Life and Health Insurance exam Questions and Answers
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Course
2024/2025
Institution
2024/2025
Life and Health Insurance exam
Questions and Answers
What year was the McCarren-Ferguson Act enacted? - Answer-1945
Which of the following requires insurers to disclose when an applicant's consumer or credit
history is being investigated? - Answer-1070 Fair Credit Reporting Act
A nonprofit inc...
A policy of adhesion can only be modified by whom? - Answer✔✔-The insurance company.
(A policy of adhesion is best described as a policy which only the insurance company can
modify.)
At what point does an informal contract begin binding? - Answer✔✔-When one party makes an
offer and the other party except that offer
When third-party ownership is involved applicants who also happen to be the stated primary
beneficiary are required to have - Answer✔✔-insurable interest in the proposed insured
A life insurance arrangement which circumvents insurable interest statutes is called -
Answer✔✔-Investor-Originated Life Insurance
Statements made on an insurance application that are believed to be true to the best of an
applicants knowledge are called - Answer✔✔-Representations
Which of these require an offer, acceptance, and consideration? - Answer✔✔-Contract
The part of a life insurance policy guaranteed to be true is called a - Answer✔✔-Warranty
Warranties are statements that are considered literally true. A warranty that is not literally true
in every detail, even if made in error, is sufficient to render a policy void.
What is the consideration given by an insurer in the consideration clause of a life policy? -
Answer✔✔-Promise to pay a death benefit to a named beneficiary
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