SC insurance Exam Questions and Verified Answers!!

What factors are considered in determining rates? - ANSWER-Age Medical history Occupation Sex and Gender What's shown by the use of deductible, co pays and self assurance - ANSWER-Risk Retention A negative more proned to losses method used as protection to decline an applicant - ANSWER-Adverse selection A non participating policy will issue dividends to the policy holder also known as ? - ANSWER-The Owner Which type is non taxable due to surplus premiums paid into policy? - ANSWER-A fraternal benefit society Insurance for insurers against a catastrophic loss - ANSWER-Reinsurance Also known as perceived authority? - ANSWER-Apparent authority Which is based on unequal contributions? - ANSWER-Aleatory Which is one sided only one party can walk away and insurer must keep the policy - ANSWER-Unilateral contract An untrue statement on application - ANSWER-Misrepresentations Used to provide family needs after death of the insuredw - ANSWER-Survivor protection What's the purpose of life insurance? - ANSWER-Creates and immediate estate What holds the assets created by insurance policy? - ANSWER-An Estate Pay the taxes and liabilities upon death - ANSWER-Estate Conservation When parties involved are broker and settlement company in life threatening condition - ANSWER-Viatical Settlements Insureds future wages conceded ? - ANSWER-Human life value approach