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The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - correct answer Insuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating t...
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Add to cartThe clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - correct answer Insuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating t...
What type of insurance contract contains unequal contingencies on the potential for profit or loss on both parties in the contract? - correct answer Aleatory of contract There is an element of chance for both parties. Dollar given by policy holder (premiums) and the insurer (benefits) may not be ...
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Add to cartWhat type of insurance contract contains unequal contingencies on the potential for profit or loss on both parties in the contract? - correct answer Aleatory of contract There is an element of chance for both parties. Dollar given by policy holder (premiums) and the insurer (benefits) may not be ...
In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - correct answer C. The concept of insurance developed from the need to minimi...
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Add to cartIn the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - correct answer C. The concept of insurance developed from the need to minimi...
Accumulation units are converted into annuity units: - correct answer at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - correct answer noncontributory If a disabled worker covered under Social Securit...
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Add to cartAccumulation units are converted into annuity units: - correct answer at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - correct answer noncontributory If a disabled worker covered under Social Securit...
Insurance - correct answer Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - correct answer Is based on actuarial or mathematical principle...
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Add to cartInsurance - correct answer Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - correct answer Is based on actuarial or mathematical principle...
A Supplementary Medical Expense policy combines the benefits of what two types of plans? - correct answer Basic Medical and Major Medical Which of the following is not correct concerning Health Maintenance Organizations? - correct answer They mandate enrollment for groups of 25 or more. Which ...
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Add to cartA Supplementary Medical Expense policy combines the benefits of what two types of plans? - correct answer Basic Medical and Major Medical Which of the following is not correct concerning Health Maintenance Organizations? - correct answer They mandate enrollment for groups of 25 or more. Which ...
When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - correct answer Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - correct answer Prevent overinsurance Which of the following sta...
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Add to cartWhen life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - correct answer Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - correct answer Prevent overinsurance Which of the following sta...
In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - correct answer 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospe...
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Add to cartIn a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - correct answer 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospe...
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