HEALTH INSURANCE (EXAM FX) 2025 LATEST UPDATE EXPERT VERIFIED QUESTIONS AND ANSWERS

HEALTH INSURANCE (EXAM FX) 2025 LATEST
UPDATE EXPERT VERIFIED QUESTIONS AND
ANSWERS

Agent/ProducerT-TcorrectTanswer-ATlegalTrepresentativeTofTanTinsuranceTcompany


BrokerT-TcorrectTanswer-
AnTinsuranceTproducerTnotTappointedTbyTanTinsurerTandTwhomTrepresentsTtheTclient


InsuredT-TcorrectTanswer-ATpersonTcoveredTbyTanTinsuranceTpolicy


InsuranceTpolicyT-TcorrectTanswer-
ATlegalTcontractTbetweenTaTpolicyownerT(and/orTinsured)TandTanTinsuranceTcompanyTwhichTagreesTtoTpayT
theTinsured/beneficiaryTforTlossesTcausedTbyTspecificTevents


PrincipalT-TcorrectTanswer-Insurer,TcompanyTwhoTissuesTinsuranceTpolicies


PolicyownerT-TcorrectTanswer-TheTpersonTentitledTtoTexerciseTtheTrightsTandTprivilegesTinTaTpolicy


PremiumT-TcorrectTanswer-TheTmoneyTpaidTtoTtheTinsuranceTcompanyTforTtheTinsuranceTpolicy


ReciprocalT-TcorrectTanswer-ATmutualTinterchangeTofTrightsTandTprivileges


RiskT-TcorrectTanswer-ChanceTofTaTlossToccurring


PureTRiskT-TcorrectTanswer-SituationsTthatTcanTonlyTresultTinTaTloss


SpeculativeTRiskT-TcorrectTanswer-SituationsTthatTcanTresultTinTeitherTaTlossTorTgain


HazardT-TcorrectTanswer-ConditionsTorTsituationsTthatTincreaseTtheTchanceTofTaTlossToccurring

, PhysicalTHazardT-TcorrectTanswer-
IndividualTcharacteristicsTthatTincreaseTtheTchanceTofTaTlossT(i.e.TpastTmedicalThistory,Tblindness)


MoralTHazardT-TcorrectTanswer-
TendenciesTtowardsTincreasingTriskTsuchTasTlyingTonTapplicationsTorTsubmittingTfraudulentTclaims


MoraleTHazardT-TcorrectTanswer-
AriseTfromTaTstateTofTmindTthatTcausesTindifferenceTtoTlossTsuchTasTcarelessness


PerilT-TcorrectTanswer-SpecificTcauseTofTaTlossTsuchTasTdeath,TsicknessTorTaccidents


LossT-TcorrectTanswer-
Reduction,Tdecrease,TorTdisappearanceTofTvalueTofTtheTpersonTorTpropertyTcausedTbyTaTnamedTperil


SharingT-TcorrectTanswer-
MethodTofTdealingTwithTriskTwhereTaTgroupTwithTtheTsameTorTsimilarTexposureTtoTlossTdivvyTupTtheTlossesT
thatToccurTwithinTthatTgroup;TreciprocalTinsuranceTexchangeTisTaTformalTrisk-[T?T]Tarrangement


TransferT-TcorrectTanswer-
MostTeffectiveTwayTtoThandleTrisk;TrelievesTtheTinsuredTofTtheTfinancialTlossesTrisksTcanTbring


AvoidanceT-TcorrectTanswer-CompletelyTeliminatingTexposureTtoTloss;TeffectiveTbutTseldomTpractical


RetentionT-TcorrectTanswer-AKATself-
insurance;TinsuredTacceptsTresponsiblityTforTtheTlossTbeforeTtheTinsuranceTcompanyTpaysTthroughTuseTofTd
eductiblesTandTco-payments


ReductionT-TcorrectTanswer-
ActTofTlesseningTtheTpossiblityTorTseverityTofTaTlossT(i.e.TmakingThealthyTchangesTinTlifestyle)


ElementsTofTInsurableTRisksT-TcorrectTanswer-
DueTtoTchance,Tmeasurable,Tpredictable,TnotTcatastrophic,TlargeTrandomTlossTexposure


ClassificationsTofTInsurersT-TcorrectTanswer-Ownership,Tdomicile,TandTauthority