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UTAH Health and life insurance Study Guide Exam. What is an accurate definition of pure risk? - CORRECT ANSWER A chance of loss or no loss, but no chance of gain The insurable interest on one's own life is generally regarded as: - CORRECT ANSWER Unlimited The ____________ has the power t...

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  • November 23, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • utah
  • utah health and life insurance study guide exam

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UTAH Health and life insurance Study
Guide Exam.
What is an accurate definition of pure risk? - CORRECT ANSWER A chance of loss or no loss, but no
chance of gain



The insurable interest on one's own life is generally regarded as: - CORRECT ANSWER Unlimited



The ____________ has the power to issue rules and regulations to help enforce insurance statutes. -
CORRECT ANSWER Commissioner



insurance ________ are captive or independent organizations that recruit, contract with, train, and
support insurance producers - CORRECT ANSWER Agencies



A(n) ___________ has the right to review the consumer report used in the underwriting process. -
CORRECT ANSWER Applicant



What is not an essential element of an insurable risk? - CORRECT ANSWER The loss must be intentional



An insurer authorized to do business within this state is considered what type of insurer - CORRECT
ANSWER Admitted



If an applicant fails to present all material facts, and a producer fails to fully describe the terms of the
contract, both parties have violated which principle? - CORRECT ANSWER Utmost Good Faith



Risk may be defined as: - CORRECT ANSWER The uncertainty of loss



Insurable interest for life insurance is necessary only at the time of - CORRECT ANSWER Application



Medicare Part A - CORRECT ANSWER 100% of Inpatient Hospitalization for the first 60 days in a benefit
period after the deductible is met

,Operating room charges

Inpatient mental health care



Medicare Part B - CORRECT ANSWER Preventive screenings for cancer

Physician's and Surgeon's services

Outpatient mental health care



Medicare Supplement Plan A - CORRECT ANSWER Part B coinsurance amount after deductible is met

The reasonable cost of the first 3 pints of blood

100% hospitalization costs for a lifetime maximum benefit of 365 additional days after Medicare hospital
inpatient coverage is exhausted



Medicare Supplement Minimum Benefit Standards

Policy Requirements - CORRECT ANSWER A Medicare Supplement policy must contain a 30-day free
look provision on the first page in bold print.

The policy must also contain an Outline of Coverage in bold print containing information on benefits,
deductibles, exclusions, and premiums.



A(n)____________ is the person or entity that is covered by an insurance policy. - CORRECT ANSWER
Insured



Tom submits an application and a premium check. Six days later, the insurer issues the policy as applied
for and mails it overnight to Tom's producer. Tom picks up the policy at his producer's office the next
day. When did Tom's coverage begin? - CORRECT ANSWER The day Tom submitted his application



Statements made on the application by the applicant that are believed to be true to the best of his/her
knowledge are - CORRECT ANSWER Representations



A company that has not received permission from an Insurance Commissioner to do business in his or
her state is called a/an - CORRECT ANSWER Non-admitted



A statement that a person makes and guarantees to be true is a - CORRECT ANSWER Warranty

, Who would be considered legally competent to enter into a contract - CORRECT ANSWER A 25-year-old
self-employed person



The transfer of some or all of the financial risk of loss from one insurer to another insurer or insurers is
best described as: - CORRECT ANSWER Reinsurance



The ____________ market is a private source of coverage of last resort for individuals or businesses that
have been rejected by voluntary market insurers. - CORRECT ANSWER Residual



Larry and his insurance company disagree over some ambiguous language in Larry's life insurance policy.
If the parties end up in court, which principle would direct the court to rule in favor of Larry? - CORRECT
ANSWER Adhesion



An applicant completes the application and submits it to the insurer along with a premium check. When
is the applicant's offer considered accepted? - CORRECT ANSWER When the insurer issues a policy



The ability of an individual to meet an insurance company's underwriting requirements is known as: -
CORRECT ANSWER Insurability



When both parties must perform certain duties and follow certain rules of conduct to make a contract
enforceable refers to a(n) __________ contract. - CORRECT ANSWER Conditional



When an insurance company fails to enforce a provision in a contract and decides to pay a claim, they
are giving up a legal right or advantage. This is known as which of the following? - CORRECT ANSWER
Waiver



According to the Law of Agency, insurers are responsible for the actions of their producers, UNLESS: -
CORRECT ANSWER A producer acts outside the scope of their authority



The ___________ branch writes and passes state insurance laws, or statutes, to protect the insuring
public. - CORRECT ANSWER Legislative

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