Mississippi Life and Health Insurance Exam 2024/2025, Exams of Business Economics

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MISSISSIPPI LIFE AND HEALTH PART 2

EXAM 2024/2025 WITH 100% ACCURATE

SOLUTIONS

MISSISSIPPI LIFE AND HEALTH PART 2

EXAM 2024/2025 WITH 100% ACCURATE

SOLUTIONS

Which of these types of life insurance allows the policy owner to have level premiums and at also choose from a selection of investment options - Precise Answer ✔✔variable life Any criminal charges taken against a producer must be reported to the Commissioner of Insurance by the producer within how many days of the final disposition? - Precise Answer ✔✔ 30 Under a Graded Premium policy, the premiums - Precise Answer ✔✔are lower during the policy's early years which of the following actions must be taken by an insurance company that wishes to conduct business in Mississippi? - Precise Answer ✔✔Acquire a certificate of authority Which of these needs is satisfied by Adjustable Life insurance? - Precise Answer ✔✔insured's need for flexible premiums what is the MINIMUM number of Activities of Daily Living ( ADL ) an insured must be unable to perform to qualify for long term benefits? - Precise Answer ✔✔ 2

health policies sold in Mississippi are REQUIRED to begin medical coverage of a newborn beginning at - Precise Answer ✔✔the moment of birth An insurer must provide an insured with claim forms within __ days after receiving notice of a loss. - Precise Answer ✔✔ 15 an insurance company appoints a(n) ____ to transact insurance - Precise Answer ✔✔producer An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the - Precise Answer ✔✔applicants physician How do life insurance companies handle cases where the insured commits suicide within the contract's stated Contestable period? - Precise Answer ✔✔claims are denied under the suicide clause of the policy A producer is attempting to replace an existing life insurance policy with a new one. what must this producer submit as part of the appliaction - Precise Answer ✔✔a signed statement by the applicant regarding the statement

which of the following statements describes what an accident and health policyowner may not do - Precise Answer ✔✔adjust the premium payments which of the following health insurance policy provisions specifies the health care services a policy will provide? - Precise Answer ✔✔insuring clause After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? - Precise Answer ✔✔file written proof of loss what benefits does the payor clause on a juvenile life policy provide? - Precise Answer ✔✔premiums are waived if the payor becomes disabled the consideration clause in a life insurance contract contains what pertinent information? - Precise Answer ✔✔amount of premium payments and when they are due the underwriting process involves all of these EXCEPT for: - Precise Answer ✔✔Policy loan K pays on a $20,000 20-Year Endowment policy for 10 years and dies from an automobile accident. How much will the insurance company pay the beneficiary? - Precise Answer ✔✔$20,000 death benefit

Medicaid was designed to assist individuals who are - Precise Answer ✔✔below a specific income limit J is a producer who is recommending that an insured surrender an existing life insurance policy and purchase a new one. Which provision would this producer be subject to? - Precise Answer ✔✔Replacement acme insurance company conducts business in Mississippi and was incorporated in Mississippi. This company is considered to be a(n) - Precise Answer ✔✔Domestic Insurer the situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called - Precise Answer ✔✔closed panel How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - Precise Answer ✔✔if the primary dies before the insured A(n) ____ term life policy is normally used when covering an insured's mortgage balance - Precise Answer ✔✔decreasing Before a life insurance policy is issued, which of these components of the contract is required? - Precise Answer ✔✔applicants signature on application

A "reimbursement policy"pays what amount of covered long term care expenses? - Precise Answer ✔✔actual expenses up to the daily maximum a policy loan is made possible by which of these life insurance policy features - Precise Answer ✔✔cash value provision How does a typical Variable Life Policy investment account grow? - Precise Answer ✔✔through mutual funds , stocks , bonds which of the following would be a valid reason for suspending or revoking an insurance producer's license? - Precise Answer ✔✔The producer has misappropriated money held in a fiduciary capacity What is the underlying concept regarding level premiums? - Precise Answer ✔✔the early years are charged more that what it is needed How long is the typical free look period for Long Term care insurance policies? - Precise Answer ✔✔30 days With whom may a producer share commissions with? - Precise Answer ✔✔A licensed producer Long-term care policies sold in Mississippi are required to contain cast disclosure information in bold print. Where does the law require this information be located - Precise Answer ✔✔outline of coverage

B owns a Whole Life policy with a guaranteed insurability option that allows him to purchase, without evidence of insurability, stated amounts of - Precise Answer ✔✔additional whole life coverage at specified times When must insurable interest exist for a life insurance contract to be valid? - Precise Answer ✔✔inception of the contract a long-term care policy sold in Mississippi must provide benefits for minimum of - Precise Answer ✔✔12 months