LIFE AND HEALTH INSURANCE Study guides, Study notes & Summaries

Life and Health Insurance Exam (Missouri) with Verified Solutions Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time gra...

Which of the following will vary the length of the grace period in health insurance policies? a) The mode of the premium payment b) The length of any elimination period c) The length of time the insured has been insured d) The term of the policy - a) The mode of the premium payment The grace period is 7 days on a policy with a weekly premium mode; 10 days if a monthly premium mode; 31 days on other premium modes

Jis receiving fixed amount benefit payments from his late wife's insurance policy. He was told that if he dies before al to the contingent beneficiary. Which settlement option did J choose? - Fixed Amount The "stop-loss" feature on a major medical policy is intended to a) Establish the number of claims that may be filed on a policy in a calendar year. b) Establish a maximum amount of out-of-pocket expense that an Insured will have to pay for medical expense in a calendar year c) Es...

The provision in a Group Health policy that allows the insurer to postpone coverage for a covered illness 30 days after the policy's effective date is referred to as the - Waiting Period J's Major Medical policy has a $2,000 deductible and an 80/20 Coinsurance clause. If J is hospitalized and receives a bill for $10,000, J would pay? - $3,600 An evidence of coverage form may be issued by a Health Maintenance Organization (HMO) after being approved by the - Commissioner A certificate...

Application - Which of the following is the basic source of information used by the company in the risk selection process? The beneficiary would receive $25,000 if it was determined that the insured qualified for the policy. - An applicant signs an application for a $25,000 life insurance policy, pays the initial premium, and receives a conditional receipt. If the applicant is killed in an automobile accident the next day, Calls on behalf of tax-exempt nonprofit organizations, Calls fo...

An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - Aleatory: an aleatory contract means unequal amounts are exchanged between payments and benefits What is the Federal Credit Reporting Act? - Establishes procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant, and properly used....

Life and Health Insurance Exam (Missouri) | 100 Questions and Correct Solution 2024 Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - Answer -Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a rene...

Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - ANSWER-Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which th...

Life and Health Insurance Exam Update Life & Health Insurance Final Exam Test Questions and Correct Answers Rated A+

Wisconsin Life Insurance Exam|Latest Update Graded A+ Mortality The rate people will die Morbidity The rate people will get sick Peril The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection The tendency for poorer than average risks to seek out insurance Annuity Annuities protect against the risk of living longer than expected. Annuities provide a guaranteed life income to protect agains...