Mass State Life Insurance Exam With Complete Questions And Answers 2023

Mass State Life Insurance Exam With Complete Questions And Answers 2023 A business becoming incorporated is an example of risk ____. Correct Answer: transfer A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a Correct Answer: risk retention group A survivorship life insurance policy usually covers how many lives? Correct Answer: 2 ABC Company is attempting to minimize the severity of potential losses within its company. The company is engaged in risk Correct Answer: Risk reduction can reduce the chance that a particular loss will occur, or it can reduce the amount of a potential loss if it occurs. absolute assignment Correct Answer: the transfer is complete and irrevocable, and the assignee receives full control over the policy and full rights to its benefits. advantages of whole life insurance Correct Answer: • Covers the entire life of the insured • Living benefits - cash value and policy loans • Fixed premiums agent authority Correct Answer: A relationship in which one person is authorized to represent and act for another person or company is established through the law of agency.In regards to the insurance contract, any knowledge of the agent is considered to be the knowledge of the insurance company (insurer). If the agent is working within the conditions of his/her contract, the insurance company is fully responsible