Insurance basics - Study guides, Class notes & Summaries

CH#2 Life Insurance Basics Q&AIt is intended to provide coverage on a date earlier than the date of the issuance of the policy - correct answer What is the purpose of a conditional receipt A) It is intended to provide coverage on a date earlier than the date of the issuance of the policy B) It guarantees the applicant that a policy will be issued in the amount applied for in the application C) It serves as proof that the agent has determined the applicant to be fully insurable for coverage ...

CA life and Health: Life Insurance Basics with Verified Solutions, Latest Update A family's need for income is greatest during the -Ans Family Dependency Period Time after the insured has died, leaving a surviving spouse with dependent children to support. Which of the following would be least likely to be considered a legitimate need that would be paid by insurance proceeds? -Ans Vacation travel expenses THere are many legitimate need-based expenses that can be paid by life insurance proce...

Primerica - Life Insurance Basics (AZ) Exam Questions With Verified Answers All of the following are duties and responsibilities of producers at the time of application EXCEPT A - Change any incorrect statement on the application by personally initialing next to the corrected statement. B - Explain the nature and type of any receipt the producer is giving to the applicant. C - Probe beyond the stated questions if the producer feels the applicant is misrepresenting or concealing informati...

Depreciation correct answers reduction in value, particularly due to wear and tear Earned premium correct answers the portion of premium paid in advance that now belongs to the insurer because it applies to the elapsed part of the policy Exposure units correct answers used as a measure of the rating units or the premium base of a risk (exposure units multiplied by the rate results in the premium) Homogeneity correct answers the degree to which items are similar Implied warranty corre...

Beneficiary A person who receives the benefits of an insurance policy Death Benefit The amount paid upon the death of the insured in a life insurance policy Cash Value Equity amount accumulated in permanent life insurance Estate A person's net worth Illustrations Presentation or depiction of nonguaranteed elements of a life insurance policy Life Insurance Coverage on human lives Liquidation Selling assets in order to raise capital (such as using cash value for capital needs) Lump-Sum Pay...

Primerica - Life Insurance Basics (AZ)

Exam Fx Chapter 2 - Property and Casualty Insurance Basics with Complete SolutionsExam Fx Chapter 2 - Property and Casualty Insurance Basics with Complete SolutionsExam Fx Chapter 2 - Property and Casualty Insurance Basics with Complete SolutionsFinancial(monetary interest) Blood(a relative) Business(a business partner) - ANSWER-3 elements of insurable risk at the time of the loss - ANSWER-In property and casualty insurance, insurable interest must exist __ ___ ____ __ ___ ____ insured -...

Financial(monetary interest) Blood(a relative) Business(a business partner) 3 elements of insurable risk at the time of the loss In property and casualty insurance, insurable interest must exist __ ___ ____ __ ___ ____ insured anyone who is covered under the policy, whether named or not named insured the individual whose name appears on the policy's declaration first named insured the individual whose name appears first on the policy's declaration. add...

Exam FX (PA Property and Casualty - Ch. 2 Property & Casualty Insurance Basics) with Complete SolutionsExam FX (PA Property and Casualty - Ch. 2 Property & Casualty Insurance Basics) with Complete SolutionsExam FX (PA Property and Casualty - Ch. 2 Property & Casualty Insurance Basics) with Complete SolutionsExam FX (PA Property and Casualty - Ch. 2 Property & Casualty Insurance Basics) with Complete Solutions Earned Premium - ANSWER-Portion of the premium paid in advance that now belongs to the...

Michigan- Life Insurance Basics Question and answers already passed 2023/2024 Life Insurance - correct answer protects against financial loss associated with an insured's death, and pays a death benefit to beneficiaries upon the death of the insured. The policyowner of the insurance contract pays a premium to the insurer. The insurer issues a policy covering the insured. In the event of the insured's death, the insurer pays the death benefit to the beneficiary. -May be purchased by individ...