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Indiana State Life and Health Insurance Exam 2023 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
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Indiana State Life and Health Insurance Exam 2023 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Indiana State Life and Health Insurance Exam 2023 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 14, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • indiana state life and health insurance exam 2023

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  • Insurance
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Indiana State Life and Health Insurance Exam 2023
contract that transfers the risk of financial loss from individual to insurer - ANS-insurance

uncertainty about whether a loss will occur - ANS-risk

type of a risk that has a possibility of a loss and can make a gain - ANS-speculative risk

type of a risk that only involves the possibility of experiencing loss and can be covered by
insurance. ex: car accident - ANS-pure risk

reduction in the value of an asset - ANS-

risk assumed by an insurer and the amount that the insurer is responsible to pay at any given
time - ANS-exposure

cause of loss - ANS-peril

anything that increases the chance that a loss will occur - ANS-hazard

physically identifiable factors that increase the chance of loss. ex: heart condition -
ANS-physical hazard

type of hazard that arise from an individual's character. ex: dishonesty - ANS-moral hazard

state of mind or careless attitude. ex: accidentally leaving door unlocked - ANS-morale hazard

method of handling risk where two or more individuals agree to pay a portion of any loss
incurred by any member of the group. ex: stockholders in a corp share risk of profit or loss. -
ANS-sharing

method of handling risk where the insurer agrees to pay if an individual has a loss. -
ANS-transfer

method of handling risk involving eliminating a particular risk by not engaging in a certain
activity. ex: work from home if roads are iced - ANS-avoidance

method of handling risk that lessens the chance that a loss will occur. ex: wearing a seatbelt -
ANS-reduction

method of handling risk that means the individual will pay for the loss if it occurs. ex of
intentionally retaining a risk - ANS-retention

, the larger the group, the more accurately losses can be predicted - ANS-law of large nujmbers

(CANHAM)
Calculable, Affordable, Non-Catastrophic, Homogeneous, Accidental, Measurable -
ANS-elements of insurable risk

Premiums must be _____________ based upon prior loss statistics for that particular risk in
order to predict future losses. - ANS-calculable

the premium for transferring the risk should be ___ for the average customer - ANS-affordable

insurance can't insure events that cause widespread losses to large numbers of insureds at the
same time. peril of war is excluded from most policies - ANS-non-catastrophic

individual risks that the insurer covers must be all ______, or similar. - ANS-homogeneous

insurance is a method of handling risk. if a loss is certain to occur, there is no risk -
ANS-accidental

it must be possible to estimate the loss as a dollar amount. - ANS-measurable

the tendency for higher-risk individuals to get and keep insurance more than individuals who
represent an average level of risk - ANS-adverse selection

transfers risk from one insurer to another - ANS-reinsurance

the reinsurer evaluates each risk before allowing the transfer - ANS-Faculatative Reinsurance

an agreement where an insurer accepts the transfer of risk - ANS-treaty reinsurance

a business formed as a public or private corporation and owned by its stockholders, aka
shareholders. issues non-par policies - ANS-stock insurer

does not have stock/shareholders. owned by policyholders/owners and issues participating(par)
policies - ANS-mutual insurer

exist for the benefit of its members and offer life insurance as one of the benefits. they also
provide social activities and engage in charitable and benevolent causes - ANS-fraternal benefit
societies

unincorporated groups of people that agree to insure each other's losses under a contract. run
by an attorney in fact - ANS-reciprocal insurers

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