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Life and Health Insurance Exam Risk - correct answer Chance of loss Loss - correct answer Unplanned reduction of economic value Peril - correct answer cause of loss Hazard - correct answer a condition that increases the chance of peril Risk Transfer - correct answer buying insurance to shift the risk to insurance company Underwriting - correct answer assessing applicant to determine insurability Adverse Selection - correct answer people with greater risk of loss trying to buy i...

New York Insurance Regulation 187: Suitability and Best Interests in Life Insurance and Annuity TransactionsNew York Insurance Regulation 187 - correct answer amended and renamed to create a best interest standard of care for recommendations of life insurance and annuities sales transactions as well as recommendations of certain post issuance (in-force) life and annuity transactions. NY Reg 187 sets a standard of - correct answer conduct that producers and insurers must adhere to in making li...

PA Life Accident & Health - WebCE practice exam questionsAlex sold an insurance policy before his license lapsed and earned a commission on the sale. Is he entitled to a commission if the policy is renewed? - correct answer yes, because he was licensed when the policy was sold Under the Old Age, Survivors, and Disability Insurance (OASDI) Program, eligible workers and their families may be entitled to receive all of the following EXCEPT: - correct answer Medical care benefits A claimant on...

Web.Ce Correct Life Insurance AnswersLife Insurance Exam (WI) Flashcards | Quizlet - correct answer a fine of up to $1,000 Kate bought a universal life policy with a $200,000 death benefit and chose death benefit option 1. In year five of the policy, she withdrew $50,000 from the policy's cash value. If she dies after withdrawing the $50,000, what will her beneficiary receive? - correct answer $150,000 An insurer sends a premium statement to a former policyowner. However, the policy has l...

webce insurance exam1. Which of the following exempted insurance companies from federal antitrust legislation? - correct answer the McCarran-Ferguson Act 2. Which of the following has primary responsibility for regulating the insurance industry? a. the states - correct answer Which statement about the NAIC is correct? - correct answer The NAIC prepares model laws, regulations, and guidelines for adoption by the states. 4. The NAIC issued a model law on long-term care insurance. Which...

Webce Insurance test questionsAgent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 20 30 10 45 - correct answer 10 days Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must mov...

Webce Life and HealthRepresentations and Warranties - correct answer Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - correct answer Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes...

WEBCE PA LIFE INSURANCE EXAM STUDY QUESTIONSWhat must an insurance company do to appoint a producer as its agent? - correct answer file a notice of appointment with the Department and pay the required fee Persons who commit crimes of dishonesty while engaged in interstate insurance transactions can be sentenced to all of the following EXCEPT - correct answer imprisonment for up to 25 years ABC Insurance Company diligently maintains files of advertisements it uses to market its health insur...

WEBCE Practice Exam 100 qIn general, what is the earliest age at which a person can take a distribution from a qualified plan without a tax penalty? - correct answer 59 1/2 Carol was 35 when she bought her deferred annuity. Now, at age 38, she wants to withdraw funds from the contract to take a vacation. Carol is likely to encounter all of the following consequences in making the withdrawal EXCEPT: - correct answer statutory minimum withholding requirements What kind of misrepresentation o...

WebCE Test 1Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrender her Ohio license. She must be sponsored by a producer licensed in Pennsylvania. She must show her Ohio license is in good standing. - correct answer she must show her Ohio license is in good standing An annuity settlement option with a life co...