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NC Health Insurance Exam Pearson Vue Questions with Correct Answers
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NC Health Insurance Exam Pearson Vue
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NC Health Insurance Exam Pearson VuePure Risk - answer chance of loss or no loss but not gain insurable
Speculative Risk - answer there is possibility of loss but of gain no insurability
exposure unit - answer subject to loss
peril - answer cause of loss
life insurance - answer death
Health insurance - answer accident and sickness
hazard - answer increases the likelihood or severity of loss
Three types of hazard - answerphysical, moral, morale
physical hazard - answerarise from the inherent characteristic of the exposure unit
Moral Hazard - answerlifestyle of the insured person
Morale hazard - answerarise more from an outlook on life
risk avoidance - answereliminating all risk altogether
risk retention - answermanage risk Deduction
self-insurance - answerinstead of buying health insurance and saving $ in the bank
Pure risk that are not insurable - answerFlood, War, Catastrophic losses
Intentional losses - answernot insurable
Adverse selection - answerbad for insurance
insurance actuary - answera specially trained mathematician who calculates premiums
underwriter - answerchecks out the medical history of the proposed insured and other
factors to eliminate adverse selection against the insurance company, issue policy
premium restrictions
Days for applicant to requests an explanantion - answer90 days
, Days insurance company must furnish an explanation - answer21 days
A dispute must begin within in - answer30 days
Law of Large numbers - answerthe larger the number the easier it is to predict losses
how much $ must a insurance company have in reserve at all times - answer4 million
Reinsurance agreements - answerenable an insurance company the ceding company to
transfer risk to the reinsurer (seller)
Capital Stock companies are owned by - answerstock holders and most common
Main purpose of the stock company - answermake a profit for its investors
Mutual companies are owned by - answerpolicy holders
Assessment insurers - answercharge additional premiums at the end of the specified
time period
Fraternal benefit societies are similar to - answermutual companies
who is only eligible to buy insurance policies from a Fraternal? - answerits members
Fraternal agents can only sell which policies - answerlife, health and annuity policies
self insurers - answeronly insure themselves
Reciprocal exchanges - answerall its members to to insure each other
who manages a reciprocal? - answerattorney-in-fact
who often steps in to cover risks too large or too catastrophic for private insurers? -
answergovernment insurers
Social Security - answera federal program funded by employers, employees and the
selfemployed
What agency does not fund social security? - answerFEderal Government
Insurers must be in a state to sell insurance - answerAuthorized
What does Insurer get to sell in the insurance in a certain state? - answerCertificate of
Authority
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