Insurance-MO laws

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Which of these is NOT a required group life policy provision? .

Right to Loan Proceeds

Which of the following is NOT an example of "conducting insurance business"? .

Selling shares of stock

In order to terminate a producer's appointment, the insurer MUST .

Send notice of the termination to the director

In Missouri, an A&H policy that is paid on a monthly basis requires a grace period of at LEAST .

10 days

After a life insurance policy has been in force for a MAXIMUM of ____years, it becomes incontestable. .

2

Missouri requires that an insurance producer must complete ___hours of continuing education on the subject of law and ethics every reporting period.

3

A producer must report any personal felony charges within___ days of pre-trial hearing. .

30

Jay's application for a producer's license has been denied. He may request a hearing within___days after receipt of the denial. .

30

The required free-look period in a Medicare Supplement policy is ___ days .

30

Prior to a universal life insurance policy being terminated, written notice must be given to the policyowner at least .

30 days of termination date

When an employee is terminated, how long does this employee have to convert group life coverage to an individual plan? .

31 days

Health policies that contain coverage for low protein modified food products for treatment of PKU or any inherited disease of amino and organic acids require a coinsurance NOT to exceed___ of the cost of the formula or food products. .

50%

When an insured receives chiropractic service, the co-payment may NOT exceed____ of the total cost of providing the service.

50%

The waiting period for pre-existing conditions on Medicare Supplement policies is __ months. .

6

An insurer may exclude pre-existing conditions coverage on a Medicare Supplement policy for up to .

6 months

The MAXIMUM time period that pre-existing conditions can be excluded in long-term care policies is .

6 months

The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond. .

6 months

How many days must the insured wait to take legal action against a health insurer after submitting written proof of loss if the insurer refuses to pay? .

60

When a group accident and health policy is issued to an employer, .

A policy must be issued to the employer and a certificate must be issued to each employee

Which of the following is NOT a required provision in a group life policy? .

Accidental Death and Dismemberment

At what point may a producer sell insurance for an insurer? .

After being properly appointed by the insurer

Which of the following is considered to be misrepresentation? .

An agent guaranteeing a policy's dividends

Which of the following is considered to be misrepresentation? .

An producer guaranteeing a policy's dividends

In Missouri, all health policies must address diabetes coverage in which way? .

Apply the same deductible and copays to covered diabetic supplies as other medical conditions

Which of the following is a requirement to attain an Missouri resident producer license? .

At least 18 years old

When an unfair trade practice has been discovered, the Director may issue a .

Cease and desist order

Which of the following is considered a producer's fiduciary responsibility? .

Collect premiums and remit to the insurance company as soon as reasonably possible

Chemical dependency coverage is required in which type of policy? .

Comprehensive Major Medical

Which of these is NOT a duty of the Dlrector? .

Create new insurance laws

Insurance issued on a debtor to cover outstanding balances on installment loans is called .

Credit life

Which of the following types of individual polices does NOT require a policy summary be given? .

Credit life

A group life insurance policy can be converted to an individual whole life policy under which circumstance? .

Employment termination

In a life insurance contract, the policy, application, and riders or endorsements are considered to be the .

Entire Contract

____is the act of offering an applicant something of value as an inducement to purchase an insurance policy .

Rebating

Which of these individuals would require continuing education? .

Resident producer

Which situation does NOT require a producer to provide a suitability statement to the annuity company? .

When a producer discusses annuities in general with a client, but no specific recommendation is made

An example of unfair discrimination would be .

When an insurer changes a higher rate for insurance based on an insured's race, religion, or national origin

Under which circumstance MUST a health insurer have an expedited grievance review procedure? .

When enrollees life or health is jeapordized

Each life insurance applicant in Missouri is expected to be provided with a(n) .

a Buyer's Guide and Policy Summary

A foreign insurance company CANNOT conduct business in Missouri without .

a certificate of authority to transact business in Missouri

When making a recommendation to a consumer to purchase an annuity, the producer must make reasonable efforts to obtain suitability information. Suitability information includes .

age, annual income, financial experience

A credit life insurance policy covers the life of the .

debtor

The Life and Health Insurance Guaranty Association is .

funded by admitted insurance companies through assessments

The Missouri Life and Health Insurance Guaranty Association is .

funded by insurance companies through assessments

Which entity issues Medicare Supplement insurance? .

insurance companies

During an insurance transaction, who does the producer represent? .

insurer

A license may be denied, suspended, or revoked if the licensee .

is found guilty of misrepresentation or fraud in obtaining the license

Credit Life insurance is .

issued in an amount not to exceed the amount of indebtedness

Which of these individuals may NOT be compensated from an insurance company? .

licensed producer not appointed by the company

An example of rebating would be .

offering a client something of value not stated in the contract in exchange for their business

An example of unfair discrimination would be .

offering different terms of coverage for different policyowners having the same risk classification

XYZ Corp was issued a group health policy for its employees. Under this plan a .

policy must be issued to XYZ, and a certificate must be issued to each employee

An individual who has a contract with an insurance company to represent it is called a(n) .

producer

Which of the following may NOT be issued after the Director of Insurance finds an insurance code violation committed by a licensee? .

warrant for arrest

Prior to a producer's license being revoked, a hearing must be held. Prior to this hearing, the Director of Insurance is REQUIRED to give .

written notice to the producer

Which of the following unfair trade practices involves a producer who makes malicious statements about another person's financial condition? .

