Missouri laws and pertinent to insurance
Which of the following is considered to be misrepresentations?
A producer guaranteeing a policy's dividends.
Which of these is considered an unfair trade practice?
A producer stating that a policy's dividends are guaranteed
Which of the following is NOT a required a provision in a life group policy?
Accidental Death and Dismemberment
An example of false advert
An insurer exaggerating its dividends in a magazine advertisement
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
Which of these is a true statement regarding the regulatory authority of director?
The director may establish guidelines for continuing education
All these statements concerning a licensee's responsibility for premiums received are true except?
The licensee must hold them in a seperate account before transmitting them to the insurance company
The Director of insurance is authorized
enforce state laws relating to insurance
life insurance and annuity replacement can be best described as?
exchanging an existing policy for a new policy
life insurance and annuity replacement can be best described as
exchanging an existing policy to a new policy
An example of an unfair claims practice would be
failing to effectuate prompt, fair, and equitable settlements of a claim
Who may assign benefits from a group life insurance policy?
insured
Credit life insurance is ?
issued in an amount not to exceed the amount of indebtedness
Which licensee faces possible license revocation by the Director of Insurance?
licensee who commingles monies belonging to policyholders with personal funds.
BLANK can be defined as making an unfair comparison of two insurance policies
misrepresentation
Convincing a prospective insured to buy an insurance policy based on exaggerations is called
misrepresentation
which Unfair Trade involves a a producer suggesting that an insurance policy is like a share of stock?
misrepresentation
P is a producer who is licensed in Missouri but a resident of Nebraska. P is a(n) :
nonresident
A licensee must complete BLANK hours of continuing education every two years
16
After a life insurance policy had been in force for a maximum of BLANK year(S), it becomes incontestable
2
A procurer must report any personal felony charges within BLANK days of a 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
Continuing education (CE) providers must report to the director a licensee's earned credit hours within?
30 days of course completion
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
A life policy loan in Missouri cannot charge a fixed rate of interest higher than
8%
What is the maximum fixed interest rate for life insurance policy loans?
8%
Which of these individuals may NOT be compensated from an insurance company?
A licensed producer not appointed by the company
Which of the following is a requirement to attain a nonresident producer license?
Be licensed as a producer in the producer's state of domicile.
Which of the following is a standard provision of the conversion privileges in a group life policy
Group life coverage can be converted to an individual policy at a regular rates on attained age basis.
Which unfair trade practice involves making false statement about the financial condition of another insurance company?
Defamation
An insurer may not transact an insurance unless authorized by the
Director of insurance
In a life insurance contract, the policy, application, and riders endorsement are considered to be the
Entire contract
which of the following activities may not be granted as credit for continuing eduction units?
Meeting sales quotas
A producer is circulating the incorrect information about the benefits of a policy. This producer may be found guilty of?
Misrepresentation
What must a producer sign when an existing life insurance policy is being reissued with a reduction in cash value?
Notice regarding replacement
Whose interest is being protected by the enactment of "The Replacement of Life Insurance and Annuities" regulation?
Policyowner
Who signs a "Notice Regarding Replacement" form when an application is taken for a new life insurance policy that replaces an existing one?
Producer and applicant
A producer has influenced an existing policyowner to convert an existing whole life policy to REDUCED PAID-UP insurance. The producer then sells the policowner a new universal life policy.This transaction is called a(n)?
Replacement
Which of these is a NOT a required group life provision?
Right to loan proceeds
In order to terminate a producers appointment, the insurer MUST
Send notice of the termination to the director
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
The suicide provision for life policies would apply to
Subsequent increases in benefits
which of these is a true statement regarding how Missouri law recognizes an association eligible for group coverage?
The association must have NOT been organized for the purpose for obtaining insurance
Micheal the insurance producer is acting in a fiduciary capacity when conducting business with all of these principals EXCEPT:
The director
Insured in the same risk classification are being charged different premiums by an insurance company. The insurer is committing the illegal act of
Unfair discrimination
Which of the following types of life insurance policies involves an investment account that is a separate from insurer's general account?
Variable life
Which of the following may NOT be issued after the director of insurance finds an insurance code violation committed by a license
Warrant for arrest
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
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
An applicant for a nonresident producer license MUST?
be a produce run good standing in their home state
A blank authority permits an insurance company to transact business in Missouri
certificate
A foreign insurance company CANNOT conduct business in Missouri without?
certificate of authority to transact business in Missouri
In Missouri, which of the following is considered an Unfair Trade Practices?
coercion
Which of the following is considered a producer' fiduciary responsibility?
collect premiums an remit to the insurance company as reasonably possible
Which of the following is considered a producer's fiduciary responsibility?
coolest premiums and remit to the insurance company as soon as reasonably possible
Which of the following types of individual policies does not require a policy summary be given
credit life
which of the following types of individual policies does NOT require a policy summary be given?
credit life
A credit life insurance policy covers the life of the
debtor
A life insurance replacement regulation protects the interest of?
the policyowner
An example of an unfair claims settlement practice is
turning down a claim by providing the bases of denial
A hearing must be held before a producer's license can be suspended or revoked. Prior to the hearing, the director is required to give
written notice to the producer
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