Free rider effect - Samenvattingen, Aantekeningen en Examens

Life and Health Insurance Exam Questions with Correct Answers Joe, age 63, was disabled and can no longer work. He meets the Social Security definition of total disability. How many work credits must Joe have accumulated to have the status of fully insured? a) 10 b) 6 c) 20 d) 40 - Answer-d) 40 The Uniform Provision Law that prevents an insurance company from altering its agreement with a policyholder by referring to documents or other items not contained in the policy is called the a) Legal...

Absolute assignment - Involves transferring all rights of ownership to another person or entity. It is a permanent and total transfer of all policy rights. The new policy owner does not need to have an insurance interest in the insured. Automatic premium loan provision - This provision is commonly added to contracts with cash value at no additional charge. This is a special type of loan that prevents the unintentional lapse of a policy due to the nonpayment of premiums. For example, if a po...

Insured - ANSWER The person covered by the insurance policy. Rider - ANSWER A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? - ANSWER A contract in which only one of the parties is legally bound to fulfill its obligations. What law protects consumers from the circulation of inaccurate or obsolete information? - ANSWER The Fair Credit Reporting Act. What are the three types of agent authority? - ANSWER Imp...

Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? correct answers M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT correct answers free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n) correct answers decreasing term rider All of the following actions ...

Final Exam - North Carolina Life and Health with Verified Solutions Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n) decreasing term rider A...

Florida Life and Health Insurance/Answered/A+ Rated Insured The person covered by the insurance policy. Rider A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? A contract in which only one of the parties is legally bound to fulfill its obligations. What law protects consumers from the circulation of inaccurate or obsolete information? The Fair Credit Reporting Act. What are the three types of agent auth...

Final Exam - North Carolina Life and Health with Verified Solutions Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n) decreasing term rider A...

Webce Insurance Test Questions With Answers - Latest 2023/2024 (Graded). Which one of the following best describes a policy that has a relatively low face amount and has premiums that are paid to an insurance agent who generally calls on the policyowner at home to collect them? group life insurance industrial life insurance ordinary term insurance ordinary whole life insurance - Answer- industrial life insurance Sylvia's insurer guarantees a fixed death benefit for the policy she owns. B...

Final Exam - North Carolina Life and Health with Verified Solutions Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? - Answer ️️ - M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT - Answer ️️ -free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n)...

Final Exam - North Carolina Life and Health with Verified Solutions Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? - Answer ️️ - M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT - Answer ️️ -free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n)...