Webce life health Florida Exam 2024 with 100% correct answers WEBCE Law and Ethics Update: Life, Health and Variable Annuities (215) Exam 2024 with 100% correct answers
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which of the following situations presents a situation of pure risk? -knowing that his family is depending on him, Frank wants to insure his life -wanting to increase his retirement savings, Saul invests his life savings in the stock market -Ralph takes a second mortgage on his house and uses t...
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Add to cartwhich of the following situations presents a situation of pure risk? -knowing that his family is depending on him, Frank wants to insure his life -wanting to increase his retirement savings, Saul invests his life savings in the stock market -Ralph takes a second mortgage on his house and uses t...
All of the following are eligible to purchase a group life insurance policy EXCEPT: the Wonderful Widget Company, which employs more than 200 people the State Electrical Workers Union the Retailers Multiple Employer Trust, formed by two retailers to purchase insurance for their employees Stan ...
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Add to cartAll of the following are eligible to purchase a group life insurance policy EXCEPT: the Wonderful Widget Company, which employs more than 200 people the State Electrical Workers Union the Retailers Multiple Employer Trust, formed by two retailers to purchase insurance for their employees Stan ...
Representations and Warranties correct answersRepresentations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments correct answersTwo ...
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Add to cartRepresentations and Warranties correct answersRepresentations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments correct answersTwo ...
1. Which of the following exempted insurance companies from federal antitrust legislation? correct answersthe McCarran-Ferguson Act 2. Which of the following has primary responsibility for regulating the insurance industry? a. the states correct answers Which statement about the NAIC is corr...
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Add to cart1. Which of the following exempted insurance companies from federal antitrust legislation? correct answersthe McCarran-Ferguson Act 2. Which of the following has primary responsibility for regulating the insurance industry? a. the states correct answers Which statement about the NAIC is corr...
Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrender her Ohio license. She must be sponsored by a producer licensed ...
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Add to cartAbby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrender her Ohio license. She must be sponsored by a producer licensed ...
In general, what is the earliest age at which a person can take a distribution from a qualified plan without a tax penalty? correct answers59 1/2 Carol was 35 when she bought her deferred annuity. Now, at age 38, she wants to withdraw funds from the contract to take a vacation. Carol is likely to...
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Add to cartIn general, what is the earliest age at which a person can take a distribution from a qualified plan without a tax penalty? correct answers59 1/2 Carol was 35 when she bought her deferred annuity. Now, at age 38, she wants to withdraw funds from the contract to take a vacation. Carol is likely to...
On what basis are benefits payable under a long-term care insurance policy typically triggered? A) the diagnosis of an acute medical condition B) the number and types of medications prescribed C) the inability to perform of medications prescribed D) all of the above C) The inability to perfor...
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Add to cartOn what basis are benefits payable under a long-term care insurance policy typically triggered? A) the diagnosis of an acute medical condition B) the number and types of medications prescribed C) the inability to perform of medications prescribed D) all of the above C) The inability to perfor...
Risk correct answersChance of loss 5 Risk or Loss Factors correct answers1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard Insurance allows: correct answersIndividual or group to transfer over to insurance company the risk of financial loss from a destructive event Fundamental purpose of insur...
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Add to cartRisk correct answersChance of loss 5 Risk or Loss Factors correct answers1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard Insurance allows: correct answersIndividual or group to transfer over to insurance company the risk of financial loss from a destructive event Fundamental purpose of insur...
Risk correct answersChance of loss Loss correct answersUnplanned reduction of economic value Peril correct answerscause of loss Hazard correct answersa condition that increases the chance of peril Risk Transfer correct answersbuying insurance to shift the risk to insurance company Und...
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Add to cartRisk correct answersChance of loss Loss correct answersUnplanned reduction of economic value Peril correct answerscause of loss Hazard correct answersa condition that increases the chance of peril Risk Transfer correct answersbuying insurance to shift the risk to insurance company Und...
Buying life or health insurance is an example of which risk management technique? risk avoidance risk reduction risk retention risk transfer correct answersrisk transfer What is the mathematical concept of probability that helps insurers estimate the statistical likelihood of mortality or m...
