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Missouri Insurance FAQs

What is the Missouri Definition of an Insurance Agent?
An agent is a natural person, partnership or corporation appointed by an insurer to solicit and negotiate insurance contracts on its behalf, regulated by the Missouri … more
What is an Agent?
An agent is a licensed representative of an insurance company who solicits, negotiates, or effects contracts of insurance and provides service to the policyholder for … more
What is a Broker?
A Broker is an individual, partnership or corporation who, for compensation, (not being a licensed agent for the company in which a policy of insurance is placed) acts … more
What is an Application?
An application is a signed statement of facts requested by the insurance company on the basis of which the company decides whether or not to issue the coverage. The … more
What are the necessary qualifications to become a Broker?
The following qualifications must be met in order to become a Broker: 1. Must be a citizen of the United States of America. 2. Must be of good moral character and not … more
What is an Assignment?
An assignment is the signed authorization by the policyholder for the insurance company to pay benefits directly to the hospital, doctor, or other provider.
What is a Legal Service Representative?
A legal service representative is an individual appointed to represent a legal service insurance corporation that has been authorized by MDI to conduct a prepaid legal … more
What is a Beneficiary?
A beneficiary is the person designated or provided for by the policy terms to receive the proceeds upon the death of the insured.
What are Benefits?
Benefits are the dollar amount payable by the insurance company to the claimant, assignee, or beneficiary under any valid policy.
How long does a company have to settle a claim?
The UNFAIR CLAIMS SETTLEMENT PRACTICES ACT gives a company 30 days to investigate a claim, with some exceptions. The insurer should provide the necessary claim forms … more