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MINNESOTA LIFE HEALTH INSURANCE PACKAGE DEAL
MINNESSOTA LIFE HEALTH INSURANCE PACKAGE DEAL|SUCCESS GUARANTEED
[Show more]MINNESSOTA LIFE HEALTH INSURANCE PACKAGE DEAL|SUCCESS GUARANTEED
[Show more]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 ...
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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 ...
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 A...
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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 A...
The commissioner examines each insurer every __ years - ️️5 
 
$__ fine per day if a person violates, aids or abets a written case and desist order - ️️10000 
 
Licensee may request a hearing within __ days of commissioner's order - ️️30 
 
After hearing request, the commissioner has __...
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Add to cartThe commissioner examines each insurer every __ years - ️️5 
 
$__ fine per day if a person violates, aids or abets a written case and desist order - ️️10000 
 
Licensee may request a hearing within __ days of commissioner's order - ️️30 
 
After hearing request, the commissioner has __...
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 semi-annually, $260 quarterly, and $100 monthly) if issued. Which...
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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 semi-annually, $260 quarterly, and $100 monthly) if issued. Which...
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 reimburs...
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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 reimburs...
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. - ️️B 
 
This state provided for a temporary licens...
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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. - ️️B 
 
This state provided for a temporary licens...
In what type of policy does the owner pay the same premium throughout the term of the contract? - ️️Level premium policy 
 
Which type of beneficiary CANNOT be changed without consent? - ️️The beneficiary is irrevocable 
 
How many totals hours of continuing education covering the subjects f...
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Add to cartIn what type of policy does the owner pay the same premium throughout the term of the contract? - ️️Level premium policy 
 
Which type of beneficiary CANNOT be changed without consent? - ️️The beneficiary is irrevocable 
 
How many totals hours of continuing education covering the subjects f...
1x sold
Which of the following is not a duty of the Commissioner? 
 
a. Issue an insurance license for a producer 
b. Make state insurance laws 
c. Handle insurance-related consumer complaints 
d. Enforce state insurance laws - ️️b. Make state insurance laws 
 
During policy solicitation an insurer exag...
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Add to cartWhich of the following is not a duty of the Commissioner? 
 
a. Issue an insurance license for a producer 
b. Make state insurance laws 
c. Handle insurance-related consumer complaints 
d. Enforce state insurance laws - ️️b. Make state insurance laws 
 
During policy solicitation an insurer exag...
In what type of policy does the owner pay the same premium throughout the term of the contract? - ️️Level premium policy 
 
Which type of beneficiary CANNOT be changed without consent? - ️️The beneficiary is irrevocable 
 
How many total hours of continuing education covering the subjects fo...
Preview 2 out of 11 pages
Add to cartIn what type of policy does the owner pay the same premium throughout the term of the contract? - ️️Level premium policy 
 
Which type of beneficiary CANNOT be changed without consent? - ️️The beneficiary is irrevocable 
 
How many total hours of continuing education covering the subjects fo...
Governor - ️️Powers and Duties of Commissioner 
 
Appoints the Commissioner of Commerce 
 
enforce insurance laws - ️️Powers and Duties of Commissioner 
 
The Commissioner is empowered to_________________. (1 of 8 things) 
 
five years - ️️Powers and Duties of Commissioner 
 
The Commiss...
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Add to cartGovernor - ️️Powers and Duties of Commissioner 
 
Appoints the Commissioner of Commerce 
 
enforce insurance laws - ️️Powers and Duties of Commissioner 
 
The Commissioner is empowered to_________________. (1 of 8 things) 
 
five years - ️️Powers and Duties of Commissioner 
 
The Commiss...
The law of large numbers 
 
A) states that there must be an adequate spread of risk for insurance to be effective. 
B) states that large risks should be transferred to an insurance company. 
C) prohibits insurance with extremely high premiums. 
D) states that the more examples used to develop a stat...
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Add to cartThe law of large numbers 
 
A) states that there must be an adequate spread of risk for insurance to be effective. 
B) states that large risks should be transferred to an insurance company. 
C) prohibits insurance with extremely high premiums. 
D) states that the more examples used to develop a stat...
The Commissioner examines each insurer every ______ years - ️️5 
 
There is a _________ fine per day if a person violates, aids, or abets a written cease and desist order - ️️$10,000 
 
Licensee may request a hearing within _________ days of Commissioner's order - ️️30 
 
After hearing ...
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Add to cartThe Commissioner examines each insurer every ______ years - ️️5 
 
There is a _________ fine per day if a person violates, aids, or abets a written cease and desist order - ️️$10,000 
 
Licensee may request a hearing within _________ days of Commissioner's order - ️️30 
 
After hearing ...
In what type of policy does the owner pay the same premium throughout the term of the contract? 
 
a. Deferred premium policy 
b. Single premium policy 
c. Level premium policy 
d. Flexible premium policy - ️️c. Level premium policy 
 
Which type of beneficiary CANNOT be changed without consent?...
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Add to cartIn what type of policy does the owner pay the same premium throughout the term of the contract? 
 
a. Deferred premium policy 
b. Single premium policy 
c. Level premium policy 
d. Flexible premium policy - ️️c. Level premium policy 
 
Which type of beneficiary CANNOT be changed without consent?...
What is an agent? - ️️Someone who acts on behalf of another (producer) 
 
What is a principal? - ️️Party for whom action is taken (insurance company) 
 
What is an agency agreement? - ️️Legal agreement that establishes the relationship between the principal and agent; outlines powers and...
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Add to cartWhat is an agent? - ️️Someone who acts on behalf of another (producer) 
 
What is a principal? - ️️Party for whom action is taken (insurance company) 
 
What is an agency agreement? - ️️Legal agreement that establishes the relationship between the principal and agent; outlines powers and...
A producer offer a buyer $100 basketballs game tickets (not specified in the contract) introduce to purchase a policy, if the prospect purchase the policy and accepts the tickets, the Producer be will guilty of? - ️️Rebate 
 
All of the producers (except those who only transact credit insurance)...
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Add to cartA producer offer a buyer $100 basketballs game tickets (not specified in the contract) introduce to purchase a policy, if the prospect purchase the policy and accepts the tickets, the Producer be will guilty of? - ️️Rebate 
 
All of the producers (except those who only transact credit insurance)...
Which of these factors do NOT play a role in the underwriting of a health insurance policy? 
Avocations 
Credit status 
Marital status 
Occupation - ️️Marital Status 
	 
An individual who in any manner sells, solicits, or negotiates insurance on behalf of insurance companies for compensation is ...
Preview 3 out of 21 pages
Add to cartWhich of these factors do NOT play a role in the underwriting of a health insurance policy? 
Avocations 
Credit status 
Marital status 
Occupation - ️️Marital Status 
	 
An individual who in any manner sells, solicits, or negotiates insurance on behalf of insurance companies for compensation is ...
Pay next year's premium in advance - ️️In order to reinstate a life insurance policy the insured must do all of the following EXCEPT: 
 
At the insured's age 100 - ️️In whole life insurance, when is the policy cash value scheduled to equal the face amount. 
 
Twisting - ️️An agent tell...
Preview 2 out of 9 pages
Add to cartPay next year's premium in advance - ️️In order to reinstate a life insurance policy the insured must do all of the following EXCEPT: 
 
At the insured's age 100 - ️️In whole life insurance, when is the policy cash value scheduled to equal the face amount. 
 
Twisting - ️️An agent tell...
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