Arizona life and health - final exam|| 2024 LATEST UPDATE|| CORRECT QUESTIONS & SOLUTIONS|| RATED A
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Course
ARIZONA LIFE AND HEALTH
Institution
ARIZONA LIFE AND HEALTH
Peril - ANSWER Which of the following can be defined as a cause for loss
hazard - ANSWER A condition that increases the possibility of financial loss is called
Reduction - ANSWER ABC Company is attempting to minimize the severity of potential losses within its company. The company is engaged ...
Arizona life and health - final exam|| 2024
LATEST UPDATE|| CORRECT QUESTIONS &
SOLUTIONS|| RATED A
Peril - ANSWER Which of the following can be defined as a cause for loss
hazard - ANSWER A condition that increases the possibility of financial loss is called
Reduction - ANSWER ABC Company is attempting to minimize the severity of potential losses within its
company. The company is engaged in risk
Reinsuring risks - ANSWER how can an insurance company minimize exposure to loss
Transfer - ANSWER A hold harmless cause is an example of risk
Risk Transfer - ANSWER Which of the following describes the act of insuring a risk against a possible loss
retention - ANSWER A business becoming incorporated is an example of risk
Not doing a business deal after deciding it would be too risky - ANSWER Which of the following is NOT an
example of risk retention
Express - ANSWER The powers directly given to a producer in an agency contract are called
Reasonable expectations - ANSWER Ambiguities in insurance contracts are typically interpreted in favor
of the insured. This rule is referred to as
, Endorsement - ANSWER Christopher is issued an insurance policy that contains an attached agreement
which alters the terms of the policy. This attached agreement is called a
Inception of the contract - ANSWER When must insurable interest exist for a life insurance contract to be
valid
Waiver - ANSWER An insurance company's failure to enforce a contract's provision is called a
Joint life - ANSWER What type of life insurance policy covers two or more persons and pays the face
amount upon the death of the first insured
Available to the policyowner when policy has been surrendered - ANSWER Which statement regarding
the cash value of a whole life insurance policy is correct
Face amount decreases over the policy period - ANSWER Which statement concerning a decreasing term
life policy is accurate?
Policy states how much of each premium is used toward company expenses - ANSWER Which of the
following is a TRUE statement regarding universal life insurance
borrower - ANSWER who normally pays the premiums for group credit life insurance
modified life - ANSWER A life policy that has premiums that are lower than normal during the early years
is called
its underlying investments - ANSWER the insurance coverage in a variable life insurance policy may vary
based on the value of
premium - ANSWER what typically changes at the re-entry option date found in some term life policies
the time period in which premiums will be paid - ANSWER How does a continuous premium whole life
policy differ from a limited pay whole life policy?
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