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WISCONSIN LIFE INSURANCE EXAM 2024/2025 WITH 100% CORRECT ANSWERS
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WISCONSIN LIFE INSURANCE EXAM 2024/2025 WITH 100% CORRECT ANSWERS
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WISCONSIN LIFE INSURANCE EXAM 2024/2025WITH 100% CORRECT ANSWERS
In insurance, and offer is usually made when - Precise Answer ✔✔An
applicant submits an application to the insurer
Which of the following is not a goal of risk retention? - Precise Answer
✔✔To minimize the insured's level of liability in the event of loss
Goals of Risk Retention - Precise Answer ✔✔To increase control of
claim reserving and claims settlements
To fund losses that cannot be insured
To reduce expenses and improve cash flow
Hazard is best defined as - Precise Answer ✔✔Something that increases
the risk of a loss
Representations are written or oral statements made by the applicant that
are - Precise Answer ✔✔Considered true to the nest of the applicant's
knowledge
What insurance concept is associated with the names Weiss and Fitch? -
Precise Answer ✔✔Guides describing company financial integrity
,Which of the following is NOT a characteristic of an insurable risk? -
Precise Answer ✔✔The loss must be catastrophic
Characteristics of an insurable risk? - Precise Answer ✔✔The loss must
be due to chance
The loss must be measurable
The loss exposure must be large
Units with the same or similar exposure to loss are referred to as -
Precise Answer ✔✔Homogeneous
Which insurance principle states that is a policy allows for greater
compensation that the financial loss incurred, the insured may only
receive benefits for the amount lost? - Precise Answer ✔✔Indemnity
An insurer neglects to pay a legitimate claim that is covered under the
terms if the policy. When of the following insurance principles has the
insurer violated? - Precise Answer ✔✔Consideration
Courts will interpret any ambiguity in an insurance contract - Precise
Answer ✔✔In favor of the insured
Who might receive dividends from a mutual insurer? - Precise Answer
✔✔Policyholders
,A participating insurance policy may do which of the following? -
Precise Answer ✔✔Pay dividends to the policyholder
An insurer that holds a Certificate of Authority in the state in which it
transacts business is considered a/an - Precise Answer ✔✔Authorized
Insurer
Which if the following must an insurer obtain in order to transact
insurance within a given state? - Precise Answer ✔✔Certificate of
Authority
Unique statements on the application unintentionally made by the
insured that, if discovered, would alter the underwriting decision of the
insurance company, are called - Precise Answer ✔✔Material
Misrepresentations
A tornado that destroys property would be an example of which of the
following? - Precise Answer ✔✔A Peril
A producer who falls to separate premium monies from his own personal
fund is guilty of - Precise Answer ✔✔Commingling
ABC Insurance company receives an incomplete application and issues
the policy anyway. Six months later ABC realizes the missing
information. What term is used that prevents ABC from forcing the
policyholder to answer further questions? - Precise Answer ✔✔Estoppel
, What is the major difference between a stock company and a mutual
company? - Precise Answer ✔✔Ownership.
Mutual companies are owned by policyholders.
Stock companies are owned by stockholders.
In terms of parties to a contract, which of the following does NOT
describe a competent party? - Precise Answer ✔✔A person must have at
least completed secondary education
What characteristics describe a competent party? - Precise Answer
✔✔The person must not be under the influence of drugs or alcohol
The person must be of legal age
The person must be mentally competent to understand the contract
If an insurance company wishes to order a consumer report on an
application to assist in the underwriting process, and if a notice of
insurance information practices has been provided, the report may
contain all of the following information EXCEPT the applicant's -
Precise Answer ✔✔Ancestry
If an insurance company wishes to order a consumer report on an
application to assist in the underwriting process, and if a notice of
insurance information practices has been provided, the report may
contain all of the following information: - Precise Answer ✔✔Credit
History
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