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Idaho Life Producer Exam questions and answer verified 100%

Life Insurance Exam questions IDAHO questions and answers verified 100 Which of the following statements describes one of the reasons individuals purchase life insurance? - 2. It creates an immediate estate. How long is the grace period for an individual life insurance policy? - 1 month In this state the owner gets a "free look" of a specified number of days from - Delivery of the policy Which of the following would be likely to establish a SEP? - Smalls employers If a soliciting produ...

Idaho Life and Health Final Exam questions and answer rated 5 stars What are the benefits that must be provided by an individual health insurance policy for prenatal, maternity, and delivery expenses? - Prenatal, maternity, and delivery expenses are required to be covered under all health plans subject to the same deductible and coinsurance as other medical and surgical expenses. Which situation would qualify an individual for receiving benefits from a qualified longterm care policy? - Bec...

Idaho Life Insurance final exam questions and answers verified 100% What is insurance? - Insurance is a contract in which one party (the insurance company) agrees to indemnify (make whole) the insured party against loss, damage or liability arising from an unknown event. It transfers the risk of loss from an individual or business to an insurance company. Insurance transaction - Solicitation, Negotiations, Sale, Advising an individual concerning coverage or claims. Two kinds of risk - Pu...

Idaho Life Insurance final exam questions and answers verified 100 % All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT A The employer pays a bonus to a selected employee to fund the policy. B It is considered a nonqualified employee benefit. C The policy is owned by the company. D Any type of insurance policy may be used. - C The policy is owned by the company. Which of the following would NOT fall into the category of costs ass...

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Idaho insurance study tips study guide final verified 100% FRAUD AND FALSE STATEMENTS (18 USC Sections 1033 and 1034) - Under federal statutes it is a felony for any insurance company officer or employee to engage in fraud, embezzlement, theft, or deceit in any insurance transaction. In addition to a $50,000 civil fine, such a person may be subject to imprisonment for up to 15 years. USA PATRIOT ACT - ANTI - MONEY LAUNDERING - To make money laundering more difficult for criminals, the USA...

Idaho Property & Casualty Exam Prep final questions and answers Which of the following statements is false with respect to requirements for rates? A) Rates may not be inadequate B) A purpose of the rate regulation is to diminish competition between insurers C) Rates may not be unfairly discriminatory D) A purpose of the rate regulation is to regulate cooperative action among insurers - B The Businessowners Coverage Form to the Businessowners Policy provides coverage on which of the foll...

Guarantee ExamFX, Idaho Personal Lines Simulation Exam final questions and answers verified 100% In the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 1. Zero 2. One 3. Two 4. Three - one In a personal auto policy (PAP), a covered auto includes all of the following EXCEPT 1. A trailer owned by the insured. 2...

Idaho Insurance Questions graded A+ Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: - premium trust accounting. The Director of Insurance has the power to regulate Insurance transactions under: - Title 41 of Idaho statutes. It is illegal for an insurance company to advertise: - that it is a member of the Guaranty Fund. Client funds received by the Producer may be kept in the following accounts EXCEPT: - Office checking account. Which of...