Utah insurance Study guides, Class notes & Summaries

Risk - Answer-Chance of loss Insurance - Answer-A contract in which one party agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Pure risk - Answer-Chance of loss only Speculative - Answer-Chance of loss or gain 2 types of risk - Answer-Pure & speculative Only risk insurance covers? - Answer-Pure Exposure - Answer-Unit of measurement. Measures the amount of risk. Hazard - Answer-Condition that INCREASES the chance of loss. Types of haz...

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...

Risk correct answers Chance of loss Insurance correct answers A contract in which one party agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Pure risk correct answers Chance of loss only Speculative correct answers Chance of loss or gain 2 types of risk correct answers Pure & speculative Only risk insurance covers? correct answers Pure Exposure correct answers Unit of measurement. Measures the amount of risk. Hazard corre...

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 -...

Someone who is eligible to become a Consultant if he or she has how many years of related experience? Answer - At least 3 years of experience in the last 4 years What is a fiduciary? Answer - Someone who is trusted with someone else's money What level of education does someone need to become a licensed insurance producer in Utah? Answer - No education is required What type of agreement does UT have with other states that allows a non-resident licensed producer to obtain a Utah license ...

PASS UTAH LIFE AND HEALTH INSURANCE EXAM.

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

Title Escrow Exam Study Guide Utah Questions and Answers Already Passed How much can you spend on a special event for a client? - $75 Encumbrances - A claim, lien, charge, or liability attached to and binding real property Solvency - the possession of assets in excess of liabilities; ability to pay one's debts. Escrow - is the process of holding monetary funds by a title agency or bank for the purpose of offering or purchasing real property. Title Insurance - is the product ...

Utah Life and Health Insurance new solution.