Fx life insurance - Study guides, Class notes & Summaries

the transfer of an insured's right to seek damages from a negligent party to the insurer is found in which of the following clauses? correct answer: Subrogation the purpose of managed care health insurance is to correct answer: control health insurance claims expenses a man works for company A and his wife works for company B. The spouses are covered by health plans through their respective companies that also cover the other spouse. If the husband files a claim correct answer: the ins...

Can a group that is formed the sole purpose of obtaining group insurance qualify for group coverage? correct answer: No, the group must be formed for a purpose other than obtaining group insurance As it pertains to group health insurance, COBRA stipulates that correct answer: Group coverage must be extended for terminated employees up to a certain period of time at the former employee's expense After a person's employment is terminated, it is possible to obtain individual health insura...

50/50 - Ray has an individual major medical policy that requires a coinsurance payment. Ray rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arranngement would be best for Ray? Single payment or periodic payments - Which two terms are associated directly with the way an annuity is funded? An insured borrows money from the bank and makes a collateal assignment of a part of the death benefit to secure the loan - All of the following are examp...

EXAMFX Life Insurance UPDATED Exam Questions and CORRECT Answers Life Insurance - Ans an insured pays a premium to an insurance company, and in return, the insurance company assumes the risk of that person dying prematurely Life Insurance Value - Ans -it can be a valuable part of an individual's estate, providing immediate cash to pay debts and providing financial security to the insured's survivors -like land or buildings, the cash value of a life insurance policy can be used as coll...

A buyer's guide - correct answer -The entire contract includes all of the following EXCEPT... The death benefit is not increased - correct answer -All of the following statements about indexed whole life insurance EXCEPT... A Warranty - correct answer -What guarantees that the information explained in the insurance contract is true? (1) the policy, (2) a copy of the application, and (3) any riders or amendments. - correct answer -The entire contract includes: guaranteed - correct an...

Agent/Producer CORRECT ANSWER a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer Applicants (or proposed insured) CORRECT ANSWER a person applying for insurance Broker CORRECT ANSWER an insurance producer not appointed by an insurer and is deemed to represent the client Insurance Policy CORRECT ANSWER a contract between a policyowner (and/or insured) and an insurance company which agree...

What are the three main instances when insurable interes exists in life insurance? correct answer: -Insuring your own life -the life of a family member -or the life of a business partner or someone who has a financial obligation to the policyowner What document describes the specific authority about a policy? correct answer: Policy summary Who must have insurable interest in the insured? correct answer: The policyowner If an applicant for a life insurance policy and the potential i...

survivor protection - provides necessary funds for survivors to maintain their current lifestyle estate creation - is created by the purchase of life insurance cash accumulation - whole life policies liqudity - policies cash values can be borrowed against at any time estate conversion - proceeds from life insurance many be used to pay inheritance and federal taxes human life value approach - estimates income loss to the family in the event of the insureds death needs approach -...

Exam FX LIFE INSURANCE QUESTIONS WITH COMPLETE SOLUTIONS