INDIANA LIFE AND HEALTH INSURANCE
EXAM, LATEST PREMIUM EXPERT
UPDATE(2024-2025)|BRAND NEW
EXAM QUESTIONS WITH(100%)
CORRECT ANSWERS,ALL GRADED
A+|GUARANTEED SUCCESS.
Participating Insurance Policy - ANSWER✅✅may pay dividends to the policyowner
Material Misrepresentation - ANSWER✅✅misstatement to a question asked in the
application process; death benefit claim will likely be denied
, Law of Large Numbers - ANSWER✅✅the larger a group becomes, the easier it is to
predict losses; used to predict certain types of losses and set appropriate premiums
Substandard Risk - ANSWER✅✅results in higher premium
Standard Risk - ANSWER✅✅results in standard premium
Preferred Risk - ANSWER✅✅results in lower premium
Expense Loading - ANSWER✅✅combined with premiums to spread the operating
costs of a business to all insureds
Net Premium - ANSWER✅✅premiums without expense loading
Concealment - ANSWER✅✅occurs when a person withholds a material fact that is
crucial to making a decision; in insurance, this involves withholding information that
would be crucial to underwriting decisions
Warranty - ANSWER✅✅a statement guaranteed to be true
Representation - ANSWER✅✅a statement true to the best of an applicant's
knowledge
3 Basic Types of Term Life Insurance - ANSWER✅✅level, increasing, and decreasing
Level Term - ANSWER✅✅death benefit doesn't change throughout the life of the
policy
Annually Renewable Term (ART) - ANSWER✅✅premium increases annually
according to attained age; policy may be guaranteed to be renewable each without
proof of insurability
Re-entry Option - ANSWER✅✅the insured, upon the end of a term policy with
guaranteed renewable option, may qualify for a discounted premium rate with proof
of insurability
Decreasing Term - ANSWER✅✅death benefit decreases each year over duration of
the policy term; typically used when the amount of needed protection is time
sensitive, or decreases over time
Increasing Term - ANSWER✅✅death benefit increases each year over duration of
the policy term (usually by specific amount or percentage of original amount); often
used by insurance companies to fund certain riders that provide a refund of
premiums of a gradual increase in total coverage, such as the cost of living or return
of premium riders
EXAM, LATEST PREMIUM EXPERT
UPDATE(2024-2025)|BRAND NEW
EXAM QUESTIONS WITH(100%)
CORRECT ANSWERS,ALL GRADED
A+|GUARANTEED SUCCESS.
Participating Insurance Policy - ANSWER✅✅may pay dividends to the policyowner
Material Misrepresentation - ANSWER✅✅misstatement to a question asked in the
application process; death benefit claim will likely be denied
, Law of Large Numbers - ANSWER✅✅the larger a group becomes, the easier it is to
predict losses; used to predict certain types of losses and set appropriate premiums
Substandard Risk - ANSWER✅✅results in higher premium
Standard Risk - ANSWER✅✅results in standard premium
Preferred Risk - ANSWER✅✅results in lower premium
Expense Loading - ANSWER✅✅combined with premiums to spread the operating
costs of a business to all insureds
Net Premium - ANSWER✅✅premiums without expense loading
Concealment - ANSWER✅✅occurs when a person withholds a material fact that is
crucial to making a decision; in insurance, this involves withholding information that
would be crucial to underwriting decisions
Warranty - ANSWER✅✅a statement guaranteed to be true
Representation - ANSWER✅✅a statement true to the best of an applicant's
knowledge
3 Basic Types of Term Life Insurance - ANSWER✅✅level, increasing, and decreasing
Level Term - ANSWER✅✅death benefit doesn't change throughout the life of the
policy
Annually Renewable Term (ART) - ANSWER✅✅premium increases annually
according to attained age; policy may be guaranteed to be renewable each without
proof of insurability
Re-entry Option - ANSWER✅✅the insured, upon the end of a term policy with
guaranteed renewable option, may qualify for a discounted premium rate with proof
of insurability
Decreasing Term - ANSWER✅✅death benefit decreases each year over duration of
the policy term; typically used when the amount of needed protection is time
sensitive, or decreases over time
Increasing Term - ANSWER✅✅death benefit increases each year over duration of
the policy term (usually by specific amount or percentage of original amount); often
used by insurance companies to fund certain riders that provide a refund of
premiums of a gradual increase in total coverage, such as the cost of living or return
of premium riders
