NEBRASKA STATE LIFE AND HEALTH INSURANCE EXAM TERMS
QUESTIONS AND ANSWERS UPDATED 2025/2026 A COMPLETE
SOLUTION ALL ANSWERS GET IT 100% CORRECT VERIFIED BEST
RATED A+ FOR PASS
Adverse Selection - CORRECT ANSWERS Insuring of risks more prone to loss than
the average
Agent/Producer - CORRECT ANSWERS legal representative of an insurance
company
Applicant/Proposed insured - CORRECT ANSWERS a person applying for insurance
Hazard - CORRECT ANSWERS Conditions that increase the probability of a loss
Moral - CORRECT ANSWERS tendency toward increased risk (driving fast)
Morale - CORRECT ANSWERS indifference towards risk (not locking the door)
Indemnity - CORRECT ANSWERS restoring the insured to the condition that existed
before loss
Insurance - CORRECT ANSWERS Transfer of risk of loss from an individual to na
insurer
Insurance Transaction - CORRECT ANSWERS solicitation, negotiations or
effectuation of a contract
Insured - CORRECT ANSWERS Person covered by the insurance policy
Insurer - CORRECT ANSWERS a company that issues an insurance policy
,NEBRASKA STATE LIFE AND HEALTH INSURANCE EXAM TERMS
QUESTIONS AND ANSWERS UPDATED 2025/2026 A COMPLETE
SOLUTION ALL ANSWERS GET IT 100% CORRECT VERIFIED BEST
RATED A+ FOR PASS
Law of Large Numbers - CORRECT ANSWERS the larger the number of people with
the same exposure to loss the more predictable the loss will be
Peril - CORRECT ANSWERS the cause of loss
Policyowner - CORRECT ANSWERS person who has the rights and privileges in he
policy
Risk - CORRECT ANSWERS uncertainty or chance of loss
Ownership - CORRECT ANSWERS Stock (nonparticipating) Mutual
(participating/dividends)
Domicile - CORRECT ANSWERS Domestic (this state) Foreign (another state) Alien
(another nation)
Required Elements of Contract - CORRECT ANSWERS Agreement, Consideration,
Competent Parties, Legal Purpose
Personal Contract - CORRECT ANSWERS Between an insurer and an individual
Aleatory Contract - CORRECT ANSWERS Exchange of unequal values
Unilateral Contract - CORRECT ANSWERS Only one party is legally bound by the
contract
Adhesion Contract - CORRECT ANSWERS Contracts are accepted by the applicants
as is
, NEBRASKA STATE LIFE AND HEALTH INSURANCE EXAM TERMS
QUESTIONS AND ANSWERS UPDATED 2025/2026 A COMPLETE
SOLUTION ALL ANSWERS GET IT 100% CORRECT VERIFIED BEST
RATED A+ FOR PASS
Conditional Contract - CORRECT ANSWERS Both parties must meet certain
conditions
Misrepresentation - CORRECT ANSWERS An untrue statement on the insurance
application
Warranty - CORRECT ANSWERS An absolutely true statement
Concealment - CORRECT ANSWERS Intentional withholding of material information
Fraud - CORRECT ANSWERS Intentional act with the purpose of deceiving another
party
Insurable Interest - CORRECT ANSWERS Financial interest in the life of another
person (only needed at inception of contract)
Solicitation of Insurance - CORRECT ANSWERS Attempt to persuade a person to buy
a policy
Underwriting - CORRECT ANSWERS Risk Selection and classification
Advertisements - CORRECT ANSWERS Must be truth and not misleading
Illustrations - CORRECT ANSWERS Presentation of non guaranteed elements
Buyers Guide - CORRECT ANSWERS generic information about insurance
QUESTIONS AND ANSWERS UPDATED 2025/2026 A COMPLETE
SOLUTION ALL ANSWERS GET IT 100% CORRECT VERIFIED BEST
RATED A+ FOR PASS
Adverse Selection - CORRECT ANSWERS Insuring of risks more prone to loss than
the average
Agent/Producer - CORRECT ANSWERS legal representative of an insurance
company
Applicant/Proposed insured - CORRECT ANSWERS a person applying for insurance
Hazard - CORRECT ANSWERS Conditions that increase the probability of a loss
Moral - CORRECT ANSWERS tendency toward increased risk (driving fast)
Morale - CORRECT ANSWERS indifference towards risk (not locking the door)
Indemnity - CORRECT ANSWERS restoring the insured to the condition that existed
before loss
Insurance - CORRECT ANSWERS Transfer of risk of loss from an individual to na
insurer
Insurance Transaction - CORRECT ANSWERS solicitation, negotiations or
effectuation of a contract
Insured - CORRECT ANSWERS Person covered by the insurance policy
Insurer - CORRECT ANSWERS a company that issues an insurance policy
,NEBRASKA STATE LIFE AND HEALTH INSURANCE EXAM TERMS
QUESTIONS AND ANSWERS UPDATED 2025/2026 A COMPLETE
SOLUTION ALL ANSWERS GET IT 100% CORRECT VERIFIED BEST
RATED A+ FOR PASS
Law of Large Numbers - CORRECT ANSWERS the larger the number of people with
the same exposure to loss the more predictable the loss will be
Peril - CORRECT ANSWERS the cause of loss
Policyowner - CORRECT ANSWERS person who has the rights and privileges in he
policy
Risk - CORRECT ANSWERS uncertainty or chance of loss
Ownership - CORRECT ANSWERS Stock (nonparticipating) Mutual
(participating/dividends)
Domicile - CORRECT ANSWERS Domestic (this state) Foreign (another state) Alien
(another nation)
Required Elements of Contract - CORRECT ANSWERS Agreement, Consideration,
Competent Parties, Legal Purpose
Personal Contract - CORRECT ANSWERS Between an insurer and an individual
Aleatory Contract - CORRECT ANSWERS Exchange of unequal values
Unilateral Contract - CORRECT ANSWERS Only one party is legally bound by the
contract
Adhesion Contract - CORRECT ANSWERS Contracts are accepted by the applicants
as is
, NEBRASKA STATE LIFE AND HEALTH INSURANCE EXAM TERMS
QUESTIONS AND ANSWERS UPDATED 2025/2026 A COMPLETE
SOLUTION ALL ANSWERS GET IT 100% CORRECT VERIFIED BEST
RATED A+ FOR PASS
Conditional Contract - CORRECT ANSWERS Both parties must meet certain
conditions
Misrepresentation - CORRECT ANSWERS An untrue statement on the insurance
application
Warranty - CORRECT ANSWERS An absolutely true statement
Concealment - CORRECT ANSWERS Intentional withholding of material information
Fraud - CORRECT ANSWERS Intentional act with the purpose of deceiving another
party
Insurable Interest - CORRECT ANSWERS Financial interest in the life of another
person (only needed at inception of contract)
Solicitation of Insurance - CORRECT ANSWERS Attempt to persuade a person to buy
a policy
Underwriting - CORRECT ANSWERS Risk Selection and classification
Advertisements - CORRECT ANSWERS Must be truth and not misleading
Illustrations - CORRECT ANSWERS Presentation of non guaranteed elements
Buyers Guide - CORRECT ANSWERS generic information about insurance