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Add to cartBuying life or health insurance is an example of which risk management technique? risk avoidance risk reduction risk retention risk transfer correct answersrisk transfer What is the mathematical concept of probability that helps insurers estimate the statistical likelihood of mortality or m...
risk correct answersChance of loss Pure risk correct answersIf it's pure you can insure Speculative riak correct answersLoss or gain peril correct answersThe cause of loss Life insurance peril correct answersDeath Health insurance peril correct answersIllness, accidental injury, disa...
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Add to cartrisk correct answersChance of loss Pure risk correct answersIf it's pure you can insure Speculative riak correct answersLoss or gain peril correct answersThe cause of loss Life insurance peril correct answersDeath Health insurance peril correct answersIllness, accidental injury, disa...
Indirect Loss correct answersA secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System correct a...
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Add to cartIndirect Loss correct answersA secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System correct a...
Rory's parents offered to buy him a new car to take to college, but Rory turned them down because he was afraid the car would be stolen or damaged if he parked it on campus. In deciding not to own a car, what risk management technique did Rory employ? correct answersrisk avoidance Which of the f...
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Add to cartRory's parents offered to buy him a new car to take to college, but Rory turned them down because he was afraid the car would be stolen or damaged if he parked it on campus. In deciding not to own a car, what risk management technique did Rory employ? correct answersrisk avoidance Which of the f...
Risk correct answerschance of loss Loss correct answersan unplanned reduction in economic value What risk is insurable? correct answerspure risk What are the two types of risk? correct answerspure risk and speculative risk Involves the possibility of a loss? correct answerspure risk C...
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Add to cartRisk correct answerschance of loss Loss correct answersan unplanned reduction in economic value What risk is insurable? correct answerspure risk What are the two types of risk? correct answerspure risk and speculative risk Involves the possibility of a loss? correct answerspure risk C...
What is the underwriter's goal? correct answersTo write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work ...
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Add to cartWhat is the underwriter's goal? correct answersTo write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work ...
Delta Insurers appointed Joe as its agent. Can Joe let his brother, Agent Shawn, use his appointment to transact insurance? correct answersNo, Joe cannot let Shawn transact insurance by using his appointment. James is a licensed agent who lives in Florida. He moves to Georgia. By when must he not...
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Add to cartDelta Insurers appointed Joe as its agent. Can Joe let his brother, Agent Shawn, use his appointment to transact insurance? correct answersNo, Joe cannot let Shawn transact insurance by using his appointment. James is a licensed agent who lives in Florida. He moves to Georgia. By when must he not...
The fair credit reporting act correct answersProtects consumers against the circulation of in accurate or obsolete information and to ensure that consumer reporting agency's are fair and equitable in their treatment of consumers Controlled business correct answersWhen an agent receives more than...
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Add to cartThe fair credit reporting act correct answersProtects consumers against the circulation of in accurate or obsolete information and to ensure that consumer reporting agency's are fair and equitable in their treatment of consumers Controlled business correct answersWhen an agent receives more than...
You have been invited to your niece's wedding reception, and the invitation requests an RSVP. You really don't want to go, and you could simply decline the invitation. But you respond that you will be in attendance, and you check her bridal registry to select an appropriate gift to bring. Your dec...
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Add to cartYou have been invited to your niece's wedding reception, and the invitation requests an RSVP. You really don't want to go, and you could simply decline the invitation. But you respond that you will be in attendance, and you check her bridal registry to select an appropriate gift to bring. Your dec...
What is the Primary Goal of Long Term Care correct answersTo maintain functionality Which of the following most precisely defines the fundamentals of self-care and the basic tasks of life? correct answersActivities of daily living Long Term Care occurs only in nursing facilities. correct answe...
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Add to cartWhat is the Primary Goal of Long Term Care correct answersTo maintain functionality Which of the following most precisely defines the fundamentals of self-care and the basic tasks of life? correct answersActivities of daily living Long Term Care occurs only in nursing facilities. correct answe...
An insured would be prudent to rely upon health insurance to cover injuries sustained in an auto accident because medical payments coverage under a personal auto policy. (PAP correct answershas relatively low limits If a group of insureds are rated by class, they will correct answersbe charged th...
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Add to cartAn insured would be prudent to rely upon health insurance to cover injuries sustained in an auto accident because medical payments coverage under a personal auto policy. (PAP correct answershas relatively low limits If a group of insureds are rated by class, they will correct answersbe charged th...
A tornado severely damages one of Major Manufacturing's plants. As a result of the damage, Major Manufacturing is forced to curtail its operations during the 6 months needed to complete repairs. The resulting loss of income suffered by Major Manufacturing is referred to as correct answersa time ele...
