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Indiana Life and Health Producer Exam Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
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Indiana Life and Health Producer Exam Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Indiana Life and Health Producer Exam Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 14, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • indiana life and health producer exam

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  • Insurance
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Indiana Life and Health Producer Exam
Insurance - ANS-What do individuals use to transfer their risk of loss to a larger group?

Adverse selection - ANS-When risks with higher probability of loss are seeking insurance more
often than other risks, this is known as what?

Mutual company - ANS-The type of insurance company organized to return any surplus money
to its policyholders, is known as what?

Physical, moral and morale - ANS-What are the three types of hazards?

Certificate of authority - ANS-In order to transact insurance within a given state and alien insure,
must first obtain what?

Insurer - ANS-In the agent/insurer relationship, who is considered the principal?

Underwriting - ANS-What is the name of the process that insurance companies use to
determine whether or not an applicant is insurable?

Law of large numbers - ANS-What law is the foundation of the statistical prediction of loss upon
which rates for insurance are calculated?

Complete a new application or ask the applicant to initial the correction on the original
application - ANS-When a change needs to be made on an application for insurance, which is
the best method for correcting the information ?

Alien - ANS-What type of insurer is formed under laws of another country?

Moral - ANS-An applicant, conceals, relevant health information on the application. The
applicant presents what type of hazard?

Speculative - ANS-Wagering on a sporting event is known as what type of risk?

The agents - ANS-Who is responsibility? Is it to determine that all the questions on an insurance
application are answered?

Financial responsibility for loss - ANS-Insurance is used to transfer transfer what to the
insurance company?

Agent or producer - ANS-According to the law of agency, a principal is represented by whom?

,Foreign - ANS-An insurance company is domiciled in California and transact in Nevada. What is
this insurance classification in Nevada?

pure risk - ANS-A situation in which a person can only experience a loss and no gain presents
what type of risk?

Fraternal insurer - ANS-What type of adventure is a voluntarily formed organization that
provides insurance benefits for members of an affiliated large or religious organization with a
representative form of government?

When the insurance application is submitted - ANS-When is the offer usually made on a
contract?

Agreement (offer and acceptance), consideration, competitive parties, and legal purpose -
ANS-What are the four elements of an insurance contract?

Domestic foreign and alien - ANS-Insurer are classified according to their domicile. What are the
three types of insurers?

Return the application to the applicant for completion - ANS-What is the best way to handle
incomplete insurance applications?

Restriction of coverage, refusal to accept a risk, and accepting a risk at a higher rate -
ANS-What are the strategies used by underwriters to prevent adverse selection?

When it is intentional and material - ANS-When would a misrepresentation on an insurance
application be considered fraud?

The agent - ANS-If an applicant does not receive his or her life insurance policy, who would be
held responsible?

Certificate of authority - ANS-What document is required for an insurance company to transact
insurance?

Send the application back to the applicant for signature - ANS-If an agent fails to obtain the
applicant signature on the insurance application, what must the insurer do?

Provide the applicant with a disclosure authorization notice - ANS-If an insured needs to obtain
information about the applicant from investigators, what is the insurer required to do?

When the insurer approves a prepaid application - ANS-In forming an insurance contract when
does an acceptance usually occur?

Peril - ANS-What is the term for the causes of loss insured against in an insurance policy?

, Insurance company - ANS-Whom does an insurance agent represent?

Hazards - ANS-Conditions that increase the chance of loss are known as what?

The fair credit reporting act - ANS-What law protects consumers from circulation of inaccurate or
obsolete information?

Morale - ANS-A person who does not lack the doors to his or her house shows an indifferent
attitude this person presents what type of hazard?

Mutual - ANS-An insurance policy paid a non-taxable dividend to the insured one year and
nothing the next from what type of insurer did the insured purchase the policy?

Insurers - ANS-What entities make up the Medical Information Bureau?

Inspection report - ANS-What type of report provides information about applicants hobbies,
habits and financial status?

Loss - ANS-The reduction decrease or disappearance of value of the person or property.
Insured in a policy is known as what?

Express implied and apparent - ANS-What are the three types of agent authority?

Pure - ANS-What type of risk is insurable?

Insurer - ANS-When agents act within the scope of their contract, their actions will be assumed
to be the act of whom?

Loss must be 1)due to chance 2)definite measurable 3)statistically predictable 4)not
catastrophic, and 5)coverage cannot be mandatory - ANS-What are the five characteristics of
an ideally insurable risk?

Uncertainty of loss - ANS-For the purpose of insurance what is risk?

Insurable interest and consent - ANS-Went to elements are necessary for a life insurance
contract to have a legal purpose?

When the policy is delivered, and the premium is - ANS-When does an insurance policy go into
effect?

Certificate of authority - ANS-A state issued document empowering an insurance company to
become an admitted insured is called what?

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