Reinstatement provision - Study guides, Class notes & Summaries
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PSI Insurance Exam Questions and Answers Rated A+
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What is it called when a life insurance policy pays a multiple of the coverage amount when 
certain types of accidents occur? multiple indemnity 
Upon the issuance of a conditional receipt for a renewal when the premium is paid AFTER the 
time granted by the insurer, what is the maximum amount of time for reinstatement of the 
policy? 30 days 
Which of the following statements regarding a pure life annuity payout option is correct? 
This option provides the highest monthly income. 
Which of the ...
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Texas Life Insurance Exam Questions and Answers with complete solutions
- Exam (elaborations) • 10 pages • 2022
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Insurance 
(General concept) - ANSWER - transfers the risk of loss from an individual to an insurer 
- based on the principle of indemnity 
- based on the principle of risk (risk pooling) 
 
insurable interest 
(General Concept) - ANSWER - must exist at the time of the application 
- insuring one's own life, family member, or a business partner 
 
Solicitation and sales presentation - ANSWER - illustration- presentation of nonguaranteed elements 
- buyer's guide is generic information abo...
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EXAM FX Simulated Test | 100% Correct Answers | Verified | Latest 2024 Version
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Which of the following policies does NOT contain an automatic reinstatement provision? 
a) Business automobile liability 
b) Personal automobile liability with split limits 
c) Homeowners 
d) General liability written with an aggregate limit - General Liability written with an aggregate limit 
The ABC Corporation has $100,000 of coverage on its building through insurance Company A, and 
$50,000 of identical coverage on the same building through insurance Company B. Assuming 
coinsurance is not a...
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Life and Health Insurance Exam (Missouri) Questions and Answers(SCORED A)
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Insurance policies are considered aleatory contracts because: 
1)they are take it or leave it contracts 
2)both parties consent to the contract 
3)performance is conditioned upon a future occurence 
4)the contract is voidable upon proof of fraud - ANSWER-Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value 
 
K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which th...
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Missouri Life and Health Insurance Exam Exam Review Questions And Complete Answers 2024.
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Insurance policies are considered aleatory contracts because: 
1)they are take it or leave it contracts 
2)both parties consent to the contract 
3)performance is conditioned upon a future occurence 
4)the contract is voidable upon proof of fraud - Answer Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value 
 
K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which...
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Life and Health Insurance Exam (Missouri) 100% CORRECTLY ANSWERED
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Life and Health Insurance Exam (Missouri)Insurance policies are considered aleatory contracts because: 
1)they are take it or leave it contracts 
2)both parties consent to the contract 
3)performance is conditioned upon a future occurence 
4)the contract is voidable upon proof of fraud - correct answer Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value 
 
K failed to pay a renewal premium within the time granted b...
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FLORIDA INSURANCE LICENSES EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE. VERIFIED.
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FLORIDA INSURANCE LICENSES EXAM REVIEW QUESTIONS 
AND ANSWERS, 100% ACCURATE. VERIFIED. 
Time Limit on Certain Defenses - -Is akin to the in contest ability clause except that fradulent 
statement on health application can be contested by anytime unless the policy is guaranteed renewable 
Affordable Care Act - -May Have a 90 day grace period to pay outstading premiums 
12 Mandatory Provisions - -Entire Contract 
Time Limit on Certain Defenses 
Grace Period 
Reinstatement 
Notice of Claims 
Cla...
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Life and Health Insurance Exam (Missouri)Correct 100%
- Exam (elaborations) • 10 pages • 2024
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Insurance policies are considered aleatory contracts because: 
1)they are take it or leave it contracts 
2)both parties consent to the contract 
3)performance is conditioned upon a future occurence 
4)the contract is voidable upon proof of fraud - ANSWER Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value 
 
K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which th...
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LOMA 281 Module 3 Questions with Correct Answers
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LOMA 281 Module 3 Questions with Correct Answers 
Material misrepresentation - Answer-A misrepresentation that would affect an insurance company's evaluation of a proposed insured and, thus, gives the insurer grounds to avoid an insurance contract. 
 
Fraudulent misrepresentation - Answer-A misrepresentation that was made with the intent to induce the other party to enter into a contract and that did induce the innocent party to enter into the contract. 
 
Grace period provision - Answer-An in...
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Florida Insurance Licenses questions and answers
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Florida Insurance Licenses questions and answers 
Time Limit on Certain Defenses - answer-Is akin to the in contest ability clause except that fradulent statement on health application can be contested by anytime unless the policy is guaranteed renewable 
 
Affordable Care Act - answer-May Have a 90 day grace period to pay outstading premiums 
 
12 Mandatory Provisions - answer-Entire Contract 
Time Limit on Certain Defenses 
Grace Period 
Reinstatement 
Notice of Claims 
Claim Form, Proof of L...
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