Insurance

Chapter 1 - P&C General Insurance ACTUAL QUESTIONS AND CORRECT ANSWERS The National Association of Insurance Commisioners(NAIC) consists of... - Correct answersconsists of...ALL STATE and territorial insurance commissioners or regulators The NAIC provides _______________, _________________, ____________________ and ___________________ for ________________________. - Correct answersResources, Research, Legislative and regulatory recommendations and interpretations for state insuranc...

Chapter 1: P/C Insurance Basics ACTUAL QUESTIONS AND CORRECT ANSWERS Insurance - Correct answersa method for spreading the risk of a financial loss among a large number of people. By spreading risk, we reduce the financial impact of an individual loss. SPREAD LOSS TO MAKE LOSSES MORE MANAGEABLE. Insurer - Correct answersInsurance company that writes the policy language and includes the rights of the company within the guidelines of the insurance laws. Property Insurance - Correct a...

P&C Chapter 1 - Insurance Terms and Related Concepts ACTUAL QUESTIONS AND CORRECT ANSWERS Law of large numbers - Correct answersStates that the larger number of people with similar exposure to loss, the more predictable actual losses will be. It is the basic statistical prediction of loss upon which insurance rates are calculated Insurable Interest - Correct answersThree elements: Financial (monetary interest), blood (a relative), and business (business partner). In property and ca...

insurance exam regulations ACTUAL QUESTIONS AND CORRECT ANSWERS Which federal law regulates group health plans and protects their enrollees? - Crrect answersERISA Which governments regulate group health insurance? - Crrect answersboth state and federal Which statement is correct about the MIB (Medical Information Bureau)? - Crrect answersit collects medical information about insurance applicants Which of the following play a role in the regulation of variable insurance product s...

GEORGIA INSURANCE EXAM ACTUAL QUESTIONS AND CORRECT ANSWERS Limited Pay - Correct answersWhole life insurance but does not have to pay premiums past retirement Securities Exchange Commission - Correct answersin addition to the insurance department, they also have the authority to regulate variable life insurance Georgia Attorney General - Correct answersRules and regulations made by the commissioner of insurance has to be approved by Which has the greatest impact in making ...

Insurance REAL 2025 Final Exam Questions with Verified Answers

INSURANCE CH. 4 - TYPES OF LIFE INSURANCE POLICIES QUESTIONS WITH VERIFIED ANSWERS [ GRADED A+] face amount - amount of the death benefit term life insurance - only offer death benefit and remain in force for a specified period of time level term policy - equals face amount throughout the term of coverage . premium also remains level during term. ©morren2024/2025.Year published 2024.

INSURANCE - CH. 3 BASICS OF LIFE INSURANCE QUIZ WITH VERIFIED ANSWERS [ GRADED A+] third-party ownership - refers to a situation where the owner of a life insurance policy is someone other than the insured insurable interest - the person applying for the policy must be at risk of suffering a significant loss if the insured dies loss may be - - emotional, based on love and affection - economic, ©morren2024/2025.Year published 2024.

INSURANCE - CH. 2 UNDERWRITING QUIZ WITH CORRECT ANSWERS [ GRADED A+] underwriting - process of evaluating a risk to determine if it is acceptable based on established insurance company guidelines changes in application - must be initialed by the applicant backdating - up to six months must sign application if the applicant is not the insured - proposed insured must sign a corporation owned policy - company officer signs juvenile policy for minor - parent or legal guardian ...

INSURANCE - CH. 1 DEFINITIONS QUESTIONS WITH VERIFIED ANSWERS [ GRADED A+] Insurance - contract that transfers the risk of financial loss from an individual or business to an insurer Risk - uncertainty about whether a loss will occur Why does life insurance include risk even though death is absolute? - the timing of that loss is uncertain ©morren2024/2025.Year published 2024.