exam

a guaranteed renewable disability insurance policy

Is renewable at the insureds option to a specified age

which of the following best describes the MIB?

It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance.

Other than for a qualified life event, when can a change be made in benefits for a Flexible Spending Account (FSA)?

during the open enrollment period

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

in which of the following locations would skilled care most likely be provided?

in an institutional setting

which of the following is INCORRECT concerning Medicaid?

it is solely a federally administered program

under workers compensation, which of the following benefits are NOT included?

legal benefits (no help w lawyer fees)

The premium of a survivorship life policy compared with that of a joint life policy would be

lower

which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?

making comparisons between different policies

A 65-year-old enrolls for benefits under Medicare Part B and submits an application for a Medicare supplement policy two months later. For which of the following reason may the insurer deny the application?

material misrepresentation

an insurance producer license contains all of the following information EXCEPT

name of the insurer(s) represented by the licensee

The primary eligibility requirement for Medicaid benefits is based upon

need

Fred and Jody are covered under a group health insurance plan at his place of employment. When Jody gave birth to their first child, what must he do in order to have coverage for their child?

notify the insurer within 31 days in order for coverage to continue without any evidence of insurability

an insured has a continuois premium whole life policy. she would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. what dividend option could she use?

paid-up option

Time Limit on Certain Defenses provision prohibits insurers from denying a claim due to misrepresentation, as long as the policy has been in force for at least

2 years

for how long is an insurance company allowed to defer policy loan requests?

6 months

what is the maximum policy loan interest rate in Missouri?

8%

An individual purchased a $100,000 Joint Life policy on himself and his wife. Eight years later, he died in an automobile accident. How much will his wife receive from the policy?

$100,000

if an insurer imposes a maximum lifetime benefit for breast cancer treatment using steam cell transplants, this limit must be at least

$100,000

which of the following would NOT be an acceptable interest rate on a policy loan?

10%. policy loan interest rates may not exceed 8% per year.

In the event of a divorce, which of the following would allow a divorcee to continue receiving group health coverage under an insured spouse's plan for an additional 36 months?

COBRA

what is the best way to change an application?

Start over with a fresh application

When is the earliest a policy may go into effect?

When the application is signed and a check is given to the agent

A producer must do all of the following when delivering a new policy to the insured EXCEPT

disclose commissions earned from the sale of the policy

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

The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's

attained age

which of the following is a generic consumer publication that explains life insurance in general terms in order to asssist the applicant int he decision-making process?

buyer's guide

To legally transact insurance in this state, an insurer must obtain which of the following?

certificate of authority

which of the following is NOT a punishment for violationg the Director's cease and desist order?

community service (suspension or revocation of license, a monetary fine, and imprisonment are all options)

what process will the insurance company use to monitor the insured's hospital stay to make sure that everything is proceeding according to schedule?

concurrent review

a policyowner would like to replace an existing policy with a new one. after having compared the two policies, the insurer has advised the policyowner not to continue the replacement process. what is the insurer's action called?

conservation

the type of insurance sold to a debtor and designed to pay the amount due on a loan if the debtor dies before the loan is repaid is called

credit life

what is an important feature of a dental expense insurance plan that is NOT typically found in a medical expense insurance plan?

diagnostic and preventative care

what must an insurance company that is organized in, and has its home office in Missouri, do in order to legally transact insurance in the state?

receive a certificate of authory from the director

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 terms describes the specified dollar amount beyond which the insured no longer participates in the sharing of expenses?

stop-loss limit

which of the following policies would be classified as a traditional level premium contract?

straight life

A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as

survivor protection

which of the following is called a "second-to-die" policy?

survivorship life

which of the following is true about the requirements regarding HIV exams?

the applicant must give prior informed written consent

Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean?

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

which statement is NOT true regarding underwriting group health insurance?

the group is assessed individually for insurability

all of the following are true regarding a decreasing term policy EXCEPT

the payable premium amount steadilt declines throughout the duration of the contract (in reality, premium remain level, face value decreases)

which of the following best describes what the annuity period is?

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

An insured is upset that her new health insurance policy was delivered to her by certified mail and not through her agent. Which of the following is true?

there is nothing wrong with this form of policy delivery

which of the following statements is TRUE concerning irrevocable beneficiaries?

they can be changed only with the written consent of that beneficiary

which of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated?

those who have been insured under the plan for at least 5 years

which of the following is the best reason to purchase life insurance rather than an annuity?

to create an estate

When an insurer issues an individual health insurance policy that is guaranteed renewable, the insurer agrees

to renew the policy until the insured has reached age 65

in individual health insurance coverage, the insurer must cover a newborn from the moment of birth, and if additional premium payment is required, how many days should be allowed for payment?

within 31 days of birth