UTAH Life and Health Insurance Exam Questions Correctly Answered.
0 view 0 purchase
Course
UTAH.
Institution
UTAH.
UTAH Life and Health Insurance Exam Questions Correctly Answered.
Accident - CORRECT ANSWER A sudden event, unforeseen and unintended
Claim - CORRECT ANSWER A demand for payment under the insurance policy
Absolute assignment - CORRECT ANSWER A transfer by the policy holder of all contro...
UTAH Life and Health Insurance Exam
Questions Correctly Answered.
Accident - CORRECT ANSWER A sudden event, unforeseen and unintended
Claim - CORRECT ANSWER A demand for payment under the insurance policy
Absolute assignment - CORRECT ANSWER A transfer by the policy holder of all control and rights to a
third party
Accident and Sickness - CORRECT ANSWER Insurance against bodily injury, disability or death by
accident, or against disability or expense resulting from sickness, and the insurance relating thereto
Accidental Means - CORRECT ANSWER The unexpected cause of an accidental bodily injury. Under this
definition, which is very restrictive, if you meant to do whatever caused your injury, there is no
coverage. Most health insurance policies cover accidental bodily injury, which is much broader, in that it
covers accidents regardless of the cause
Accumulation at interest option - CORRECT ANSWER A dividend or settlement option under which the
policyholder allows his dividends or policy proceeds to accumulate interest with the company. Although
the dividends or proceeds are not generally
Actuary - CORRECT ANSWER One concern with the application of probability and statistical theory to
insurance, utilizing the law of large numbers.
ADB Accidental death benefit - CORRECT ANSWER Also known as double indemnity. A rider added to a
life policy that will pay double the face amount if the insured dies as a result of the accident, generally
within 90 days of the accident.
AD&D accidental death and dismemberment insurance - CORRECT ANSWER A limited form of health
insurance that covers accident only. It is the only type of health insurance that covers death. AD&D
policies do not follow the principle of indemnity, in that they pay in addition to any other coverage the
insured has.
, Adverse selection - CORRECT ANSWER Selection not in favor of the company. The tendency of poorer
risks to want insurance more often than standard risks. For example, a person who is already sick would
like to buy health insurance.
Adverse underwriting decisions, consumer rights - CORRECT ANSWER Under the fair credit reporting
act, when an adverse underwriting decision is made, the insurer must provide the applicant or
policyholder with specific written reasons for the decision, or advise the individual that specific reasons
are available upon written request. Upon receipt of the written request, the insurer must furnish specific
regions for the adverse decision and the names and addresses of the sources the provided the
information.
Agent/producer - CORRECT ANSWER The individual appointed by insurance company to solicit and
negotiate insurance contracts on its behalf. Agents or producers represent the company, not the client.
Alien company - CORRECT ANSWER And insurer organized and domiciled in a country other than the
United States.
Annuitant - CORRECT ANSWER The party receiving the benefits of an annuity, similar to the insured on
an insurance policy. They usually own the annuity, although you can buy an annuity to benefit another
party, who would then be the annuitant.
Annuity - CORRECT ANSWER An agreement by an insurer to make periodic payments to continue during
the lifetime of the annuitant(s) or for a specified period. These are considered to be the opposite of life
insurance, since they pay while you're alive and life insurance pays when you die. Life insurance
proceeds create an estate, while these are used to liquidate an estate over a period of time. All these
are insurance products and the life insurance license is required.
Applicant - CORRECT ANSWER The party making application to the insurance company for the policy.
They must provide the insured with the truth to the best of their knowledge, which is known as a
representation.
Application - CORRECT ANSWER A form on which the prospective insured states facts requested by the
insurer and on the basis of which (together with any information from medical examiners, attending
physicians, hospitals, investigators, and the producer) the insured decides whether or not to accept the
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ROSEGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
