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LIFE ACCIDENT AND HEALTH INSURANCE EXAM 2024 ACTUAL EXAM
COMPLETE 300 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) ALREADY GRADED A+
The insurer is automatically reinstated by 45 days
unless the insurer rejects the insured.
The law of large numbers states that...
a. all losses are predictable.
b. large losses are easier to predict.
c. predictions become more accurate as the
number of units being considered increase.
d. small losses are predictable. - CORRECT
ANSWER >>>>The predictions become more
accurate as the number of units being considered
increases.
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The more people an insurer covers, the easier it is
to predict future claims based on this law. This is
why Life insurance companies usually make a
profit by measuring the chance of death using a
mortality table.
Premiums paid by sole proprietors for Individual
Health Insurance coverage are...
a. deductible only if they exceed 7 1/2 % of
adjusted gross income.
b. fully deductible.
c. not deductible.
d. partially deductible. - CORRECT ANSWER
>>>>Fully deductible.
Since 2003, 100% of premiums paid by a sole
proprietor and his dependents are tax deductible.
Affirming or denying coverage for a claim must be
within how many days after proof of loss
statements have been completed?
a. 10
b. 21
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c. 30
d. 14 - CORRECT ANSWER >>>>21 days.
If more time is needed to investigate the claim,
the insurer will notify the claimant within the 21
days of the need for more time and every 90 days
thereafter.
In Group Health Insurance, the contract is
between the...
a. employee and his dependents.
b. employer and the employees.
c. employer and the insurance company.
d. employees and the insurer. - CORRECT
ANSWER >>>>Employer and the insurance
company (insurer).
The employees are covered but only receive a
Certificate of Insurance stating the amount of
their coverage.
Insurable risks must involve:
a. certain losses only.
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b. certain and uncertain losses.
c. gambling.
d. the possibility of loss only. - CORRECT ANSWER
>>>>The possibility of loss only.
Remember, pure risk involves the chance of loss
only. If there is any chance for gain, the risk is not
insurable. Also, if it is certain there will be a loss,
the insurer will decline coverage since it is sure to
lose money.
An agent is a representative of the:
a. general agency system
b. insurance company
c. insured
d. policy owner - CORRECT ANSWER
>>>>insurance company.
Agents represent the insurer, brokers represent
the insured.
What statement is TRUE regarding an agent
sharing commissions?
LIFE ACCIDENT AND HEALTH INSURANCE EXAM 2024 ACTUAL EXAM
COMPLETE 300 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) ALREADY GRADED A+
The insurer is automatically reinstated by 45 days
unless the insurer rejects the insured.
The law of large numbers states that...
a. all losses are predictable.
b. large losses are easier to predict.
c. predictions become more accurate as the
number of units being considered increase.
d. small losses are predictable. - CORRECT
ANSWER >>>>The predictions become more
accurate as the number of units being considered
increases.
, Page |2
The more people an insurer covers, the easier it is
to predict future claims based on this law. This is
why Life insurance companies usually make a
profit by measuring the chance of death using a
mortality table.
Premiums paid by sole proprietors for Individual
Health Insurance coverage are...
a. deductible only if they exceed 7 1/2 % of
adjusted gross income.
b. fully deductible.
c. not deductible.
d. partially deductible. - CORRECT ANSWER
>>>>Fully deductible.
Since 2003, 100% of premiums paid by a sole
proprietor and his dependents are tax deductible.
Affirming or denying coverage for a claim must be
within how many days after proof of loss
statements have been completed?
a. 10
b. 21
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c. 30
d. 14 - CORRECT ANSWER >>>>21 days.
If more time is needed to investigate the claim,
the insurer will notify the claimant within the 21
days of the need for more time and every 90 days
thereafter.
In Group Health Insurance, the contract is
between the...
a. employee and his dependents.
b. employer and the employees.
c. employer and the insurance company.
d. employees and the insurer. - CORRECT
ANSWER >>>>Employer and the insurance
company (insurer).
The employees are covered but only receive a
Certificate of Insurance stating the amount of
their coverage.
Insurable risks must involve:
a. certain losses only.
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b. certain and uncertain losses.
c. gambling.
d. the possibility of loss only. - CORRECT ANSWER
>>>>The possibility of loss only.
Remember, pure risk involves the chance of loss
only. If there is any chance for gain, the risk is not
insurable. Also, if it is certain there will be a loss,
the insurer will decline coverage since it is sure to
lose money.
An agent is a representative of the:
a. general agency system
b. insurance company
c. insured
d. policy owner - CORRECT ANSWER
>>>>insurance company.
Agents represent the insurer, brokers represent
the insured.
What statement is TRUE regarding an agent
sharing commissions?
