. Legally
represents the company.
Agent's Report - CORRECT ANSWERS ✅✅A written
report from the agent submitted to the insurer along with
the application disclosing what the agent knows,
observed, or learned about the proposed insured's risks.
Aleatory - CORRECT ANSWERS ✅✅Unequal
exchange of value. One party may obtain a far greater
value than the other under the contract.
Question & Answers ( Latest 2025 )
401(k) Plan - CORRECT ANSWERS ✅✅A qualified
retirement plan in which the employee can set aside a
portion of their income with pre-tax dollars.
Absolute Assignment v. Collateral Assignment -
CORRECT ANSWERS ✅✅Absolute: A permanent and
irrevocable transfer of rights and/or benefits by the
policyowner.
Collateral: A temporary and/or revocable transfer of
benefits by the policyowner
Accelerated Death Benefit - CORRECT ANSWERS
✅✅Policy provision that allows full or partial payment of
the policy's death benefit before the insured's death if
he/she is terminally ill.
Accidental Death Benefit - CORRECT ANSWERS
✅✅An extra cost rider that requires the insurance
company to pay an additional benefit in the event that
the insured dies within 90 days of an accident as a direct
result of the accident.
,Missouri Life Insurance Exam
Question & Answers ( Latest 2025 )
Accumulate at Interest - CORRECT ANSWERS
✅✅The Dividend Option where the policyowner leaves
the dividends with the insurer to invest and earn interest.
Adhesion - CORRECT ANSWERS ✅✅Since the insurer
created all the documents of the contract, any
ambiguities in the contract will be settled in favor of the
insured. Since the insurer wrote the contract they are
stuck with it.
Adverse Selection - CORRECT ANSWERS ✅✅The
tendency for less favorable risks to seek or continue
insurance to a greater extent than more favorable risks.
Agency Agreement or Agency Contract - CORRECT
ANSWERS ✅✅A legal document containing the terms
of the agreement between the agent and the insurance
company. It clearly defines what an agent can and cannot
do, and how he/she will be compensated.
Agent Authorities - CORRECT ANSWERS
✅✅Expressed: Power or authority specifically
granted in writing to an agent by the insurance
company in their Agency Agreement.
, Missouri Life Insurance Exam
Question & Answers ( Latest 2025 )
Apparent: Power or authority that the public reasonably
assumes an agent has based upon his/her actions.
Implied: Power or authority that is not
expressly granted by the company but that an
agent can assume or that are implied he/she has
in order to transact insurance business.
Agent/Producer - CORRECT ANSWERS ✅✅Anyone
who sells or aids in the selling of insurance. Legally
represents the company.
Agent's Report - CORRECT ANSWERS ✅✅A written
report from the agent submitted to the insurer along with
the application disclosing what the agent knows,
observed, or learned about the proposed insured's risks.
Aleatory - CORRECT ANSWERS ✅✅Unequal
exchange of value. One party may obtain a far greater
value than the other under the contract.
