IAA Exam
- ANS-
______ is NOT an element of a legitimate settlement - ANS-Countersignature
A beneficiary gets only the loss of life gain income wherein settlement alternative? -
ANS-Interest alternative
A settlement calls for - ANS-an offer and attractiveness of the settlement terms
A creditor might be allowed rights to lifestyles insurance coverage proceeds if - ANS-The
insured's property
A risk can be pleasant defined as - ANS-a circumstance which can growth the likelihood of a
loss occuring
A life coverage corporation has transferred some of its threat to another insurer. The insurer
assuming the threat is known as the......? - ANS-reinsurer
A life coverage coverage may be surrenderedfor its coins fee under which coverage provision? -
ANS-Nonforfeiture alternatives
A existence insurance policy that pays the face amount if the insured survives to a specified
time period is referred to as - ANS-endowment coverage
A existence insurance policy wherein the insured can pick out where the coins price may be
investedis referred to as - ANS-variable life
A nonparticipating enterprise is now and again referred to as a(n) - ANS-Stock insurer
A nonparticipating policy will - ANS-no longer pay dividends
A participating agency is likewise referred to as which sort of insurer? - ANS-Mutual insurer
A collaborating organisation is also referred to as which sort of insurer? - ANS-Mutual insurer
A man or woman who asserts a right of recoveryunder an coverage coverage is called -
ANS-claimant
A plan in which an company can pay coverage blessings from a fund derived from the
corporation's cutting-edge revenues is called - ANS-A self-funded plan
A professional liability for which manufacturers may be sued for mistakes of placing a policy into
impact is referred to as - ANS-mistakes and omissions
A document which is based totally on creditworthiness and personal characteristics that
influences an insurance applicant's eligibility for life and medical insurance is referred to as a(n)
for - ANS-customer file
A illustration can be altered or withdrawn - ANS-most effective before the coverage is in effect
A state of affairs wherein there's ONLY a chance of loss or no loss is a - ANS-pure risk
A state of affairs in which there may be ONLY a danger of loss or no loss is a - ANS-natural risk
A spendthrift clause in a life insurance policy - ANS-restricts the potential of the beneficiary to
assign benefits
A form of insurer that is owned with the aid of its policyowners is called - ANS-Mutual
A unilateral settlement is one wherein - ANS-only one birthday party (the insurer) makes any
type of legally enforceable promise
, A worker is entitled to Social Security incapacity advantages if all the following are genuine,
EXCEPTfor - ANS-worker can't carry out his or her contemporary process, but isactively
searching for different employment
According to lifestyles insurance settlement law, insurable hobby exists - ANS-at the time of
application
According to segment 1729.2 of the California Insurance Code, which of those does NOTqualify
as "historical past records"? - ANS-Misdemeanor charges filed, now not ensuing in a conviction
According to the California Insurance Code, how is the word "may additionally" interpreted? -
ANS-Permissive
According to the California Insurance Code, what term is used to explain a truth so essential it
may have an effect on the coverage top class? - ANS-Materiality
According to the California Insurance Code, which of the subsequent is NOT an example of an
insurable event? - ANS-An insured suffers a financial loss within the country lottery
According to the precept of Utmost Good Faith, the insured will answer questions about the
software to the first-class in their understanding and pay the required premium, at the same time
as the insurer will deal pretty with the insured and it's - ANS-promises made
All of the subsequent are elements of an insurance policy EXCEPT - ANS-claim paperwork
All of the subsequent are examples of natural chance EXCEPT - ANS-Losing money at a casino
All of the subsequent circumstances ought to be met for loss retention to be an effective danger
control approach, EXCEPT - ANS-Probability of loss is unknown
All of the following instances need to be met for loss retention to be an powerful chance control
technique, EXCEPT - ANS-Probability of loss is unknown
All of these are motives the Commissioner may also disapprove a licensee's request to apply a
fictitious call EXCEPT - ANS-The name is the licensee's actual call
Ambiguities in an coverage policy are usually resolved in choose of the - ANS-insured
An agent has advertised that the insurer to which the agent is appointed with is a member of the
Insurance Guarantee Association. This agent has dedicated a(n) - ANS-unfair approach of
competition
An agent's try and prevent the substitute of an present lifestyles coverage policy is called -
ANS-conservation
An annuity that's sponsored through a lifestyles insurer'sseparate account is known as a(n) -
ANS-variable annuity
An instance of threat sharing could be - ANS-Doctors pooling their money to cowl malpractice
exposures
An man or woman that has forty quarters of coverage, for Social Security functions, is
considered to be - ANS-absolutely insured
An man or woman who transacts existence, incapacity, or existence and twist of fate and
medical insurance on behalf of an insurer is called a(n): - ANS-lifestyles agent
An insurance corporation entitled to transact commercial enterprise in California is called a(n) -
ANS-admitted carrier
An coverage coverage written after 1988 thatfails to bypass the seven-pay check is known as -
ANS-a modified endowment agreement
An insurer enters right into a contract with a third birthday party to insure itself against losses
from coverage rules it problems. What is this settlement known as? - ANS-Reinsurance