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Add to cartA tornado severely damages one of Major Manufacturing's plants. As a result of the damage, Major Manufacturing is forced to curtail its operations during the 6 months needed to complete repairs. The resulting loss of income suffered by Major Manufacturing is referred to as correct answersa time ele...
What is the form of LTC that is non-medical and involving the most private and intimate aspects of a person's life - personal hygiene, dressing, and toileting? correct answersCustodial Care Custodial Care provides these "low-tech" services that are designed to minimize, rehabilitate, or compen...
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Add to cartWhat is the form of LTC that is non-medical and involving the most private and intimate aspects of a person's life - personal hygiene, dressing, and toileting? correct answersCustodial Care Custodial Care provides these "low-tech" services that are designed to minimize, rehabilitate, or compen...
The requirement that losses should be accidental and unintentional in order to be insurable results in which of the following? I. Decrease in moral hazard II. More accurate prediction of future losses correct answersboth I and II Which of the following types of risks is normally uninsurable by ...
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Add to cartThe requirement that losses should be accidental and unintentional in order to be insurable results in which of the following? I. Decrease in moral hazard II. More accurate prediction of future losses correct answersboth I and II Which of the following types of risks is normally uninsurable by ...
Property and Casualty Insurers: correct answers- loss reserve is an estimated amount for: correct answers• Claims reported and adjusted, but not yet paid • Claims reported and filed, but not yet adjusted • Claims incurred but not yet reported to the company Case reserves are loss res...
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Add to cartProperty and Casualty Insurers: correct answers- loss reserve is an estimated amount for: correct answers• Claims reported and adjusted, but not yet paid • Claims reported and filed, but not yet adjusted • Claims incurred but not yet reported to the company Case reserves are loss res...
1. What method do insurers use to protect themselves against catastrophic losses? (Choose from the following options) 1. Reinsurance 2. Indemnity 3. Pro rata liability 4. Risk-management correct answers1. Reinsurance 2. How many long term care policies can be sold to an insured within ...
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Add to cart1. What method do insurers use to protect themselves against catastrophic losses? (Choose from the following options) 1. Reinsurance 2. Indemnity 3. Pro rata liability 4. Risk-management correct answers1. Reinsurance 2. How many long term care policies can be sold to an insured within ...
Which would NOT be covered by the inside the premises- robbery or safe burglary other property coverage? correct answersAn employee caught stealing cash from the register The primary purpose of a surety bond is to correct answersMake sure obligations are fulfilled An insurance agency could pur...
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Add to cartWhich would NOT be covered by the inside the premises- robbery or safe burglary other property coverage? correct answersAn employee caught stealing cash from the register The primary purpose of a surety bond is to correct answersMake sure obligations are fulfilled An insurance agency could pur...
SPECULATIVE RISK correct answersChance of Financial loss or gain Speculative risk correct answersgambling Pure risk correct answersChance of Financial loss, no gain loss correct answersUnintended unforeseen/ financial loss correct answersNot sentimental peril correct answersreason los...
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Add to cartSPECULATIVE RISK correct answersChance of Financial loss or gain Speculative risk correct answersgambling Pure risk correct answersChance of Financial loss, no gain loss correct answersUnintended unforeseen/ financial loss correct answersNot sentimental peril correct answersreason los...
Beatrice is a member of the Supreme Lodge fraternal benefit society. What must Beatrice do before she can sell insurance on its behalf? correct answerscomply with the same general licensing requirements that apply to resident agents An agent's apparent authority is defined by: correct answersthe...
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Add to cartBeatrice is a member of the Supreme Lodge fraternal benefit society. What must Beatrice do before she can sell insurance on its behalf? correct answerscomply with the same general licensing requirements that apply to resident agents An agent's apparent authority is defined by: correct answersthe...
An unlicensed employee of an insurance agency may perform all of the following EXCEPT: correct answersA) Accept a claim form B) Type correspondence for a direct mail campaign C) Deposit properly endorsed checks into the agency's bank account •• D) Advise an insured of coverage issues A pr...
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Add to cartAn unlicensed employee of an insurance agency may perform all of the following EXCEPT: correct answersA) Accept a claim form B) Type correspondence for a direct mail campaign C) Deposit properly endorsed checks into the agency's bank account •• D) Advise an insured of coverage issues A pr...
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