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EXAMFX FOR LIFE AND HEALTH LEARNING MODE PRACTICE EXAM NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND DETAILED VERIFIED ANSWERS GRADED A+ | 100% VERIFIED | 2024 UPDATE!!!$21.49
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EXAMFX FOR LIFE AND HEALTH LEARNING MODE PRACTICE EXAM NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND DETAILED VERIFIED ANSWERS GRADED A+ | 100% VERIFIED | 2024 UPDATE!!!
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Course
FX FOR LIFE AND HEALTH LEARNING MODE PRACTICE
Institution
FX FOR LIFE AND HEALTH LEARNING MODE PRACTICE
EXAMFX FOR LIFE AND HEALTH LEARNING
MODE PRACTICE EXAM NEWEST ACTUAL
EXAM WITH COMPLETE QUESTIONS AND
DETAILED VERIFIED ANSWERS GRADED A+
| 100% VERIFIED | 2024 UPDATE!!!
EXAMFX FOR LIFE AND HEALTH LEARNING
MODE PRACTICE EXAM NEWEST ACTUAL
EXAM WITH COMPLETE QUESTIONS AND
DETAILED VERIFIED ANSWERS GRADED A+
| 100% VERIFIED | 2024 UPDATE!!!
What statement best describes the free look provision? - ✔✔✔
Correct Answer > it allows the insured to return the
policy within 10 days for a full refund of premiums if dissatisfied
for any reason.
(free look is a mandatory provision found in all life/health
policies that allow the insured to return the policy within a
specified number of days and receive a full refund of the
premium if dissatisfied with the policy for any reason.)
Which of the following is NOT the consideration in a policy? -
✔✔✔ Correct Answer > The application given to a
prospective insured.
(consideration is something of value that is transferred
between the two parties to form a legal contract.)
,What are 2 types of flexible spending accounts? - ✔✔✔
Correct Answer > Health Care Accounts and Dependent
Care Accounts
(There are 2 types of Flexible Spending Accounts: a Health Care
Account for out-of-pocket health care expenses, and a
Dependent Care Account to help pay for dependent care
expenses which make it possible for an employee and his or her
spouse, if applicable, to work.)
Which of the following best describes the aleatory nature of an
insurance contract? - ✔✔✔ Correct Answer > Exchange
of unequal values.
(an aleatory contract is a contract in which unequal amounts or
values are exchanged. The amount of premium the insured
pays is much less than the potential loss assumed by the
insurer.)
An insured purchased a disability income with a 10-year benefit
period. The policy stated a 20-day probationary period for
illness. If the insured is hospitalized with an illness 2 weeks
after the policy was issued, how much will the policy pay? -
✔✔✔ Correct Answer > Nothing; loss by illness is not
covered if it occurs during the probationary period.
,underwriting is a major consideration when an insured wishes
to replace her current policy for all of the following reasons
EXCEPT - ✔✔✔ Correct Answer > Premiums always stay
the same.
(Underwriting is important when the replacement is involved. It
is an underwriter's duty to evaluate risk and decide whether or
not a person is eligible for coverage. When replacement is
involved, the insured may be under the assumption that a
replacing policy is in his/her best interests, but after being
evaluated by an underwriter, where premium and risk are
exchanged, an insured may not be paying the same premium or
receiving the same benefits.)
When an insured makes truthful statements on the application
for insurance and pays the required premium, it is known as
which of the following? - ✔✔✔ Correct Answer >
consideration.
(consideration is something of value that each party to the
other. The consideration on the part of the insured is the
payment of the premium and the representations made in the
application.)
The classification "Small Employer" means any person or firm
that during the preceding year employed how many
, employees? - ✔✔✔ Correct Answer > At least 2 and not
more than 50.
(classification rules established by the insurance code state that
"small employer" means any person or firm that during the
preceding year employed at least 2 and more than 50 persons.)
if a policy owner surrenders his life insurance policy that has
been in force for 5 years within 60 days after the premium due
date, what will the insurer be required to pay? - ✔✔✔
Correct Answer > a cash surrender value.
(A life insurance policy must ensure that upon surrender of the
policy no later than 60 days after the due date of premium
payment, the company will pay a cash surrender value (instead
of a paid-up nonforfeiture benefit) if the premiums have been
paid for at least 3 full years for ordinary life insurance policies,
or 5 years for industrial life insurance.)
The usage of words or symbols that are similar to what entity is
prohibited in life insurance advertisements? - ✔✔✔ Correct
Answer > federal government.
(no combination of words, symbols, etc. similar to those of
state or federal government agencies may be used that might
mislead prospective insureds into believing the solicitation is
connected with a government agency.)
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