Mississippi Life and Health Insurance Questions
A business overhead expense policy : - ✔✔covers business expenses such as rent and utilities
A provision in a life insurance policy that pays the policy owner an amount that does not surpass the
guaranteed cash value is called the : - ✔✔Policy loan provision
After and insured gives notice of loss what must he/she do if the insurer does not furnish forms - ✔✔File written proof of loss
W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EXCEPT a(n) - ✔✔Immediate annuity
Which of these statements accurately describes the Waiver of premium provision in an accident and Health policy - ✔✔premiums are waived after the insured has been totally disabled for a specified time period
K has a health policy that must be renewed by the insurer and the premiums can only be increased if applied to the entire class of insureds. This type of policy is considered - ✔✔guaranteed renewable
A statement made by an insured in an insurance application that must be true to the best of one's knowledge and which becomes a part of the contract is known as: - ✔✔representation
A major medical policy typically contains a provision that requires the insurer to pay only part of the loss, when the balance is paid by the insured. This provision is called : - ✔✔Coinsurance
Which tax would an IRA participant be subjected to on distributions received prior to age 59 1/2? - ✔✔Ordinary income tax and a 10% tax penalty for early withdraw
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which of the following life insurance policies combine term insurance with an investment element? - ✔✔Universal Life
Which Federal law allows an insurer to obtain an inspection report on a potential insured? - ✔✔Fair Credit reposting Act
A policy owner is able to choose the frequency of premium payments through what policy feature? - ✔✔Premium Mode
Which of the following combination plans is designated to protect the insured from an unpaid mortgage balance upon premature death? - ✔✔Joint Life
T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable beneficiary. What action will the insurance company take if T requests a change of beneficiary? - ✔✔Request of the change will be refused
Which of these is considered a mandatory provision? - ✔✔Payment of Claims
Which of the following is an important underwriting principle of group life insurance? - ✔✔Everyone must be covered in the group
which of the following statements BEST defines usual, customary, and reasonable (UCR) changes? - ✔✔The maximum amount considered eligible for reimbursement by an insurance company under a health plan.
Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies suddenly and the beneficiary is paid $500,000. This exchange of unequal values reflects which of the following insurance contract features? - ✔✔Aleatory
What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years? - ✔✔Family Maintenance Policy
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