Missouri Life and Health Insurance Final Exam Questions 100% Solved!!

Whose interest is being protected by the enactment of " The Replacement of Life Insurance and Annuities" regulation? -ANSWER policyowner Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? -ANSWER policy was returned with the "free look" period, premium will be fully refunded Which of the following policies is characterized by a flexible premium and death benefit and allows policyowner control of the investment aspect of the plan? -ANSWER variable universal life Which statement regarding third party ownership of a life insurance policy is true? -ANSWER it is used extensively in estate planning as well as business circumstances P is an employee who quits her job and wants to convert her group health coverage to an individual policy. After the expiration of COBRA laws, which of the following statements is TRUE? -ANSWER She DOES need to provide evidence of insurability Which of the following statements is CORRECT regarding tax treatment of a lump sum payment paid to a life insurance policy's primary beneficiary? -ANSWER all proceeds are income tax free in the year they are received Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to apply for Social Security disability benefits? -ANSWER 5 months Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out to J instead of the insurance company. What action should J take? -ANSWER return to the customer, collect a new check made out to the insurance company, and send the new check out to the insurance company Which of the following statements is correct regarding an employer/employee group health plan? -ANSWER employer receives master policy and employees receive certificates Which of these