MISSISSIPPI INSURANCE TEST COMPLETE QUESTIONS & ANSWERS
(GRADED A).Buy Quality Materials!
What is the name of the insured who enters into a viatical settlement?
Viator. Viator means the owner of a life insurance policy who enters into or seeks to
enter into a viatical settlement contract.
Under which nonforfeiture option does the company pay the surrender value and
have no further obligations to the policy owner?
Cash surrender. Once the cash surrender value is paid, the contract is over.
In insurance, an offer is usually made when
An applicant submits an application to the insurer. In insurance, the offer is usually
made by the applicant in the form of the application. Acceptance takes place when an
insurer's underwriter approves the application and issues a policy.
An insured and his wife are both involved in a head-on collision. The husband
dies instantly, and the wife dies 15 days later. The company pays the death
benefit to the estate of the insured. This indicates that the life insurance policy
had what provision?
Common Disaster. Under the Uniform simultaneous death law, Common disaster
provision, the law will assume that the primary beneficiary dies first in a common
disaster as long as the beneficiary dies within this specified period of time following the
death of insured (usually 30 days). This provides that the proceeds will be paid to either
the contingent beneficiary or the insured's estate, if no contingent beneficiary is
designated.
Which part of an insurance application would contain information regarding the
applicant's medical history?
Part 2- Medical information of the application includes information on the prospective
insured's medical background, present health, any medical visits in recent years,
medical status of living relatives, and causes of death of deceased relatives.
An insurance contract must contain all of the following to be considered legally
binding EXCEPT
Beneficiary's consent. The four essential elements of all legal contracts are offer and
acceptance; consideration; competent parties; and legal purpose.
Under a 20-pay whole life policy, in order for the policy to pay the death benefit to
a beneficiary, the premiums must be paid
For 20 years or until death, whichever occurs first. Under a 20-pay life policy, all of the
premiums necessary to cause the policy to endow at the insured's age 100 are paid
during the first 20 years; however, if the insured dies before all of the planned premiums
are paid, the beneficiary will receive the face amount as a death benefit.
If an agent wishes to sell variable life policies, what license must the agent
obtain?
securities. Variable products are governed in part by the Securities and Exchange
Commision; therefore, agents selling variable life policies must also secure a securities
license.
If a loss occurs, insurance policies pay the proceeds to
beneficiary
Which is NOT true about beneficiary designations?
(GRADED A).Buy Quality Materials!
What is the name of the insured who enters into a viatical settlement?
Viator. Viator means the owner of a life insurance policy who enters into or seeks to
enter into a viatical settlement contract.
Under which nonforfeiture option does the company pay the surrender value and
have no further obligations to the policy owner?
Cash surrender. Once the cash surrender value is paid, the contract is over.
In insurance, an offer is usually made when
An applicant submits an application to the insurer. In insurance, the offer is usually
made by the applicant in the form of the application. Acceptance takes place when an
insurer's underwriter approves the application and issues a policy.
An insured and his wife are both involved in a head-on collision. The husband
dies instantly, and the wife dies 15 days later. The company pays the death
benefit to the estate of the insured. This indicates that the life insurance policy
had what provision?
Common Disaster. Under the Uniform simultaneous death law, Common disaster
provision, the law will assume that the primary beneficiary dies first in a common
disaster as long as the beneficiary dies within this specified period of time following the
death of insured (usually 30 days). This provides that the proceeds will be paid to either
the contingent beneficiary or the insured's estate, if no contingent beneficiary is
designated.
Which part of an insurance application would contain information regarding the
applicant's medical history?
Part 2- Medical information of the application includes information on the prospective
insured's medical background, present health, any medical visits in recent years,
medical status of living relatives, and causes of death of deceased relatives.
An insurance contract must contain all of the following to be considered legally
binding EXCEPT
Beneficiary's consent. The four essential elements of all legal contracts are offer and
acceptance; consideration; competent parties; and legal purpose.
Under a 20-pay whole life policy, in order for the policy to pay the death benefit to
a beneficiary, the premiums must be paid
For 20 years or until death, whichever occurs first. Under a 20-pay life policy, all of the
premiums necessary to cause the policy to endow at the insured's age 100 are paid
during the first 20 years; however, if the insured dies before all of the planned premiums
are paid, the beneficiary will receive the face amount as a death benefit.
If an agent wishes to sell variable life policies, what license must the agent
obtain?
securities. Variable products are governed in part by the Securities and Exchange
Commision; therefore, agents selling variable life policies must also secure a securities
license.
If a loss occurs, insurance policies pay the proceeds to
beneficiary
Which is NOT true about beneficiary designations?
