100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
REAL Wisconsin Life Insurance Exam @ 2023 WITH 100% VERIFIED ANSWERS $6.39   Add to cart

Exam (elaborations)

REAL Wisconsin Life Insurance Exam @ 2023 WITH 100% VERIFIED ANSWERS

 4 views  0 purchase
  • Course
  • Institution

Mortality - Answer The rate people will die Morbidity - Answer The rate people will get sick Peril - Answer The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection - Answer The tendency for poorer than average ris...

[Show more]

Preview 2 out of 8  pages

  • November 24, 2023
  • 8
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
Wisconsin Life Insurance Exam @ 2023


Mortality - Answer The rate people will die

Morbidity - Answer The rate people will get sick

Peril - Answer The cause of loss and the event insured against.
Ex: premature death, dependency during old age, accident, and sickness

Adverse Selection - Answer The tendency for poorer than average risks to seek out
insurance

Annuity - Answer Annuities protect against the risk of living longer than expected.
Annuities provide a guaranteed life income to protect against the risk of depleting
retirement funds

Lloyds Associations - Answer Described as a market where individuals and groups
gather to exchange insurance, much like stock exchanges provide a place to buy, sell
and trade stocks

Risk Retention Groups - Answer Llimited liability companies or member-owned
corporations that collectively assume and spread their members' liability risks through
self-insurance. All members of a risk retention group must be employed in similar types
of businesses so that they have similar liability exposures

Express Authority - Answer The explicit authority granted to the agent by the principal
as written in the agency contract

Implied Authority - Answer Not specifically expressed by the principal to the agent in the
agency contract, but is implicit in the agent's duties

Apparent Authority - Answer Is a situation in which the insurer gives the customer a
reasonable belief that an agent has the power and authority to bind the principal, even
in cases where the agent does not have such authority

Fair Credit Reporting Act (FCRA) - Answer The Act requires consumer-reporting
agencies to implement policies and procedures to preserve the confidentiality, accuracy,
relevance, and appropriate utilization of consumer's private credit information

What cannot be in a consumer report unless for a life insurance policy of $150,000 or
more: - Answer -Bankruptcies dating back more than 10 years

, -Civil suits and judgments dating back more than seven years or cases in which the
statute of limitations has expired, whichever period is longer
-Tax liens dating back more than seven years
-Adverse information dating back more than seven years
-Reports of a consumer's arrests, indictments or convictions

Guaranty Associations - Answer Provide a safety net for all member life, health and
annuity insurers in a particular state

Defamation - Answer Any false, maliciously critical, or derogatory communication -
written or oral - that injures another's reputation, fame, or character

Rebating - Answer If a buyer of an insurance policy is given anything of significant value
as an inducement to purchase or renew a policy- saying you'll give them something in
addition like a membership to a club

Twisting - Answer The unethical act of persuading a policyowner to drop a policy solely
for the purpose of selling another policy without regard to possible disadvantages to the
policyowner- Often, it involves encouraging an insured to lapse on their current policy
and to take out another.

Churning - Answer The practice of using misrepresentation to induce a policyholder to
replace a policy issued by the insurer the producer represents, rather than the policy of
a competitor

Coercion - Answer Generally manipulates through the prospect of something desirable

Consideration - Answer Premium payment + application

Subrogation - Answer The right of the insurer to assume the rights of the insured and
sue the responsible third party for damages inflicted upon the insured.

Indemnity Insurance - Answer Insurance that compensates the beneficiaries of the
policies for their actual economic losses, up to the limiting amount of the insurance
policy

Four elements that need to be in every contract: - Answer Offer and acceptance,
consideration, competent parties, legal purpose

Four main parts of a life and health insurance contract - Answer The policy face,
insuring clause, conditions, exclusions

Insurable interest must be present at what time - Answer Time of the application

Aleatory contract - Answer There is an unequal exchange of value. One party has the
potential to receive more benefit than the other

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller THEEXCELLENCELIBRARY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $6.39. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75057 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$6.39
  • (0)
  Add to cart