Illinois life insurance - Study guides, Class notes & Summaries

Life Insurance Exam-IllinoisPooling of Risks - correct answer A large group of people contribute money to a fund out of which their losses can be paid Policyowner - correct answer is the person or org that applies for the policy and pays the premium Actuarial Tables - correct answer Are statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: - correct answer financial risks of premature death on a defined amount Lo...

Illinois Life Insurance Exam Already Graded A+ Transfer of Risks Through insurance individuals transfer to insurance companies financial risk they cannot infividually afford Pooling of risks when a large group of people contribute money to a fund out of their losses can be paid Premium The money paid by the policyowner to the insurance company in exchange for the policy Lapse When a policy is terminated due to non-payment of premiums Policyowner The person or organization that appl...

Illinois Life Insurance Exam With Complete Solutions (100% Guaranteed Success) A+ Graded

Illinois Life Insurance Exam Questions With Complete Solutions To Score A+

What is insurance? - The transfer of the risk of loss from the individual or business entity to an insurance company What is included under the term insurance transaction? - Solicitation, negotiating prior to execution of a contract, execution of a contract, and the transaction of any matters that arise as a result of the contract, as well as the actual process of insuring. What is the difference between an authorized/admitted and unauthorized/nonadmitted insurer? - An admitted or authoriz...

What type of life insurance is most commonly used for group plans? - correct answerAnnually renewable term who is the owner and who is the beneficiary on. a key life insurance policy? - correct answerthe employe is the owner and the beneficiary who is. a third party owner? - correct answera policy owner who is not the insured Which of the following is incorrect concerning. a non contributory group plan? - correct answerthe employees receive individual policies the employer receives. ...

Illinois Life Insurance Practice Exam fully solved & updated.

Illinois Life Insurance Exam With complete solutions 2024_2025

Statutes and Regulations Casualty Insurance (Illinois Property and Casualty IL Law, IL Casualty Insurance Practice Test) Questions and Answers Graded 100% 2023. When a commercial property insurance policy, in effect for more than 60 days is cancelled for an allowable reason, other than non-payment of premium, the insured must give written notice to the first named insured of at least 60 days A person is in the process of becoming permanently licensed as a producer. A temporary producers lic...