daho Personal Lines Simulation &Guarantee ExamFX;Portion – Insurance Exam;Regulation of Casualty Insurance;Property and Casualty Insurance Idaho Law Supplement;Statutes, Rules, And Regulations Common to All Lines;XCEL Chapter 12;
[Show more]
What does life insurance protect against? - ANSWER-Dying too soon. What happens to the death benefit with a Variable Universal Life Policy? - ANSWER-It may increase/decrease within limits. Who sells insurance to a client and owes a fiduciary duty to an insurance company? - ANSWER-The Agent/Pro...
Preview 2 out of 5 pages
Add to cartWhat does life insurance protect against? - ANSWER-Dying too soon. What happens to the death benefit with a Variable Universal Life Policy? - ANSWER-It may increase/decrease within limits. Who sells insurance to a client and owes a fiduciary duty to an insurance company? - ANSWER-The Agent/Pro...
Accelerated Benefits - ANSWER-Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - ANSWER-A policy rider that states that the cause of death will be analyzed to determine if it complies with the...
Preview 2 out of 15 pages
Add to cartAccelerated Benefits - ANSWER-Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - ANSWER-A policy rider that states that the cause of death will be analyzed to determine if it complies with the...
Which of the following statements describes one of the reasons individuals purchase life insurance? - ANSWER-2. It creates an immediate estate. How long is the grace period for an individual life insurance policy? - ANSWER-1 month In this state the owner gets a "free look" of a specified num...
Preview 2 out of 7 pages
Add to cartWhich of the following statements describes one of the reasons individuals purchase life insurance? - ANSWER-2. It creates an immediate estate. How long is the grace period for an individual life insurance policy? - ANSWER-1 month In this state the owner gets a "free look" of a specified num...
Net Single Premium - 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. - ANSWER-Numerical rating system to evaluate the risk posed by ...
Preview 2 out of 5 pages
Add to cartNet Single Premium - 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. - ANSWER-Numerical rating system to evaluate the risk posed by ...
What is insurance? - 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 company. ...
Preview 3 out of 17 pages
Add to cartWhat is insurance? - 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 company. ...
Twisting - ANSWER-A form of misrepresentation in which an agent persuades an insured/owner to cancel, lapse, or switch policies, even when it's to the insured's disadvantage. Credit Life Policy - ANSWER-Term Life policy w/ decreasing death benefit; usually used to secure credit (loan) w/ lender...
Preview 1 out of 3 pages
Add to cartTwisting - ANSWER-A form of misrepresentation in which an agent persuades an insured/owner to cancel, lapse, or switch policies, even when it's to the insured's disadvantage. Credit Life Policy - ANSWER-Term Life policy w/ decreasing death benefit; usually used to secure credit (loan) w/ lender...
What are the benefits that must be provided by an individual health insurance policy for prenatal, maternity, and delivery expenses? - ANSWER-Prenatal, maternity, and delivery expenses are required to be covered under all health plans subject to the same deductible and coinsurance as other medical a...
Preview 2 out of 11 pages
Add to cartWhat are the benefits that must be provided by an individual health insurance policy for prenatal, maternity, and delivery expenses? - ANSWER-Prenatal, maternity, and delivery expenses are required to be covered under all health plans subject to the same deductible and coinsurance as other medical a...
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT A The employer pays a bonus to a selected employee to fund the policy. B It is considered a nonqualified employee benefit. C The policy is owned by the company. D Any type of insurance...
Preview 4 out of 62 pages
Add to cartAll of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT A The employer pays a bonus to a selected employee to fund the policy. B It is considered a nonqualified employee benefit. C The policy is owned by the company. D Any type of insurance...
The death benefit in a variable universal life policy - ANSWER-Depends on the performance of a separate account. If an employee wants to enter the group outside of the open enrollement period, to reduce adverse selection, the insurer may - ANSWER-Requires evidence of insurability. when an empl...
Preview 1 out of 3 pages
Add to cartThe death benefit in a variable universal life policy - ANSWER-Depends on the performance of a separate account. If an employee wants to enter the group outside of the open enrollement period, to reduce adverse selection, the insurer may - ANSWER-Requires evidence of insurability. when an empl...
Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: - ANSWER-premium trust accounting. The Director of Insurance has the power to regulate Insurance transactions under: - ANSWER-Title 41 of Idaho statutes. It is illegal for an insurance company to...
Preview 2 out of 8 pages
Add to cartEach of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: - ANSWER-premium trust accounting. The Director of Insurance has the power to regulate Insurance transactions under: - ANSWER-Title 41 of Idaho statutes. It is illegal for an insurance company to...
Coercion - ANSWER-A forceful act or threat meant to influence a person to act agains their will Inducement - ANSWER-An offer that attempts to influence the other party Promulgate - ANSWER-To make public; put into action Reciprocity - ANSWER-A mutual interchange of rights and privileges S...
Preview 2 out of 5 pages
Add to cartCoercion - ANSWER-A forceful act or threat meant to influence a person to act agains their will Inducement - ANSWER-An offer that attempts to influence the other party Promulgate - ANSWER-To make public; put into action Reciprocity - ANSWER-A mutual interchange of rights and privileges S...
Idaho Health Insurance Exam Questions &Answers 100% Correct!! Agen/Producer - 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 - ANSWER-a contract...
Preview 1 out of 4 pages
Add to cartIdaho Health Insurance Exam Questions &Answers 100% Correct!! Agen/Producer - 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 - ANSWER-a contract...
FRAUD AND FALSE STATEMENTS (18 USC Sections 1033 and 1034) - ANSWER-Under federal statutes it is a felony for any insurance company officer or employee to engage in fraud, embezzlement, theft, or deceit in any insurance transaction. In addition to a $50,000 civil fine, such a person may be subject t...
Preview 4 out of 31 pages
Add to cartFRAUD AND FALSE STATEMENTS (18 USC Sections 1033 and 1034) - ANSWER-Under federal statutes it is a felony for any insurance company officer or employee to engage in fraud, embezzlement, theft, or deceit in any insurance transaction. In addition to a $50,000 civil fine, such a person may be subject t...
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...
Preview 4 out of 38 pages
Add to cartWhich 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...
A producer has committed an Insurance crime that violates U.S. code 1033 (interstate commerce). Who would be responsible for the prosecution of this crime? - ANSWER-Us attorney General A life settlement broker may NOT - ANSWER-Make any transactions before being approved for a license What prov...
Preview 1 out of 3 pages
Add to cartA producer has committed an Insurance crime that violates U.S. code 1033 (interstate commerce). Who would be responsible for the prosecution of this crime? - ANSWER-Us attorney General A life settlement broker may NOT - ANSWER-Make any transactions before being approved for a license What prov...
Complete continuing education hors and pay a renewal fee - ANSWER-What are producers required to do in order to renew their license? Defamation - ANSWER-If a producer makes maliciously critical statements about another insurer what is this illegal practice called? A person authorized to sell, ...
Preview 1 out of 3 pages
Add to cartComplete continuing education hors and pay a renewal fee - ANSWER-What are producers required to do in order to renew their license? Defamation - ANSWER-If a producer makes maliciously critical statements about another insurer what is this illegal practice called? A person authorized to sell, ...
When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. In reality, it's financial health is terrible, and the company will soon have to file for bankruptcy. Which of the following terms best describes the advertisem...
Preview 1 out of 4 pages
Add to cartWhen an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. In reality, it's financial health is terrible, and the company will soon have to file for bankruptcy. Which of the following terms best describes the advertisem...
Director examination of insurer at least once every ________ years - ANSWER-5 Maximum fine of ________ for an individual for each insurance code violation, imprisonment for ________ months or both - ANSWER-$1000, 6 Maximum insurer insurance code fine per violation - ANSWER-$5000 Maximum fin...
Preview 2 out of 9 pages
Add to cartDirector examination of insurer at least once every ________ years - ANSWER-5 Maximum fine of ________ for an individual for each insurance code violation, imprisonment for ________ months or both - ANSWER-$1000, 6 Maximum insurer insurance code fine per violation - ANSWER-$5000 Maximum fin...
