WebCe Bundled Exam with complete solution

A tornado severely damages one of Major Manufacturing's plants. As a result of the damage, Major Manufacturing is forced to curtail its operations during the 6 months needed to complete repairs. The resulting loss of income suffered by Major Manufacturing is referred to as - a time element loss. ...

Annuitization is - Accumulated values are converted into a stream of periodic income payments. How often can payments of annuities be paid out? - A specified term of years, for life, or a combination of the two. What is the reason (how has a consumer's priorities and needs shifted) that annuitie...

What is the Primary Goal of Long Term Care - To maintain functionality Which of the following most precisely defines the fundamentals of self-care and the basic tasks of life? - Activities of daily living Long Term Care occurs only in nursing facilities. - False On what basis are benefits payabl...

Risk - Chance of loss 5 Risk or Loss Factors - 1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard Insurance allows: - Individual or group to transfer over to insurance company the risk of financial loss from a destructive event Fundamental purpose of insurance is: - To indemnify policyholder against...

On what basis are benefits payable under a long-term care insurance policy typically triggered? A) the diagnosis of an acute medical condition B) the number and types of medications prescribed C) the inability to perform of medications prescribed D) all of the above - C) The inability to perform...

Representations and Warranties - 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 - Two related insurance company ...

which of the following situations presents a situation of pure risk? -knowing that his family is depending on him, Frank wants to insure his life -wanting to increase his retirement savings, Saul invests his life savings in the stock market -Ralph takes a second mortgage on his house and uses the...