Massachusetts Life and Health Insurance Exam with correct answers 2025

Massachusetts Life and Health
Insurance Exam with correct
answers 2025




Insurancev-vvcorrectvanswersvTransfervofvRisk



Riskv-vvcorrectvanswersvUncertainty/vPossibilityvofvLoss



Exposurev-vvcorrectvanswersvRisksvforvwhichvthevinsurancevcompanyvwouldvbevliable



Perilv-vvcorrectvanswersvCausevofvLoss



Hazardv-vvcorrectvanswersvSomethingvthatvcausesvanvincreasevinvthevchancevofvloss



PhysicalvHazardv-vvcorrectvanswersvHazardvthatvcanvbevseen

,MoralvHazardv-vvcorrectvanswersvAvbeliefvthatvintentionallyvcausingvavlossvisvacceptable



MoralevHazardv-vvcorrectvanswersvCarelessness



STARRv-vvcorrectvanswersvMethodvofvhandlingvrisk



S-vMethodvofvhandlingvrisksv-vvcorrectvanswersvSharing



T-vMethodvofvhandlingvriskv-vvcorrectvanswersvTransfer



A-vMethodvofvhandlingvriskv-vvcorrectvanswersvAvoidance



R-vMethodvofvhandlingvriskv-vvcorrectvanswersvRetention



R-vMethodvofvhandlingvriskv-vvcorrectvanswersvReduction



ContractvPolicyv-vvcorrectvanswersvAnvagreementvbetweenvthevinsuredvandvthevinsurer



LawvofvLargevNumbersv-
vvcorrectvanswersvThevlargervthevgroup,vthevmorevaccuratevlossesvcanvbevpredicted




CANHAMvRisksv-vvcorrectvanswersvCanvbevinsuredvwithvthevfollowingvcharacteristics



C-vCANHAMvRisksv-vvcorrectvanswersvCalculable



A-vCANHAMvRisksv-vvcorrectvanswersvAffordable

,N-vCANHAMvRisksv-vvcorrectvanswersvNon-vCatastrophic



H-vCANHAMvRisksv-vvcorrectvanswersvHomogeneous



A-vCANHAMvRisksv-vvcorrectvanswersvAccidental



M-vCANHAMvRisksv-vvcorrectvanswersvMeasurable



AdversevSelectionv-vvcorrectvanswersvrisksvthatvhavevavgreatervthanvaveragevchancevofvloss



Reinsurance-v-
vvcorrectvanswersvAnvinsurancevcompanyvsellsvsomevofvitsvriskvtovothervinsurancevcompanies.




FacultativevReinsurancev-
vvcorrectvanswersvthevreinsurervevaluatesveachvriskvbeforevallowingvthevtransfer




TreatyvReinsurancev-
vvcorrectvanswersvthevreinsurervacceptsvthevtransfervaccordingvtovanvagreementvcalledvavtreaty




StockvInsurerv-
vvcorrectvanswersvAnvinsurervthatvisvownedvbyvitsvstockholdersvandvformedvasvavcorporationvforvthe


vpurposevofvearningvavprofitvforvthevstockholders.-vIssuesvNonvParvPolicies




MutualvInsurerv-
vvcorrectvanswersvAnvinsurervthatvisvownedvbyvitsvpolicyholdersvandvformedvasvavcorporationvforvth


evpurposevofvprovidingvinsurancevtovthem.-vNonvTaxablevdividendsv&vParticipatingvPolcies

, FraternalvInsurerv-vvcorrectvanswersvprovidesvinsurancevandvothervbenefits

mustvbevavmembervofvthevsocietyvtovgetvthevbenefits



ReciprocalvInsurersv-
vvcorrectvanswersvunincorporatedvgroupsvofvpeoplevthatvprovidevinsurancevforvonevanothervthroug


hvindividualvindemnityvagreements



Llyod'svAssociationsv-
vvcorrectvanswersvOrganizationsvthatvprovidevsupportvfacilitiesvforvunderwritersvorvgroupsvofvindivi


dualsvthatvacceptvinsurancevrisk.



RiskvRetentionvGroupv-
vvcorrectvanswersvAvliabilityvinsurancevcompanyvownedvbyvitsvmembers,vwhichvarevexposedvtovsimi


larvliabilityvrisksvbyvvirtuevofvbeingvinvthevsamevbusinessvorvindustry.



RiskvPurchasingvGroupsv-
vvcorrectvanswersvGroupsvofvpeoplevwithvsimilarvinsurancevneedsvwhovformvanvorganizationvtovbuyv


insurancevasvavgroup.



Self-insurancev-vvcorrectvanswersvavbusinessvthatvpaysvitsvownvclaims



ResidualvMarketv-vvcorrectvanswersvinsurancevfromvthevstatevorvfederalvgovernment



InsurancevCompanyvLocationsv-vvcorrectvanswersvDomestic,vForeign,vandvAlien



CertificatevofvAuthorityv-vvcorrectvanswersvstatevlicensevforvanvinsurancevcompany



AdmittedvorvAuthorizedv-
vvcorrectvanswersvstatevrequiresvthevinsurancevcompanyvtovhavevavcertificatevofvauthority