Insurance-MO laws
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
