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SOUTH CAROLINA LIFE AND HEALTH INSURANCE 2024 EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) ALREADY GRADED A+ $24.99
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SOUTH CAROLINA LIFE AND HEALTH INSURANCE 2024 EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) ALREADY GRADED A+
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Course
SOUTH CAROLINA LIFE AND HEALTH INSURANCE 2024
Institution
SOUTH CAROLINA LIFE AND HEALTH INSURANCE 2024
SOUTH CAROLINA LIFE AND HEALTH INSURANCE 2024
EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) ALREADY GRADED A+
SOUTH CAROLINA LIFE AND HEALTH INSURANCE 2024
EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) ALREADY GRADED A+
What are the four elements of an insurance
contract? - CORRECT ANSWER
>>>>Agreement (offer and acceptance),
consideration, competent parties, and legal
purpose
What is insurance underwriting? - CORRECT
ANSWER >>>>The process of risk selection
and classification
,2|Page
What entities make up the Medical
Information Bureau? - CORRECT ANSWER
>>>>Insurers
Whose responsibility is it to determine that
all the questions on an insurance application
are answered? - CORRECT ANSWER >>>>The
agent's
When must the policy summary for a life
insurance policy be delivered to the
policyowner? - CORRECT ANSWER >>>>At the
time of policy delivery
How is the information obtained for an
investigative consumer report? - CORRECT
ANSWER >>>>Through interviews with the
applicant's associates, friends and neighbors
What are the three main instances when
insurable interest exists in life insurance? -
,3|Page
CORRECT ANSWER >>>>Insuring your own
life, the life of a family member, or the life of
a business partners or someone who has a
financial obligation to the policyowner
Insurance is a contract that protects the
insured from what? - CORRECT ANSWER
>>>>Loss
What document describes the specific
information about a policy? - CORRECT
ANSWER >>>>Policy summary
What risk classification would typically qualify
for lower premiums? - CORRECT ANSWER
>>>>Preferred risk
What type of report provides information
about the applicant's hobbies, habits and
financial status? - CORRECT ANSWER
>>>>Investigative consumer report
, 4|Page
During which stage in the insurance process
do insurers evaluate information that
identifies adverse selection risks? - CORRECT
ANSWER >>>>Underwriting
If an applicant for a life insurance policy and
the potential insured are two different
people, what would be the underwriter's
main concern? - CORRECT ANSWER >>>>The
existence of insurable interest between the
applicant and the insured
Who must have insurable interest in the
insured? - CORRECT ANSWER >>>>The
policyowner
When a change needs to be made on the
application for insurance, which is the best
method for correcting the information? -
CORRECT ANSWER >>>>Complete a new
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