Missouri Statutes, Rules and Regulations Pertinent to Life Only
which of the following is correct regarding credit life insurance?
It insures the life of a debtor
an individual obtained a life insurance policy in March, but 3 months later was deemed clinically insane by the state of Missouri. Five months later the insured takes his own life. what type of death benefits will the policy beneficiaries receive?
No benefits will be received because the policy was not in effect for at least one year; however, all premiums payments will be returned.
G is a commercial airline pilot who also flies his own twin piper aircraft for recreational purposes. what type of provision in a life insurance policy prevents his life from being covered under the policy should he die in a recreational plane crash?
Aviation exclusion cause
A Policyowner would like to replace an existing policy with a new one. After having compared the two polices, the insurer has advised the Policyowner not to continue the replacement process. what is the insurer's action called?
Conservation
the act of trying to discourage a policyholder from dropping his/her existing policy is called
Conservation effort
Group life insurance policies delivered in this state must contain all of the following Provisions EXCEPT
Statements of the applicant are considered warranties
which of the following is NOT allowed in credit life insurance?
creditor requiring that a debtor buys insurance from a certain insurer
the initial amount of credit life insurance may NOT exceed
the amount to be repaid under the contract
what is the time limit to contest life insurance policies in Missouri?
2 years
Which of the following is NOT required on an application for a variable life insurance policy?
A statement explaining the use of separate accounts in variable insurance
Which of the following producer designations may be used in life insurance advertisements?
Agent
what is required of an insurer should an insured commit suicide prior to one year elapsing under a life insurance policy?
All paid premiums must be returned
How often must an insurer who delivers variable life insurance policies in Missouri determine any changes in variable death benefits?
Annually
An insured has a life insurance policy with graded death benefits. in the first year of the policy. the death benefit is less than 50% of the face amount on the policy. what amount must the policy contain in accidental death benefits during the graded death benefit period?
Full face amount of the policy
All of the following information about a customer must be used in determining annuity suitability EXCEPT
beneficiary's age
Which of the following is NOT a requirement for companies that issue variable contracts in this State?
have a surplus of at least $3,000,000
During replacement of life insurance, a replacing insurer must do which of the following?
obtain a list of all life insurance policies that will be replaced
which of the following is TRUE regarding the insurance amount in a credit life policy?
the creditor can only insure the debtor for the amount owed
variable life insurance policies, as well as any riders, endorsements and other documents attached to them, must be approved by
The director
What must contain a notice of the graded death benefits in a life insurance policy with graded death benefits?
The policy application
Which of the following is TRUE about credit life insurance?
creditor is the Policyowner
Assignability provision in a life insurance policy relates to
the insureds right to designate a new beneficiary
A 71 year old female recently purchased a life insurance policy with graded death benefits. if the policy has graded death benefits for three years, which of the following must be true?
the third year of the policy must have a death benefit equal to 65% of the total face amount
what is the pup of the insurability provision in group life policies issued in this state?
to allow the insurer to require proof of insurability from individual insured