Life Insurance Exam Missouri

No insurance policy can be issued, delivered,m or used in this state unless it has been:

Approved by the Department of Insurance

A producer completed an insurance transaction in 2007. When can the producer dispose of the records for this transaction?

2010

Requirements for the life insurance illustrations

They may only be used as approved, they must identify non guaranteed values, they must differentiate between guaranteed and projected amounts

What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors

life expectancy

All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT: A: An offer to share in commissions generated by the sale B: Dividends from a mutual insurer C: An offer of employment D: stocks, securities, or bonds

dividends from a mutual insurer

What are 3 qualities of the federal tax advantage of a qualified plan

funds accumulate on a tax-deferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, employer contributions are tax deductible business expense

a man purchased $90,000 annuity with a single premium, and began receiving payments 2 months after that. What type of annuity is it?

immediate

A producer has submitted a new application to his insurer; however, 30 days later there was still no coverage available for the applicant. What must the producer do?

inform the applicant in writing

traditional IRA contributions are tax deductible based on which of the following?

owners income

In order for a life insurance policy with graded death benefits to be issued to an individual over the age of 76, the first year death benefit must be at least what percentage of the total face amount on the policy?

50%

List three examples of rebating1

an agent offers the use of his lake house to client as an inducement to buy an insurance policy from him, an agent offers to share his commission with a policyholder, an agent offers tickets to a baseball game as an inducement to buy insurance

Under which of the following circumstances would an insurer pay accelerated benefits

an insured is diagnosed with cancer and needs help paying for her medical treatment

Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which , if the original recipient dies, the payments will continue to a designated beneficiary

life income with period certain

which of the following is an example of a limited pay life policy

life paid up at age 65

what option is being utilized when the insurer accumulates dividends at interest and the uses the accumulated dividends, plus interest, and the policy cash value top pay the policy up early?

paid-up option

group life insurance policies delivered in this state must contain all of the following provisions EXCEPT A: Statements of the applicant are considered warranties B: A grace period of 31 days C: Contestability period of 2 years D: a copy of the application is considered part of the policy

statements of the applicant are considered warranties