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Summary Life Insurance Pricing Overview 91Questions and Answers 2024 with complete solution(Graded A+)
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Life Insurance Pricing Overview 91Questions and Answers 2024 with complete solution(Graded A+)
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Life Insurance Pricing Overview 91Questionsand Answers 2024 with complete
solution(Graded A+)
Insurance Perspectives - CORRECT ANSWERS Three viewpoints: Social vs
Private, Life vs Nonlife, Commercial vs Personal
Assessment Basis Insurance Contracts - CORRECT ANSWERS Allows
retroactive assessment for benefit payments as claims occur
Benefits of Survivorship - CORRECT ANSWERS Portion of unliquidated
funds shared by survivors of deceased annuitants
Tontines - CORRECT ANSWERS Funds paid by participants as long as they
live, shared among survivors
Mortality Risk - CORRECT ANSWERS Risk of financial consequences due
to one's death, covered by life insurance
Longevity Risk - CORRECT ANSWERS Risk of outliving financial resources,
covered by endowments, annuities, pensions
Morbidity Risk - CORRECT ANSWERS Risk of financial consequences from
injury or illness, covered by health insurance
Life Insurance Corporation - CORRECT ANSWERS Authorized to sell
products involving life and health contingencies
Health Insurance - CORRECT ANSWERS Indemnifies for costs due to
illness, injury, or incapacity
Disability Income Insurance - CORRECT ANSWERS Pays monthly benefit if
illness or injury prevents work
Long Term Care Insurance - CORRECT ANSWERS Pays monthly benefit if
incapacity prevents daily activities
, Life Insurance Pricing Overview 91Questions
and Answers 2024 with complete
solution(Graded A+)
Medical Expense Insurance - CORRECT ANSWERS Indemnifies for costs
due to illness or injury
Personal Insurance - CORRECT ANSWERS Individual insurance for non-
commercial purposes
Industrial Life and Health Insurance - CORRECT ANSWERS Modest benefit
policies for low to modest income individuals
Ordinary Insurance - CORRECT ANSWERS Individually issued life, health,
and retirement coverages
Commercial Insurance - CORRECT ANSWERS Insurance for purchase by
organizations like businesses
Group Insurance - CORRECT ANSWERS Coverage for a group under a
single master contract
Credit Life Insurance - CORRECT ANSWERS Provides insurance through
financial institutions for debtor obligations
Insurance Density - CORRECT ANSWERS Average annual per capita
premium within a market
Insurance Penetration - CORRECT ANSWERS Ratio of yearly direct
premiums to gross domestic product
Market Power - CORRECT ANSWERS Ability of sellers or buyers to
influence product or service prices
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