Naic life insurance Study guides, Class notes & Summaries

NWM General Wisconsin Insurance Laws Questions and Answers 100% Pass What is coersion? A forceful act or threat aimed to influence a person to act against their will What is exempt? Not subject to an obligation What is an inducement? an offer that attmepts to influence the other party What is insolvent? Unable to meet financial obligations What is Lapse? A policy termination due to nonpayment of premium What is the NAIC? National Association of Insurance Commissioners Wh...

Missouri Life and Health Insurance Exam Questions And Answers latest Updated 2024/2025 | 100% Verified. In a Life insurance contract, an insurance company's promise to pay stated benefits is called the: a) insuring clause b) consideration clause c) entire contract d) owner's rights - Answer insuring clause under which circumstance MUST a health insurer have an expedited grievance review procedure? - Answer when the enrollee's life or health is jeapordized The Consideration claus...

Activities of daily living (ADLs) CORRECT ANSWER a person's essential activities that include bathing, dressing, eating, transferring, toileting, continence Assignment CORRECT ANSWER transfer of rights of policy ownership Contingent beneficiary CORRECT ANSWER a beneficiary who has second claim to the policy proceeds after the death of the insured NAIC CORRECT ANSWER National Association of Insurance Commissioners, an organization composed of insurance commissioners from all 50 states, ...

VA State Health and Insurance Exam CH 10 with Complete Solutions What governing body issues rules and regulations for the administration of the Insurance Code? A) The State Corporation Commission B) The Virginia Department of Insurance C) The Life and Health Guarantee Association D) The Joint Legislative Audit and Review Commission A) The State Corporation Commission The State Corporation Commission, referred to as "the Commission," issues the rules and regulations for the admin...

Florida Life Insurance Latest 2024 Already Passed Mutual Insurance Companies organized and incorporated under state laws. No stockholders. Mutual companies Participating, they pay dividends. Stock company Owns Stock. Nonparticipating (no dividends) Risk Retention Group Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers) Fraternal Benefit Societies Non profit organization, lodge system that includes ritualistic work, and maintain...

Florida 2-15 Insurance Exam Prep Quiz with correct Answers. In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? ️ 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. ️ general buyer's guide; policy summary The Incontestable Clause states t...

Wisconsin Life Insurance Course Exam Questions With Answers Graded A+ Stock Companies -private organization focused to make profits for shareholders -Stock dividends are paid to stock holders -policyholders do not participate Mutual Companies -have no stock holders -owners are policy owners -policy holders can vote for members of the board -policy owners receive dividends Lloyd's of London -A syndicate of individuals who underwrite insurance Reinsurers -are a specialize...

At what point must a life insurance applicant be informed of their rights to fall under the Fair Credit Reporting Act? Upon completion of the application Who elects the governing body of a mutual insurance company? Policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the ____________. Fair Credit Reporting Act Which of the following represents multiple companies? Independent Agent Which agency is responsible for h...

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - Answer 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. - Answer general buyer's guide; policy summary The Incontestable Clause states that the insurer cannot contest the validity of ...

LIFE, HEALTH & VARIABLE ANNUITY (2-15 EXAM) QUESTIONS AND ANSWERS LATEST UPDATE 2024/2025 (100% Solved) Insurance concept founded on the ability to predict the approximate number of deaths or frequency of disabilities within a certain group during a specific time. - CORRECT ANSWERS Law of Averages An owner is worried that employees will help themselves to products on the shelf without paying for them. This is an example of what type of hazard? - CORRECT ANSWERS Moral Hazard Won't fly an a...