Missouri rules life and health

Question 1

Duties of the preplacing producer

Answer 1

• present new policy that is signed
• obtain a list of all existing life insurance to be replaced
• Leave the applicant with orignal
• Submit to the replacing insurance company a copy of the replacement notice

Question 2

Policy loan interest rates life

Answer 2

may not exceed 8% per year

Question 3

Suicide exclusion

Answer 3

within one year after signed, we will not insure

Question 4

Group insurance:

grace period
Incontestability
Other required provisions

Answer 4

Grace period - policyholders are entitled to grace period of 31 days.
Incontestability - Validity of policy may not be contested after policy has been in force for 2 years unless the case of nonpayment or fraudulent misstatements by the applicant or insured

Question 5

Credit life insurance

Answer 5

Special type of coverage written to insure the life of the debtor and pay off the balance of a loan in the event of death. Creditors may require debtor to have life insurance. Evidence of insurance must be provided to the debtor within 30 days after the insurance term begins

Question 6

What can credit life insurance be issued as?

Answer 6

individual or group plan. Credit life insurance cannot exceed the total amount owed to the creditor

Question 7

Companies that issue and deliver variable contracts must do what?

Answer 7

Have capital and surplus of at least 2.5 milly

Be licensed to transact insurance in this state and be in good standing

Question 8

How long does director have to approve or disapprove policy

Answer 8

45 days

Question 9

Insurance producers engaging in the sale of annuity products and must complete a one time training of how many hours

Answer 9

4 hours

Question 10

Insurers are required to maintain records for ads and testys and apprasils for how many years

Answer 10

5 bad boy years

Question 11

Advertisements must state the date in which applicant must submit application.

Answer 11

Not less than 10 days or more 40 days of the enrollment period advertised

Question 12

Medicare supplement Plans

Answer 12

30 days free look
Open enrollment
Commission in first year may not exceed 200% of the commission for sale or servicing of policy in 2nd year

Question 13

Long term care

Answer 13

• Shoppers guide outline of coverage required
• At least 12 months
• Pre-existing condition exclusion - no longer than 6 months

Question 14

Health notice of claim time

Answer 14

Insured must notify the insurer of a loss within 20 days

Question 15

Legal action after written proof of loss

Answer 15

The insured must wait at least 60 days before initiating any legal action