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LIFE AND HEALTH INSURANCE UTAH LAWS AND RULES ASSESSMENT WITH REAL QUESTIONS AND VERIFIED CORRECT ANSWERS |GRADED A+ |UTAH LIFE AND HEALTH INSURANCE LATEST EXAM | GUARANTEED SUCCESS!!$24.49
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LIFE AND HEALTH INSURANCE UTAH LAWS AND RULES ASSESSMENT WITH REAL QUESTIONS AND VERIFIED CORRECT ANSWERS |GRADED A+ |UTAH LIFE AND HEALTH INSURANCE LATEST EXAM | GUARANTEED SUCCESS!!
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LIFE AND HEALTH INSURANCE UTAH LAWS AND RULES
Institution
LIFE AND HEALTH INSURANCE UTAH LAWS AND RULES
LIFE AND HEALTH INSURANCE UTAH
LAWS AND RULES ASSESSMENT WITH
REAL QUESTIONS AND VERIFIED
CORRECT ANSWERS |GRADED A+ |UTAH
LIFE AND HEALTH INSURANCE LATEST
EXAM | GUARANTEED SUCCESS!!
What is an accurate definition of pure risk? - ANSWER- A chance of loss or no
loss, but no chance of ga...
LIFE AND HEALTH INSURANCE UTAH
LAWS AND RULES ASSESSMENT WITH
REAL QUESTIONS AND VERIFIED
CORRECT ANSWERS |GRADED A+ |UTAH
LIFE AND HEALTH INSURANCE LATEST
EXAM 2024-2025| GUARANTEED SUCCESS!!
What is an accurate definition of pure risk? - ANSWER- A chance of loss or no
loss, but no chance of gain
The insurable interest in one's own life is generally regarded as: - ANSWER-
Unlimited.
An insurer authorized to do business within this state is considered what type of
insurer - ANSWER- Admitted
If an applicant fails to present all material facts, and a producer fails to fully
describe the terms of the contract, both parties have violated which principle? -
ANSWER- Utmost Good Faith
A trade association group is seeking coverage for group medical benefits. The
members of this association - ANSWER- are probably in the same industry.
,James the producer has sold a life insurance contract to a client without using an
illustration, even though his insurer offers one. For this particular transaction, the
applicant - ANSWER- Must sign a statement that no illustration was provided
Chuck and Shaquille are both licensed producers in the same line of insurance.
Chuck provides Shaquille with a referral that results in a sale. Commissions on this
sale will likely be - ANSWER- Shared by both producers.
The free look period provided in a life insurance policy is usually - ANSWER- 10
days.
Replacement regulations exist to - ANSWER- protect policy owners from
misrepresentations and loss of benefits.
Life insurance replacement can be best defined as - ANSWER- a transaction in
which a new life insurance policy is purchased and an existing life insurance policy
is surrendered.
A prospective client was intimidated by a producer to purchase an insurance
contract. The producer could be found guilty of - ANSWER- coercion.
Licensed producers in Utah are authorized to - ANSWER- solicit, receive, and
forward applications to the insurer.
Any administrative action taken against a producer MUST be reported to the
Commissioner within ___ days after the final disposition - ANSWER- 30
Why were Exchanges implemented by the Affordable Care Act (ACA)? -
ANSWER- To create a one-stop market for standardized health insurance plans
,The Fair Credit Reporting Act protects consumers - ANSWER- with guidelines
regarding credit reporting and distribution.
The ____ is required to notify the Commissioner in the event of appointment
termination. - ANSWER- insurer
In Utah, false advertising is an example of - ANSWER- misrepresentation.
A life insurance policy owner sells her policy to a third party in a life settlement.
Under this transaction, the policy owner - ANSWER- receives an amount less than
the policy's death benefit.
The Utah Life and Health Insurance Guaranty Fund protects an insured in the event
of - ANSWER- insurer's insolvency.
A Producer may share a commission with: - ANSWER- another licensed but
unappointed producer.
Risk may be defined as: - ANSWER- The uncertainty of loss.
Insurable interest for life insurance is necessary only at the time of - ANSWER-
Application.
The ____________ has the power to issue rules and regulations to help enforce
insurance statutes. - ANSWER- Commissioner
, Insurance ________ are captive or independent organizations that recruit, contract
with, train, and support insurance producers - ANSWER- Agencies
A(n) ___________ has the right to review the consumer report used in the
underwriting process. - ANSWER- Applicant
What is not an essential element of an insurable risk? - ANSWER- The loss must
be intentional
Tom submits an application and a premium check. Six days later, the insurer issues
the policy as applied for and mails it overnight to Tom's producer. Tom picks up
the policy at his producer's office the next day. When did Tom's coverage begin? -
ANSWER- The day Tom submitted his application
Statements made on the application by the applicant that are believed to be true to
the best of his/her knowledge are - ANSWER- Representations.
A company that has not received permission from an Insurance Commissioner to
do business in his or her state is called a/an - ANSWER- Non-admitted
A statement that a person makes and guarantees to be true is a - ANSWER-
Warranty.
Who would be considered legally competent to enter into a contract - ANSWER-
A 25-year-old self-employed person
The transfer of some or all of the financial risk of loss from one insurer to another
insurer or insurers is best described as: - ANSWER- Reinsurance.
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