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A set of practice questions and answers for the mississippi life and health insurance exam in 2025. It covers various aspects of life and health insurance, including types of policies, beneficiary designations, premium schedules, and regulatory requirements. Designed to help individuals preparing for the exam by providing a comprehensive overview of key concepts and potential exam questions.
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What kind of life insurance product covers children under their parent's policy? Family Maintenance rider Term rider Family Income rider Payor benefit - ACCURATE ANSWERS✔✔ Term Rider Under a trustee group life policy, who would be eligible for a certificate of coverage? Corporation Employee Employer Labor union - ACCURATE ANSWERS✔✔ employee
A producer must report to the Commissioner of Insurance any administrative action or criminal charges taken against the producer within __ days of the final disposition of the matter. 10 15 20 30 - ACCURATE ANSWERS✔✔ 30 The return of all or part of the commission to the insured by an insurance producer as an inducement to purchase the insurance is known as twisting redlining rebating misrepresentation - ACCURATE ANSWERS✔✔ rebating Insurance producer licenses normally must be renewed every six months one year two years
on-the-job accident off-the-job accident - ACCURATE ANSWERS✔✔ off-the-job accident B has a $100,000 Accidental Death and Dismemberment policy that pays triple indemnity for common carrier death. If B is killed from an accident on a commercial flight, what will the policy pay B's beneficiary? $100, $200, $300, $400,000 - ACCURATE ANSWERS✔✔ $300, An insurance company that replaces existing insurance must provide a copy of which of the following documents to the existing insurance company? The new policy The premium and interest figures for the proposed policy A policy summary The Notice Regarding Proposed Replacement of Life Insurance or Annuity - ACCURATE ANSWERS✔✔ a policy summary
An insurance company formed under the laws of Canada would be known in Mississippi as a domestic company an alien company a foreign company a mutual company - ACCURATE ANSWERS✔✔ an alien company What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Irrevocable beneficiary Tertiary beneficiary Primary beneficiary Revocable beneficiary - ACCURATE ANSWERS✔✔ irrevocable beneficiary K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? -Proceeds will be paid to P's estate -Proceeds will be divided equally between K's and P's estate
applicant is an acceptable risk by completing standard underwriting procedures Which premium schedule results in the lowest cost to the policy owner? Semi-annual Monthly Quarterly Annual - ACCURATE ANSWERS✔✔ annual The most important factor to consider when determining whether to convert term insurance at the insured's attained age or the insured's original age is the cost the health of the insured the amount of coverage being converted who will be beneficiary - ACCURATE ANSWERS✔✔ the cost The Long-Term Care cost disclosure information MUST appear in bold print on the cover page of which of the following materials? Policy application
Declaration page Outline of coverage Rescission reporting form - ACCURATE ANSWERS✔✔ outline of coverage Which of the following BEST describes a short-term medical expense policy? Conditionally renewable Noncancellable Guaranteed renewable Nonrenewable - ACCURATE ANSWERS✔✔ nonrenewable When an insurer issues a policy that refuses to cover certain risks, this is referred to as a(n) elimination exclusion limitation exception - ACCURATE ANSWERS✔✔ exclusion All of these statements concerning Settlement Options are true EXCEPT
-Indexed annuity owners receive annual dividends - ACCURATE ANSWERS✔✔ Indexed annuity owners receive credited interest tied to the fluctuations of the linked index The PRIMARY purpose of the life insurance replacement regulation is to protect the provisions of policies interests of policyowners commissions of producers assets of insurance companies - ACCURATE ANSWERS✔✔ interests of policy owners In a Life insurance contract, an insurance company's promise to pay stated benefits is called the Insuring clause Consideration clause Entire Contract Owner's rights - ACCURATE ANSWERS✔✔ insuring clause If an annuity is terminated prior to beginning of the income payment period, the contract owner receives
