LIFE INSURANCE STUDY BUNDLE WITH CORRECT COMPLETE VERIFIED SOLUTIONS 100% GUARANTEED SUCCESS 2024.

health insurance - Answer broadly covers many risks, such as the loss of income because of disability; the costs of medical care and treatment; and the costs of care not covered by government plans hazards - Answer a condition that increases the number of or the severity of losses manage...

health insurance - Answer broadly covers many risks, such as the loss of income because of disability; the costs of medical care and treatment; and the costs of care not covered by government plans hazards - Answer a condition that increases the number of or the severity of losses manage...

P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: A.irrevocable beneficiary B.revocable beneficiary C.secondary beneficiary - Answer B A contract that has as its basic...

policy owner - Answer usually, but not always the person covered by the policy beneficiary - Answer the person who is paid when a claim is submitted agent/producer - Answer acts as a legal representative of the insurance company broker - Answer representative of the Insured, not...

In life and health insurance, a persons greatest asset is: Answer - Their earning power which of the following is the consideration an insured pays for insurance coverage? Answer - Premium Judith is injured in a car accident. She incurs a covered loss of $50,000. she is required to pay $3,...

What is the prerequisite for receiving a commission from an insurance transaction? - Answer License for same type of insurance transaction. When would life ins. proceeds be taxable by the Federal government? - Answer If there is a transfer for value (policy is sold to another person) A qua...

All of the following are false statements regarding group disability plans, expect: A. there is individual medical underwriting B. the plans are typically written on a nonoccupational basis C. the plans usually cover work-related disabilities D. benefits are not available to individuals employ...

Which of the following Homeowners coverages does NOT generally contain a deductible? -Answer Liability Actual cash value is most often defined as which of the following options? -Answer Replacement cost less depreciation The procedure for resolving a disagreement between an insured and an ...

The following Statements are about the type of cash value life insurance known as universal life insurance. Three of the statements are true, and one of the statements is false. So let the answer choice containing the false statement. - Answer False: The rider that pays a benefit to the insure...

Concealment - Answer The intentional failure to disclose known facts on an insurance application is called $94,800 - Answer Betty owns a universal life insurance policy that was issued with a $100,000 face amount and now has total death benefit protection of $110,000. Several months ago she...

Business entities - Answer partnerships or corporations, may apply for a license if at least one qualifying partner or officer is licensed. To qualify for producer license - Answer 18yrs old complete a 24 hr self study submit fingerprints producer license - Answer issued to individu...

Making a statement that is false or maliciously critical of the financial condition of an insurer is known as - Answer defamation Which of the following statements regarding an examination of an insurer's books and records by the Commissioner is true? - An insurer has a right to delay an exa...

Life insurance helps meet estate planning objectives because it is: - Answer a liquid asset at death Which one of the following statements about a life insurance policy rider regarding waiver of premiums and disability income is true? - Answer In addition to waiving premiums during periods of...

One of the following policies covers Mobile Homes: a. Dp-1 b. Dp-2 c. Dp-3 d. Ho-4 - Answer a. Dp-1 On a dwelling policy, personal property would be covered at: a. ACV b. Replacement Cost c. Not covered d. 80% of Value - Answer a. ACV DP-1 would cover all of the following with...

Basic Medical Expense policies - Answer Provide coverage for Hospital, Surgical and Physicians Medical Expense. -Purchased as a individual or group policy. -provide first dollar coverage (no deductibles). -limited benefit periods and low coverage limits. Major Medical Expense Policy - Answ...

insurance transfers - Answer the risk of an loss for an individual or business to an insurance company which spreads out the costs to many individuals agency contract - Answer a contract that is held between insurer and an agent/producer containing the expressed authority given to the agent...

Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? - Answer Accumulation at interest option Which of these is not a true statement regarding HIC's - Answer Benefits are provided on a reimbursement basis Which of th...

A special characteristic of insurance contract where equal value is not exchanged between parties is known as: - Answer Aleatory Life insurance contracts are ___ agreements - Answer Unilateral What is the proper definition of "take it or leave it" contracts written by insurer? - Answer ...

The expense for an autopsy covered under the physical exam and autopsy provision is paid by a. the estate of the insured b. the insurer c. the beneficiary d. the limits of coverage under the health insurance policy - Answer insurer which of the following statements is TRUE regarding an a...

An underwriter evaluation of information On a life application is also known as - Answer Risk classification what requires that an insurance application state that an investigative CONSUMER report may be obtained on a prospective insured - Answer Fair CREDIT reporting act Which of the foll...

information about the premium and policy limites, the identity and address of the named insured, and the policy period is found in which part of the insurance policy? - Answer Declaration page if an insured intentioanlly conceals a material fact on an application for insurance, the coverage ma...

Define: Insurance - Answer A contract that indemnifies another against loss, damage, or liability arising from an unknown event. Define: Indemnify - Answer To make a person whole by restoring that person to the same financial position that existed before the loss. Define: 1. Policy-owner, ...

Fair Credit Reporting Act The Fair Credit Reporting Act is a Federal law requiring an individual to be informed if that individual is being investigated by an inspection company. - Answer An insurance applicant MUST be informed of an investigation regarding his/her reputation and character ...

non-resident producer - Answer out of state prelicensing education required for each line of authority - Answer 20 hours Period of time that temporary WORK AUTHORITY is valid - Answer 60 days How long to apply for license after completing PRELICENSING education? - Answer 2 years ...

risk pooling - Answer spreading risk over a large group of people law of large numbers - Answer larger the group, the more certain the predictions speculative risk - Answer not insurable - involves both chance of loss or gain pure risk - Answer insurable - involves chance of los...

Pure Risk - Answer A chance of loss with no chance for gain. Insurance - Answer A method for spreading individual risk among a large group of people to make losses more affordable for all. Insurable Risk - Answer A pure risk that is faced by a large number of people and for which the ...

The premium mode defines the - Answer c. frequency of the premium payment an applicant purchases a life insurance policy to avoid the forced sales of assets upon his death. What is this action called? - Answer d. estate conservation a producer who knowingly submits a false statement in s...

Replacement regulation is designed to protect - Answer Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide - Answer Preventative health services Which of these will have the highest monthly payout upon annuitization -...

When the disclosure of an insured's nonpublic information is involved, what is the insurer obligated to do? - Answer Give notice, explain, and allow opting out Under the Telemarketing Sales Rule, telemarketing calls may NOT be received after - Answer 9:00 PM A health plan offered by pri...

Which of the following statements regarding a warranty is correct? Answer - They are statements which are supposed to be absolutely true Statements made by an applicant for property insurance which in the opinion of the applicant, are true to the best of his or her knowledge are called: Answer...