Insurance Exam- 0215 Life and
Health Annuities EXAM (updated
2026) Questions & Answers |
Latest Already Graded A+
UPDATE 2025|2026
The stated amount or percent of liquid assets that an insurer must have on
hand that will satisfy future obligations to its policyholders is called?
*Retention
*Surplus
,*Reserves
*Credits - 🧠 ANSWER ✔✔Reserves
When a policy pays dividends to its policyholders, it is said to be?
*Non-participating
*Participating
*Mutual
*Profitable - 🧠 ANSWER ✔✔participating
Dividends payable to a policy owner are
*Declared by the insurance company
*Strictly regulated
*Declared by the state
*Guaranteed - 🧠 ANSWER ✔✔Declared by the insurance company
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as?
*A fraternal benefit society
*the life and health insurance guaranty association
,*A mutual insurer
*A stock insurer - 🧠 ANSWER ✔✔Fraternal Benefit Society
A group-owned insurance company that is formed to assume and spread
the liability risks of its members is known as a
*captive insurer
*risk assumption group
*risk retention group
*treaty insurer - 🧠 ANSWER ✔✔Risk Retention Group (RRG)
What type of reinsurance contract involves two companies automatically
sharing their risk exposure?
*Excess
*Treaty
*Facultative
*Arbitrage - 🧠 ANSWER ✔✔treaty
What year was the McCarran-Ferguson Act enacted?
*1947
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, *1945
*1946
*1944 - 🧠 ANSWER ✔✔1945
At what point must a life insurance applicant be informed of their rights that
fall under the Fair Credit Reporting Act? - 🧠 ANSWER ✔✔Upon completion
of the application
Who elects the governing body of a mutual insurance company?
*Chairman of the board
*Policyholders
*stockholders
*Bondholders - 🧠 ANSWER ✔✔Policyholders
If a contract of adhesion contains complicated language, to whom would
the interpretation be in favor of? - 🧠 ANSWER ✔✔the insured
A life insurance arrangement which circumvents insurable interest statutes
is called?
*investor-originated life insurance
Health Annuities EXAM (updated
2026) Questions & Answers |
Latest Already Graded A+
UPDATE 2025|2026
The stated amount or percent of liquid assets that an insurer must have on
hand that will satisfy future obligations to its policyholders is called?
*Retention
*Surplus
,*Reserves
*Credits - 🧠 ANSWER ✔✔Reserves
When a policy pays dividends to its policyholders, it is said to be?
*Non-participating
*Participating
*Mutual
*Profitable - 🧠 ANSWER ✔✔participating
Dividends payable to a policy owner are
*Declared by the insurance company
*Strictly regulated
*Declared by the state
*Guaranteed - 🧠 ANSWER ✔✔Declared by the insurance company
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as?
*A fraternal benefit society
*the life and health insurance guaranty association
,*A mutual insurer
*A stock insurer - 🧠 ANSWER ✔✔Fraternal Benefit Society
A group-owned insurance company that is formed to assume and spread
the liability risks of its members is known as a
*captive insurer
*risk assumption group
*risk retention group
*treaty insurer - 🧠 ANSWER ✔✔Risk Retention Group (RRG)
What type of reinsurance contract involves two companies automatically
sharing their risk exposure?
*Excess
*Treaty
*Facultative
*Arbitrage - 🧠 ANSWER ✔✔treaty
What year was the McCarran-Ferguson Act enacted?
*1947
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, *1945
*1946
*1944 - 🧠 ANSWER ✔✔1945
At what point must a life insurance applicant be informed of their rights that
fall under the Fair Credit Reporting Act? - 🧠 ANSWER ✔✔Upon completion
of the application
Who elects the governing body of a mutual insurance company?
*Chairman of the board
*Policyholders
*stockholders
*Bondholders - 🧠 ANSWER ✔✔Policyholders
If a contract of adhesion contains complicated language, to whom would
the interpretation be in favor of? - 🧠 ANSWER ✔✔the insured
A life insurance arrangement which circumvents insurable interest statutes
is called?
*investor-originated life insurance
