Northwestern Mutual Life & Health Training Exam: General Insurance Questions And Answers With Verified Solutions Graded A+
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Course
Northwestern Mutual Life & Health Training
Institution
Northwestern Mutual Life & Health Training
3 Business Uses of Life Insurance - 1. Key Person
2. Buy-sell Funding
3. Executive Bonus
A producer is helping a married couple determine financial needs of their children in the event one or
both should die prematurely. This is a personal use of life insurance known as what? - Survivor
Protec...
Northwestern Mutual Life & Health
Training Exam: General Insurance
3 Business Uses of Life Insurance - 1. Key Person
2. Buy-sell Funding
3. Executive Bonus
A producer is helping a married couple determine financial needs of their children in the event one or
both should die prematurely. This is a personal use of life insurance known as what? - Survivor
Protection
Acceptance - An insurers underwriter approves the application and issues a policy
Alien - Outside the US
An insurer wants to obtain information from investigators regarding an applicant for insurance. What
must the insurer do in order to legally acquire this information? - Present the insured with a
Disclosure Authorization Notice.
Approaches to Determining Amount of Personal Life insurance - Human Life Value Approach
Needs Approach
Casualty Insurace - insures against the loss/damage of property and resulting liabilities
Classifications of Private Insurance Companies: (3) - Ownership
Domicile
Authority
, Consideration - Something of value that each party gives to the other
Contract - An agreement between two or more parties enforceable by law.
Domestic insurer - In the state it was incorporated in
Elements of a Legal Contract - 1. Agreement
2. Consideration
3. Competent parties
4. Legal purpose
Elements of Insurable Risk - - Due to chance
- Definite and measurable
- Statistically predictable
- Not catastrophic
- Randomly Selected and Large Loss Exposure
Exposure - unit of measurement used to determine rates charged for insurance coverage.
Fiduciary - Someone in a position of trust
Foreign Insurer - In another state or province
Fraternal Benefit Society - An organization formed to provide insurance benefits for members of
an affiliated lodge, religious organization, or fraternal organization with a representative form of
government.
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