Indiana Life & Health Insurance Exam / Key
Questions with 100% Correct Answers
Terms in this set (75)
Which of the following is TRUE regarding who qualifies 1. Any person who is unable to obtain
for coverage under the California Fair basic property insurance through normal
channels.
Access to Insurance Requirements plan?
1.
Any person who is unable to obtain basic property
insurance through normal channels.
2.
Any person who qualifies will receive superior coverage
to other forms of property insurance. 3.
Any person who does NOT have an insurable interest in
a property can participate in the FAIR plan.
4.
Any person who qualifies will have the inspection
automatically waived if they are a FAIR plan participant.
, A Special Surplus Line Broker 3. transportation involving bridges and tunnels.
is allowed to place coverage
with a nonadmitted insurer
for all the following EXCEPT
1. aircraft
insurance.
2.
interstate commerce
involving railroads.
3.
transportation involving
bridges and tunnels.
4.
insurance against perils of
navigation for import and
exporting of goods.
Terms in this set (89)
3 Basic Types of Term Life level, increasing, and decreasing
Insurance
7-Pay Test cumulative premiums paid during the first 7 years of the
policy must not exceed the total amount of net level
premiums that would be required to pay the policy up using
guaranteed mortality costs and interest; new test required
any time there is a material change to a policy (increase in
death benefit); essentially, determines if policy is
"overfunded" or if it's a MEC
Questions with 100% Correct Answers
Terms in this set (75)
Which of the following is TRUE regarding who qualifies 1. Any person who is unable to obtain
for coverage under the California Fair basic property insurance through normal
channels.
Access to Insurance Requirements plan?
1.
Any person who is unable to obtain basic property
insurance through normal channels.
2.
Any person who qualifies will receive superior coverage
to other forms of property insurance. 3.
Any person who does NOT have an insurable interest in
a property can participate in the FAIR plan.
4.
Any person who qualifies will have the inspection
automatically waived if they are a FAIR plan participant.
, A Special Surplus Line Broker 3. transportation involving bridges and tunnels.
is allowed to place coverage
with a nonadmitted insurer
for all the following EXCEPT
1. aircraft
insurance.
2.
interstate commerce
involving railroads.
3.
transportation involving
bridges and tunnels.
4.
insurance against perils of
navigation for import and
exporting of goods.
Terms in this set (89)
3 Basic Types of Term Life level, increasing, and decreasing
Insurance
7-Pay Test cumulative premiums paid during the first 7 years of the
policy must not exceed the total amount of net level
premiums that would be required to pay the policy up using
guaranteed mortality costs and interest; new test required
any time there is a material change to a policy (increase in
death benefit); essentially, determines if policy is
"overfunded" or if it's a MEC
