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Life Insurance Exam Study Guide with Complete Solutions
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Life Insurance Exam Study Guide with Complete Solutions The net profit of an insurer, less any dividends paid out, is known as their: - Answer️️ - Earned surplus A non-taxable refund of premium that may be returned to a policyowner by an insurance company under a participating life insuran...

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  • September 1, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance exam study guide with complete solu

Written for

  • Life insurance
  • Life insurance

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SophiaBennett

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

, Life Insurance Exam Study Guide with
Complete Solutions


The net profit of an insurer, less any dividends paid out, is known as their: - Answer✔️✔️-

Earned surplus

A non-taxable refund of premium that may be returned to a policyowner by an insurance

company under a participating life insurance policy is known as a: - Answer✔️✔️-

Dividend

The chance of loss without any possibility for gain is known as: - Answer✔️✔️-Pure risk

All of the following are true regarding participating life insurance policies issued by

mutual insurers EXCEPT: - Answer✔️✔️-Dividends are guaranteed to be paid if the

insurer makes a profit

The entire contract provision on a life insurance policy states: - Answer✔️✔️-The entire

contract includes the policy and the application, if attached

All of the following are true regarding adverse selection EXCEPT: - Answer✔️✔️-Insurers

may discriminate against those who may incur losses in order to avoid it

Many insurers follow the principle of indemnity. To indemnify means to: - Answer✔️✔️-

Make whole

Which of the following is true regarding the accelerated benefits rider: - Answer✔️✔️-

Amounts paid out will reduce the future death benefit payable to a beneficiary



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