Insurer promises - Study guides, Class notes & Summaries

Risk correct answers the possibility of an unexpected result. Premium correct answers A specified amount of money an insurer charges in exchange for its agreement to pay a policy benefit when a specific loss occurs. Insurance company correct answers A company that provides protection against the risk of financial loss caused by specific events. Life insurance correct answers A type of insurance under which the insurer promises to pay a death benefit upon the death of a named person. ...

Life & Health Insurance Exam (Answered) With Complete Solution 100% Rated Insurance transfer of risk Speculative risk has a possibility of both loss and gain Pure risk only has a possibility of loss (no gain) Exposure risks for which an insurance company would be liable expressed in units Peril cause of a loss Hazard an increase in the chance of loss Moral hazard arise from people's character (faking a loss) Morale hazard state of mind or careless attitude (accidentally lea...

Waiver of premium for disability benefit - A supplemental life insurance policy benefit under which the insurer promises to give up - to waive - its right to collect premiums that become due while the insured is totally disabled. Waiver of premium for payor benefit - A supplemental life insurance policy benefit under which the insurer agrees to waive its right to collect a policy's renewal premiums if the policyowner dies or becomes totally disabled. Disability income benefit - A suppleme...

Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score. (1)Surplus Lines premiums typically expand during: A) A soft Market B) A Hard Market - correct answers.A Hard Market. Surplus lines premiums typically expand during a hard market. (2) During the time of a hard market, insurers will: A) Tighten their underwriting standards B) Loosen their underwriting standards - correct answers.A) Tighten their underwriting standards. Tighten and ra...

NJ Life Producer Exam Correct answers latest update Which of the following amounts must decrease in a decreasing term? Death benefit In life insurance, insurable interest must exist at the time the.. Producer writes an on a proposed insured An applicant makes an offer to the insurer when they pay an initial premium with the application Which of the following makes Universal Life insurance different from other forms of permanent insurance? Premium Schedule An insurer that...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

Florida 2-15 Insurance Final Exam Test Bank (All Chapters complete 1-30, Questions and Answers, 100% Verified) Latest 2023/2024 1. A life insurance company is organized in Orlando where it maintains its home office. In Florida, the company is classified as a a. domestic company b. local company c. foreign company d. preferred company a 2. With regard to life insurance, all of the following statements are correct EXCEPT a. all individuals are considered to have insurable interests i...

Health Insurance Exam Questions and Verified Answers 100% Correct (2024 / 2025) Question: How is the Life and Health Insurance Guaranty Associated funded? Answer: From member companies Question: A life insurance contract may not be voided by the insurance company beginning ____ years after the policy's issue date Answer: 2 years Question: If an agent is found to be incompetent and trustworthy or financially irresponsible the commissioner of insurance may Answer: Susp...

insurance - Answer financial took that protects individual and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured - Answer individual or organization that pays premiums in exchange for protection insurer - Answer company, group, or government agency offering financial protection how does insurance work? - Answer insured pays premium insurer promises to pay for specific losses if they occur insurer's promise gives...

California Life, Accident, and Health Insurance Final Exam Questions and Answers Already Passed What distinguishes a deferred annuity from an immediate annuity? The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? 60 payments What is a common reason people purchase an annuity? To protect against the risk of outlivin...