100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
2024 VA LIFE AND HEALTH INSURANCE STATE EXAM REAL EXAM COMPLETE ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS (A NEW UPDATED VERSION) |ALREADY GRADED A+ (BRAND NEW!!) VA LIFE & HEALTH INSUARANCE STATE EXAM 2024$20.49
Add to cart
2024 VA LIFE AND HEALTH INSURANCE STATE EXAM REAL EXAM COMPLETE ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS (A NEW UPDATED VERSION) |ALREADY GRADED A+ (BRAND NEW!!) VA LIFE & HEALTH INSUARANCE STATE EXAM 2024
4 views 0 purchase
Course
2024 VA LIFE AND HEALTH INSURANCE STATE
Institution
2024 VA LIFE AND HEALTH INSURANCE STATE
2024 VA LIFE AND HEALTH INSURANCE STATE EXAM REAL EXAM COMPLETE ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS (A NEW UPDATED VERSION) |ALREADY GRADED A+ (BRAND NEW!!) VA LIFE & HEALTH INSUARANCE STATE EXAM 2024
2024 VA LIFE AND HEALTH INSURANCE STATE EXAM REAL
EXAM COMPLETE ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS (A NEW UPDATED VERSION) |ALREADY
GRADED A+ (BRAND NEW!!) VA LIFE & HEALTH INSUARANCE
STATE EXAM 2024
Margo applies for a $250,000 universal life insurance policy. During the
underwriting process, the insurer determines that she fits its guidelines
for policy issue without any special restrictions. What type of risk is
Margo considered?
a) standard
b) substandard
c) preferred
d) rated - Answer-a) standard
rationale: A person classified as a standard risk fits the insurer's
guidelines for policy issue without any special restrictions. Such
applicants have a standard, or normal, medical history. Most insurance
applicants fall within this category.
Multiple employer welfare arrangements (MEWAs) come in two forms.
These are which of the following?
a) fully vested and partially vested
,b) fully insured and self-insured
c) contributory and noncontributory
d) group funded and self-funded - Answer-b) fully insured and self-
insured
rationale: Fully insured MEWAs are formed by two or more employers.
Self-insured MEWAs must get a state-issued certificate of authority and
follow reporting guidelines similar to insurance companies, and they
must have at least five employers and 200 employees.
Rhonda has accumulated value in her life insurance policy. She has no
children and has heard that a life settlement provider may be
interested in buying her policy. How much can she expect to receive if
she sells her interest in the policy?
a) the policy's actual cash value
b) the amount of premiums she has paid
c) the policy's death benefit
d) a percentage of (but less than) the policy's death benefit - Answer-d)
a percentage of (but less than) the policy's death benefit
rationale: The agreement between a life insurance policyowner and a
life settlement provider governs the compensation paid in return for
the owner's present or future interest in any portion of the policy.
,Compensation to the owner is typically more than the premiums paid
or the policy's cash value and is less than the policy's expected death
benefit.
Why would a large corporation choose to self-insure rather than buy an
insurance policy from an insurance company?
a) to avoid having to comply with individual state laws
b) to cover against an occasional but high-severity loss
c) to insure against frequent but low-severity losses
d) for tax abatement purposes - Answer-c) to insure against frequent
but low-severity losses
rationale: A large company that is willing and financially able to assume
certain risks can self-insure by creating a reserve fund and using that
money to pay claims. This type of system is used for frequently
occurring claims such as workers' compensation or pension plans
All of the following are means of regulation for the insurance business
EXCEPT:
a) agency regulation
b) state regulation
c) federal regulation
, d) industry self-regulation - Answer-a) agency regulation
rationale: Agencies are not permitted to regulate themselves.
Regulation of insurance is now principally in the hands of the individual
states, though the federal government and the industry itself have roles
in this regulation.
ABC Insurance Company fires Producer Renee. She continues to
interview prospects, make sales presentations with company materials,
and collect premiums, which she deposits in her personal account.
Which of the following types of authority have her "prospects" relied
on when paying what they believe to be premiums?
a) apparent authority
b) actual authority
c) implied authority
d) express authority - Answer-a) apparent authority
rationale: Apparent authority is not intended to be granted to the agent
by the insurer. However, it is the authority that appears to exist from
the perspective of the customer or other third parties.
Under contract law, an applicant's statements on an application for
insurance are considered to be which of the following?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Rnseller. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
