Utah insurance Study guides, Class notes & Summaries

Accident - Answer-A sudden event, unforeseen and unintended Claim - Answer-A demand for payment under the insurance policy Absolute assignment - Answer-A transfer by the policy holder of all control and rights to a third party Accident and Sickness - Answer-Insurance against bodily injury, disability or death by accident, or against disability or expense resulting from sickness, and the insurance relating thereto Accidental Means - Answer-The unexpected cause of an accidental bodily injury....

Utah Health and Life Insurance Exam Questions and Answers Already Passed Under a Modified Endowment Contract, what are the likely tax consequences? Pre Death Distributions will become taxable Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? Accumulation period If threats or force is used to affect an insurance transaction, the unfair trade practice of _________ has been committed. Coercion A whole life policy option ...

whole life insuranceAnswer - Contracts which provide payments based on investment return of a segregated asset account are called: Reinstatement provisionAnswer - provides that when a policy lapses due to nonpayment of premium, but the insured subsequently pays the renewal premium (which the insurer accepts without requiring an application for a new policy), the policy will be reinstated with the same provisions and rights as before (with the exception of coverage for sickness-related losse...

UTAH LIFE AND HEALTH INSURANCE PRODUCER EXAM WITH 200 QUESTIONS AND 100% CORRECT ANSWERS / STATE OF UTAH LIFE AND HEALTH PRODUCER EXAM 2024 (NEW!!) Before using an assumed name in the state of Utah, a producer must notify - ANSWER-the Commissioner An insurer who is domiciled outside of Utah, but within the US is referred to as a - ANSWER-Foreign insurer What does Medicare part D cover - ANSWER-prescription drugs The power given to an individual producer that is not specifically address...

UTAH Producer Life and Health Insurance Exam LATEST 2024 WITH EXPERT CERTIFIED QUESTIONS AND ANSWERS I ALREADY GRADED A+ NEW!

Certificate of Authority - License for insurance company to do business. This allows insurers to be considered ADMITTED or AUTHORIZED. Moral Hazard - Dishonesty or character defects in an individual that increase the frequency or severity of loss (Example: Applicant lies on insurance application) To be insurable, a risk must be - -due to chance -Definite and measurable -Statistically predictable -NOT catastrophic -Large loss exposure (large pool of randomly selected people/risks) Insura...

whole life insurance - Answer-Contracts which provide payments based on investment return of a segregated asset account are called: Reinstatement provision - Answer-provides that when a policy lapses due to nonpayment of premium, but the insured subsequently pays the renewal premium (which the insurer accepts without requiring an application for a new policy), the policy will be reinstated with the same provisions and rights as before (with the exception of coverage for sickness-related los...

Insurance - Answer-Transfer of risk. Types of risk - Answer-Pure and Speculative Pure Risk - Answer-A chance of loss or no loss, but no chance of gain. The ONLY type of insurable risk. Speculative Risk - Answer-Chance of loss or gain. CANNOT be insured. (Example: Buying stock in the stock market) Types of Hazards - Answer-Physical, Moral and Morale Physical Hazard - Answer-A physical condition that increases the chance of loss. Moral Hazard - Answer-Dishonesty or character defects in an i...

UTAH Producer Life and Health Insurance Exam LATEST 2024 WITH EXPERT CERTIFIED QUESTIONS AND ANSWERS I ALREADY GRADED A+ NEW!

Utah Life and Health Exam- Chapter 8: Individual Accident and Health Insurance Policy Provisions Latest 2024 Graded A+ Ray has an individual major medical policy that requires a coinsurance payment. Ray very rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arrangement would be the best for Ray? a- 75/25 b- 80/20 c- 90/10 d- 50/50 d- 50/50. After the deductible has been paid, the insurance company will pay a specified amount for a p...