Pure risk states - Study guides, Class notes & Summaries

California Life, Accident, and Health Insurance Final Exam Questions and Answers Already Passed What distinguishes a deferred annuity from an immediate annuity? The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? 60 payments What is a common reason people purchase an annuity? To protect against the risk of outlivin...

Test Bank on the Core Concepts in Pharmacology 5th Edition by Holland, Adams and Brice Table of Contents Chapter 1 ......................................................................................................................................... 3 Chapter 2 ....................................................................................................................................... 12 Chapter 3 ........................................................................................

eTips Alcohol Training Questions and Answers 2023 Types of penalties matched with server/establishment •Fines - Both •Arrest- Server •Community service- Server •License Suspension-Establishment •Financial Judgment- Both •License Revocation- Establishment •Loss of certification- Server •Loss of job- Server •Loss of income- Both Never sell to -Underage people -Visibly intoxicated people -Third party people (those purchasing for underage) Practice Quiz 1...

Washington Life/Health Insurance Exam Latest Update Graded A+ policy owner usually, but not always the person covered by the policy beneficiary the person who is paid when a claim is submitted agent/producer acts as a legal representative of the insurance company broker representative of the Insured, not the insurance company risk The chance or uncertainty of loss Pure risk the chance of experiencing a loss (without the possibility of gain). Only downside, no upside. S...

NY state life, accident and health latest update with verified solutions Producer insurance agent, broker, consultant, reinsurance intermediary, excess lines broker, or any person who solicits or negotiates insurance person means an individual or business entity Home State district of columbia or any state territory of the United States in which an insurance producer maintains residence or principal place of business and is licensed to act as an insurance producer. Negotiate means the act of ...

WASHINGTON LIFE/HEALTH INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED. policy owner - -usually, but not always the person covered by the policy beneficiary - -the person who is paid when a claim is submitted agent/producer - -acts as a legal representative of the insurance company broker - -representative of the Insured, not the insurance company risk - -The chance or uncertainty of loss Pure risk - -the chance of experiencing a loss (without the possibility of gain). Only dow...

NC Property and Casualty State Exam Latest Version Graded A+ Insurance - a plan of spreading the risk of possible loss over a large number of people (Law of Large Numbers) - protects against the risk (uncertainty) of when a financial loss might occur Speculative Risk - when there is a chance of gain as well as a chance of loss (ex: buying a stock, gambling) - insurance IS NOT intended to protect against this Pure Risk - when there is a chance of loss only - not all pure risks ar...

What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows p...

ISO (Insurance Services Office) Correct Answer ISO creates standardized property and casualty insurance policies that are approved by states and used as a standard policy for insurers. -they can be modified to comply with state regulations -may be modified to a degree for insurance companies to create their own policy form Define insurance Correct Answer Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of ...

Textbook definition of RISK - ANSWER-Uncertainty concerning the occurrence of a loss Better definition of RISK - ANSWER-A calculated possibility of a negative outcome Calculated Possibility - ANSWER-0 = Impossible event (NO RISK) 0.5 = Highest Risk (Most Uncertainty) 1 = 100% Certain Event (NO RISK Negative Outcome - ANSWER-Loss Losses must be __________? - ANSWER-Quantifiable Pure Risk States - ANSWER-Loss or No Loss Examples of Pure Risks - ANSWER-Fire, Cancer, Do...