Life, Accident and Health Exam questions and correct answers
Annuity - correct answer -A contract between a person and an insurance company that requires the insurer to make payments to you. -You buy an annuity by making either a single payment or a series of payments -Annuity Death benefits are NOT tax deductible or taxfree Dividends - correct answer -Declared by the board of directors and cannot be guaranteed -A sum of money paid regularly by a company to its shareholders out of its profits Stock Insurers - correct answer -Owned by the stockholders who elect the board of directors. -Profits are paid to the stockholders. Frequency - correct answer -When the pricing principle is defined in a disability policy by a financial loss in a certain group occuring over a certain period of time. Beneficiary - correct answer One who receives benefits Medi-Cal - correct answer health care program for the poor Medicare - correct answer A - provides coverage for hospital services, free to those who reach 65) B - provides coverage for doctor services (optional) C - does NOT cover prescription drugs D - Prescription Drugs Utmost Good Faith - correct answer -Allows each party to rely on the representation made by other party
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