Utah health insurance - Study guides, Class notes & Summaries

Utah Health and Life Insurance Exam Questions and Answers Already Passed Under a Modified Endowment Contract, what are the likely tax consequences? Pre Death Distributions will become taxable Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? Accumulation period If threats or force is used to affect an insurance transaction, the unfair trade practice of _________ has been committed. Coercion A whole life policy option ...

Certificate of Authority - License for insurance company to do business. This allows insurers to be considered ADMITTED or AUTHORIZED. Moral Hazard - Dishonesty or character defects in an individual that increase the frequency or severity of loss (Example: Applicant lies on insurance application) To be insurable, a risk must be - -due to chance -Definite and measurable -Statistically predictable -NOT catastrophic -Large loss exposure (large pool of randomly selected people/risks) Insura...

Insurance - Answer-Transfer of risk. Types of risk - Answer-Pure and Speculative Pure Risk - Answer-A chance of loss or no loss, but no chance of gain. The ONLY type of insurable risk. Speculative Risk - Answer-Chance of loss or gain. CANNOT be insured. (Example: Buying stock in the stock market) Types of Hazards - Answer-Physical, Moral and Morale Physical Hazard - Answer-A physical condition that increases the chance of loss. Moral Hazard - Answer-Dishonesty or character defects in an i...

What is an accurate definition of pure risk? A chance of loss or no loss, but no chance of gain The insurable interest on one's own life is generally regarded as: Unlimited The ____________ has the power to issue rules and regulations to help enforce insurance statutes. Commissioner insurance ________ are captive or independent organizations that recruit, contract with, train, and support insurance producers Agencies A(n) ___________ has the right to review the consumer report used in...

Insurance -:- Transfer of risk. Types of risk -:- Pure and Speculative Pure Risk -:- A chance of loss or no loss, but no chance of gain. The ONLY type of insurable risk. Speculative Risk -:- Chance of loss or gain. CANNOT be insured. (Example: Buying stock in the stock market) Types of Hazards -:- Physical, Moral and Morale 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 Excel! 2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Physical Hazard -...

Accident - Answer-A sudden event, unforeseen and unintended Claim - Answer-A demand for payment under the insurance policy Absolute assignment - Answer-A transfer by the policy holder of all control and rights to a third party Accident and Sickness - Answer-Insurance against bodily injury, disability or death by accident, or against disability or expense resulting from sickness, and the insurance relating thereto Accidental Means - Answer-The unexpected cause of an accidental bodily injury....

Under a Modified Endowment Contract, what are the likely tax consequences? Pre Death Distributions will become taxable Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? Accumulation period If threats or force is used to affect an insurance transaction, the unfair trade practice of _________ has been committed. Coercion A whole life policy option where extended term insurance is selected is called a? Nonforfeiture Option

UTAH HEALTH AND LIFE INSURANCE EXAM WITH 500 EXAM QUESTIONS AND 100% CORRECT VERIFIED ANSWERS/ UTAH HEALTH AND LIFE INSURANCE AGENT LICENSE EXAM (BRAND NEW!!) Which of the following is TRUE about the definition of "accident" in a Utah accident and health policy? - ANSWER-A policy is not allowed to use terms such as "external," "violent," "visible wounds," or similar The maximum benefits per person provided under Utah's NetCare Plan must be at least: - ANSWER-$250,000 annual l...

InsuranceTransfer of risk. Types of riskPure and Speculative Pure RiskA chance of loss or no loss, but no chance of gain. The ONLY type of insurable risk. Speculative RiskChance of loss or gain. CANNOT be insured. (Example: Buying stock in the stock market) Types of HazardsPhysical, Moral and Morale Physical HazardA physical condition that increases the chance of loss.

UTAH LIFE AND HEALTH INSURANCE PRODUCER EXAM WITH 200 QUESTIONS AND 100% CORRECT ANSWERS / STATE OF UTAH LIFE AND HEALTH PRODUCER EXAM 2024 (NEW!!) Before using an assumed name in the state of Utah, a producer must notify - ANSWER-the Commissioner An insurer who is domiciled outside of Utah, but within the US is referred to as a - ANSWER-Foreign insurer What does Medicare part D cover - ANSWER-prescription drugs The power given to an individual producer that is not specifically address...