Which risk is insur - Study guides, Class notes & Summaries

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

CEBS - GBA Practice Exam 1 Questions and Answers 1. Which of the following statements correctly describes minimum require- ments that group benefit plans typically must meet in order to be prospec- tively rated on contract renewal?: The more unpredictable the event that will trigger a claim, the larger the minimum group size and premium requirements 2. Which of the following statements correctly describes the term graduation as it applies to mortality tables?: It is a mathematica...

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...

1. 1. The insured carries a BOP policy with protective systems such as a sprinkler system. If the system becomes inoperative, the insured must advise the insurance company of the problem within if the system cannot be restored to working order: 48 hours Your Answer 2. 2. Tina has two policies (Policy X and Policy Y) that cover the same risk on a pro rata basis. Policy X has a limit of $100,000 and Policy Y has a limit of $25,000. When Tina suffers a loss totaling $75,000, how will the two pol...

Wisconsin Casualty INSURANCE Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert) A situation in which a person can experience only a loss and no gainpresents what type of risk? ANS Pure Risk 2. A tornado that destroys a property would be an example of what? ANS Peril 3. What type of authority is based on the agent's actions,or words? ANS Apparents 4. If an insurer holds a Certificate of Authority, it is know as what type ofinsurer? ANS Authorized or admitted 5. Wha...

WGU D076 Objective Assessment Version 2 (New 2024/ 2025 Update) Finance Skills for Managers| Questions and Verified Answers| 100% Correct| A Grade QUESTION In 1980, the inflation rate was 5% and a particular investment gave a return of 15%. In 2010, the inflation rate was 5% and the same investment gave a return of 12%. In which year did stockholders gain greater purchasing power and why? Answer: 1980 because the real rate was higher than in 2010 QUESTION The word r...

1. Which of the following would not be accomplished with the purchase of an insurance policy? ANS Risk is eliminated 2. Individuals become eligible for Medicare Part A benefits at what age? ANS 65 3. At what point does a self-insured group qualify for a stop-loss coverage? ANS - When claims exceed a specified limit in a set period of time 4. What percentage of eligible employees must participate in a noncontributo- ry group health plan before it can be put in effect? ANS 100% 5. In a li...

XCEL TESTING SOLUTIONS – LIFE & HEALTH INSURANCE WEIGHTED EXAM WITH 100% CORRECT QUESTIONS AND ANSWERS 2024. 2 / 16 1. The Do Not Call Registry offers exemptions for calls placed from all of thefollowing EXCEPT: insurance sales calls Charities, political organizations, and surveys are all offered exemptions fromTheDo Not Call Registry 2. The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called: cance...

1. A-1. Insurance is a contract whereby one undertakes to indemnify another against ANS Damage 2. A-2. A peril is ANS The actual cause of a loss. 3. A-3. The uncertainty or chance of a loss occurring is known as ANS Risk 4. A-4. Which are the main types of risks? ANS Pure and Speculative 5. A-5. A hazard is best defined as ANS Anything that increases the chance of loss or severity of loss due to a peril. 6. A-6. A hazard that deals with a person`s mental attitude, behavior and habits i...

PRIMERICA LIFE INSURANCE EXAM QUESTIONS AND ANSWERS An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - ANS A. mutual funds not paid out after paying claims and other operating costs are returned to the p...