Defamation

A____ _____is the signed document that start the free-look period.

Delivery receipt

Who is responsible for administering insurance laws? .

Director

An insurer may not transact insurance UNLESS authorized by the .

Director of Insurance

Which of the following is a requirement to be eligible for a group life policy in Missouri? .

Group must be formed for a purpose other than obtaining insurance

What is the required renewability status of all Medicare supplement policies? .

Guaranteed renewable

In Missouri, a health insurance policy that is not exempt from state-mandated benefits must cover childhood immunizations and shall not charge any deductible or copayment. The EXCEPTION to this would be .

HMO's that exclude coverage to subscribers who obtain services by a non-participating provider

The conversion provision in a group health insurance policy .

Is mandated by state requirements

Which of the following is NOT allowed in regards to a Medigap (Medicare Supplement) policy? .

Issuing an additional Medigap policy to ensure no out-of-pocket exposure for the insured

Which licensee faces possible license revocation by the Director of Insurance? .

Licensee who commingles monies belonging to policyholders with personal funds

A producer is circulating incorrect information about the benefits of a policy. This producer may be found guilty of .

Misrepresentation

Convincing a prospective insured to buy an insurance policy based on exaggerations is called .

Misrepresentation

Which Unfair Trade Practice involves a producer suggesting that an insurance policy is like a share of stock? .

Misrepresentation

Which Unfair Trade Practice involves a producer telling a prospective client that a policy's dividends are guaranteed? .

Misrepresentation

What must a producer sign when an existing life insurance policy is being reissued with a reduction in cash value? .

Notice Regarding Replacement

If the sale of a Medicare Supplement involves replacement, all of these actions must be performed by the producer EXCEPT .

Notify the replaced insurance company

Life insurance replacement regulation protects the interests of .

Policyowner

Whose interest is being protected by the enactment of "The Replacement of Life Insurance and Annuities" regulation? .

Policyowner

A____sells, solicits, or negotiates insurance on behalf of insurance companies for compensation .

Producer

Which of the following actions by a producer would NOT result in a license suspension or revocation?

Producer sells a replacement policy that causes an insured to lapse an existing policy

Which of the following is a requirement to attain a nonresident producer license? .

Producer's state of residence must have reciprocity with this state

A____is an individual who is appointed by an insurance company to transact insurance. .

Producer/agent

Jasmine is a salaried employee of an insurance company. Which of the following duties would require her to be licensed as an insurance producer? .

Soliciting insurance policies

Which of these is a TRUE statement regarding the regulatory authority of the DIrector? .

The Director may establish guidelines for continuing education

Which of these is a TRUE statement regarding how Missouri law recognizes an association eligible for group coverage? .

The association must NOT have been organized for the purpose of obtaining insurance

Under which circumstance could a child be denied enrollment into a health plan in Missouri? .

The child is not related to and is not adopted by the plan member

Who signs a "Notice Regarding Replacement" form when an application is taken for a new life insurance policy that replaces an existing one? .

The producer and the applicant

Insureds in the same risk classification are being charged different premiums by an insurance company. This insurer is committing the illegal act of .

Unfair discrimination

An applicant for a nonresident producer license MUST .

be a producer in good standing in their home state

ABC Insurance Company would like to issue a small employer group policy in this state. Before doing SO, it is REQUIRED to .

be authorized to write accident and health insurance in this state

One definition of replacement is "the act of replacing an existing insurance policy with another". Replacement is .

closely regulated and requires full disclosure

As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of? .

coercion

In Missouri, which of the following is considered an Unfair Trade Practice? .

coercion

Which of the following is a requirement for a producer's license renewal? .

completing the required continuing education

Any state-regulated health insurance plan issued in Missouri MUST .

cover childhood immunization services

A producer has influenced an existing policyowner to convert an existing whole life policy to Reduced Paid-up insurance. The producer then sells the policyowner a new universal life policy. This transaction is called a(n): .

replacement

An example of rebating would be .

returning a portion of a premium as inducement to purchase insurance

The suicide provision for life policies would apply to .

subsequent increases in benefits

Group Life policies in Missouri are required to contain a conversion privilege that allows for conversion .

to an individual policy for a stated period of time

T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert .

to an individual policy upon employment termination

An example of an unfair claims settlement practice is .

turning down a claim without providing the basis of denial


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