The purpose of insur - Study guides, Class notes & Summaries

Nebraska Life and Health Insurance Exam Practice Questions and Answers What is Insurance? - Answer️️ -a contract in which 1 party (insurance company) agrees to indemnify (make whole) the insured party against loss, damage, or a liability arising from an unknown event. What is life insurance? - Answer️️ -a policy that protects survivors from losses suffered after an insured's death What does insurance do? - Answer️️ -transfers the risk of loss from an individual or business e...

1 / 34 FLORIDA CLAIMS ADJUSTER EXAM QUESTIONS AND ANSWERS 2023 EXAM GRADED A (Over 200 questions and answers 100% verified) 1. Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy.The insurance company will make a payment to: A. The first mortgagee, ABC B.The Insured C. Jointly to ABC and XYZ D. All listed interests: Ans- D. All listed interests Remember that the insurer is not responsible to know...

North Carolina XCEL Testing Life & Health Insurance Exam 2023/2024 1. Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated:: Ans- 1970 - Fair Credit Reporting Act 2. What type of reinsurance contract involves two companies automatically sharing their risk exposure?: Ans- Treaty 3. What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained?: Ans- ...

Alabama Life & Health Insurance Practice Exam2024 Expected Questions and Answers (Verified by Expert) 1. Insurance is a method risk is transferred to an insurer for consideration up to ANS a predetermined limit. 2. Which of the following would be considered proper establishment of insur- able interest in the life insurance area? ANS 1. spouses in each other 2. parents in their children 3. creditors in their debtors 3. Which of the following ...

1. Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated:: Ans- 1970 - Fair Credit Reporting Act 2. What type of reinsurance contract involves two companies automatically sharing their risk exposure?: Ans- Treaty 3. What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained?: Ans- Fair Credit Re- porting Act 4. Who elects the governing body of a m...

California Life, Accident and Health Course Exam 1-3|130 Question 2024 Update 100% Correct California Life, Accident and Health Course Exam 1-3|130 Question 2024 Update 100% Correct 105. Question #90543 The formula that is used to determine how much is taxable during the payout is the: AMortality ratio B7 pay test CMorbidity ratio DExclusion ratio: d Explanation: The exclusion ratio is the formula which is used by the IRS to determine how much is taxable to an annuitant during the pa...

Florida Adjuster Licensing Practice Exam Questions [100% Correct] A claim in the property/casualty industry Is defined as: *Ans*an assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damages A couple had Coverage A limits of $250K on their home located in FL. A tornado spawned by Hurricane Ernesto damaged their roof resulting in estimated repair costs of $11,500. The adjuster deducte...

Foolproof Module 15. Parachute Required Questions and Answers Graded A+ The cost of insurance can vary widly between insurance companies True In which cases does property insurance give you coverage A. Fire It is smart to always compare insurance costs between different companies. Insurance agents are usually good people. But a smart customer knows that the insurance agents' job is normally to sell, not necessarily tell you if their insurance coverage costs more than other insu...

Insurance History and Regulation: Insurance - Correct Answer Coverage by contract whereby one party undertakes to indemnity (hold harmless) or guarantee another against loss by a specified contingency or peril. Insurance History and Regulation: NAIC - Correct Answer An organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. Protection of Consumer Interests: The Texas Department of Insurance...

California Life, Accident and Health Course Exam 1-3|130 Question 2024 Update 100% Correct California Life, Accident and Health Course Exam 1-3|130 Question 2024 Update 100% Correct 105. Question #90543 The formula that is used to determine how much is taxable during the payout is the: AMortality ratio B7 pay test CMorbidity ratio DExclusion ratio: d Explanation: The exclusion ratio is the formula which is used by the IRS to determine how much is taxable to an annuitant during the pa...