Mississippi Life and Health Insurance
Questions
A business overhead expense policy : - answer 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 : - answer Policy loan provision
After and insured gives notice of loss what must he/she do if the insurer does not
furnish forms - answer 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) -
answer Immediate annuity
Which of these statements accurately describes the Waiver of premium provision in an
accident and Health policy - answer 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 -
answer 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: -
answer 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 : -
answer Coinsurance
Which tax would an IRA participant be subjected to on distributions received prior to age
59 1/2? - answer Ordinary income tax and a 10% tax penalty for early withdraw
which of the following life insurance policies combine term insurance with an investment
element? - answer Universal Life
Which Federal law allows an insurer to obtain an inspection report on a potential
insured? - answer Fair Credit reposting Act
