Annuitization point - Study guides, Class notes & Summaries

California Insurance Exam 516 Questions with Answers Latest 2023 Two methods of determining insurance need:CORRECT ANSWER - Human Life Approach - Needs Approach Human Life Value Approach~CORRECT ANSWER - One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on age, gender, p...

Webce Life and Health Comprehensive Review Questions and Answers Representations and Warranties - Correct answer Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract." "Underwriting vs. Actuarial Departments - Correct answer Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to ass...

Whole Life Insurance - answers-A permanent insurance policy which is guaranteed to remain in force for the insured's entire lifetime - Provided that the required premiums are paid, or to the policy maturity date. Whole Life Insurance can also be described as: - answers-Permanent, endowment, or ordinary Whole Life is designed to - answers-Remain in force for the whole life of the insured and the premiums will never increase. Limited pay whole life - answers-Policy allows for a lifetime ...

Life & Health Insurance License Test questions and answers latest top score. Which of the following does NOT provide independent ratings of insurance companies' financial strength and claims-paying abilities? - correct answers.Securities and Exchange Commission If an agent is performing actions in his day-to-day business dealings that are not stated in the agent's contract but are necessary to carry out his express authority, he is exercising what kind of authority?...

Webce Life and Health, Questions and answers. 100% verified. Graded A Document Content and Description Below Webce Life and Health, Questions and answers. 100% verified. Graded A Representations and Warranties - Representations are statements the applicant makes on an application that are deemed t o be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Two related insurance company functions. Through th...

What are the four required elements of an insurance contract? - answer-Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? - answer-General Information and the Medical Information. An agent's report can go in a life insurance application but is not included in the life insurance policy. When must insurable interest exist in life insurance? - answer-At the time of application. When does coverage begin, if the premium was s...

webce Exam questions and Answers which of the following situations presents a situation of pure risk? -knowing that his family is depending on him, Frank wants to insure his life -wanting to increase his retirement savings, Saul invests his life savings in the stock market -Ralph takes a second mortgage on his house and uses the proceeds to gamble -wanting better job security, Ron cashes in his life insurance to start his own business - Correct answer knowing that his family is dependin...

which of the following situations presents a situation of pure risk? -knowing that his family is depending on him, Frank wants to insure his life -wanting to increase his retirement savings, Saul invests his life savings in the stock market -Ralph takes a second mortgage on his house and uses the proceeds to gamble -wanting better job security, Ron cashes in his life insurance to start his own business - Answer- knowing that his family is depending on him, Frank wants to insure his own lif...

Whole Life Insurance - answers-A permanent insurance policy which is guaranteed to remain in force for the insured's entire lifetime - Provided that the required premiums are paid, or to the policy maturity date. Whole Life Insurance can also be described as: - answers-Permanent, endowment, or ordinary Whole Life is designed to - answers-Remain in force for the whole life of the insured and the premiums will never increase. Limited pay whole life - answers-Policy allows for a lifetime ...

WebCE Test 1, Questions and answers. 100% verified. Graded A. latest updates Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrender her Ohio license. She must be sponsored by a producer licensed in Pennsylvania. She must show her Ohio license is in good standing. - she must show her Ohio license is in good standing An ann...