Louisiana Life and Health Insurance BUNDLED exam 2023 with 100% correct answers

Self-Insurance - correct answer -the retention of risk by providing funding for smaller, specified loss from within company reserves retaining risk is only used in circumstances where a large enough group of similar (homogeneous) exposure units exist, and the business has the necessary amount of ...

which of the following best describes the aleatory nature of an insurance contract? - correct answer -Exchange of unequal values An insured purchased an insurance policy 5 years ago. Last year she received a dividend check, this year she didn't what type of insurer? - correct answer -Mutual W...

Insurance - correct answer -the transfer of Pure risk to the insurance company in consideration for a premium must be pure risk and calculable. Pure Risk - correct answer -the chance of loss without any chance of gain; insurable Speculative Risk - correct answer -possibility for gain or los...

A viatical transaction is used for which of the following - correct answer A chronically ill insured who needs to sell his life insurance policy to a third-party to settle medical and other bills prior to death An agent complete an application for insurance on the Addams family Mr. Adams writes a...

Apparent Authority - correct answer -producer is exposed to telephone prospects on the insurer's behalf to arrange sales appointments Bud, age 68, whose income consists of his pension and Social Security benefits - correct answer -All of the following are eligible to make contributions (tax-dedu...

What kind of policy pays $100 daily benefit for a hospital stay with no deductible? - correct answer -Indemnity Plan What business continuation plan would be best for a furniture company owned by five partners? - correct answer -Entity plans are best for partnerships with several partners An i...

A licensee just renewed his license. How much time will pass before he will have to renew it again? - correct answer -2 years How many eligible employees must be included in a contributory plan? - correct answer -75% All of the following are Nonforfeiture options EXCEPT - correct answer -Inter...

Death Benefit - correct answer The amount payable upon the death of the person whose life is insured. Cash value - correct answer equity amount accumulated in permanent life insurance Estate - correct answer person's net worth illustrations - correct answer presentation or depiction of non...

All of the following long-term care coverages would allow an insured to receive care at home EXCEPT a. Skilled Care b. Custodial care in insured's house c. Respite care d. Home health care - correct answer -a. What is the purpose of a suicide provision within a life insurance policy? - corr...

All of the following long-term care coverages would allow an insured to receive care at home EXCEPT a. Skilled Care b. Custodial care in insured's house c. Respite care d. Home health care - correct answer -a. What is the purpose of a suicide provision within a life insurance policy? - corr...

All of the following are correct about the required provisions of a health insurance policy EXCEPT A. The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract. B. A reinstated policy provides immediate coverage for an illness...

Variable Whole Life - correct answer -Premium payments are fixed. Part of premium is placed into a separate account, which is invested in stock bond, or money market fund. Guaranteed death benefit, but cash values vary according to market. do not guarantee contract cash values and the holder assumes...

Individual Producer - correct answer -someone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew insurance Business Entity - correct answer -someone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, ...

Accelerated Benefits - correct answer -riders attached to life insurance policies which allow death benefits to be used to cover nursing and convalescent home expenses. Accident - correct answer -an unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insuran...