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LIFE ACCIDENT AND HEALTH INSURANCE EXAM ACTUAL EXAM COMPTREHENSIVE QUESTIONS WITH DETAILED VERIFIED ANSWERS [100% CORRECT ANSWERS] / ALREADY GRADED A+$12.99
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8/28/24, 9:22 AM LIFE ACCIDENT AND HEALTH INSURANCE EXAM 2024-2025 ACTUAL EXAM COMPTREHENSIVE QUESTIONS WITH DE…
LIFE ACCIDENT AND HEALTH INSURANCE
EXAM 2024-2025 ACTUAL EXAM
COMPTREHENSIVE QUESTIONS WITH
DETAILED VERIFIED ANSWERS [100% CORRECT
ANSWERS] / ALREADY GRADED A+
Terms in this set (183)
defined as the transfer of PURE risk to the insurance
Insurance
company in consideration for a premium.
The chance of loss without pure risk
any chance of gain is
called
Speculative risk has the possibility for gain or loss and is not insurable.
Risk is defined as the chance of loss.
A condition that could exposure
result in a loss is known as
an
A hazard is something that the chance of loss.
increases
The presence of a physical increases the chance of a loss occurring.
hazard
A peril is defined as a cause of loss, such as fire.
To be insurable, losses must be calculable.
The law of large numbers allows insurers to predict claims more accurately.
The law of large numbers groups of people, not to individuals.
applies to
The more people in the the more accurate the predictions are.
group,
, 8/28/24, 9:22 AM LIFE ACCIDENT AND HEALTH INSURANCE EXAM 2024-2025 ACTUAL EXAM COMPTREHENSIVE QUESTIONS WITH DE…
Most insurers buy to protect themselves in the event of a catastrophic
reinsurance loss.
Insurance laws are not to be uniform from one state to another.
required
may pay dividends to its shareholders (stockholders),
A stock insurer
but they may not be guaranteed.
A reciprocal insurance attorney-in-fact.
company is managed by
an
An unincorporated a reciprocal insurer.
association of individuals
who insure each other is
known as
The government offers social needs, such as flood insurance and workers
insurance primarily based compensation, but does not offer insurance for the
upon purpose of preventing fraud.
A foreign company has their home office in another state.
An insurer incorporated an alien company.
outside of the U.S. who
sells in the U.S. is
A producer may be violating the producer's contract.
personally liable when
Producers represent the insurance company, not the insured.
own their own accounts and are not insurance
Independent producers
company employees.
Producers have express, implied and apparent authority.
has that is written in his or her contract is known as
The authority a producer
express authority.
A producer's binding is expressed (written down) in the producer's contract
authority (if any) with the insurer the producer represents.
but is actual authority the producer has to transact
The authority not expressly
normal business activities, is known as implied
(written) granted,
authority.
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