Missouri Statutes, Rules, and Regulations Pertinent to Life Only / Health Only

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

Which of the following is correct regarding credit life insurance?

it insures the life of a debtor

If an insurer imposes a maximum lifetime benefit for breast cancer treatment using stem 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% [may not exceed 8% per year]

How long must an insurer retain an advertisement for its long-term care policies?

3 years

Every insurer marketing Long-Term Care insurance must establish marketing procedures to ensure all of the following EXCEPT

LTC policies are marketed effectively to prospective insureds [comparisons of policies are fair and accurate, excessive insurance will not be sold, and every reasonable efforts is made to identify an applicant's other insurance]

Credit life insurance is usually issued as what type of policies?

Term life

What do long-term care policies offer to policyholders to account for inflation?

They offer the option of purchasing coverage that raises benefit levels accordingly.

Which of the following types of insurance policies is most commonly used in credit life insurance?

decreasing term

R has a life insurance policy that specifically excludes his death from being covered should it occur in an act of war. Where must this be spelled out in the policy?

on the face of the policy

How often must a health carrier provide a certificate of compliance to the Department of Insurance indicating that the carrier has established grievance procedures for each of its health benefits plans?

once a year

A long-term care shopper's guide must be presented at what point?

prior to the time of application

Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?

replacement rule

Group life insurance policies delivered in this state but contain all of the following provisions EXCEPT

statements of the applicant are considered warranties [Contains: copy of the application is a part of the policy, grace period for 31 days, and incontestability period of 2 years]

Which of the following documents provides a disclosure of a Medicare supplement policy?

Outline of coverage

Health policies issued in Missouri must provide coverage for the immunization of children of what age?

from birth to age 5

Which of the following provisions in universal life policies stipulates that a written notice of the termination of coverage must be sent to the policyowner?

grace period and lapse

Which of the following provisions in group life policies prevents the insurer from denying a claim due to statements on the application after a certain period of time?

incontestability

Which of the following is NOT required on an application for a variable life insurance policy?

A statement explainging the use of separate accounts in variable insurance. [ARE on it: questions designed to assist the insurer in determining suitability of the insurance, a statement that the death benefit may be variable or fixed, and a statement that cash values may increase or decrease based on the separate account]

Which of the following is NOT a requirement for companies that issues variable contracts in this State?

Have a surplus of at least $3,000,000 [ARE requirements: be considered in good standing by the Director, maintain a capital and surplus of at least $2,500,000, and have a license to transact insurance

Which of the following is TRUE regarding the insurance amount in a credit life policy?

The creditor can only insure the debtor for the amount owed.

Within what period of time are unintentional misrepresentations grounds for contestability of a policy?

2 years

What is the maximum policy loan interest rate in Missouri?

8%

Colorectal screenings performed under individual and group health policies are required in compliance with the standards set by which of the following organizations?

American Cancer Society

A group health policy providing coverage on an expense-incurred basis will also offer coverage for the necessary care and treatment of what?

Loss or impairment of speech or hearing

Which renewal provision(s) must be included in a long-term care policy issued to an individual?

Noncancellable and guaranteed renewable

Medicare supplement policies have a notice prominently printed on the first page stating that applicant is entitlement to a 30 day free look, which allows the applicant to return the policy for which of the following reasons?

any reason

What must a health carrier do within 72 hours of receiving a request for an expedited review?

notify the requesting enrollee of the carrier's determination

When the designated beneficiary on a life insurance policy died, the insured needed to designate a new beneficiary. Which provision allows for this change?

Assignability

G is a commercial airline pilot who also flies his own twin piper aircraft for recreational purposes. What type of provision in a life insurance policy prevents his life from being covered under the policy should he die in a recreational plane crash?

Aviation Exclusion Cause