Insurance solicitation - Study guides, Class notes & Summaries

NJ Life Insurance Exam Latest Update Graded A+ Adverse Selection insuring of risks that are more prone to losses than the average risk lapse policy termination due to nonpayment of premium Insurance transfers risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals Life Insurance protects against loss associated with an insured's death, and pays a death benefit to beneficiaries upon death...

NJ Life Producer Practice Exam Questions with Answers According to the Health Insurance Portability and Accountability Act (HIPPA), when can a group health policy renewal be denied? - Answer-Participation or contribution rules have been violated Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? - Answer-Submit to the replacing insurer a life of the policies to be replaced. Which market index is normally associated with an indexed ...

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - Answer- 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. - Answer- general buyer's guide; policy summary The Incontestable Clause states that the insurer cannot contest the validity of a li...

Idaho Life Insurance Exam Questions and Answers 100% CorrectIdaho Life Insurance Exam Questions and Answers 100% CorrectIdaho Life Insurance Exam Questions and Answers 100% CorrectIdaho Life Insurance Exam Questions and Answers 100% Correct What is insurance? - ANSWER-Insurance is a contract in which one party (the insurance company) agrees to indemnify (make whole) the insured party against loss, damage or liability arising from an unknown event. It transfers the risk of loss from an individua...

Perils: - ️️The causes of loss insured against in an insurance policy. -Life insurance -Health insurance -Property insurance -Casualty insurance Direct response marketing: - ️️A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone, through the mail, or online. This is a perfectly legal approach to selling insurance. It is not mandatory in all situations for the insured to physically sign any documents in order for coverag...

NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55 100% Pass Process 2103 (d-i) 1. The Superintendent may issue a license to any person, firm or corporation who has complied with the requirements of the Insurance Code, authorizing the licensee to act as agent of any authorized insurer. Every individual applicant for a license under this section and every proposed sub-licensee must be 18 years of age or older at the time of issuance of such license. The person must submit to a...

NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55| 200 QUESTIONS| GRADED A Process 2103 (d-i) - answer1. The Superintendent may issue a license to any person, firm or corporation who has complied with the requirements of the Insurance Code, authorizing the licensee to act as agent of any authorized insurer. Every individual applicant for a license under this section and every proposed sub-licensee must be 18 years of age or older at the time of issuance of such licens...

Nebraska State Life and Health Insurance Exam Terms 100% Correct Adverse Selection Insuring of risks more prone to loss than the average Agent/Producer legal representative of an insurance company Applicant/Proposed insured a person applying for insurance Hazard Conditions that increase the probability of a loss Moral tendency toward increased risk (driving fast) Morale indifference towards risk (not locking the door) Indemnity restoring the insured to the condition that ex...

Insurance transaction includes: - ANSWER By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract - ANSWER -Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does NOT need to happen Who make the offer in an insurance application - ANSWER - Applicant When does acceptance take place - ANSWER - An insurers underwriter approves the application and issues a pol...

Life Insurance (Arkansas Statutes, Rules, and Regs For Life And Health Insurance) 100% Correct Life Insurance (Arkansas Statutes, Rules, and Regs For Life And Health Insurance) 100% Correct Life Insurance (Arkansas Statutes, Rules, and Regs For Life And Health Insurance) 100% Correct Life Insurance (Arkansas Statutes, Rules, and Regs For Life And Health Insurance) 100% Correct -Solicitation -Negotiations -Sale -Advising an individual concerning coverage or claims...