10/5/24, 8:57 PM WV STATE LIFE INSURANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE QUESTIONS WI…
WV STATE LIFE INSURANCE EXAM 2024
ACTUAL EXAM 2 VERSIONS (VERSION A AND
B) COMPLETE QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
Terms in this set (175)
A group-owned Risk retention group
insurance company that
is formed to assume and
spread the liability risks
of its members is known
as a:
Which of the following 1970-Fair Credit Reporting Act
requires insurers to
disclose when an
applicant's consumer or
credit history is being
investigated?
Q purchases a $500,000 Aleatory
life insurance policy and
pays $900 in premiums
over the first six months.
Q dies suddenly and the
beneficiary is paid
$500,000. This exchange
of unequal values reflects
which of the following
insurance contract
features?
https://quizlet.com/952762957/wv-state-life-insurance-exam-2024-actual-exam-2-versions-version-a-and-b-complete-questions-with-detailed-veri… 1/17
,10/5/24, 8:57 PM WV STATE LIFE INSURANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE QUESTIONS WI…
The stated amount or Reserves
percent of liquid assets
that an insurer must have
on hand that will satisfy
future obligations to its
policyholders is called:
All of the following are Bilateral
considered to be typical
characteristics describing
the nature of an
insurance contract,
EXCEPT:
What year was the 1945
McCarran-Ferguson Act
enacted?
Which of the following Contract
consists of an offer,
acceptance, and
consideration?
Who elects the Policyholders
governing body of a
mutual insurance
company?
Insurance policies are Performance is conditioned upon a future
considered aleatory occurrence
contracts because:
Who makes the legally Insurance company
enforceable promises in
a unilateral contract?
Insurance contracts are Conditional
known as _____ because
certain future conditions
or acts must occur
before any claims can be
paid.
https://quizlet.com/952762957/wv-state-life-insurance-exam-2024-actual-exam-2-versions-version-a-and-b-complete-questions-with-detailed-veri… 2/17
, 10/5/24, 8:57 PM WV STATE LIFE INSURANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE QUESTIONS WI…
A life insurance Investor-Originated Life Insurance
arrangement which
circumvents insurable
interest statutes is called:
In an insurance contract, Unilateral
the insurer is the only
party who makes a
legally enforceable
promise. What kind of
contract is this?
When third-party Insurable interest in the proposed insured
ownership is involved,
applicants who also
happen to be the stated
primary beneficiary are
required to have:
Which of these Investor-Originated Life Insurance
arrangements allows one
to bypass insurable
interest laws?
When must insurable Inception of the contract
interest exist for a life
insurance contract to be
valid?
If a contract of adhesion Insured
contains complicated
language, to whom
would the interpretation
be in favor of?
Which of these is an A fixed, level premium
element of a Variable Life
policy?
https://quizlet.com/952762957/wv-state-life-insurance-exam-2024-actual-exam-2-versions-version-a-and-b-complete-questions-with-detailed-veri… 3/17
WV STATE LIFE INSURANCE EXAM 2024
ACTUAL EXAM 2 VERSIONS (VERSION A AND
B) COMPLETE QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
Terms in this set (175)
A group-owned Risk retention group
insurance company that
is formed to assume and
spread the liability risks
of its members is known
as a:
Which of the following 1970-Fair Credit Reporting Act
requires insurers to
disclose when an
applicant's consumer or
credit history is being
investigated?
Q purchases a $500,000 Aleatory
life insurance policy and
pays $900 in premiums
over the first six months.
Q dies suddenly and the
beneficiary is paid
$500,000. This exchange
of unequal values reflects
which of the following
insurance contract
features?
https://quizlet.com/952762957/wv-state-life-insurance-exam-2024-actual-exam-2-versions-version-a-and-b-complete-questions-with-detailed-veri… 1/17
,10/5/24, 8:57 PM WV STATE LIFE INSURANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE QUESTIONS WI…
The stated amount or Reserves
percent of liquid assets
that an insurer must have
on hand that will satisfy
future obligations to its
policyholders is called:
All of the following are Bilateral
considered to be typical
characteristics describing
the nature of an
insurance contract,
EXCEPT:
What year was the 1945
McCarran-Ferguson Act
enacted?
Which of the following Contract
consists of an offer,
acceptance, and
consideration?
Who elects the Policyholders
governing body of a
mutual insurance
company?
Insurance policies are Performance is conditioned upon a future
considered aleatory occurrence
contracts because:
Who makes the legally Insurance company
enforceable promises in
a unilateral contract?
Insurance contracts are Conditional
known as _____ because
certain future conditions
or acts must occur
before any claims can be
paid.
https://quizlet.com/952762957/wv-state-life-insurance-exam-2024-actual-exam-2-versions-version-a-and-b-complete-questions-with-detailed-veri… 2/17
, 10/5/24, 8:57 PM WV STATE LIFE INSURANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE QUESTIONS WI…
A life insurance Investor-Originated Life Insurance
arrangement which
circumvents insurable
interest statutes is called:
In an insurance contract, Unilateral
the insurer is the only
party who makes a
legally enforceable
promise. What kind of
contract is this?
When third-party Insurable interest in the proposed insured
ownership is involved,
applicants who also
happen to be the stated
primary beneficiary are
required to have:
Which of these Investor-Originated Life Insurance
arrangements allows one
to bypass insurable
interest laws?
When must insurable Inception of the contract
interest exist for a life
insurance contract to be
valid?
If a contract of adhesion Insured
contains complicated
language, to whom
would the interpretation
be in favor of?
Which of these is an A fixed, level premium
element of a Variable Life
policy?
https://quizlet.com/952762957/wv-state-life-insurance-exam-2024-actual-exam-2-versions-version-a-and-b-complete-questions-with-detailed-veri… 3/17
