Study guides, Class notes & Summaries

Missouri Life and Health Insurance Final Exam Graded A+ Whose interest is being protected by the enactment of " The Replacement of Life Insurance and Annuities" regulation? 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? policy was returned with the "free look" period,...

National Association of Insurance Commissioners (NAIC) - Answer writes rules and statutes for legeslature Director of the Department of Insurance is appointed by - Answer Governor, with the advice and consent of the senate. The Director can only be involved with an insurance company as a - Answer Policy holder Director has full power and authority to - Answer Regulate the Department of Insurance, Interpret laws, Examine records of insurer, examine the insurer's records eve...

Insurance transaction includes: - ANSWER-By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract - ANSWER--Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does NOT need to happen Who make the offer in an insurance application - ANSWER-- Applicant When does acceptance take place - ANSWER-- An insurers underwriter approves the application and issues a pol...

The accelerated death benefit provision in a life insurance policy is also known as a(n): - ANSWER Living benefit. Under an individual health insurance policy, the time limit of certain defenses provision states that nonfraudulent misstatements first become incontestable two years: - ANSWER from the date that the policy was issued. ______ can be defined as "making an unfair comparison of two insurance policies". - ANSWER Misrepresentation. Which entity issues Medicare supplement insur...

MISSOURI LIFE AND HEALTH INSURANCE EXAM 2024 WITH NGN QUESTIONS AND ANSWERS (VERIFIED FULL EXAM) A+ GRADE

MISSOURI LIFE AND HEALTH INSURANCE EXAM 2024 WITH NGN QUESTIONS AND ANSWERS (VERIFIED FULL EXAM) A+ GRADE

The accelerated death benefit provision in a life insurance policy is also known as a(n): - Living benefit. Under an individual health insurance policy, the time limit of certain defenses provision states that nonfraudulent misstatements first become incontestable two years: - from the date that the policy was issued. ______ can be defined as "making an unfair comparison of two insurance policies". - Misrepresentation. Which entity issues Medicare supplement insurance? - Insurance compa...

Insurance transaction includes: - By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract - -Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does NOT need to happen Who make the offer in an insurance application - - Applicant When does acceptance take place - - An insurers underwriter approves the application and issues a policy The binding force in any contrac...