Idaho Life Insurance BUNDLED exams 2023 with 100% correct answers

In the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 1. Zero 2. One 3. Two 4. Three - correct answer one In a p...

Purpose of IREC: - correct answer Protect public and industry IREC stands for: - correct answer Idaho Real Estate Commission The real estate application is administered by who? - correct answer IREC Where does the money that funds IREC come from? - correct answer Active and inactive...

Which of the following statements is false with respect to requirements for rates? A) Rates may not be inadequate B) A purpose of the rate regulation is to diminish competition between insurers C) Rates may not be unfairly discriminatory D) A purpose of the rate regulation is to regulate coopera...

Accelerated Benefits - correct answer Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - correct answer A policy rider that states that the cause of death will be analyzed to determine if ...

What is insurance? - correct answer Insurance is a contract in which one party (the insurance company) agrees to indemnify (make whole) the insured party against loss, damage or liability arising from an unknown event. It transfers the risk of loss from an individual or business to an insurance co...

Director examination of insurer at least once every ________ years - correct answer 5 Maximum fine of ________ for an individual for each insurance code violation, imprisonment for ________ months or both - correct answer $1000, 6 Maximum insurer insurance code fine per violation - corr...

Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: - correct answer premium trust accounting. The Director of Insurance has the power to regulate Insurance transactions under: - correct answer Title 41 of Idaho statutes. It is illegal for an ...

Coercion - correct answer A forceful act or threat meant to influence a person to act agains their will Inducement - correct answer An offer that attempts to influence the other party Promulgate - correct answer To make public; put into action Reciprocity - correct answer A mutual i...

Net Single Premium - correct answer Premium that a person must pay in a lump sum to receive all the benefits promised in the policy if no insurer expenses were considered Insurers will also consider which of the following in evaluating risk. - correct answer Numerical rating system to evaluat...

Agen/Producer - correct answer a person who acts for another person or entitty known as the principal with regard to contractual arrangements with third parties; a legal rep of an insurance company Agent/angency contract - correct answer a contract that is held between an insurer and an age...

In the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 1. Zero 2. One 3. Two 4. Three - correct answer one In a p...

Purpose of IREC: - correct answer Protect public and industry IREC stands for: - correct answer Idaho Real Estate Commission The real estate application is administered by who? - correct answer IREC Where does the money that funds IREC come from? - correct answer Active and inactive...