Business > EXAM > Life and Health Insurance Exam (Missouri) | 100 Questions with 100% Correct Answers | Updated & Veri (All)

Life and Health Insurance Exam (Missouri) | 100 Questions with 100% Correct Answers | Updated & Verified

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Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4... )the contract is voidable upon proof of fraud - ANS - Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which the insurer subsequently accepts. Which policy provision specifies that coverage may be restored in this situation? 1)free-look 2)reinstatement 3)grace period 4)consideration - ANS - Reinstatement What type of contract liquidates an estate through recurrent payments? 1)Universal life insurance 2)Whole life insurance 3)Annuity 4)401k - ANS - Annuity An insured pays premiums on an annual basis for an individual health insurance policy. What is the MINIMUM number of days for the Grace Period provision? 1)7 2)10 3)20 [Show More]

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