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MISSISSIPPI LIFE AND HEALTH FINAL EXAM |
FREQUENTLY TESTED QUESTIONS WITH
CORRECT ANSWERS | BRAND NEW!
When an insurance application is taken by a producer, which of
these statements is true?
The applicant should have an attorney present during the
application process
Any changes made on the application require the applicant's
initials
Any changes made on the application can later be initialed by the
producer if the applicant is unavailable
The producer has the discretion to ask or not to ask any of the
questions listed on the application - ✔✔✔ Correct Answer > any
changes made on the application requires the applicant's initials
An employee of 20 years recently retired at age 59 1/2. This
employee's group life contract can be
converted to an individual permanent policy at an individual rate
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converted to an individual permanent policy at a group rate
continued at an individual rate
continued at a group rate - ✔✔✔ Correct Answer > converted to an
individual permanent policy at an individual rate
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 - ✔✔✔ Correct Answer > 10
S filed a written Proof of Loss for a Disability Income claim on
September 1. The insurance company did not respond to the
claim. S can take legal action against the insurer beginning
September 21
October 16
November 1
December 1 - ✔✔✔ Correct Answer > November 1
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What is the Suicide provision designed to do?
decline an applicant who is contemplating suicide
safeguard the insurer from an applicant who is contemplating
suicide
protect the insurer from ever paying a claim that results from
suicide
allows the insurer the option to pay a death benefit in the event
of suicide - ✔✔✔ Correct Answer > safeguard the insurer from an
applicant who is contemplating suicide
What type of renewability guarantees premium rates and
renewability?
Optionally renewable
Conditonally renewable
Noncancellable
Guaranteed renewable - ✔✔✔ Correct Answer > noncancellable
The provision that can be used to put an insurance policy back in
force after it has lapsed due to nonpayment is called
Reinstatement
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Grace period
Automatic premium loan
Waiver of premium - ✔✔✔ Correct Answer > reinstatement
Which health policy clause specifies the amount of benefits to be
paid?
Insuring
Consideration
Free-look
Payment mode - ✔✔✔ Correct Answer > insuring
The option that provides an additional death benefit for a limited
amount of time at the lowest possible cost is called a(n)
Term rider
Accidental Death and Dismemberment rider (AD&D)
Family rider
Annuity - ✔✔✔ Correct Answer > Accidental Death and
Dismemberment rider (AD&D)
A Whole Life Insurance Policy endows when the
MISSISSIPPI LIFE AND HEALTH FINAL EXAM |
FREQUENTLY TESTED QUESTIONS WITH
CORRECT ANSWERS | BRAND NEW!
When an insurance application is taken by a producer, which of
these statements is true?
The applicant should have an attorney present during the
application process
Any changes made on the application require the applicant's
initials
Any changes made on the application can later be initialed by the
producer if the applicant is unavailable
The producer has the discretion to ask or not to ask any of the
questions listed on the application - ✔✔✔ Correct Answer > any
changes made on the application requires the applicant's initials
An employee of 20 years recently retired at age 59 1/2. This
employee's group life contract can be
converted to an individual permanent policy at an individual rate
,Page 2 of 63
converted to an individual permanent policy at a group rate
continued at an individual rate
continued at a group rate - ✔✔✔ Correct Answer > converted to an
individual permanent policy at an individual rate
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 - ✔✔✔ Correct Answer > 10
S filed a written Proof of Loss for a Disability Income claim on
September 1. The insurance company did not respond to the
claim. S can take legal action against the insurer beginning
September 21
October 16
November 1
December 1 - ✔✔✔ Correct Answer > November 1
,Page 3 of 63
What is the Suicide provision designed to do?
decline an applicant who is contemplating suicide
safeguard the insurer from an applicant who is contemplating
suicide
protect the insurer from ever paying a claim that results from
suicide
allows the insurer the option to pay a death benefit in the event
of suicide - ✔✔✔ Correct Answer > safeguard the insurer from an
applicant who is contemplating suicide
What type of renewability guarantees premium rates and
renewability?
Optionally renewable
Conditonally renewable
Noncancellable
Guaranteed renewable - ✔✔✔ Correct Answer > noncancellable
The provision that can be used to put an insurance policy back in
force after it has lapsed due to nonpayment is called
Reinstatement
, Page 4 of 63
Grace period
Automatic premium loan
Waiver of premium - ✔✔✔ Correct Answer > reinstatement
Which health policy clause specifies the amount of benefits to be
paid?
Insuring
Consideration
Free-look
Payment mode - ✔✔✔ Correct Answer > insuring
The option that provides an additional death benefit for a limited
amount of time at the lowest possible cost is called a(n)
Term rider
Accidental Death and Dismemberment rider (AD&D)
Family rider
Annuity - ✔✔✔ Correct Answer > Accidental Death and
Dismemberment rider (AD&D)
A Whole Life Insurance Policy endows when the
