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MN Life and Health Insurance Bundled Exams with complete solution
MN Life and Health Insurance Bundled Exams with complete solution
[Show more]MN Life and Health Insurance Bundled Exams with complete solution
[Show more]Information about Health Maintenance Organizations (HMOs) - -Employers with more than 25 
employees must offer an HMO as an alternative to their regular health plans. 
-Reduce cost of healthcare through preventative care 
-Needs to be approved by MN DHS 
-Provides services rather than reimbursement ...
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Add to cartInformation about Health Maintenance Organizations (HMOs) - -Employers with more than 25 
employees must offer an HMO as an alternative to their regular health plans. 
-Reduce cost of healthcare through preventative care 
-Needs to be approved by MN DHS 
-Provides services rather than reimbursement ...
Insurance - Transfer of risk to the Insurer 
Speculative Risk - Risk that can have either gains or losses 
Pure Risk - Risk that can only see losses 
Loss - Reduction in the value of something 
Exposure - Risks the Insurance company is exposed to 
Peril - Cause of loss 
Hazard - Anything that increa...
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Add to cartInsurance - Transfer of risk to the Insurer 
Speculative Risk - Risk that can have either gains or losses 
Pure Risk - Risk that can only see losses 
Loss - Reduction in the value of something 
Exposure - Risks the Insurance company is exposed to 
Peril - Cause of loss 
Hazard - Anything that increa...
Insurance is a... - transfer of risk 
What type of risk is gambling? - Speculative Risk 
What type of risk is a car accident? - Pure Risk 
What type of risk is insurable? - Pure Risk 
uncertainty about whether a loss will occur - Risk 
Risk Management Method Acronym - STARR (sharing, transfer, avoid...
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Add to cartInsurance is a... - transfer of risk 
What type of risk is gambling? - Speculative Risk 
What type of risk is a car accident? - Pure Risk 
What type of risk is insurable? - Pure Risk 
uncertainty about whether a loss will occur - Risk 
Risk Management Method Acronym - STARR (sharing, transfer, avoid...
Beneficiary Protection from Creditors - If beneficiary eligible to receive death benefit but chooses 
to leave part/all on deposit with insurer, money is protected from claims of the beneficiaries creditors. 
Policyowner Rights - Spendthrift provision: 
Gives insurer the right to hold back proceeds ...
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Add to cartBeneficiary Protection from Creditors - If beneficiary eligible to receive death benefit but chooses 
to leave part/all on deposit with insurer, money is protected from claims of the beneficiaries creditors. 
Policyowner Rights - Spendthrift provision: 
Gives insurer the right to hold back proceeds ...
Ordinary Life - Several types of individual life ins 
Temporary term 
permanent whole 
universal, variable other interest sensitive plans 
Term life insurance - provides only a death benefit within a specified period of time 
whole life - provides death and living benefits 
Industrial Life encompass...
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Add to cartOrdinary Life - Several types of individual life ins 
Temporary term 
permanent whole 
universal, variable other interest sensitive plans 
Term life insurance - provides only a death benefit within a specified period of time 
whole life - provides death and living benefits 
Industrial Life encompass...
2x sold
The initial amount of credit life insurance may NOT exceed 
A-The borrower's annual income. 
B-The amount to be repaid under the contract. 
C-An amount set by statute and adjusted regularly for inflation. 
D-The borrower's monthly income. - Answer B 
This state provided for a temporary license for...
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Add to cartThe initial amount of credit life insurance may NOT exceed 
A-The borrower's annual income. 
B-The amount to be repaid under the contract. 
C-An amount set by statute and adjusted regularly for inflation. 
D-The borrower's monthly income. - Answer B 
This state provided for a temporary license for...
How are employee FICA taxes collected? - The employer withholds the employee's tax and pays it 
along with the employer's portion 
Mateo applies for an insurance policy that will have an annual premium payment of $1,000 ($510 semiannually, $260 quarterly, and $100 monthly) if issued. Which of the ...
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Add to cartHow are employee FICA taxes collected? - The employer withholds the employee's tax and pays it 
along with the employer's portion 
Mateo applies for an insurance policy that will have an annual premium payment of $1,000 ($510 semiannually, $260 quarterly, and $100 monthly) if issued. Which of the ...
Speculative Risk - involves the chance of loss or gain, and is not insurable 
Pure Risk - involves the chance of loss only, and is insurable 
Peril - Something that causes a direct loss 
Physical Hazard - Visible (Black ice) 
Moral Hazard - dishonest tendencies (Fraud) 
Morale Hazard - Carless, Irre...
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Add to cartSpeculative Risk - involves the chance of loss or gain, and is not insurable 
Pure Risk - involves the chance of loss only, and is insurable 
Peril - Something that causes a direct loss 
Physical Hazard - Visible (Black ice) 
Moral Hazard - dishonest tendencies (Fraud) 
Morale Hazard - Carless, Irre...
The commissioner examines each insurer every ___ Years. - 5 years 
$____ fine per day if a person violates, aids, or abets a written cease and desist order - $10,000 
License fee may request a hearing within ____ days of commissioners order. After hearing request, 
Commissioner has ____ days to hold...
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Add to cartThe commissioner examines each insurer every ___ Years. - 5 years 
$____ fine per day if a person violates, aids, or abets a written cease and desist order - $10,000 
License fee may request a hearing within ____ days of commissioners order. After hearing request, 
Commissioner has ____ days to hold...
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