Pa life Study guides, Class notes & Summaries

PA Life Insurance Exam – Latest 2024 Graded A+ Risk Uncertainty or chance of loss. When you buy or purchase insurance, you transfer the risk of Financial Liability to the Insurer (Risk Transferred). Self Insured You are considered to be Self-Insured if you do not purchase insurance. Risk Retention Not transferring the risk to the insurer. If you are Self Insured, then you are practicing Risk Retention. Pure Risk Chance of LOSS with NO chance of gain. Insurance is based upon th...

PA LIFE, ACCIDENT, & HEALTH INSURANCE EXAM 2024 Insurance - correct answer defined as the transfer of PURE risk to the insurance company in consideration for a premium. The chance of loss without any chance of gain is called - correct answer pure risk Speculative risk - correct answer has the possibility for gain or loss and is not insurable. Risk is defined as the - correct answer chance of loss. A condition that could result in a loss is known as an - correct answer exposure ...

PSI PA LIFE EXAM (1) 2024/2025 WITH 100% ACCURATE SOLUTIONS

PA Life practice exam from PSI (1) Latest Update with Verified Solutions Obtaining consumer information reports under false pretenses is prosecutable by which of the following? 1. USA Patriot Act 2. Fair Credit Reporting Act 3. State laws where the applicant resides 4. Securities and Exchange Commission 2. Fair Credit Reporting Act All of the following are features of the spendthrift clause EXCEPT 1. proceeds are paid in some other way than a single lump sum. 2. pr...

Misrepresentation of material fact, made knowingly with intent to be deceptive? - ANSWER ☑☑Fraud Insurable Interest must exist when for property/casualty and life insurance? - ANSWER ☑☑Property/Casualty: Time of loss or claim occurs Life Insurance: Only at time of application when policy is purchased In order for a group to be eligible for group life insurance what must the group not have done? - ANSWER ☑☑The group must not have formed for the purpose of purchasing life ins...

PA Life, Health and Accident Final Exam Questions with Verified Solutions Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? Personal Income What is the nonforfeiture value of an annuity before annuitization? All premiums paid, plus interest, minus any withdrawals and surrender charges In an employer sponsored contributory group disability income plan the employer pays 60% of the premium and each employee pays 40% of the prem...

PA LIFE, HEALTH AND ACCIDENT FINAL EXAM 2024 WITH 100% ACCURATE SOLUTIONS Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? - ANSWER ☑☑Personal Income What is the nonforfeiture value of an annuity before annuitization? - ANSWER ☑☑All premiums paid, plus interest, minus any withdrawals and surrender charges In an employer sponsored contributory group disability income plan the employer pays 60% of the premium and each...

PA LIFE INSURANCE LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS an immediate annuity has been purchased with a single premium. when does the annuitant typically begin receiving benefit payments? - correct answer 1 month An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? Incontestable period Probation period Reinstatement period Grace period - correct answer Grace period The grace period ...

PA Life, Accident, & Health Insurance Exam Questions and Answers Already Passed Insurance defined as the transfer of PURE risk to the insurance company in consideration for a premium. The chance of loss without any chance of gain is called pure risk Speculative risk has the possibility for gain or loss and is not insurable. Risk is defined as the chance of loss. A condition that could result in a loss is known as an exposure A hazard is something that increases the chance ...

PA Life Practice Exam Questions with 100% Correct Answers | Updated & Verified