Missed questions!!

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select?

fixed period

what is a provision in universal life insurance policies stipulates that a written notice of the termination must be sent to the policy owner?

grace period and lapse

As it pertains to group health insurance, COBRA stipulates that

group coverage must be extended to a terminated employee up to a certain period of time at the former employers expense

if an individual won the state lottery, and the state is sending him a check every year for 25 years, what type of annuity product are they likely to use to provide payments

immediate annuity

What rider would not increase the premium for a policyowner?

impairment rider

What type of insurance would be used for a Return of Premium rider?

increasing term

Underwriting a group health insurance plan that is paid for by the employer requires all of the following EXCEPT

individual members of the group may select the level of benefits for their own coverage

if a producer has submitted a new app and 30 days later there was still no coverage available for the applicant what must the producer do?

inform the applicant in writing

In what circumstances would the insurer pay accelerated benefits

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

what two terms are directly associated with the premium?

level or fixed

if an applicant receives a conditional receipt two weeks after turning in her application and first premium what does that mean the insurer has done?

neither approved the application nor issued the policy

During replacement of life insurance, a replacing insurer must do which of the following?

obtain a list of all life insurance policies that was being replaced

what is a mandatory provision for health insurance policies

physical examination and autopsy

A guaranteed renewable health insurance policy allows the

policy owner to renew the policy to a stated age, with the company having the right to increase the premium on the entire class

Missouri Life and Health Guaranty Association was created to protect who?

policy owners, beneficiaries and insureds

what is in a policy summary

premium amounts and surrender values

subrogation

prevents an inured from collecting twice for the same loss

in the case of the producers solicitation, at what point must a long-term shoppers guide be presented to the applicant?

prior to the application

The paid up addition option uses the dividend to do what?

purchase smaller policies with the same

If the insured dies, and the primary beneficiary discovers that the insured chose the interest only settlement option, what does that mean

the beneficiary will only receive payments of the interest earned on the death benefit

what accurately describes group disability income insurance?

the extent of benefits is determined by the insured's income

at the end of a 10-year level term life policy that is guarenteed renewable and convertible, what happens?

the insured may renew the policy for another 10 years, but premiums will increase

who maintains responsibility for claims made in an advertisement on behalf of an insurance company

the insurer

the insured broke her hip, she notified her agent 12 days after the loss, the agent did not notify the insurance company for 60 days, how would this claim be handled

the insurer is considered notified since the notification to the agent equals notification to the insurer

what policy would have an IRS required corridor or gap between cash value and the death benefit?

universal life - option A

what policy has a flexible premium and a variable investment component

variable universal life insurance

when are misrepresentions on an application considered fraud?

when it is intentional and material

When can a Long-Term Care policy deny a claim for losses incurred because of a pre-existing condition?

within 6 months of the effective date of coverage

How often must an insurer who delivers variable life insurance policies in Missouri determine any changes in variable death benefits

Annually

An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an

Authorized user

what can not be used when determining annuity suitability

Beneficiary's age

what agreement specifies how a business will transfer hands when one owner dies or becomes disabled?

Disability Buy - sell

what nonforfeiture option has the highest amount of insurance protection?

Extended term

what is the main purpose of the seven - pay test?

It determines if the insurance policy is an MEC.

What is the benefit of choosing a Nonforfeiture option?

It has the highest insurance protection

If a settlement option is not chosen by the policy owner or the beneficiary, what option will be used by the insurer?

Lump sum

In long term care insurance what type of care is provided with immediate care?

Occasional nursing and rehabilitation care

what is an annuity period

The period of time during which accumulated money is converted into income payments

what is true about a spouse term rider?

The rider is usually level term insurance

what is true about nonforfeiture values?

They are required by state law to be included in the policy.

if the insured was 6 months to live and knows that his financial state will worsen with medical expeensives what can the insured utilize in?

Vatical settlement

what will a hospital indemnity policy pay

a benefit each day the insured is in the hospital

if a policy owner declines the nonforfeiture benefit, what must the insurer provide to the client upon lapse of the policy

a contingent benefit

reduced paid-up nonforfeiture option

allows the policy owner to receive a lower amount of fully paid whole life insurance

The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective?

application date

what best describes fixed period settlement option?

both the principal and interest will be liquidated over a selected period of time

how many of credits is required for fully insured status for social security disability benefits ****

40

Under the uniform required provisions, proof of loss under a health insurance policy normally should be filed within

90 days

what would not be considered unfair discrimination by insurers

discriminating in benefits and coverages based on the insureds habits and lifestyle

what is the maximum first year commission that a producer may receive for for the sale of a medicare supplement policy

200% of commission paid for the servicing of the policy in the second year

what is the maximum age for qualifying for a catastrophic plan?

30

what must a life insurance policy have to allow policy loans?

cash value

What clause describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident

common disaster clause