- ANS-
______ is NOT an element of a legitimate settlement - ANS-Countersignature
A beneficiary gets only the loss of life gain income wherein settlement alternative? -
ANS-Interest alternative
A settlement calls for - ANS-an offer and attractiveness of the settlement terms
A creditor might be allowed rights to lifestyles insurance coverage proceeds if - ANS-The
insured's property
A risk can be pleasant defined as - ANS-a circumstance which can growth the likelihood of a
loss occuring
A life coverage corporation has transferred some of its threat to another insurer. The insurer
assuming the threat is known as the......? - ANS-reinsurer
A life coverage coverage may be surrenderedfor its coins fee under which coverage provision? -
ANS-Nonforfeiture alternatives
A existence insurance policy that pays the face amount if the insured survives to a specified
time period is referred to as - ANS-endowment coverage
A existence insurance policy wherein the insured can pick out where the coins price may be
investedis referred to as - ANS-variable life
A nonparticipating enterprise is now and again referred to as a(n) - ANS-Stock insurer
A nonparticipating policy will - ANS-no longer pay dividends
A participating agency is likewise referred to as which sort of insurer? - ANS-Mutual insurer
A collaborating organisation is also referred to as which sort of insurer? - ANS-Mutual insurer
A man or woman who asserts a right of recoveryunder an coverage coverage is called -
ANS-claimant
A plan in which an company can pay coverage blessings from a fund derived from the
corporation's cutting-edge revenues is called - ANS-A self-funded plan
A professional liability for which manufacturers may be sued for mistakes of placing a policy into
impact is referred to as - ANS-mistakes and omissions
A document which is based totally on creditworthiness and personal characteristics that
influences an insurance applicant's eligibility for life and medical insurance is referred to as a(n)
for - ANS-customer file
A illustration can be altered or withdrawn - ANS-most effective before the coverage is in effect
A state of affairs wherein there's ONLY a chance of loss or no loss is a - ANS-pure risk
A state of affairs in which there may be ONLY a danger of loss or no loss is a - ANS-natural risk
A spendthrift clause in a life insurance policy - ANS-restricts the potential of the beneficiary to
assign benefits
A form of insurer that is owned with the aid of its policyowners is called - ANS-Mutual
A unilateral settlement is one wherein - ANS-only one birthday party (the insurer) makes any
type of legally enforceable promise
, A worker is entitled to Social Security incapacity advantages if all the following are genuine,
EXCEPTfor - ANS-worker can't carry out his or her contemporary process, but isactively
searching for different employment
According to lifestyles insurance settlement law, insurable hobby exists - ANS-at the time of
application
According to segment 1729.2 of the California Insurance Code, which of those does NOTqualify
as "historical past records"? - ANS-Misdemeanor charges filed, now not ensuing in a conviction
According to the California Insurance Code, how is the word "may additionally" interpreted? -
ANS-Permissive
According to the California Insurance Code, what term is used to explain a truth so essential it
may have an effect on the coverage top class? - ANS-Materiality
According to the California Insurance Code, which of the subsequent is NOT an example of an
insurable event? - ANS-An insured suffers a financial loss within the country lottery
According to the precept of Utmost Good Faith, the insured will answer questions about the
software to the first-class in their understanding and pay the required premium, at the same time
as the insurer will deal pretty with the insured and it's - ANS-promises made
All of the subsequent are elements of an insurance policy EXCEPT - ANS-claim paperwork
All of the subsequent are examples of natural chance EXCEPT - ANS-Losing money at a casino
All of the subsequent circumstances ought to be met for loss retention to be an effective danger
control approach, EXCEPT - ANS-Probability of loss is unknown
All of the following instances need to be met for loss retention to be an powerful chance control
technique, EXCEPT - ANS-Probability of loss is unknown
All of these are motives the Commissioner may also disapprove a licensee's request to apply a
fictitious call EXCEPT - ANS-The name is the licensee's actual call
Ambiguities in an coverage policy are usually resolved in choose of the - ANS-insured
An agent has advertised that the insurer to which the agent is appointed with is a member of the
Insurance Guarantee Association. This agent has dedicated a(n) - ANS-unfair approach of
competition
An agent's try and prevent the substitute of an present lifestyles coverage policy is called -
ANS-conservation
An annuity that's sponsored through a lifestyles insurer'sseparate account is known as a(n) -
ANS-variable annuity
An instance of threat sharing could be - ANS-Doctors pooling their money to cowl malpractice
exposures
An man or woman that has forty quarters of coverage, for Social Security functions, is
considered to be - ANS-absolutely insured
An man or woman who transacts existence, incapacity, or existence and twist of fate and
medical insurance on behalf of an insurer is called a(n): - ANS-lifestyles agent
An insurance corporation entitled to transact commercial enterprise in California is called a(n) -
ANS-admitted carrier
An coverage coverage written after 1988 thatfails to bypass the seven-pay check is known as -
ANS-a modified endowment agreement
An insurer enters right into a contract with a third birthday party to insure itself against losses
from coverage rules it problems. What is this settlement known as? - ANS-Reinsurance
