1 - ExamFX Life and Health - General
Insurance Exam | 93 Questions with
100% Correct Answers |GRADED
What two elements are necessary to a life insurance contract to have a legal purpose? -
CORRECT ANSWER 1. Insurable Interest
2. Consent
Insurance is a contract that protects the insured from what? - CORRECT ANSWER
Loss
What Type of Risk is Insurable? - CORRECT ANSWER Pure
What is the term for the causes of loss insured against in a insurance policy? -
CORRECT ANSWER Peril
What Law Protects Consumers from the circulation of inaccurate or obsolete
information? - CORRECT ANSWER The Fair Credit Reporting Act
What are the three types of hazards? - CORRECT ANSWER 1. Physical
2. Moral
3. Morale
In forming an insurance contract, when does an acceptance usually occur? -
CORRECT ANSWER When the insurer approves a prepaid application
An insurance company domiciled in California and transacts insurance in Nevada. What
is this insurer's classification in Nevada? - CORRECT ANSWER Foreign
A state-issued document empowering an insurance company to become an admitted
insurer is called what? - CORRECT ANSWER Certificate of Authority
What entities make up the Medical Information Bureau? - CORRECT ANSWER
Insurers
What type of insurer is a voluntarily formed organization that provides insurance benefits
for members of an affiliated lodge or religious organization with representative form of
governtment? - CORRECT ANSWER Fraternal Insurers
When would a misrepresentation on an insurance applications be considered fraud? -
CORRECT ANSWER When it is intentional and material
Insurance Exam | 93 Questions with
100% Correct Answers |GRADED
What two elements are necessary to a life insurance contract to have a legal purpose? -
CORRECT ANSWER 1. Insurable Interest
2. Consent
Insurance is a contract that protects the insured from what? - CORRECT ANSWER
Loss
What Type of Risk is Insurable? - CORRECT ANSWER Pure
What is the term for the causes of loss insured against in a insurance policy? -
CORRECT ANSWER Peril
What Law Protects Consumers from the circulation of inaccurate or obsolete
information? - CORRECT ANSWER The Fair Credit Reporting Act
What are the three types of hazards? - CORRECT ANSWER 1. Physical
2. Moral
3. Morale
In forming an insurance contract, when does an acceptance usually occur? -
CORRECT ANSWER When the insurer approves a prepaid application
An insurance company domiciled in California and transacts insurance in Nevada. What
is this insurer's classification in Nevada? - CORRECT ANSWER Foreign
A state-issued document empowering an insurance company to become an admitted
insurer is called what? - CORRECT ANSWER Certificate of Authority
What entities make up the Medical Information Bureau? - CORRECT ANSWER
Insurers
What type of insurer is a voluntarily formed organization that provides insurance benefits
for members of an affiliated lodge or religious organization with representative form of
governtment? - CORRECT ANSWER Fraternal Insurers
When would a misrepresentation on an insurance applications be considered fraud? -
CORRECT ANSWER When it is intentional and material
