Declined risks - Study guides, Class notes & Summaries

Backdating is usually no more than __ months. correct answerssix What are the required signatures for life insurance application? correct answersinsured, producer/agent, and applicant What are the characteristics of a 'conditional' receipt? correct answers-premium paid with application -insurance effective later of: date application completed and signed or medical exam (if required) -must be standard or preferred risk (can be determined after death) What are the characteristics of a...

Life and Health Insurance Study Guide- ExamFX An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - Aleatory: an aleatory contract means unequal amounts are exchanged between payments and benefits What is the Federal Credit Reporting Act? - Establishes procedures that consumer-reporting agencies must follow in order to ensure that records are ...

An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - correct answer Aleatory: an aleatory contract means unequal amounts are exchanged between payments and benefits What is the Federal Credit Reporting Act? - correct answer Establishes procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, ...

LOMA 281 Practice Test with Complete Solutions Pure risk - Answer-Risks that involve either a loss or no loss Speculative risk - Answer-Risk that can result in a loss, gain or no change Insurance - Answer-A method for transferring risk from an individual to an insurance company Premium - Answer-The amount that the insured pays in exchange for a promise of money Risk pooling - Answer-Insurers collect premiums from all insured people and spread the cost of the relatively few anticipated...

Primerica Practice Exam Test A 75 Questions & Answers 2023 1. An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a: A. Single premium immediate annuity. B. Single premium deferred annuity. C. Level premium variable annuity. D. Flexible premium fixed annuity. - Correct answer-Single premium deferred annuity 2. A technique used to determine the amount of life insurance needed by focusing on the projected earning potential of an insured ...

Life and Health Insurance Study Guide- ExamFX | 100% Correct Answers | Verified | Latest 2024 Version An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - Aleatory: an aleatory contract means unequal amounts are exchanged between payments and benefits What is the Federal Credit Reporting Act? - Establishes procedures that consumer-reporting...

AREC 365 Final Exam Questions and Answers T/F; Average life-expectancy at birth is equal for men and women -Answer-false what are the three factors for explaining low savings by the poor -Answer-money may be lost or stolen, saving options like banks may not exist, temptation to increase consumption in both "goods" and "bads" according to Banerjee and Duflo, individuals living in households where the consumption per capita is less than USD 1.08 per person per day in PPP terms are class...

Arkansas Life Insurance Study Guide 2024 Questions and Answers Adverse Selection - CORRECT ANSWER-Insuring of risks that are more prone to losses than the average risk. Death Benefit - CORRECT ANSWER-The amount paid upon the death of the insured in a life insurance policy. Insurance Policy - CORRECT ANSWER-A contract between a policyowner/insured and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events. Insured - CORRECT ANSWER-P...

AREC 365 Final Exam |230| Questions and Answers 2024 Graded A+ T/F; Average life-expectancy at birth is equal for men and women ANS-false what are the three factors for explaining low savings by the poor ANS-money may be lost or stolen, saving options like banks may not exist, temptation to increase consumption in both "goods" and "bads" according to Banerjee and Duflo, individuals living in households where the consumption per capita is less than USD 1.08 per person per day in PPP te...

An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - Aleatory: an aleatory contract means unequal amounts are exchanged between payments and benefits What is the Federal Credit Reporting Act? - Establishes procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant, and properly used....