A violation of the insurance laws and regulations in Idaho could result in a monetary fine up to: - ANSWER-$5000 The minimum limits of a basic automobile liability insurance required by the state of Idaho is: - ANSWER-25/50/15 A violation of unfair insurance claims practices will result in whi...
Preview 1 out of 3 pages
Add to cartA violation of the insurance laws and regulations in Idaho could result in a monetary fine up to: - ANSWER-$5000 The minimum limits of a basic automobile liability insurance required by the state of Idaho is: - ANSWER-25/50/15 A violation of unfair insurance claims practices will result in whi...
The three ratios/components to a book of business are - ANSWER-loss ratio, expense ration, combined ratio what is the purpose of a rate - ANSWER-premium determination Rate is based on - ANSWER-exposures Which of the following would satisfy the NFIP certification requirements - ANSWER-3 hour...
Preview 2 out of 7 pages
Add to cartThe three ratios/components to a book of business are - ANSWER-loss ratio, expense ration, combined ratio what is the purpose of a rate - ANSWER-premium determination Rate is based on - ANSWER-exposures Which of the following would satisfy the NFIP certification requirements - ANSWER-3 hour...
State Minimum For Motor Vehicle Liability Insurance - ANSWER-$25,000 for one, $50,000 two/more, $15,000 for destruction of another's property. consequences for unable to provide proof of financial responsibility - ANSWER-fine $75 for first offense. Second and after- fine up to $1000; imprisonmen...
Preview 1 out of 2 pages
Add to cartState Minimum For Motor Vehicle Liability Insurance - ANSWER-$25,000 for one, $50,000 two/more, $15,000 for destruction of another's property. consequences for unable to provide proof of financial responsibility - ANSWER-fine $75 for first offense. Second and after- fine up to $1000; imprisonmen...
another name for insurance agent is: principal producer broker recorder - ANSWER-producer another name for insurer is: principal producer broker policymaker - ANSWER-principal The Broad Form Products Coverage endorsement in commercial auto policies does which of the following? A...
Preview 4 out of 47 pages
Add to cartanother name for insurance agent is: principal producer broker recorder - ANSWER-producer another name for insurer is: principal producer broker policymaker - ANSWER-principal The Broad Form Products Coverage endorsement in commercial auto policies does which of the following? A...
Insurance Transaction - ANSWER-Solicitation, negotiations, sale, advising an individual concerning coverage or claims negotiation - ANSWER-offer advice/communicate directly with purchaser regarding benefits Sale - ANSWER-effectuation of a contract of insurance Insurance Contract - ANSWER-Ag...
Preview 1 out of 4 pages
Add to cartInsurance Transaction - ANSWER-Solicitation, negotiations, sale, advising an individual concerning coverage or claims negotiation - ANSWER-offer advice/communicate directly with purchaser regarding benefits Sale - ANSWER-effectuation of a contract of insurance Insurance Contract - ANSWER-Ag...
An insured condominium unit owner wants to purchase fire and extended coverage for personal property and liability coverage for himself and his family members. He should purchase - ANSWER-HO-6 Which of the following best describes the amount of loss assessment coverage included under a homeowners...
Preview 4 out of 52 pages
Add to cartAn insured condominium unit owner wants to purchase fire and extended coverage for personal property and liability coverage for himself and his family members. He should purchase - ANSWER-HO-6 Which of the following best describes the amount of loss assessment coverage included under a homeowners...
In Idaho, an insurer is required to give the named insured at least _____ days notice in writing of total premium increases greater than 10% resulting from an increase in rates, changes in deductibles, reduction in limits, or reduction in coverage. 30 20 45 60 - ANSWER-30 In Idaho, wha...
Preview 3 out of 20 pages
Add to cartIn Idaho, an insurer is required to give the named insured at least _____ days notice in writing of total premium increases greater than 10% resulting from an increase in rates, changes in deductibles, reduction in limits, or reduction in coverage. 30 20 45 60 - ANSWER-30 In Idaho, wha...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersbyjol. Stuvia facilitates payment to the seller.
No, you only buy these notes for $41.29. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now