Iowa insurance life - Study guides, Class notes & Summaries

CA Life, Accident, & Health Practice Exam/ 475 Qs & Ans/ . Terms like: Why would a large manufacturer choose to self-insure rather than buy an insurance policy from an insurance company? - Answer: to save insurance premiums by paying relatively minor losses out of company funds The federal Risk Retention Act of 1986 contains guidelines for which of the following entities? - Answer: Risk retention groups Which of the following is an example of an unauthorized insurance company in Illino...

Iowa Laws, Rules, and Regulations Pertinent to Health Only Questions with Verified Answers "Individual Health Insurance Reform Act" enacted to promote the availability of health insurance to individuals, to assure fair access to health plans, and to improve the overall fairness and efficiency of the individual health insurance market. -members include all insurers that provide health, accident and sickness insurance policies in Iowa -prevents abusive rating practices compels insurers to disclo...

Final Exa2 Question and answers already passed 2024 Final Exam- Iowa Life Only k is an insured under a life insurance policy owned by a third party. Which of these statements is true? - correct answer K has no ownership rights P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit amount? - correct answer Accidental Death and Dismemberment clause S, while in the process of converting her group life insurance to an individual po...

IOWA INSURANCE EXAM - LIFE QUESTIONS AND ANSWERS

Why would a large manufacturer choose to self-insure rather than buy an insurance policy from an insurance company? - ANSWER-to save insurance premiums by paying relatively minor losses out of company funds The federal Risk Retention Act of 1986 contains guidelines for which of the following entities? - ANSWER-Risk retention groups Which of the following is an example of an unauthorized insurance company in Illinois? - ANSWER-Company B, an Iowa-based company that does not hold a certificat...

Iowa Risk Management & Insurance Final Exam Latest Update Graded A Objective risk Objective Risks are measurable and can be improved by Loss Prevention & Loss Control Subjective risk Subjective Risk - A state of mind/worry. Improvement by discussion and understanding What are the principles of when you must show insurable interest for property and life insurance? Property - At the time of Loss Life - At the time of Purchase Define pure and speculative risk Pure - Only Negative Results Specula...

Iowa Life Insurance Final Exam Verified Answers Group Life Insurance ️life insurance that provides a master policy for a group; each eligible group member receives a certificate of insurance Individual Life Insurance ️purchased by individuals; usually greater face value Permanent Life vs. Term Life ️Perm Life: whole life insurance that is effective for the entire life of the insured up to age 100. Term Life: insurance that is effective for a temporary time period, designated by...

Iowa Insurance Exam Latest 2024 Already Passed Riders add-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost Licensing Requirements -At least 18 years old -Must not have committed any act that is grounds for denial, suspension, or revocation of the license -Paid required license fee -Must have passed the license exam for the lines of authority for which they are applying -Must possess the character and competence required of ...

Iowa Life Insurance Final Exam Graded A+