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Life and Health License Exam 193 Questions with Verified Answers,100% CORRECT
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Life and Health License Exam 193 Questions with Verified Answers
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Life and Health License Exam 193 Questions with VerifiedAnswers
Only one party makes a legally enforceable promise - CORRECT ANSWER What is
meant by referring to an insurance policy as a unilateral contract?
At all times - CORRECT ANSWER When must insurance records of insurance
agents and brokers be made available to the Insurance Commissioner?
a loss exposure - CORRECT ANSWER Any situation that presents the possibility of
a loss is known as
Personal judgment - CORRECT ANSWER Which of the following information is not
required to be communicated in a Life insurance contract?
telephone call from an agent - CORRECT ANSWER The direct distribution of
insurance utilizes all of the following to promote the sale of insurance EXCEPT
an insurance policy - CORRECT ANSWER A contract in which one party promises to
indemnify another against loss that arises from an unknown event is
an insured suffers a financial loss in the state lottery - CORRECT ANSWER All of the
occurrences listed below are examples of an insurable event as defined by the
California Insurance Code EXCEPT
the insured and insurer contribute equally to the contract - CORRECT ANSWER All
of the following statements about aleatory contracts are true EXCEPT
committing any act of discrimination whether it be deemed fair or unfair -
CORRECT ANSWER All of the following would be considered unfair trade practices
EXCEPT
Mary Brown Insurance Services - CORRECT ANSWER As authorized by the
California Insurance Code, the Insurance Commissioner has provided standards
for names used by life insurance agents. Under these standards which, if any, of
,the following are automatically acceptable for Mary Brown, a holder of the CLU
designation
one party is restored to the same financial position the party was in before the
loss occurred - CORRECT ANSWER A contract of indemnity is one in which
make whole - CORRECT ANSWER In insurance terminology, "indemnity" means
contract - CORRECT ANSWER As defined in the California insurance Code,
"insurance" is a
A misdemeanor - CORRECT ANSWER What would a person be guilty of who
refuses to deliver any books, records, or assets to the commissioner once a
seizure order has been executed?
Fiduciary - CORRECT ANSWER An agent who is acting as an insurance agent,
broker, solicitor, life agent, accident and health, or bail agent acts in which
capacity when handling premiums or return premiums for an insured?
Only pure risks are insurable - CORRECT ANSWER Which of the following
statements regarding risk is TRUE?
the elimination of risk - CORRECT ANSWER The purchase of an insurance policy
may accomplish all of the following for the insured EXCEPT
indemnity - CORRECT ANSWER Insureds are entitled to recover an amount NOT
greater than the amount of their loss under the principle of
The materiality of concealment - CORRECT ANSWER What rule is used to
determine the importance of a representation?
the probability of loss - CORRECT ANSWER The required contents of a policy
include all of the following EXCEPT
increases the unearned premium reserve - CORRECT ANSWER All of the following
are characteristics of reinsurance EXCEPT it
, financial rating of the insurer - CORRECT ANSWER According to the California
Insurance Code, an insurance policy must specify all of the following EXCEPT the
misdemeanor charges filed, not resulting in a conviction - CORRECT ANSWER All
of the following qualify as "background information" as defined in Section 1729.2
of the California Insurance Code, EXCEPT
probability of loss is unknown - CORRECT ANSWER Loss retention is an effective
risk management technique when all of the following conditions exist EXCEPT the
speculative risk - CORRECT ANSWER A situation in which there is a possibility of
loss or a gain is a
The greater the number insured, the more accurately the insurer can predict
losses and set appropriate premiums - CORRECT ANSWER Why is having a large
number of similar exposure units important to insurers
eliminates fraudulent losses - CORRECT ANSWER All of the following are benefits
of insurance EXCEPT it
Life and health insurers - CORRECT ANSWER Who are members of the Medical
information Bureau?
Underwriting - CORRECT ANSWER The process by which an insurer decides
whether to issue requested insurance is called
Promise - CORRECT ANSWER Unless it is merely a statement of an expectation or
belief, a representation as to the future is considered which of the following?
by interview appointment with the agent of record - CORRECT ANSWER Upon
notification of a claim, a claimant must be given access to the California Fair
Claims Settlement Practices resolution by all of the following means EXCEPT
Money an insured pays an insurer to obtain the benefits provided in the policy -
CORRECT ANSWER What is the definition of premium?
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