HEALTH INSURANCE (EXAM FX) 2025 LATEST
UPDATE EXPERT VERIFIED QUESTIONS AND
ANSWERS
Agent/ProducerT-TcorrectTanswer-ATlegalTrepresentativeTofTanTinsuranceTcompany
BrokerT-TcorrectTanswer-
AnTinsuranceTproducerTnotTappointedTbyTanTinsurerTandTwhomTrepresentsTtheTclient
InsuredT-TcorrectTanswer-ATpersonTcoveredTbyTanTinsuranceTpolicy
InsuranceTpolicyT-TcorrectTanswer-
ATlegalTcontractTbetweenTaTpolicyownerT(and/orTinsured)TandTanTinsuranceTcompanyTwhichTagreesTtoTpayT
theTinsured/beneficiaryTforTlossesTcausedTbyTspecificTevents
PrincipalT-TcorrectTanswer-Insurer,TcompanyTwhoTissuesTinsuranceTpolicies
PolicyownerT-TcorrectTanswer-TheTpersonTentitledTtoTexerciseTtheTrightsTandTprivilegesTinTaTpolicy
PremiumT-TcorrectTanswer-TheTmoneyTpaidTtoTtheTinsuranceTcompanyTforTtheTinsuranceTpolicy
ReciprocalT-TcorrectTanswer-ATmutualTinterchangeTofTrightsTandTprivileges
RiskT-TcorrectTanswer-ChanceTofTaTlossToccurring
PureTRiskT-TcorrectTanswer-SituationsTthatTcanTonlyTresultTinTaTloss
SpeculativeTRiskT-TcorrectTanswer-SituationsTthatTcanTresultTinTeitherTaTlossTorTgain
HazardT-TcorrectTanswer-ConditionsTorTsituationsTthatTincreaseTtheTchanceTofTaTlossToccurring
, PhysicalTHazardT-TcorrectTanswer-
IndividualTcharacteristicsTthatTincreaseTtheTchanceTofTaTlossT(i.e.TpastTmedicalThistory,Tblindness)
MoralTHazardT-TcorrectTanswer-
TendenciesTtowardsTincreasingTriskTsuchTasTlyingTonTapplicationsTorTsubmittingTfraudulentTclaims
MoraleTHazardT-TcorrectTanswer-
AriseTfromTaTstateTofTmindTthatTcausesTindifferenceTtoTlossTsuchTasTcarelessness
PerilT-TcorrectTanswer-SpecificTcauseTofTaTlossTsuchTasTdeath,TsicknessTorTaccidents
LossT-TcorrectTanswer-
Reduction,Tdecrease,TorTdisappearanceTofTvalueTofTtheTpersonTorTpropertyTcausedTbyTaTnamedTperil
SharingT-TcorrectTanswer-
MethodTofTdealingTwithTriskTwhereTaTgroupTwithTtheTsameTorTsimilarTexposureTtoTlossTdivvyTupTtheTlossesT
thatToccurTwithinTthatTgroup;TreciprocalTinsuranceTexchangeTisTaTformalTrisk-[T?T]Tarrangement
TransferT-TcorrectTanswer-
MostTeffectiveTwayTtoThandleTrisk;TrelievesTtheTinsuredTofTtheTfinancialTlossesTrisksTcanTbring
AvoidanceT-TcorrectTanswer-CompletelyTeliminatingTexposureTtoTloss;TeffectiveTbutTseldomTpractical
RetentionT-TcorrectTanswer-AKATself-
insurance;TinsuredTacceptsTresponsiblityTforTtheTlossTbeforeTtheTinsuranceTcompanyTpaysTthroughTuseTofTd
eductiblesTandTco-payments
ReductionT-TcorrectTanswer-
ActTofTlesseningTtheTpossiblityTorTseverityTofTaTlossT(i.e.TmakingThealthyTchangesTinTlifestyle)
ElementsTofTInsurableTRisksT-TcorrectTanswer-
DueTtoTchance,Tmeasurable,Tpredictable,TnotTcatastrophic,TlargeTrandomTlossTexposure
ClassificationsTofTInsurersT-TcorrectTanswer-Ownership,Tdomicile,TandTauthority
