Study guides, Class notes & Summaries

Life and Health Exam with Complete Solutions Whose responsibility is it to ensure that the application for health insurance is complete and accurate? a. the policyowner's b. the underwriter's c. the applicant's d. the agent's ️️d. the agent's Which of the following is TRUE of level term insurance? a. The policy endows at age 100. b. the policy offers nonforfeiture values c. It is temporary protection. d. The premium will increase or decrease based on the current in...

Life and Health Exam Questions and Answers 100% Solved When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charged him a higher rate for his insurance. This practice is considered ️️Discrimination What must happen when an individual policy or annuity has been personally delivered ...

Life and Health Exam Questions and Answers 100% Solved Chapter 1: Completing the application, underwriting, and delivering the policy: ️️ What is insurance? ️️Insurance TRANSFERS the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals.If there were no insurance mechanism, the cost of a loss would have to be borne solely by the individual who suffered the loss. What is included unde...

Life and Health Exam Questions and Answers 100% Solved Accelerated Benefits ️️Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses Accidental Death Benefits ️️A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death Accidental Death Insurance ️️An insurance policy that provides payment if the insured's death is th...

life and health pre test 100% solved 2024 A CORRECT statement about the regulatory authority of the Director is that the Director may - Answer- mandate the financial restructuring of insolvent producers If a producer that the sale of a Medicare Supplement policy involves replacement, the producer must take all of the following actions EXCEPT - Answer- submit a written replacement notice to the replacing insurance company The Replacement of Life Insurance and Annuities regulation is designe...

Life and Health License Maine Solved 100% Correct!! Lapse policy termination due to nonpayment of premium Premium amount paid to the insurance company for the insurance policy "Insurance Transaction" (by email or other means) Solicitation Negotiations Sale Advising an individual concerning coverage or claims Elements of legal contract to be legally binding (4 Essential elements) 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose Consideration (contract) Is ...

life and health pre test 100% solved 2024 A CORRECT statement about the regulatory authority of the Director is that the Director may - Answer- mandate the financial restructuring of insolvent producers If a producer that the sale of a Medicare Supplement policy involves replacement, the producer must take all of the following actions EXCEPT - Answer- submit a written replacement notice to the replacing insurance company The Replacement of Life Insurance and Annuities regulation is designe...

Life Insurance Exam Missouri Questions and Answers 100% Solved Requirements for the life insurance illustrations ️️They may only be used as approved, they must identify non guaranteed values, they must differentiate between guaranteed and projected amounts Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which , if the original recipient dies, the payments will continue to a designated bene...

Life & Health Practice Exam Questions and Answers 100% Solved Which of the following is true regarding a joint life annuity? A) the payments go to the surviving annuitant after the first death. B) the payments stop at the first death. C) the payments stop at the last death. D) the payments go to a beneficiary upon the last death. ️️B - The payments stop at the first death. joint life is a settlement option where two or more annuitants receive payments until the first death among a...