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PA LIFE INSURANCE EXAM 2024 Actual Questions with Verified Answers, 100% Guarantee Pass (2024 / 2025)
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PA LIFE INSURANCE EXAM 2024 Actual Questions with Verified Answers, 100% Guarantee Pass (2024 / 2025)

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  • August 21, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • pa life insurance exam 2024 actual questions

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  • PA Life Insurance
  • PA Life Insurance

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PA LIFE INSURANCE.pdf file:///C:/Users/HP/Desktop/NIW/PA%20LIFE%20INSURANCE




PA LIFE INSURANCE EXAM


1. Insurance: created as a practical means to reduce the financial impact of anunexpected

loss.

2. life insurance: transfers to a life insurance company the risk of financial loss re-sulting from

the death of an insured person.The life insurance company guaranteesto pay a specified amount

of money to a beneficiary when the insured dies.

3. annuity: A cash contract between a person (the annuity owner) and a life in- surance

company (the annuity issuer). The annuity is set up to accumulate and/ordistribute a sum of

money.

4. beneficiary: person or persons designated to receive benefits from insurancepolicy or

annuity.

5. health insurance: helps to lessen the financial impact of an insured's illness ordisability by

transferring the risk to a health insurance company.

6. property and casualty insurance: covers damage to a loss of property such as a home or

automobile by compensating the insured for the amount of the loss or byproviding a specific sum

of money according to the the terms of the insurance policy





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7. agents: producers, legally considered representatives of the insure that employsthem,

8. risk: the chance of loss

9. loss: an unwelcome and unplanned reduction in economic value`

10. pure risk: involves only the chance of a loss, and no gain to the person as- suming the risk,

including untimely death or serious illness or disability of a person.(insurable)

11. speculative risk: results in loss or gain. examples include: gambling and invest-ing in the

stock market. (uninsurable)

12. direct loss: immediate result of an event involving an insured peril. example:death of a

family breadwinner

13. indirect loss: more remote, example: loss of a decedents income is an indirectloss resulting

from the direct loss of the insured's life.

14. exposure or loss exposure: state of being subject to a possible loss. example:a coal miner is

generally exposed to a greater risk of death than an accountant, therefore a higher premium

would be charged to insure the coal miner.

15. exposure units: basis for each applicants premium. example: a life insurer willassign more

exposure units to an applicant who is a coal miner than one who is anaccountant.

16. peril: immediate cause of a loss, example: death, disability and accidentalinjuries or

sickness.





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17. hazard: a condition that raises the chance of encountering a peril or increasesthe severity

of a loss.









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