No refund of money The contract surrender value at that time All premiums paid up to the date of termination Reimbursement of all expenses deducted from the contract value - ACCURATE ANSWERS✔✔ the contract surrender value at that time The clause in an Accident and Health policy which defines the benefit amounts the insurer will pay is called the Insuring clause Contestable clause Consideration clause Free-look provision - ACCURATE ANSWERS✔✔ insuring clause What is being delivered during a policy delivery? A binding receipt to the proposed insured Insurance contract to the proposed insured Application and initial premium to the insurer Policy summary sheet and disclosure material to the proposed insured - ACCURATE ANSWERS✔✔ insurance contract to the proposed insured
Primary beneficiary's estate Primary beneficiary's next of kin Insured's estate Insured's contingent beneficiary - ACCURATE ANSWERS✔✔ insured's contingent beneficiary All of the following are considered to be typical characteristics describing the nature of an insurance contract EXCEPT Bilateral Unilateral Aleatory Adhesion - ACCURATE ANSWERS✔✔ bilateral When a life insurance policy exceeds certain IRS table values, the result would create which of the following? 1035 Exchange An investment Modified Endowment Contract (MEC) Endowment - ACCURATE ANSWERS✔✔ Modified Endowment Contract (MEC)
S is close to retiring and would like to purchase a policy that will yield greater gains than bonds, but will still protect the principal with a minimum level or risk. Which product would S be advised to purchase? Equity index insurance Endowment Graded whole life policy Return of premium policy - ACCURATE ANSWERS✔✔ equity index insurance Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? Joint Life Adjustable Life Variable Universal Life Universal Life - ACCURATE ANSWERS✔✔ variable universal life A producer may share commissions with which of the following individuals? An unlicensed employee working for the same insurance agency A licensed producer
Revocable assignment Beneficiary change Irrevocable assignment Collateral assignment - ACCURATE ANSWERS✔✔ collateral assignment Who is NOT required to sign a life insurance application? Adult insured Policyowner Agent Beneficiary - ACCURATE ANSWERS✔✔ beneficiary An insurer receives proof of loss for an acceptable medical expense claim under an Individual Health Insurance Policy. Under the Time of Payment of Claims provision, the insurer MUST pay the benefits immediately within a maximum of three months within a reasonable amount of time at least monthly - ACCURATE ANSWERS✔✔ immediately
A producer must notify the Commissioner of Insurance within __ days of an address change. 15 30 45 60 - ACCURATE ANSWERS✔✔ 30 In Mississippi, how long can pre-existing conditions be excluded for in Long-Term Care policies? 6 months 12 months 18 months 24 months - ACCURATE ANSWERS✔✔ 6 months An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity
An individual who is appointed by an insurance company to transact insurance is referred to as an employee a producer an adjuster an attorney-in-fact - ACCURATE ANSWERS✔✔ a producer Which of the following policy provisions prohibits an insurance company from incorporating external documents into an insurance policy? Waiver Exceptions and Reductions Incontestable Entire Contract - ACCURATE ANSWERS✔✔ entire contract Which of the following statements about the classification of applicants is INCORRECT? -Substandard applicants are never declined by underwriters -Substandard applicants are occasionally declined by underwriters
-Preferred risk applicants typically have better premium rates than standard risk applicants -An applicant can be classified as substandard risk because of a hazardous job - ACCURATE ANSWERS✔✔ Substandard applicants are never declined by underwriters M becomes disabled and is unable to work for six months. M dies soon after from complications arising from this disability. M has a Disability Income policy that pays $2,000 a month. Which of the following statements BEST describes what is owed to her estate? $2, A lump sum of six times the monthly benefit Nothing Earned, but unpaid benefits - ACCURATE ANSWERS✔✔ earned but unpaid benefits According to the Time Limit of Certain Defenses provision in an Individual Health Insurance Policy, nonfraudulent misstatements first become incontestable two years from the date of the policy was issued two years after collection of the initial premium two years from the date of the first claim
