Life and Health Insurance Exam (Missouri) 2024

Life and Health Insurance Exam (Missouri) 2024 Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - answer-Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which the insurer subsequently accepts. Which policy provision specifies that coverage may be restored in this situation? 1)free-look 2)reinstatement 3)grace period 4)consideration - answer-Reinstatement What type of contract liquidates an estate through recurrent payments? 1)Universal life insurance 2)Whole life insurance 3)Annuity 4)401k - answer-Annuity