Missouri life insurance Study guides, Class notes & Summaries

Accelerated benefit rider - Allows the insured to receive a portion of the death benefit prior to death if the insured has a terminal illness and is expected to die within 1 to 2 years. Adjustable life policies - Are distinguished by their flexibility that comes from combining term and whole life insurance into a single plan. Adjustable life insurance allows you to bury your coverage as needed. Advantages of whole life insurance - It covers the entire life of the insured. Provides living be...

Missouri Life Insurance (2022/2023) with Verified Solutions Term life Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life Insurance provides death benefits for the entire life of the insured. It also provides living benefits in the form of cash values. It matures at age 100 Group life Coverage is provided to the members of the group under the master contract. The group ...

Missouri Life Insurance (2024/2025) with Verified Solutions

Term life - ANSWER-Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life - ANSWER-Insurance provides death benefits for the entire life of the insured. It also provides living benefits in the form of cash values. It matures at age 100 Group life - ANSWER-Coverage is provided to the members of the group under the master contract. The group is written as a whole, not on...

Term life - correct answer Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life - correct answer Insurance provides death benefits for the entire life of the insured. It also provides living benefits in the form of cash values. It matures at age 100 Group life - correct answer Coverage is provided to the members of the group under the master contract. The group is wr...

MISSOURI LIFE INSURANCE PRACTICE TEST PART 1Traditional Whole life policies are a type of insurance policy that will provide coverage only under what circumstance? - correct answer It is for the entire life of the insured What will happen if an insured decides he or she no longer would like to make payments on a traditional whole life policy and as the carrier to cancel the policy - correct answer The insured would collect part of the premium already paid to the carrier which type of polic...

Term life - Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life - Insurance provides death benefits for the entire life of the insured. It also provides living benefits in the form of cash values. It matures at age 100 Group life - Coverage is provided to the members of the group under the master contract. The group is written as a whole, not on each individual membe...

When an employer terminate coverage under a group policy, how long is that coverage in force? - Answer 31 Days. The employee has 31 days under the conversion privilege to convert to an individual policy. When talking about parties to a contract, what makes a person legally competent. - Answer The person must complete secondary education. What is the number of credits required for the fully insured status of social Security disability benefits? - Answer 40 What type of insurance wo...

Missouri Life Insurance Exam Questions and Answers 100% Solved 401(k) Plan ️️A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment ️️Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner Accelerated Death Benefit ️️Policy provision that allows full or par...