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WV State Life Insurance Exam 2024 Questions & Verified Answers 100% Correct $12.99   Add to cart

Exam (elaborations)

WV State Life Insurance Exam 2024 Questions & Verified Answers 100% Correct

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WV State Life Insurance Exam 2024 Questions & Verified Answers 100% Correct

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  • August 22, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WV Life Insurance
  • WV Life Insurance
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WV State Life Insurance Exam.pdf file:///C:/Users/HP/Desktop/NIW/WV%20State%20Life%20Insuran




WV State Life Insurance Exam

Questions & Answers



1. A group-owned insurance company that is formed to assume and spreadthe liability

risks of its members is known as a

ANS Risk retention group




2. Which of the following requires insurers to disclose when an applicant's consumer or

credit history is being investigated?

ANS 1970-Fair Credit ReportingAct




3. Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first

six months. Q dies suddenly and the beneficiary is paid $500,000.This exchange of unequal

values reflects which of the following insurance contract features?

ANS Aleatory







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4. The stated amount or percent of liquid assets that an insurer must have onhand that

will satisfy future obligations to its policyholders is called

ANS Reserves




5. All of the following are considered to be typical characteristics describingthe nature of

an insurance contract, EXCEPT

ANS Bilateral




6. What year was the McCarran-Ferguson Act enacted?

ANS 1945




7. Which of the following consists of an offer, acceptance, and consideration?-




ANS Contract




8. Who elects the governing body of a mutual insurance company?

ANS Policyhold-ers







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9. Insurance policies are considered aleatory contracts because

ANS Performanceis conditioned upon a future occurrence




10. Who makes the legally enforceable promises in a unilateral contract?

ANS In-surance company




11. Insurance contracts are known as because certain future conditionsor

acts must occur before any claims can be paid.

ANS Conditional




12. A life insurance arrangement which circumvents insurable intereststatutes is

called

ANS Investor-Originated Life Insurance




13. In an insurance contract, the insurer is the only party who makes a legallyenforceable

promise. What kind of contract is this?

ANS Unilateral







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14. When third-party ownership is involved, applicants who also happen to bethe stated

primary beneficiary are required to have

ANS Insurable interest in the proposed insured




15. Which of these arrangements allows one to bypass insurable interestlaws?

ANS Investor-Originated Life Insurance




16. When must insurable interest exist for a life insurance contract to bevalid?

ANS Inception of the contract




17. If a contract of adhesion contains complicated language, to whom wouldthe

interpretation be in favor of?

ANS Insured




18. Which of these is an element of aVariable Life policy?

ANS A fixed, level premium









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