CONNECTICUT LIFE AND HEALTH
LICENSE EXAM UPDATED QUESTIONS
AND CORRECT ANSWERS.
Insured - ANS Customers aka Policy Holder
Insurer - ANS The insurance company or any other organization which assumes the risk and
provides the
policy to the insured.
Principal - ANS The amount of money borrowed and can also be the insurance company.
Fraternal Insurer - ANS provides insurance and other benefits
must be a member of the society to get the benefits
*life insurance is a benefit of membership
*exists for the benefit of its members
Reciprocal Insurers - ANS unincorporated groups of people that agree to insure each other's
losses under a contract
*run by an attorney-in-fact
CANHAM Risks - ANS Risks that can be insured have the following characteristics:
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Calculable
Affordable
Non-catastrophic
Homogeneous
Accidental
Measurable
STOLI/IOLI - ANS Banned in most states
Investors named as beneficiaries
Stranger/Investor Owned Life Insurance
Preferred Risk - ANS A risk whose physical condition, occupation, mode of living and other
characteristics indicate a prospect for longevity for unimpaired lives of the same age.
*very favorable to the insurance company
Investigative Consumer Report (Inspection) - ANS General reports of the applicant's finances,
character, work, hobbies, and habits that supplement the information of the application.
*Subject to rules an regulations outlined in Fair Credit Reporting Act.
*Consumers must give consent
Risk Retention Group - ANS A liability insurance company owned by its members, which are
exposed to similar liability risks by virtue of being in the same business or industry.
Exposure - ANS risks for which the insurance company would be liable
Peril - ANS The cause of a loss (Fire)
Hazard - ANS (n.) risk, peril; (v.) to expose to danger or harm; to gamble
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
LICENSE EXAM UPDATED QUESTIONS
AND CORRECT ANSWERS.
Insured - ANS Customers aka Policy Holder
Insurer - ANS The insurance company or any other organization which assumes the risk and
provides the
policy to the insured.
Principal - ANS The amount of money borrowed and can also be the insurance company.
Fraternal Insurer - ANS provides insurance and other benefits
must be a member of the society to get the benefits
*life insurance is a benefit of membership
*exists for the benefit of its members
Reciprocal Insurers - ANS unincorporated groups of people that agree to insure each other's
losses under a contract
*run by an attorney-in-fact
CANHAM Risks - ANS Risks that can be insured have the following characteristics:
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Calculable
Affordable
Non-catastrophic
Homogeneous
Accidental
Measurable
STOLI/IOLI - ANS Banned in most states
Investors named as beneficiaries
Stranger/Investor Owned Life Insurance
Preferred Risk - ANS A risk whose physical condition, occupation, mode of living and other
characteristics indicate a prospect for longevity for unimpaired lives of the same age.
*very favorable to the insurance company
Investigative Consumer Report (Inspection) - ANS General reports of the applicant's finances,
character, work, hobbies, and habits that supplement the information of the application.
*Subject to rules an regulations outlined in Fair Credit Reporting Act.
*Consumers must give consent
Risk Retention Group - ANS A liability insurance company owned by its members, which are
exposed to similar liability risks by virtue of being in the same business or industry.
Exposure - ANS risks for which the insurance company would be liable
Peril - ANS The cause of a loss (Fire)
Hazard - ANS (n.) risk, peril; (v.) to expose to danger or harm; to gamble
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
