FX LIFE INSURANCE 2026 EXAMINERS
QUESTIONS AND ANSWERS SURE A+
✔✔Fraud - ✔✔Intentional misrepresentation or deceit with the intent to induce a person
to part with something of value.
✔✔Free Look - ✔✔A period of time, usually required by law, during which a policyowner
may inspect a newly issued individual life or health insurance policy for a stated number
of days and surrender it in exchange for a full refund of premium if not satisfied for any
reason.
✔✔Grace Period - ✔✔Period of time after the premium due date during which premiums
may still be paid, and the policy and its riders remain in force.
✔✔Group Life - ✔✔Life insurance provided for members of a group.
✔✔Hazard - ✔✔A circumstance that increases the likelihood of a loss.
✔✔Hazard, Moral - ✔✔The effect of a person's reputation, character, living habits, etc.
on his/her insurability.
✔✔Hazard, Morale - ✔✔The effect a person's indifference concerning loss has on the
risk to be insured.
, ✔✔Hazard, Physical - ✔✔A type of hazard that arises from the physical characteristics
of an individual, such as a physical disability due to either current circumstance or a
condition present at birth.
✔✔Implied Authority - ✔✔Authority that is not expressed or written into the contract, but
which the agent is assumed to have in order to transact the business of insurance for
the principal.
✔✔Idemnify - ✔✔To restore the insured to the same condition as prior to loss with no
intent of loss or gain.
✔✔Insolvent Organization - ✔✔A member organization which is unable to pay its
contractual obligations and is placed under a final order of liquidation or rehabilitation by
a court of competent jurisdiction.
✔✔Insurability - ✔✔The acceptability of an applicant who meets an insurance
company's underwriting requirements for insurance.
✔✔Insurable Interest - ✔✔A financial interest in the life of another person; a possibility
of losing something of value if the insured should die. In life and health insurance,
insurable interest must be stated at the time of policy issue.
✔✔Insurance - ✔✔A contract whereby one party (insurer) agrees to indemnify or
guarantee another party (insured) against a loss by a specified future contingency or
peril in return for payment of a premium.
✔✔Insured - ✔✔The person or organization that is protected by insurance; the party is
to be indemnified.
✔✔Insurer - ✔✔An entity that indemnifies against losses, provides benefits, or renders
services (also known as "company" or "insurance company").
✔✔Insuring Clause - ✔✔A general statement that identifies the basic agreement
between the insurance company and the insured, usually located on the first page of the
policy.
✔✔Intentional Injury - ✔✔An act that is intended to cause injury. Self-inflicted injuries
are not covered under accident insurance; intentional injuries inflicted on the insured by
another are covered.
✔✔Investigative Consumer Reports - ✔✔A report similar to consumer report, but one
that also provides information on the consumer's character, reputation and habits.
QUESTIONS AND ANSWERS SURE A+
✔✔Fraud - ✔✔Intentional misrepresentation or deceit with the intent to induce a person
to part with something of value.
✔✔Free Look - ✔✔A period of time, usually required by law, during which a policyowner
may inspect a newly issued individual life or health insurance policy for a stated number
of days and surrender it in exchange for a full refund of premium if not satisfied for any
reason.
✔✔Grace Period - ✔✔Period of time after the premium due date during which premiums
may still be paid, and the policy and its riders remain in force.
✔✔Group Life - ✔✔Life insurance provided for members of a group.
✔✔Hazard - ✔✔A circumstance that increases the likelihood of a loss.
✔✔Hazard, Moral - ✔✔The effect of a person's reputation, character, living habits, etc.
on his/her insurability.
✔✔Hazard, Morale - ✔✔The effect a person's indifference concerning loss has on the
risk to be insured.
, ✔✔Hazard, Physical - ✔✔A type of hazard that arises from the physical characteristics
of an individual, such as a physical disability due to either current circumstance or a
condition present at birth.
✔✔Implied Authority - ✔✔Authority that is not expressed or written into the contract, but
which the agent is assumed to have in order to transact the business of insurance for
the principal.
✔✔Idemnify - ✔✔To restore the insured to the same condition as prior to loss with no
intent of loss or gain.
✔✔Insolvent Organization - ✔✔A member organization which is unable to pay its
contractual obligations and is placed under a final order of liquidation or rehabilitation by
a court of competent jurisdiction.
✔✔Insurability - ✔✔The acceptability of an applicant who meets an insurance
company's underwriting requirements for insurance.
✔✔Insurable Interest - ✔✔A financial interest in the life of another person; a possibility
of losing something of value if the insured should die. In life and health insurance,
insurable interest must be stated at the time of policy issue.
✔✔Insurance - ✔✔A contract whereby one party (insurer) agrees to indemnify or
guarantee another party (insured) against a loss by a specified future contingency or
peril in return for payment of a premium.
✔✔Insured - ✔✔The person or organization that is protected by insurance; the party is
to be indemnified.
✔✔Insurer - ✔✔An entity that indemnifies against losses, provides benefits, or renders
services (also known as "company" or "insurance company").
✔✔Insuring Clause - ✔✔A general statement that identifies the basic agreement
between the insurance company and the insured, usually located on the first page of the
policy.
✔✔Intentional Injury - ✔✔An act that is intended to cause injury. Self-inflicted injuries
are not covered under accident insurance; intentional injuries inflicted on the insured by
another are covered.
✔✔Investigative Consumer Reports - ✔✔A report similar to consumer report, but one
that also provides information on the consumer's character, reputation and habits.
