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Indiana Life & Health Insurance Exam with 100% Verified Questions and Answers Grade A+.
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Indiana Life & Health Insurance Exam with 100- Verified Questions and Answers Grade A+.
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Indiana Life & Health Insurance Exam with 100%Verified Questions and Answers Grade A+
Participating .Insurance .Policy .- .(correct .answer) .-may .pay .dividends .to .the .policyowner
Material .Misrepresentation .- .(correct .answer) .-
misstatement .to .a .question .asked .in .the .application .process; .death .benefit .claim .will .likely .be .denie
d
Law .of .Large .Numbers .- .(correct .answer) .-
the .larger .a .group .becomes, .the .easier .it .is .to .predict .losses; .used .to .predict .certain .types .of .losses
.and .set .appropriate .premiums
Substandard .Risk .- .(correct .answer) .-results .in .higher .premium
Standard .Risk .- .(correct .answer) .-results .in .standard .premium
Preferred .Risk .- .(correct .answer) .-results .in .lower .premium
Expense .Loading .- .(correct .answer) .-
combined .with .premiums .to .spread .the .operating .costs .of .a .business .to .all .insureds
Net .Premium .- .(correct .answer) .-premiums .without .expense .loading
Concealment .- .(correct .answer) .-
occurs .when .a .person .withholds .a .material .fact .that .is .crucial .to .making .a .decision; .in .insurance, .thi
s .involves .withholding .information .that .would .be .crucial .to .underwriting .decisions
Warranty .- .(correct .answer) .-a .statement .guaranteed .to .be .true
Representation .- .(correct .answer) .-a .statement .true .to .the .best .of .an .applicant's .knowledge
3 .Basic .Types .of .Term .Life .Insurance .- .(correct .answer) .-level, .increasing, .and .decreasing
Level .Term .- .(correct .answer) .-death .benefit .doesn't .change .throughout .the .life .of .the .policy
, Annually .Renewable .Term .(ART) .- .(correct .answer) .-
premium .increases .annually .according .to .attained .age; .policy .may .be .guaranteed .to .be .renewable .e
ach .without .proof .of .insurability
Re-entry .Option .- .(correct .answer) .-
the .insured, .upon .the .end .of .a .term .policy .with .guaranteed .renewable .option, .may .qualify .for .a .dis
counted .premium .rate .with .proof .of .insurability
Decreasing .Term .- .(correct .answer) .-
death .benefit .decreases .each .year .over .duration .of .the .policy .term; .typically .used .when .the .amount
.of .needed .protection .is .time .sensitive, .or .decreases .over .time
Increasing .Term .- .(correct .answer) .-
death .benefit .increases .each .year .over .duration .of .the .policy .term .
(usually .by .specific .amount .or .percentage .of .original .amount); .often .used .by .insurance .companies .t
o .fund .certain .riders .that .provide .a .refund .of .premiums .of .a .gradual .increase .in .total .coverage, .suc
h .as .the .cost .of .living .or .return .of .premium .riders
Convertible .Term .- .(correct .answer) .-
provides .the .policy .owner .with .the .right .to .convert .the .policy .to .a .permanent .insurance .policy .with
out .evidence .of .insurability; .premium .will .be .based .on .the .insured's .attained .age .at .the .time .of .con
version
Continuous .Premium .(Straight .Life .or .Ordinary .Life) .- .(correct .answer) .-
basic .whole .life .policy; .will .typically .have .the .lowest .annual .premium
Limited .Payment .- .(correct .answer) .-premiums .for .coverage .paid-
up .before .age .100; .higher .premium .and .cash .value .builds .up .faster; .20-pay .life, .life .paid-up .at .65 .
(LP-65);
Single .Premium .Whole .Life .(SPWL) .- .(correct .answer) .-
provides .level .death .benefit .to .the .insured's .age .100 .for .a .one-time, .lump-
sum .payment; .policy .completely .paid-up .after .one .premium .and .generates .immediate .cash
Modified .Life .- .(correct .answer) .-lower .premium .in .first .few .policy .years .
(3 .to .5 .years) .and .higher .level .premium .for .remainder .of .insured's .life
Graded-premium .Whole .Life .- .(correct .answer) .-premiums .start .low, .gradually .increase .each .year .
(for .about .5 .to .10 .years), .and .remain .level .thereafter
Interest .Sensitive .Whole .Life .(Current .Assumption .Life) .- .(correct .answer) .-
provides .same .benefits .as .traditional .whole .life .policies .with .added .benefit .of .current .interest .rates .
which .may .allow .for .either .greater .cash .value .accumulation .or .a .shorter .premium-paying .period
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