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1 - ExamFX Life and Health - General Insurance Exam | 93 Questions with 100% Correct Answers |GRADED $18.49
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1 - ExamFX Life and Health - General Insurance Exam | 93 Questions with 100% Correct Answers |GRADED
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What two elements are necessary to a life insurance contract to have a legal purpose? - CORRECT ANSWER 1. Insurable Interest 2. Consent Insurance is a contract that protects the insured from what? - CORRECT ANSWER Loss What Type of Risk is Insurable? - CORRECT ANSWER Pure What is the term f...

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  • November 1, 2023
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • 1 examfx life and heal
  • 1 examfx life and health general insurance ex
  • examfx life and health general insurance ex
  • 1 examfx life and health
  • 1 examfx life and health general insurance ex

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1 - ExamFX Life and Health - General
Insurance Exam | 93 Questions with
100% Correct Answers |GRADED

What two elements are necessary to a life insurance contract to have a legal purpose? -
CORRECT ANSWER 1. Insurable Interest
2. Consent
Insurance is a contract that protects the insured from what? - CORRECT ANSWER
Loss
What Type of Risk is Insurable? - CORRECT ANSWER Pure
What is the term for the causes of loss insured against in a insurance policy? -
CORRECT ANSWER Peril
What Law Protects Consumers from the circulation of inaccurate or obsolete
information? - CORRECT ANSWER The Fair Credit Reporting Act
What are the three types of hazards? - CORRECT ANSWER 1. Physical
2. Moral
3. Morale
In forming an insurance contract, when does an acceptance usually occur? -
CORRECT ANSWER When the insurer approves a prepaid application
An insurance company domiciled in California and transacts insurance in Nevada. What
is this insurer's classification in Nevada? - CORRECT ANSWER Foreign
A state-issued document empowering an insurance company to become an admitted
insurer is called what? - CORRECT ANSWER Certificate of Authority
What entities make up the Medical Information Bureau? - CORRECT ANSWER
Insurers
What type of insurer is a voluntarily formed organization that provides insurance benefits
for members of an affiliated lodge or religious organization with representative form of
governtment? - CORRECT ANSWER Fraternal Insurers
When would a misrepresentation on an insurance applications be considered fraud? -
CORRECT ANSWER When it is intentional and material

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