XCEL Insurance last test

What is the required renewability status of all Medicare supplement policies?

Guaranteed renewable

The Missouri Insurance Director attains office in which of the following ways?

Gubernatorial appointment

The Director may

examine insurer solvency

When making a recommendation to a consumer to purchase an annuity, the producer must make reasonable efforts to obtain

suitability information

Life insurance replacement regulation protects the interests of

the policyowner

Health insurance policies in Missouri are REQUIRED to contain coverage for human leukocyte antigen testing for bone marrow transplant

with each issued health policy

Who is responsible for administering insurance laws?

Director

An insurer may not transact insurance UNLESS authorized by the

Director of Insurance

How often must an insurance producer's license in Missouri be renewed?

Every two years

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

A life policy loan in Missouri cannot charge a fixed rate of interest higher than

he maximum fixed interest rate permitted on a life policy loan is 8%.

A producer is circulating incorrect information about the benefits of a policy. This producer may be found guilty of

misrepresentation

A Medicare Supplement policy can be cancelled by the insurer for

nonpayment

Which of the following types of life insurance policies involves an investment account that is separate from the insurer's general account? adjustable life graded life universal life variable life

variable life

Under Missouri law, which of the following provisions is NOT required in a Medicare Supplement policy?

Limitation on pre-existing conditions for up to 12 months

When a Medicare Supplement policy is delivered, disclosure standards require that a(n) ______ of Coverage be provided to the insured.

Outline

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

A Missouri insurance producer has violated an unfair trade practice. The Director may penalize the producer in which of the following manner?

A fine, only after a hearing

An example of life insurance policy replacement would be?

Cash surrender an existing whole life policy and purchasing a new whole life policy

Which of these is a TRUE statement regarding the regulatory authority of the Director? The Director may establish guidelines for continuing education The Director may arbitrate claims for domestic insurers The Director may set insurance rates for alien insurers The Director may establish insurance laws

The Director may establish guidelines for continuing education

If an insurer receives a cash payment in excess of _______, it must report this act as stated by the USA Patriot Act.

$10,000

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

When an employee is terminated, how long does this employee have to convert group life coverage to an individual plan?

31 days

What is the MAXIMUM fixed interest rate for life insurance policy loans?

8%

When must a producer deliver a Notice Regarding Replacement of Life Insurance?

At the time of application

To be eligible for a group health policy, a group MUST comply with which of the following? Include at least ten individuals at the date of issue Include at least two employers Designate one of its members to be the named insured Be formed for a purpose other than obtaining insurance

Be formed for a purpose other than obtaining insurance

Coverage for human leukocyte antigen testing for bone marrow transplantation is REQUIRED to be provided in all

Group comprehensive health policies

Which of the following is NOT a situation that involves life insurance policy replacement? Maintaining an existing policy and applying for a new one Depleting Cash value in an existing policy and applying for a new one Terminating an existing policy and applying for one with better coverage Taking a reduced paid up option for a policy and applying for a new one

Maintaining an existing policy and applying for a new one

Which of the following is NOT considered rebating? Returning premium to a client as an inducement for purchasing a policy Giving something of value to an insured in exchange for their business Sharing commissions with a producer licensed in the same line of business Offering special dividends

Sharing commissions with a producer licensed in the same line of business

An individual covered under a Group Life insurance policy is considered to be a(n)

certificate holder

For the treatment of PKU, a health plan MUST cover formula and low protein modified food products for

covered children less than six years of age

At the time of application, major medical health plans (including HMOs) are REQUIRED to

offer coverage for prosthetic devices

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

The _______ must provide an insured with proper disclosure concerning the replacement of an existing policy.

producer

The suicide provision for life policies would apply to

subsequent increases in benefits

Once the insurance company receives a notice of claim, they have ___ days to send the claim form.

15

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%

Which of these statements regarding health coverage for physically handicapped dependents is FALSE? The dependent must agree to periodic medical examinations at the request of the insurance company The dependent must have been over ten years of age when the handicap was incurred The dependent must have been covered under the insured's policy at the time the handicap was incurred The dependent must rely chiefly on the policyowner for support and maintenance

The dependent must have been over ten years of age when the handicap was incurred

Which situation does NOT require a producer to provide a suitability statement to the annuity company? After evaluation of a client's retirement goals, an annuity is proposed and sold When an annuity contract is recommended and sold as a solution to a client's financial objectives When a producer discusses annuities in general with a client, but no specific recommendation is made When a producer advises a client to purchase a fixed annuity to provide retirement income and an application is taken

hen a producer discusses annuities in general with a client, but no specific recommendation is made

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

To be classified as a small employer, an employer must employ

2-50 employees

A producer must notify the Director within ___ days of a felony conviction.

30

At what point may a producer sell insurance for an insurer?

After being properly appointed by the insurer

When is a Group Health policy required to provide coverage for a newborn child?

At the moment of birth

Each life insurance applicant in Missouri is expected to be provided with a(n)

Buyer's Guide and Policy Summary

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 A creditor who requires a debtor to obtain insurance from a particular company or producer as a condition for a loan is guilty of coercion.

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