Mn life health insurance - Study guides, Class notes & Summaries

Rules and Regulation MN Life Insurance Questions and Answers Already Passed A producer offer a buyer $100 basketballs game tickets (not specified in the contract) introduce to purchase a policy, if the prospect purchase the policy and accepts the tickets, the Producer be will guilty of? Rebate All of the producers (except those who only transact credit insurance) must complete at least, how many hours of approved education course during 24 month licensing period? 30hours If an insur...

MN Laws, Rules, & Regulations Pertinent to Life Insurance Latest Update Graded A Beneficiary Protection from Creditors If beneficiary eligible to receive death benefit but chooses to leave part/all on deposit with insurer, money is protected from claims of the beneficiaries creditors. Policyowner Rights Spendthrift provision: Gives insurer the right to hold back proceeds received by beneficiary and protect them from creditors. For old policies without this provision, owner of poli...

Insurance - Transfer of risk to the Insurer Speculative Risk - Risk that can have either gains or losses Pure Risk - Risk that can only see losses Loss - Reduction in the value of something Exposure - Risks the Insurance company is exposed to Peril - Cause of loss Hazard - Anything that increases the likelihood of loss through peril Physical Hazard - Mechanical cause of harm (wet floor) Moral Hazard - Character cause of harm (dishonesty) Morale Hazard - Mindset cause of harm (carelessne...

Insurance is a... - ️️transfer of risk What type of risk is gambling? - ️️Speculative Risk What type of risk is a car accident? - ️️Pure Risk What type of risk is insurable? - ️️Pure Risk uncertainty about whether a loss will occur - ️️Risk Risk Management Method Acronym - ️️STARR (sharing, transfer, avoidance, retention, reduction) Insurance company purchases insurance to cover their own exposure to loss - ️️reinsurance Loss Equation - ️️valu...

Insurance is a... - transfer of risk What type of risk is gambling? - Speculative Risk What type of risk is a car accident? - Pure Risk What type of risk is insurable? - Pure Risk uncertainty about whether a loss will occur - Risk Risk Management Method Acronym - STARR (sharing, transfer, avoidance, retention, reduction) Insurance company purchases insurance to cover their own exposure to loss - reinsurance Loss Equation - value before loss - value after loss = total amount of loss Reduc...

The commissioner examines each insurer every ___ Years. - 5 years $____ fine per day if a person violates, aids, or abets a written cease and desist order - $10,000 License fee may request a hearing within ____ days of commissioners order. After hearing request, Commissioner has ____ days to hold the hearing. - 30 Days, 30 days All accident and health insurance policies must be filed with the commissioner at least ____ days prior to use - 60 days During Pre-licensing... ____ hours per maj...

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal, ISBN-7. All Chapters 1-23. (Complete Download) Version 1 1 CHAPTER 1 1) Which of the following is not considered to be a separate entity for tax purposes in Canada? A) An individual B) A proprietorship C) A corporation D) A trust 2) Which of the following attitudes and actions is most likely to help decision-makers develop an efficient app...

Primerica Life Insurance Vocabulary Exam Questions with All Correct Answers pretext interviews - ANSWER An interview when a person attempts to obtain information from another person...and they pretend to be someone else. NAIC - ANSWER National Association of Insurance Commissioners - an association of state commissioners that influences the industry's self-regulation controlled business - ANSWER Business written on the producer's own life or interests. market ...

The commissioner examines each insurer every ___ Years. 5 years $____ fine per day if a person violates, aids, or abets a written cease and desist order $10,000 License fee may request a hearing within ____ days of commissioners order. After hearing request, Commissioner has ____ days to hold the hearing. 30 Days, 30 days All accident and health insurance policies must be filed with the commissioner at least ____ days prior to use 60 days During Pre-licensing... ...

MN Life and Health Insurance Exam with correct answers