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Life Insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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A ______________ insurance company is owned by its policyholders. a. Stock b. Reciprocal c. Fraternal Benefits Society d. Mutual -:- D Its members, also called policyholders, own a mutual insurance company. Which of the following is an insurance company that is organized under the laws of a...

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  • September 6, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance questions 100 correct answers
  • a insurance company is owned by its

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  • Life Insurance

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Life Insurance Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
A ______________ insurance company is owned by its policyholders.


a. Stock


b. Reciprocal


c. Fraternal Benefits Society


d. Mutual


✓ -:- D Its members, also called policyholders, own a mutual insurance company.




Which of the following is an insurance company that is organized under the laws of


another state within the United States?


a. Domestic


b. Alien


c. Foreign


d. Authorized


✓ -:- C A foreign insurer is not organized under the laws of the state in which it is

writing

insurance, whereas a domestic insurer is organized under the laws of the state in which


it is writing insurance.

1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




A federal regulation called the ______________ protects consumer privacy.


a. Consolidated Omnibus Budget Reconciliation Act


b. Fraudulent Insurance Act


c. Privacy Protection Act


d. Fair Credit Reporting Act


✓ -:- D The Fair Credit Reporting Act protects consumer privacy by ensuring that data

collected

by companies on a person is confidential, accurate, relevant, and used for a proper


purpose.




For life and health insurance, insurable interest must exist at the time of:


a. Application


b. Loss


c. Application and loss


d. Policy delivery


✓ -:- A Insurable interest in a life and health insurance contract must exist at the time

of

application.


2|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




Each of the following is an element of a legal contract, EXCEPT:


a. Consideration


b. Legal Purpose


c. Agreement


d. Indemnity


✓ -:- D The fourth element of a legal contract is a competent party or someone that

has the legal

capacity to enter into a legal contract.




A warranty is defined as which of the following?


a. Intentional misrepresentation on the application


b. Statement in the application that is guaranteed to be true


c. A false statement in the application


d. A substantially true statement


✓ -:- B A warranty is a statement guaranteed true in all respects and if later

discovered to be

false, the contract may be voided.




3|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

J is named in a policy as the individual who is entitled to receive the policy proceeds


upon the death of T. Which of the following statements best applies to this scenario?


a. J is named as the owner of T's policy


b. T is the insured in the policy and J is the named beneficiary


c. T is the owner and beneficiary of the policy


d. J is the insured and beneficiary of the policy


✓ -:- B Based on the information provided, the only assumption that can be made is

that T is

the insured and J is the named beneficiary. The owner of the policy is not specified and


could either be J or T.




A life insurance policy is being applied for on Z's life. In order for the contract to be


valid, all of the following have an insurable interest and could be the owner of the


policy, except:


a. Z


b. Z's spouse


c. Z's neighbor


d. Z's business partner



4|Page | Grade A+| 2024/2025

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