Life and Health Insurance Exam Webce questions with answers

Life and Health Insurance Exam Webce
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questions with answers |\ |\




Risk - CORRECT ANSWERS ✔✔Chance of loss
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Loss - CORRECT ANSWERS ✔✔Unplanned reduction of economic
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value


Peril - CORRECT ANSWERS ✔✔cause of loss
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Hazard - CORRECT ANSWERS ✔✔a condition that increases the
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chance of peril |\ |\




Risk Transfer - CORRECT ANSWERS ✔✔buying insurance to shift
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the risk to insurance company
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Underwriting - CORRECT ANSWERS ✔✔assessing applicant to |\ |\ |\ |\ |\ |\ |\



determine insurability |\




Adverse Selection - CORRECT ANSWERS ✔✔people with greater
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risk of loss trying to buy insurance
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,Mutual Companies - CORRECT ANSWERS ✔✔owned by
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policyholders and issue participating polices dividends which aren't
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guaranteed or taxable |\ |\




Stock Companies - CORRECT ANSWERS ✔✔Owned by
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stockholders whose stock can be publicly traded and pay dividends
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that are taxable
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Federal Insurance Programs - CORRECT ANSWERS ✔✔Medicare
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and Social Security
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State Insurance Programs - CORRECT ANSWERS ✔✔Medicaid and
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Workers' comp
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Producers Authority - CORRECT ANSWERS ✔✔Expressed
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Implied |\




Apparent


Required Disclosures - CORRECT ANSWERS ✔✔Buyer's guide and
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policy summary |\




Offer - CORRECT ANSWERS ✔✔signed application and initial
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premium

, Acceptance - CORRECT ANSWERS ✔✔issuing of policy as applied
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for by insurer
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Contract of Adhesion - CORRECT ANSWERS ✔✔ambiguities in the
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contract that are interpreted to the benefit of the policyowner
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Representations - CORRECT ANSWERS ✔✔applicants truthful |\ |\ |\ |\ |\ |\



statements on application |\ |\




Ways to manage risk - CORRECT ANSWERS ✔✔Transfer
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Avoid
Retain |\




Reduce
Share with others
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Speculative Risk - CORRECT ANSWERS ✔✔result in loss or gain,
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noninsurable


Moral Hazard - CORRECT ANSWERS ✔✔character weakness like
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habits or lifestyle
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