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Life Insurance Exam Practice Questions and Answers | 100% Pass
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Life Insurance Exam Practice Questions and Answers | 100% Pass A ______________ insurance company is owned by its policyholders. a. Stock b. Reciprocal c. Fraternal Benefits Society d. Mutual - Answer️️ -D Its members, also called policyholders, own a mutual insurance company. Which of ...

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  • September 1, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance exam practice questions and answers

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  • Life insurance
  • Life insurance

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SophiaBennett

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Life Insurance Exam Practice Questions
and Answers | 100% Pass


A ______________ insurance company is owned by its policyholders.

a. Stock

b. Reciprocal

c. Fraternal Benefits Society

d. Mutual - Answer✔️✔️-D Its members, also called policyholders, own a mutual

insurance company.

Which of the following is an insurance company that is organized under the laws of

another state within the United States?

a. Domestic

b. Alien

c. Foreign

d. Authorized - Answer✔️✔️-C A foreign insurer is not organized under the laws of the

state in which it is writing

insurance, whereas a domestic insurer is organized under the laws of the state in which

it is writing insurance.

A federal regulation called the ______________ protects consumer privacy.

a. Consolidated Omnibus Budget Reconciliation Act

b. Fraudulent Insurance Act

c. Privacy Protection Act

Page 1 of 23

, d. Fair Credit Reporting Act - Answer✔️✔️-D The Fair Credit Reporting Act protects

consumer privacy by ensuring that data collected

by companies on a person is confidential, accurate, relevant, and used for a proper

purpose.

For life and health insurance, insurable interest must exist at the time of:

a. Application

b. Loss

c. Application and loss

d. Policy delivery - Answer✔️✔️-A Insurable interest in a life and health insurance

contract must exist at the time of

application.

Each of the following is an element of a legal contract, EXCEPT:

a. Consideration

b. Legal Purpose

c. Agreement

d. Indemnity - Answer✔️✔️-D The fourth element of a legal contract is a competent party

or someone that has the legal

capacity to enter into a legal contract.

A warranty is defined as which of the following?

a. Intentional misrepresentation on the application

b. Statement in the application that is guaranteed to be true

c. A false statement in the application




Page 2 of 23

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