Mississippi Life and Health Final Alabama EXAM
QUESTIONS AND VERIFIED ACCURATE SOLUTION
|GET IT 100% ACCURATE
Before a life insurance policy is issued, which of these components of the contract is required?
Applicant's signature on application
Beneficiary's signature
A conditional receipt
Attending Physician Statement (APS) - ANSWER-applicant's signature on application
Before holding a hearing regarding a producer's unfair or deceptive practice, the Commissioner of
Insurance MUST give how many days notice?
10
30
45
60 - ANSWER-10
Before holding a hearing that may lead to suspension or revocation of a producer's license, the
Commissioner of Insurance MUST give
oral notice to the producer
written notice to the producer
oral notice to the producer's insurance company
written notice to the producer's insurance company - ANSWER-written notice to the producer
Disability policies do NOT normally pay for disabilities arising from which of the following?
Accidents
,War
Negligence
Sickness - ANSWER-War
Each producer who initiates an application for life insurance or annuity for replacement of an existing
policy shall submit which of the following as a part of the application?
A signed statement by the applicant regarding the replacement
A signed replacement statement from the insurance company being replaced
A detailed comparison of existing coverage and the proposed coverage
A signed replacement statement from the replacing insurance company - ANSWER-a signed statement
by the applicant regarding the replacement
From what authority derives the requirement that an insurance application contains a disclosure stating
that an investigative consumer report may be obtained on an applicant?
Fair Credit Reporting Act
Medical Information Bureau
Part lll of the application
Life Insurance Buyer's Guide - ANSWER-Fair Credit Reporting Act
G is involved in an automobile accident as a result of driving while intoxicated and suffers numerous
injuries. According to the Intoxicants and Narcotics exclusion in G's policy, who is responsible for paying
the medical bills?
The reinsurer
The insured
The insurer
The Guaranty Association - ANSWER-the insured
,How are Roth IRA distributions normally taxed?
10% penalty tax is applied
Taxed as ordinary income
Capital gains tax is applied
Distributions are received tax-free - ANSWER-distributions are received tax free
How does an indexed annuity differ from a fixed annuity?
-Fixed annuity owners receive credited interest tied to the fluctuations of the linked index
-Indexed annuity owners receive credited interest tied to the fluctuations of the linked index
-Fixed annuity owners have a separate investment account
-Indexed annuity owners receive annual dividends - ANSWER-Indexed annuity owners receive credited
interest tied to the fluctuations of the linked index
How long is the free-look period for Long-Term Care policies sold in Mississippi?
10 days
15 days
20 days
30 days - ANSWER-30 days
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 - ANSWER-the contract surrender
value at that time
, If an insurance company issues a Disability Income policy that it cannot cancel or for which it cannot
increase premiums, the type of renewability that best desribes this policy is called
noncancellable
conditionally renewable
cancellable
guaranteed renewable - ANSWER-noncancellable
If the insured and primary beneficiary are both killed in the same accident and it cannot be determined
who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death
Act?
Primary beneficiary's estate
Primary beneficiary's next of kin
Insured's estate
Insured's contingent beneficiary - ANSWER-insured's contingent beneficiary
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 - ANSWER-insuring clause
In a life insurance policy, which provision states who may select policy options, designate and name a
beneficiary, and be the recipient of any financial benefits from the policy?
Nonforfeiture
Entire Contract
QUESTIONS AND VERIFIED ACCURATE SOLUTION
|GET IT 100% ACCURATE
Before a life insurance policy is issued, which of these components of the contract is required?
Applicant's signature on application
Beneficiary's signature
A conditional receipt
Attending Physician Statement (APS) - ANSWER-applicant's signature on application
Before holding a hearing regarding a producer's unfair or deceptive practice, the Commissioner of
Insurance MUST give how many days notice?
10
30
45
60 - ANSWER-10
Before holding a hearing that may lead to suspension or revocation of a producer's license, the
Commissioner of Insurance MUST give
oral notice to the producer
written notice to the producer
oral notice to the producer's insurance company
written notice to the producer's insurance company - ANSWER-written notice to the producer
Disability policies do NOT normally pay for disabilities arising from which of the following?
Accidents
,War
Negligence
Sickness - ANSWER-War
Each producer who initiates an application for life insurance or annuity for replacement of an existing
policy shall submit which of the following as a part of the application?
A signed statement by the applicant regarding the replacement
A signed replacement statement from the insurance company being replaced
A detailed comparison of existing coverage and the proposed coverage
A signed replacement statement from the replacing insurance company - ANSWER-a signed statement
by the applicant regarding the replacement
From what authority derives the requirement that an insurance application contains a disclosure stating
that an investigative consumer report may be obtained on an applicant?
Fair Credit Reporting Act
Medical Information Bureau
Part lll of the application
Life Insurance Buyer's Guide - ANSWER-Fair Credit Reporting Act
G is involved in an automobile accident as a result of driving while intoxicated and suffers numerous
injuries. According to the Intoxicants and Narcotics exclusion in G's policy, who is responsible for paying
the medical bills?
The reinsurer
The insured
The insurer
The Guaranty Association - ANSWER-the insured
,How are Roth IRA distributions normally taxed?
10% penalty tax is applied
Taxed as ordinary income
Capital gains tax is applied
Distributions are received tax-free - ANSWER-distributions are received tax free
How does an indexed annuity differ from a fixed annuity?
-Fixed annuity owners receive credited interest tied to the fluctuations of the linked index
-Indexed annuity owners receive credited interest tied to the fluctuations of the linked index
-Fixed annuity owners have a separate investment account
-Indexed annuity owners receive annual dividends - ANSWER-Indexed annuity owners receive credited
interest tied to the fluctuations of the linked index
How long is the free-look period for Long-Term Care policies sold in Mississippi?
10 days
15 days
20 days
30 days - ANSWER-30 days
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 - ANSWER-the contract surrender
value at that time
, If an insurance company issues a Disability Income policy that it cannot cancel or for which it cannot
increase premiums, the type of renewability that best desribes this policy is called
noncancellable
conditionally renewable
cancellable
guaranteed renewable - ANSWER-noncancellable
If the insured and primary beneficiary are both killed in the same accident and it cannot be determined
who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death
Act?
Primary beneficiary's estate
Primary beneficiary's next of kin
Insured's estate
Insured's contingent beneficiary - ANSWER-insured's contingent beneficiary
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 - ANSWER-insuring clause
In a life insurance policy, which provision states who may select policy options, designate and name a
beneficiary, and be the recipient of any financial benefits from the policy?
Nonforfeiture
Entire Contract
