Pa life Study guides, Class notes & Summaries
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PA Life Insurance Exam – Latest 2024 Graded A+
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PA Life Insurance Exam – Latest 2024 
 
Graded A+ 
 
Risk Uncertainty or chance of loss. When you buy or purchase insurance, you transfer the 
risk of Financial Liability to the Insurer (Risk Transferred). 
 
Self Insured You are considered to be Self-Insured if you do not purchase insurance. 
 
Risk Retention Not transferring the risk to the insurer. If you are Self Insured, then you are 
practicing Risk Retention. 
 
Pure Risk Chance of LOSS with NO chance of gain. Insurance is based upon th...
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PA LIFE, ACCIDENT, & HEALTH INSURANCE EXAM 2024
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PA LIFE, ACCIDENT, & HEALTH INSURANCE EXAM 2024 
 
Insurance - correct answer defined as the transfer of PURE risk to the insurance company in consideration for a premium. 
 
The chance of loss without any chance of gain is called - correct answer pure risk 
 
Speculative risk - correct answer has the possibility for gain or loss and is not insurable. 
 
Risk is defined as the - correct answer chance of loss. 
 
A condition that could result in a loss is known as an - correct answer exposure 
 ...
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PSI PA LIFE EXAM (1) 2024/2025 WITH 100% ACCURATE SOLUTIONS
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PSI PA LIFE EXAM (1) 2024/2025 WITH 100% ACCURATE SOLUTIONS
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PA Life practice exam from PSI (1) Latest Update with Verified Solutions
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PA Life practice exam from PSI (1) Latest 
 
Update with Verified Solutions 
 
Obtaining consumer information reports under false pretenses is prosecutable by which of the 
following? 
1. 
USA Patriot Act 
2. 
Fair Credit Reporting Act 
3. 
State laws where the applicant resides 
4. 
 
Securities and Exchange Commission 2. 
Fair Credit Reporting Act 
 
All of the following are features of the spendthrift clause EXCEPT 
 
1. 
proceeds are paid in some other way than a single lump sum. 
 
2. 
 
pr...
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PA LIFE, ACCIDENT, HEALTH INSURANCE EXAM 2024
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Misrepresentation of material fact, made knowingly with intent to be deceptive? - ANSWER ☑☑Fraud 
 
Insurable Interest must exist when for property/casualty and life insurance? - ANSWER ☑☑Property/Casualty: Time of loss or claim occurs 
Life Insurance: Only at time of application when policy is purchased 
 
In order for a group to be eligible for group life insurance what must the group not have done? - ANSWER ☑☑The group must not have formed for the purpose of purchasing life ins...
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PA Life, Health and Accident Final Exam Questions with Verified Solutions
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PA Life, Health and Accident Final Exam 
Questions with Verified Solutions 
 
Which of these factors is NOT taken into consideration when determining the cost of a long-term 
care policy? Personal Income 
 
What is the nonforfeiture value of an annuity before annuitization? All premiums paid, plus 
interest, minus any withdrawals and surrender charges 
 
In an employer sponsored contributory group disability income plan the employer pays 60% of 
the premium and each employee pays 40% of the prem...
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PA LIFE, HEALTH AND ACCIDENT FINAL EXAM 2024 WITH 100% ACCURATE SOLUTIONS
- Exam (elaborations) • 17 pages • 2024
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PA LIFE, HEALTH AND ACCIDENT FINAL EXAM 2024 WITH 100% ACCURATE SOLUTIONS 
 
 
Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? - ANSWER ☑☑Personal Income 
 
What is the nonforfeiture value of an annuity before annuitization? - ANSWER ☑☑All premiums paid, plus interest, minus any withdrawals and surrender charges 
 
In an employer sponsored contributory group disability income plan the employer pays 60% of the premium and each...
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PA LIFE INSURANCE LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS
- Exam (elaborations) • 11 pages • 2024
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PA LIFE INSURANCE LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS 
 
 
an immediate annuity has been purchased with a single premium. when does the annuitant typically begin receiving benefit payments? - correct answer 1 month 
 
An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? 
 
Incontestable period 
 
Probation period 
 
Reinstatement period 
 
Grace period - correct answer Grace period 
The grace period ...
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PA Life, Accident, & Health Insurance Exam Questions and Answers Already Passed
- Exam (elaborations) • 25 pages • 2024
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PA Life, Accident, & Health Insurance 
Exam Questions and Answers Already 
 
Passed 
 
Insurance defined as the transfer of PURE risk to the insurance company in consideration 
for a premium. 
 
The chance of loss without any chance of gain is called pure risk 
 
Speculative risk has the possibility for gain or loss and is not insurable. 
 
Risk is defined as the chance of loss. 
 
A condition that could result in a loss is known as an exposure 
 
A hazard is something that increases the chance ...
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PA Life Practice Exam Questions with 100% Correct Answers | Updated & Verified
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PA Life Practice Exam Questions with 100% Correct Answers | Updated & Verified
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