Missouri Insurance Law Flashcards
What document must be provided to the policyowner or applicant during policy replacement?
Notice regarding replacement
What must contain a notice of the graded death benefit in a life insurance policy with graded death benefits?
The policy application
An insurance producer license does not include..
Name of the insurer’s represented on the license
If you’ve completed 20 hours of continuing education credits in order to renew your license how manty hours of continuing education will you need to complete in order to renew next term?
12
In the first year of a life insurance policy with graded benefits, the death benefit is less than 50% of the face amount of the policy, what amount must the policy contain in accidental death benefits during the graded period?
Full face amount of policy
How often must an insurer who delivers variable life insurance policies in MO determine any changes in variable death benefits?
Annually
Life insurers are prohibited from including any advertisements except
Policy appraisals and analyses
The director must conduct a financial exam of every insurer licensed in Missouri at least
every 5 years
What is NOT among the lines of authority for which an insurance producer may qualify in the state of MO
Group health insurance
If an insurer meets the states financial requirements and is approved to transact business in the state, it is considered to be
Authorized
What is NOT considered a rebate if offered to an insured?
Dividends from a mutual insurer
How is the director selected for the office?
Appointed by the Governor
During replacement of life insurance, a replacing insurer must do what?
Obtain a list of all life insurance policies that will be replaced
What is not used to determine annuity suitability?
Age
What is true regarding continuing education requirements for nonresident producers?
the producer does not need to meet MO CE requirements if they are meeting home state CE requirements
What is the purpose of the insurability provision in group life policies issues in MO?
To allow the insurer to require proof of insurability from individual insured
What is NOT required on an application for a variable life insurance policy?
A statement explaining the use of separate accounts in variable insurance
How must a replacing producer respond to an applicant wishing to replace existing life insurance?
the producer must provide a Notice Regarding Replacement
Within how many days are insurers required to notify the director that a producers appointment has been terminated?
30 days
How many hours of continuing educations must be completed in ethics and MO law each licensing period?
3
