New Mexico Life, Health, Accident Actual
Exam Questions And Answers Practice
Questions with Solutions Newest |
Already Graded A+
Topic 1: General Insurance & Legal Concepts
1. A method of spreading the result of financial loss among a large number
of people.
Answer: Insurance
Source: "New Mexico Life and Health Exam with accurate detailed solutions"
2. The concept that insurance should restore the insured, in whole or in
part, to the condition he enjoyed before the loss.
Answer: Indemnity
Source: "New Mexico Life and Health Exam with accurate detailed solutions"
3. The uncertainty of financial loss.
Answer: Risk
Source: "New Mexico Life and Health Exam with accurate detailed solutions"
4. The cause of a potential loss.
Answer: Peril
Source: "New Mexico Life and Health Exam Questions And Answers Solutions
Guaranteed"
,5. A specific situation that introduces or increases the probability of
occurrence of a loss.
Answer: Hazard
Source: "New Mexico Life and Health Exam Questions And Answers Solutions
Guaranteed"
6. In the event of a controversy between the insured and the company, the
agent is considered to represent the:
Answer: Company
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
7. The legal requirement that the policyholder must have a stake in the
insured entity or person.
Answer: Insurable Interest
Source: "NM Life Insurance Final Exam Mock Test"
Topic 2: Life Insurance Policies & Provisions
8. A contract under which one party (the insurer) agrees to pay a stipulated
amount to a beneficiary upon the occurrence of a contingency (usually
death).
Answer: Life Insurance
Source: "New Mexico Life and Health Exam with accurate detailed solutions"
9. Switching life insurance policies without tax consequence is permitted
under which rule?
Answer: Section 1035 rules
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
,10. Which life insurance policy would be eligible to include an automatic
premium loan provision?
Answer: Whole life
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
11. During the liquidation phase of an annuity contract, to whom are the
income benefits normally payable?
Answer: Annuitant
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
12. Which of these is NOT a characteristic of a Fraternal Benefit Society?
Answer: Exists For profit
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
Topic 3: Health, Accident, and Disability Insurance
13. The agreement in which hospitals and physician groups contract with
an insurance company to provide medical care at predetermined costs.
Answer: Preferred Provider Organization (PPO)
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
14. For individual health insurance, coverage for pre-existing conditions
may be excluded for up to how many months after issuance of the policy?
Answer: 12
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
15. Which health policy clause specifies the amount of benefits to be paid?
, Answer: Insuring Clause
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
16. Which of the following would most likely purchase an immediate
annuity?
Answer: Retiree having a lump sum to invest
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
17. A business may purchase an annuity for all of the following reasons
EXCEPT:
Answer: Informally funding a non-qualified deferred compensation plan
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
18. Long-term care insurance applications MUST contain plain and
unambiguous health questions. The exception to this rule would be
applications for:
Answer: Guaranteed issue
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
Topic 4: New Mexico State-Specific Laws & Regulations
19. An insurer must send a notice of appointment for an agent within how
many days from the date of an executed agency contract or after
submitting the first application to the insurer?
Answer: 15 Days
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
Exam Questions And Answers Practice
Questions with Solutions Newest |
Already Graded A+
Topic 1: General Insurance & Legal Concepts
1. A method of spreading the result of financial loss among a large number
of people.
Answer: Insurance
Source: "New Mexico Life and Health Exam with accurate detailed solutions"
2. The concept that insurance should restore the insured, in whole or in
part, to the condition he enjoyed before the loss.
Answer: Indemnity
Source: "New Mexico Life and Health Exam with accurate detailed solutions"
3. The uncertainty of financial loss.
Answer: Risk
Source: "New Mexico Life and Health Exam with accurate detailed solutions"
4. The cause of a potential loss.
Answer: Peril
Source: "New Mexico Life and Health Exam Questions And Answers Solutions
Guaranteed"
,5. A specific situation that introduces or increases the probability of
occurrence of a loss.
Answer: Hazard
Source: "New Mexico Life and Health Exam Questions And Answers Solutions
Guaranteed"
6. In the event of a controversy between the insured and the company, the
agent is considered to represent the:
Answer: Company
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
7. The legal requirement that the policyholder must have a stake in the
insured entity or person.
Answer: Insurable Interest
Source: "NM Life Insurance Final Exam Mock Test"
Topic 2: Life Insurance Policies & Provisions
8. A contract under which one party (the insurer) agrees to pay a stipulated
amount to a beneficiary upon the occurrence of a contingency (usually
death).
Answer: Life Insurance
Source: "New Mexico Life and Health Exam with accurate detailed solutions"
9. Switching life insurance policies without tax consequence is permitted
under which rule?
Answer: Section 1035 rules
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
,10. Which life insurance policy would be eligible to include an automatic
premium loan provision?
Answer: Whole life
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
11. During the liquidation phase of an annuity contract, to whom are the
income benefits normally payable?
Answer: Annuitant
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
12. Which of these is NOT a characteristic of a Fraternal Benefit Society?
Answer: Exists For profit
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
Topic 3: Health, Accident, and Disability Insurance
13. The agreement in which hospitals and physician groups contract with
an insurance company to provide medical care at predetermined costs.
Answer: Preferred Provider Organization (PPO)
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
14. For individual health insurance, coverage for pre-existing conditions
may be excluded for up to how many months after issuance of the policy?
Answer: 12
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
15. Which health policy clause specifies the amount of benefits to be paid?
, Answer: Insuring Clause
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
16. Which of the following would most likely purchase an immediate
annuity?
Answer: Retiree having a lump sum to invest
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
17. A business may purchase an annuity for all of the following reasons
EXCEPT:
Answer: Informally funding a non-qualified deferred compensation plan
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
18. Long-term care insurance applications MUST contain plain and
unambiguous health questions. The exception to this rule would be
applications for:
Answer: Guaranteed issue
Source: "New Mexico Life and Health Insurance Actual Exam Questions And
Answers"
Topic 4: New Mexico State-Specific Laws & Regulations
19. An insurer must send a notice of appointment for an agent within how
many days from the date of an executed agency contract or after
submitting the first application to the insurer?
Answer: 15 Days
Source: "New Mexico Life, Health, Accident Actual Exam Questions And
Answers Practice Questions w"
