WY Life and Health Insurance Tests Bundle Set

Ordinary Life Insurance CORRECT ANSWER individual life insurance that includes many types of temporary and permanent insurance protection plans written on individuals. Term life insurance CORRECT ANSWER simplest type of insurance plan which provides low cost insurance protection for a specified p...

Health insurance CORRECT ANSWER refers to broad filed of insurance plans that provide protection against financial consequences of illness, accident, injury and disability Medical Expense Insurance CORRECT ANSWER includes plans that cover hospital care, surgical expenses, doctors visits, and outp...

Which of the following disability income policies would have the highest premium? CORRECT ANSWER 15-day waiting period / 10-year benefit period What are the 2 types of Flexible Spending Accounts? CORRECT ANSWER Health care accounts and Dependent care accounts L has a major medical policy with ...

What is considered the purpose of the Guaranty Association? CORRECT ANSWER "Protect insureds from insolvent insurers" An insurance company that has qualified and received a Certificate of Authority from the Insurance Department to sell insurance in this state is called a(n): CORRECT ANSWER "Au...

Which statement accurately describes the Change of Beneficiary provision? CORRECT ANSWER Any policy that has a death benefit must also have a Change of Beneficiary provision An insured purchased a noncancellable health insurance policy 1 year ago. Which of the following circumstances would NOT be...

Which of the following is most closely related to the concept of insurable interest? A. Loss valuation B. Indemnity C. Actual cash value D. Replacement cost CORRECT ANSWER B. Indemnity An insured is indemnified to the degree of his insurable interest in the covered property. Replacement...

What is insurance? CORRECT ANSWER Transfer of risk to protect from financial loss. Types of Risk CORRECT ANSWER Pure and Speculative Pure Risk CORRECT ANSWER Insurable risk. There is only loss. Speculative Risk CORRECT ANSWER Not insurable. Could loss or gain financially. EX: gambling/stock...