Mississippi Life and Health Final Exam
1. Term Rider What kind of life insurance product covers children under their parent's policy?
Family Maintenance rider
Term rider
Family Income rider
Payor benefit
2. employee Under a trustee group life policy, who would be eligible for a certificate of
coverage?
Corporation
Employee
Employer
Labor union
3. 30 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
4. rebating 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
5. two years
, Mississippi Life and Health Final Exam
Insurance producer licenses normally must be renewed every
six months
one year
two years
three years
6. Usual, custom- Which of the following phrases refers to the fees charged by a healthcare profes-
ary, and reason- sional?
able expenses
Deductible
Coinsurance
Usual, customary, and reasonable expenses
Hospital expense
7. closed panel The situation in which a group of physicians are salaried employees and conduct
business in an HMO facility is called a(n)
closed panel
open panel
co-op panel
capitation panel
8. off-the-job acci- An accident policy will most likely pay a benefit for a(n)
dent
self-inflicted injury
critical illness
on-the-job accident
off-the-job accident
9. $300,000 B has a $100,000 Accidental Death and Dismemberment policy that pays triple in-
demnity for common carrier death. If B is killed from an accident on a commercial
flight, what will the policy pay B's beneficiary?
, Mississippi Life and Health Final Exam
$100,000
$200,000
$300,000
$400,000
10. a policy summary 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
11. an alien compa- An insurance company formed under the laws of Canada would be known in
ny Mississippi as
a domestic company
an alien company
a foreign company
a mutual company
12. irrevocable bene- What kind of life insurance beneficiary requires his/her consent when a change
ficiary of beneficiary is made?
Irrevocable beneficiary
Tertiary beneficiary
Primary beneficiary
Revocable beneficiary
13. Proceeds will be K is the insured and P is the sole beneficiary on a life insurance policy. Both are
payable to K's es- involved in a fatal accident where K dies before P. Under the Common Disaster
tate if P dies provision, which of these statements is true?
, Mississippi Life and Health Final Exam
within a specified Proceeds will be paid to P's estate
time Proceeds will be divided equally between K's and P's estate
Proceeds will be payable to K's estate if P dies within a specified time
The courts will decide who will receive death benefits
14. charging differ- Unfair discrimination is described as
ent rates for per-
sons in the same failing to choose a specific policy type
class charging different rates for persons in the same class
writing different policies for different individuals
writing policies for only one company
15. determine if the An agent takes an individual Disability Income application, collects the appropriate
applicant is an premium, and issues the prospective insured a conditional receipt. The next step
acceptable risk the insurance company will take is to
by completing
standard under- issue the policy only when the initial premium check has cleared
writing proce- determine if the applicant is insurable by investigating family health history
dures issue the policy on a standard basis
determine if the applicant is an acceptable risk by completing standard under-
writing procedures
16. annual Which premium schedule results in the lowest cost to the policy owner?
Semi-annual
Monthly
Quarterly
Annual
17. the cost 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
1. Term Rider What kind of life insurance product covers children under their parent's policy?
Family Maintenance rider
Term rider
Family Income rider
Payor benefit
2. employee Under a trustee group life policy, who would be eligible for a certificate of
coverage?
Corporation
Employee
Employer
Labor union
3. 30 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
4. rebating 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
5. two years
, Mississippi Life and Health Final Exam
Insurance producer licenses normally must be renewed every
six months
one year
two years
three years
6. Usual, custom- Which of the following phrases refers to the fees charged by a healthcare profes-
ary, and reason- sional?
able expenses
Deductible
Coinsurance
Usual, customary, and reasonable expenses
Hospital expense
7. closed panel The situation in which a group of physicians are salaried employees and conduct
business in an HMO facility is called a(n)
closed panel
open panel
co-op panel
capitation panel
8. off-the-job acci- An accident policy will most likely pay a benefit for a(n)
dent
self-inflicted injury
critical illness
on-the-job accident
off-the-job accident
9. $300,000 B has a $100,000 Accidental Death and Dismemberment policy that pays triple in-
demnity for common carrier death. If B is killed from an accident on a commercial
flight, what will the policy pay B's beneficiary?
, Mississippi Life and Health Final Exam
$100,000
$200,000
$300,000
$400,000
10. a policy summary 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
11. an alien compa- An insurance company formed under the laws of Canada would be known in
ny Mississippi as
a domestic company
an alien company
a foreign company
a mutual company
12. irrevocable bene- What kind of life insurance beneficiary requires his/her consent when a change
ficiary of beneficiary is made?
Irrevocable beneficiary
Tertiary beneficiary
Primary beneficiary
Revocable beneficiary
13. Proceeds will be K is the insured and P is the sole beneficiary on a life insurance policy. Both are
payable to K's es- involved in a fatal accident where K dies before P. Under the Common Disaster
tate if P dies provision, which of these statements is true?
, Mississippi Life and Health Final Exam
within a specified Proceeds will be paid to P's estate
time Proceeds will be divided equally between K's and P's estate
Proceeds will be payable to K's estate if P dies within a specified time
The courts will decide who will receive death benefits
14. charging differ- Unfair discrimination is described as
ent rates for per-
sons in the same failing to choose a specific policy type
class charging different rates for persons in the same class
writing different policies for different individuals
writing policies for only one company
15. determine if the An agent takes an individual Disability Income application, collects the appropriate
applicant is an premium, and issues the prospective insured a conditional receipt. The next step
acceptable risk the insurance company will take is to
by completing
standard under- issue the policy only when the initial premium check has cleared
writing proce- determine if the applicant is insurable by investigating family health history
dures issue the policy on a standard basis
determine if the applicant is an acceptable risk by completing standard under-
writing procedures
16. annual Which premium schedule results in the lowest cost to the policy owner?
Semi-annual
Monthly
Quarterly
Annual
17. the cost 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
