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TEXAS GENERAL LINES LIFE, ACCIDENT AND HEALTH INSURANCE 2 LATEST VERSIONS ACTUAL EXAM COMPLETE 500 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED $17.99
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TEXAS GENERAL LINES LIFE, ACCIDENT AND HEALTH INSURANCE 2 LATEST VERSIONS ACTUAL EXAM COMPLETE 500 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
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Course
OREGON LAW COSMETOLOGY ACTUA
Institution
OREGON LAW COSMETOLOGY ACTUA
TEXAS GENERAL LINES LIFE, ACCIDENT AND HEALTH
INSURANCE 2 LATEST VERSIONS ACTUAL EXAM
COMPLETE 500 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED TEXAS GENERAL LINES LIFE, ACCIDENT AND HEALTH
INSURANCE 2 LATEST VERSIONS ACTUAL EXAM
COMPLETE 500 QUESTIONS AND CORRECT ...
TEXAS GENERAL LINES LIFE, ACCIDENT AND HEALTH
INSURANCE 2 LATEST VERSIONS ACTUAL EXAM
COMPLETE 500 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
What is the mathematical concept of probability that helps insurers estimate the statistical likelihood of
mortality or morbidity losses at any given age?
A.) law of large numbers
B.) underwriting principle
C.) actuarial principle
D.) law of probability - ✔✔ANSWER✔✔->>>>>>>>A.) Law of large number
All of the following are elements of an insurable risk EXCEPT:
A.) The loss must be measurable.
B.) The insured peril must be outside of the insured's control.
C.) Any losses resulting from the insured peril must be definable as to time, cause, and location.
D. ) Losses resulting from the insured peril must be potentially catastrophic. - ✔✔ANSWER✔✔-
>>>>>>>>D.) Losses resulting from the insured peril must be potentially catastrophic
Which of the following is an insurable risk?
A.) the possibility of becoming disabled and unable to earn an income
B.) the possibility of losing money gambling in Las Vegas
C.) the possibility of losing money in stock investments
,D. ) the possibility of one's home value decreasing due to a drop in market prices - ✔✔ANSWER✔✔-
>>>>>>>>A.) the possibility of becoming disabled and unable to earn an income
From an insurance perspective, underwriting is best defined as:
A.) the process of determining if an applicant is an insurable risk
B.) the process of identifying applicants who are engaging in adverse selection
C) the process of determining when an applicant will die or suffer a serious illness
D. )the process of calculating mortality and morbidity charges - ✔✔ANSWER✔✔->>>>>>>>A.) the
process of determining if an applicant is an insurable risk
A person who refuses to engage is risky activities like rock climbing for fear of injury or death is
demonstrating which risk management technique?
A.) risk avoidance
B.) risk retention
C.) risk reduction
D.) risk sharing - ✔✔ANSWER✔✔->>>>>>>>A.) Risk Avoidance
Refusing to engage in a risky activity is a form of risk avoidance
To be considered insurable, a risk (and the potential loss it represents) must meet which one of the
following requirements?
A.) The loss must be definable as to time, cause, and location.
B.) The loss must be catastrophic.
C.) The loss must be certain to occur.
D.) The loss cannot be measurable. - ✔✔ANSWER✔✔->>>>>>>>A.) The loss must be definable as to
time, cause, and location
,MUST BE DEFINABLE, MEASURABLE, UNCERTAIN AND NOT CATASTROPHIC
As a risk management technique, which of the following best illustrates risk transfer?
A.) Robert purchases life insurance because he figures doing so is far less expensive than trying to save
all the money his survivors would need upon his death.
B.) Sheila refuses to drink alcoholic beverages if she expects to drive a car afterward.
C.) John refuses to buy life insurance because he figures he has enough money in his savings to pay for
his burial when he dies.
D.) Carol eats a healthy diet and exercises regularly, hoping that doing so will keep her healthy. -
✔✔ANSWER✔✔->>>>>>>>A.) Robert purchases life insurance because he figures doing so is far less
expensive than trying to save all the money his survivors would need upon his death.
From an insurance perspective, the term "loss exposure" means:
A.) the extent to which an insurer discloses its marketing practices
B.) the extent to which an insurer is subject to a possible loss
C.) the extent to which insurers are required to open their financial books for public inspection
D.) the extent to which an insurer discloses the components making up its policy premium rates -
✔✔ANSWER✔✔->>>>>>>>B.) The extent to which an insurer is subject to a possible loss
The tendency of a person diagnosed with a serious illness to try to buy life or health insurance is known
as:
A.) concealment
B.) exposure reduction
C.) risk avoidance
D.) adverse selection - ✔✔ANSWER✔✔->>>>>>>>D.) Adverse selection
From an insurance risk perspective, an applicant engaging in adverse selection is demonstrating which
type of hazard?
, A.) morale hazard
B.) moral hazard
C.) physical hazard
D.) legal hazards - ✔✔ANSWER✔✔->>>>>>>>B.) Moral Hazard
All the following statements regarding perils and hazards are correct EXCEPT:
A.) Smoking cigarettes is an example of a peril.
B.) A hazard is a condition that raises the chance of a peril occurring.
C.) Indifference to loss is an example of a hazard.
D.) A peril is the immediate cause of a loss and is the event that insurance protects against. -
✔✔ANSWER✔✔->>>>>>>>A.) Smoking cigarettes is an example of a peril
Buying life or health insurance is an example of which risk management technique?
A.) risk transfer
B.) risk reduction
C.) risk retention
D.) risk avoidance - ✔✔ANSWER✔✔->>>>>>>>A.) Risk transfer
From an insurance risk perspective, an applicant engaging in adverse selection is demonstrating which
type of hazard?
A.) legal hazards
B.) morale hazard
C.) moral hazard
D.) physical hazard - ✔✔ANSWER✔✔->>>>>>>>C.) Moral Hazard
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