UPDATE EXPERT VERIFIED QUESTIONS AND
ANSWERS
Agent/ProducerT-TcorrectTanswer-ATlegalTrepresentativeTofTanTinsuranceTcompany
BrokerT-TcorrectTanswer-
AnTinsuranceTproducerTnotTappointedTbyTanTinsurerTandTwhomTrepresentsTtheTclient
InsuredT-TcorrectTanswer-ATpersonTcoveredTbyTanTinsuranceTpolicy
InsuranceTpolicyT-TcorrectTanswer-
ATlegalTcontractTbetweenTaTpolicyownerT(and/orTinsured)TandTanTinsuranceTcompanyTwhichTagreesTtoTpayT
theTinsured/beneficiaryTforTlossesTcausedTbyTspecificTevents
PrincipalT-TcorrectTanswer-Insurer,TcompanyTwhoTissuesTinsuranceTpolicies
PolicyownerT-TcorrectTanswer-TheTpersonTentitledTtoTexerciseTtheTrightsTandTprivilegesTinTaTpolicy
PremiumT-TcorrectTanswer-TheTmoneyTpaidTtoTtheTinsuranceTcompanyTforTtheTinsuranceTpolicy
ReciprocalT-TcorrectTanswer-ATmutualTinterchangeTofTrightsTandTprivileges
RiskT-TcorrectTanswer-ChanceTofTaTlossToccurring
PureTRiskT-TcorrectTanswer-SituationsTthatTcanTonlyTresultTinTaTloss
SpeculativeTRiskT-TcorrectTanswer-SituationsTthatTcanTresultTinTeitherTaTlossTorTgain
HazardT-TcorrectTanswer-ConditionsTorTsituationsTthatTincreaseTtheTchanceTofTaTlossToccurring
, PhysicalTHazardT-TcorrectTanswer-
IndividualTcharacteristicsTthatTincreaseTtheTchanceTofTaTlossT(i.e.TpastTmedicalThistory,Tblindness)
MoralTHazardT-TcorrectTanswer-
TendenciesTtowardsTincreasingTriskTsuchTasTlyingTonTapplicationsTorTsubmittingTfraudulentTclaims
MoraleTHazardT-TcorrectTanswer-
AriseTfromTaTstateTofTmindTthatTcausesTindifferenceTtoTlossTsuchTasTcarelessness
PerilT-TcorrectTanswer-SpecificTcauseTofTaTlossTsuchTasTdeath,TsicknessTorTaccidents
LossT-TcorrectTanswer-
Reduction,Tdecrease,TorTdisappearanceTofTvalueTofTtheTpersonTorTpropertyTcausedTbyTaTnamedTperil
SharingT-TcorrectTanswer-
MethodTofTdealingTwithTriskTwhereTaTgroupTwithTtheTsameTorTsimilarTexposureTtoTlossTdivvyTupTtheTlossesT
thatToccurTwithinTthatTgroup;TreciprocalTinsuranceTexchangeTisTaTformalTrisk-[T?T]Tarrangement
TransferT-TcorrectTanswer-
MostTeffectiveTwayTtoThandleTrisk;TrelievesTtheTinsuredTofTtheTfinancialTlossesTrisksTcanTbring
AvoidanceT-TcorrectTanswer-CompletelyTeliminatingTexposureTtoTloss;TeffectiveTbutTseldomTpractical
RetentionT-TcorrectTanswer-AKATself-
insurance;TinsuredTacceptsTresponsiblityTforTtheTlossTbeforeTtheTinsuranceTcompanyTpaysTthroughTuseTofTd
eductiblesTandTco-payments
ReductionT-TcorrectTanswer-
ActTofTlesseningTtheTpossiblityTorTseverityTofTaTlossT(i.e.TmakingThealthyTchangesTinTlifestyle)
ElementsTofTInsurableTRisksT-TcorrectTanswer-
DueTtoTchance,Tmeasurable,Tpredictable,TnotTcatastrophic,TlargeTrandomTlossTexposure
ClassificationsTofTInsurersT-TcorrectTanswer-Ownership,Tdomicile,TandTauthority