Mo Life & Health Insurance Practice Exam (Updated 2024)

A disability elimination period is best described as a? {Ans: time deductible}A policyowner would like to change the beneficiary on an Accidental Death and Dismemberment (AD&D) insurance policy and make the change permanent. Which type of designation would fulfill this need? {Ans: irrevocable}C is a key employee at ABC Incorporated. If a Key Employee life policy is purchased on her life, which of these statements would be true? {Ans: ABC is the policyowner, C is the insured, ABC is the beneficiary}The insuring clause {Ans: States the scope and limits of the coverage}P is a forty year old woman and would like to purchase an annuity that will provide a lifetime income stream beginning at age sixty. Which of the following did she NOT buy? {Ans: an immediate annuity}What is the MAXIUM fixed interest rate for a life insurance policy loan? {Ans: 8%}What type of group plan involves employees sharing the cost? {Ans: contributory plan}Which of these is NOT a source of funding for social security benefits? {Ans: federal government}When an individual is planning to protect his family with life insurance, one method of doing so is called needs analysis. What exactly does