7/16/26, 2:53 PM Indiana Life & Health Insurance Exam | With 100% Correct Answers graded A+ Guaranteed Success!! Newest 2026 Complete Que…
Indiana Life & Health Insurance Exam | With 100%
Correct Answers graded A+ Guaranteed Success!!
Newest 2026 Complete Questions
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Terms in this set (89)
Participating Insurance Policy may pay dividends to the policyowner
Material Misrepresentation misstatement to a question asked in the application
process; death benefit claim will likely be denied
Law of Large Numbers the larger a group becomes, the easier it is to
predict losses; used to predict certain types of
losses and set appropriate premiums
Substandard Risk results in higher premium
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Standard Risk results in standard premium
Preferred Risk results in lower premium
Expense Loading combined with premiums to spread the operating
costs of a business to all insureds
Net Premium premiums without expense loading
Concealment occurs when a person withholds a material fact that
is crucial to making a decision; in insurance, this
involves withholding information that would be
crucial to underwriting decisions
Warranty a statement guaranteed to be true
Representation a statement true to the best of an applicant's
knowledge
3 Basic Types of Term Life Insurance level, increasing, and decreasing
Level Term death benefit doesn't change throughout the life of
the policy
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Annually Renewable Term (ART) premium increases annually according to attained
age; policy may be guaranteed to be renewable
each without proof of insurability
Re-entry Option the insured, upon the end of a term policy with
guaranteed renewable option, may qualify for a
discounted premium rate with proof of insurability
Decreasing Term death benefit decreases each year over duration of
the policy term; typically used when the amount of
needed protection is time sensitive, or decreases
over time
Increasing Term death benefit increases each year over duration of
the policy term (usually by specific amount or
percentage of original amount); often used by
insurance companies to fund certain riders that
provide a refund of premiums of a gradual increase
in total coverage, such as the cost of living or
return of premium riders
Convertible Term provides the policy owner with the right to convert
the policy to a permanent insurance policy without
evidence of insurability; premium will be based on
the insured's attained age at the time of conversion
Continuous Premium (Straight Life or basic whole life policy; will typically have the
Ordinary Life) lowest annual premium
Limited Payment premiums for coverage paid-up before age 100;
higher premium and cash value builds up faster;
20-pay life, life paid-up at 65 (LP-65);
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Indiana Life & Health Insurance Exam | With 100%
Correct Answers graded A+ Guaranteed Success!!
Newest 2026 Complete Questions
Save Add to calendar
Terms in this set (89)
Participating Insurance Policy may pay dividends to the policyowner
Material Misrepresentation misstatement to a question asked in the application
process; death benefit claim will likely be denied
Law of Large Numbers the larger a group becomes, the easier it is to
predict losses; used to predict certain types of
losses and set appropriate premiums
Substandard Risk results in higher premium
https://quizlet.com/1195016274/indiana-life-health-insurance-exam-with-100-correct-answers-graded-a-guaranteed-success-newest-2026-complete-q… 1/16
,7/16/26, 2:53 PM Indiana Life & Health Insurance Exam | With 100% Correct Answers graded A+ Guaranteed Success!! Newest 2026 Complete Que…
Standard Risk results in standard premium
Preferred Risk results in lower premium
Expense Loading combined with premiums to spread the operating
costs of a business to all insureds
Net Premium premiums without expense loading
Concealment occurs when a person withholds a material fact that
is crucial to making a decision; in insurance, this
involves withholding information that would be
crucial to underwriting decisions
Warranty a statement guaranteed to be true
Representation a statement true to the best of an applicant's
knowledge
3 Basic Types of Term Life Insurance level, increasing, and decreasing
Level Term death benefit doesn't change throughout the life of
the policy
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, 7/16/26, 2:53 PM Indiana Life & Health Insurance Exam | With 100% Correct Answers graded A+ Guaranteed Success!! Newest 2026 Complete Que…
Annually Renewable Term (ART) premium increases annually according to attained
age; policy may be guaranteed to be renewable
each without proof of insurability
Re-entry Option the insured, upon the end of a term policy with
guaranteed renewable option, may qualify for a
discounted premium rate with proof of insurability
Decreasing Term death benefit decreases each year over duration of
the policy term; typically used when the amount of
needed protection is time sensitive, or decreases
over time
Increasing Term death benefit increases each year over duration of
the policy term (usually by specific amount or
percentage of original amount); often used by
insurance companies to fund certain riders that
provide a refund of premiums of a gradual increase
in total coverage, such as the cost of living or
return of premium riders
Convertible Term provides the policy owner with the right to convert
the policy to a permanent insurance policy without
evidence of insurability; premium will be based on
the insured's attained age at the time of conversion
Continuous Premium (Straight Life or basic whole life policy; will typically have the
Ordinary Life) lowest annual premium
Limited Payment premiums for coverage paid-up before age 100;
higher premium and cash value builds up faster;
20-pay life, life paid-up at 65 (LP-65);
https://quizlet.com/1195016274/indiana-life-health-insurance-exam-with-100-correct-answers-graded-a-guaranteed-success-newest-2026-complete-q… 3/16
