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In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Answer- C. The concept of insurance developed from the need to minimize the ...

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - Answer- 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with...

When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - Answer- Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - Answer- Prevent overinsurance Which of the following statements is NOT...

Insurance - Answer- Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - Answer- Is based on actuarial or mathematical principles and guarante...

Rachel owns a major medical health policy which requires her to pay the first $300 of covered expenses each year before the policy pays its benefits. The $300 is the policy's: 1) coinsurance amount. 2) stop-loss amount. 3) deductible. 4) annual premium. - Answer- deductible Which of the ...

The individual who sits on the Financial Services Commision and supervises the insurance function in Florida is called the - Answer- Chief Financial Officer The major areas of regulation by the Office of Insurance Regulation include which of the following? - Answer- Policing against unauthorized ...

Insured - Answer- The person covered by the insurance policy. Rider - Answer- A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? - Answer- A contract in which only one of the parties is legally bound to fulfill its o...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Answer- C. The concept of insurance developed from the need to minimize the ...

Categories of Life Insurance - Answer- Ordinary, Industrial and Group Ordinary Life - Answer- is individual life insurance that includes many types of TERM and PERMANENT insurance and is usually paid with monthly premiums. Is the principal type of life insurance purchased in the United States. ...