Mi insurance exam Study guides, Class notes & Summaries

What is insurance? correct answer: Insurance transfers the 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. What is risk? correct answer: Risk is the uncertainty or chance of a loss occurring. What is peril? correct answer: Perils are the causes of loss insured against in an insurance policy. What are the elements of insurable risk? correct answer: Loss must be 1. due to chance 2....

Preferred Risk an insurance applicant with a below average likelihood of loss is typically considered to be Conversion Tim is covered under a group plan and would like to change is group coverage to an individual policy with the name insurer because of employment termination. Which of these describes the change that will take place? 00:02 01:49 Dies instantly from a car accident Matt is applying for life insurance and requests a double indemnity rider. A double indemni...

AIDA 181 (Latest 2024 / 2025 Update) Big Data Analytics for Risk and Insurance Exam | Questions and Verified Answers | 100% Correct | Grade A Question: Computer output simulating human reasoning best describes which one of the following? Select one: A. Artificial intelligence B. Machine learning C. Deep learning D. Chatbots Answer: A Question: Annette is a claims adjuster with Midwestern Insurance (MI). MI recently invested in and established robotic process automation (RPA) ...

ScribeAmerica OP Final Exam with 100% Correct Answers 2023. What medical term describes the surgical removal of the gallbladder? - Correct answercholecystectomy What does "PHI" stand for? Expand the abbreviation. - Correct answer-Protected Health Information T/F. Sharing information about a case with family is allowed, as long as you are scribing with the physician assigned to the case. - Correct answer-False ** A patient underwent brain surgery to treat bleeding in the brain from a stro...

Michigan Life And Health Final Exam Questions & Answers, 100% Rated-What amount will be paid under a policy where the insured misstated his/her age? - an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - 30 days which of these is considered to be a Living benefit option in a life insurance policy - Accelerated death benefit loans obtained by a poli...

MI Life Insurance Exam Questions and Answers

Preferred Risk - ANSWER an insurance applicant with a below average likelihood of loss is typically considered to be Conversion - ANSWER Tim is covered under a group plan and would like to change is group coverage to an individual policy with the name insurer because of employment termination. Which of these describes the change that will take place? Dies instantly from a car accident - ANSWER Matt is applying for life insurance and requests a double indemnity rider. A double indemnity ben...

RMI 2101 Exam 2 Questions and Answers Already Passed What are risk transfers of the financing type? (6) Involves the transfer of risk through insurance or non-insurance techniques to shift the financial responsibility of a loss to another party. The activity or asset is still exposed to loss. Financial responsibility can be transfered back. Explain the insurance and non-insurance techniques of risk transfers and provide examples. (6) Insurance: transfer financial responsibility to ins...

LIFE PRODUCER EXAM (MI) QUESTIONS AND ANSWERS ALREADY PASSED Which of the following is NOT true regarding a Certificate of Authority? a)It may be necessary for transacting business in a specific state. b)It is equivalent to an insurance license. c)It is issued by the state department of insurance. d)It is issued to group insurance participants. d) It is issued to group insurance participants. Before insurers may transact business in a specific state, they must apply for a licen...