Life insurance and annuity Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
4 views 0 purchase
Course
Life Insurance
Institution
Life Insurance
Adverse selection is characterized by:
-:- A sick person purchasing health insurance
All the following policies and contracts are typically covered by state insurance guaranty
associations.
-:- A term life insurance policy issued by a stock insurer, an individually-owned
annuity, a whole l...
✓ -:- The coverage will be retroactively effective. As a result the beneficiary will
receive $100,000 death benefit.
The agent must provide the buyers guide to the applicant:
✓ -:- Upon application or at the time of policy delivery if a 10-day free look is
provided.\
All of the following statements regarding unauthorized insurers are true, EXCEPT
✓ -:- All excess and surplus lines insurers are unauthorized.
Unauthorized insurers are also referred to as nonadmitted insurers, and do not hold a
certificate of authority
Unauthorized insurers are insurers that are unlicensed because they have not yet applied
for a certificate of authority, and have applied and been denied licensure, or are excess and
surplus lines insurers.
Excess and surplus lines insurers must apply for a certificate of authority to become
admitted.
John purchases a life insurance policy for his wife Jean. Which of the following best
describes who is legally bound to the policy's promise of benefits?
✓ -:- The insurer
3|Page | Grade A+| 2024/2025
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
