RMIN 4000 EDMUNDS EXAM 3 || MOST RECENT
EXAM 2026-2027 ACTUAL COMPLETE REAL EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ | BRAND NEW
EXAM | JUST RELEASED!!
what are some key family scenarios for life insurance -
ANSWER-single person
with children and one working spouse married
with children
what factors influence how much life insurance is purchased -
ANSWER-family
size, income levels, existing financial assets and
financial goals
what are the steps in the human life value approach - ANSWER-
estimate the individual's average earnings over his/her
productive lifetime, deduct taxes and self maintenance costs,
and determine the present value of family's share of earnings
for # of years until retirement using a discount rate
what are some disadvantages of human life value approach -
ANSWER-ignores
,assets and other income sources like social security,
earnings and expenses
assumed to be constant, based on income rather than
need, and inflation
effects are
ignored
what should the needs approach calculation consider -
ANSWER-estate clearing fund, 1-2 year readjustment period,
dependency period for children, income for surviving spouse,
special needs (college education, etc.) and retirement needs for
surviving spouse
what are the statutory options of nonforfeiture options -
ANSWER-cash value (take cash), reduce paid-up insurance
(surrender value used to buy a paid up policy with reduced
limit), and extended term insurance (surrender value use to buy
period of term insurance with same limit)
effect of 3 party healthcare transaction on
patient/insured/employee - ANSWER-lower "user price" of
healthcare, less incentive to act as a traditional customer,
increases number of people that buy health insurance
effect of 3 party healthcare transaction on healthcare providers
(doctors) - ANSWER-payment system based on fee-for-service
(FFS), and separate fee paid for some services like X-ray or flu
test
, what are some major defects in the US healthcare system -
ANSWER-rising healthcare expenditures, large number of
uninsured, considerable waste and inefficiency, and harmful
insurer practices
basic parts of an insurance contract - ANSWER-declarations,
definitions, insuring agreement, exclusions, conditions, and
miscellaneous provisions
what does the declarations page usually contain - ANSWER-
name and address, policy dates, amount of insurance, premium
and deductible, and other relevant info
what are some reasons to have insurance contract exclusions –
ANSWER-presence of extraordinary hazards, coverage
provided by other contracts, moral or morale hazard, or
coverage not needed by typical insureds
what are some miscellaneous provisions - ANSWER-
state mandatory
provisions, notice of cancellation, loss, nonrenewal, and
mortgagee clause
(mortgagee has right to be protected and must prove loss to
get paid back)
what purpose do deductibles have for insurers - ANSWER-
eliminate small
EXAM 2026-2027 ACTUAL COMPLETE REAL EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ | BRAND NEW
EXAM | JUST RELEASED!!
what are some key family scenarios for life insurance -
ANSWER-single person
with children and one working spouse married
with children
what factors influence how much life insurance is purchased -
ANSWER-family
size, income levels, existing financial assets and
financial goals
what are the steps in the human life value approach - ANSWER-
estimate the individual's average earnings over his/her
productive lifetime, deduct taxes and self maintenance costs,
and determine the present value of family's share of earnings
for # of years until retirement using a discount rate
what are some disadvantages of human life value approach -
ANSWER-ignores
,assets and other income sources like social security,
earnings and expenses
assumed to be constant, based on income rather than
need, and inflation
effects are
ignored
what should the needs approach calculation consider -
ANSWER-estate clearing fund, 1-2 year readjustment period,
dependency period for children, income for surviving spouse,
special needs (college education, etc.) and retirement needs for
surviving spouse
what are the statutory options of nonforfeiture options -
ANSWER-cash value (take cash), reduce paid-up insurance
(surrender value used to buy a paid up policy with reduced
limit), and extended term insurance (surrender value use to buy
period of term insurance with same limit)
effect of 3 party healthcare transaction on
patient/insured/employee - ANSWER-lower "user price" of
healthcare, less incentive to act as a traditional customer,
increases number of people that buy health insurance
effect of 3 party healthcare transaction on healthcare providers
(doctors) - ANSWER-payment system based on fee-for-service
(FFS), and separate fee paid for some services like X-ray or flu
test
, what are some major defects in the US healthcare system -
ANSWER-rising healthcare expenditures, large number of
uninsured, considerable waste and inefficiency, and harmful
insurer practices
basic parts of an insurance contract - ANSWER-declarations,
definitions, insuring agreement, exclusions, conditions, and
miscellaneous provisions
what does the declarations page usually contain - ANSWER-
name and address, policy dates, amount of insurance, premium
and deductible, and other relevant info
what are some reasons to have insurance contract exclusions –
ANSWER-presence of extraordinary hazards, coverage
provided by other contracts, moral or morale hazard, or
coverage not needed by typical insureds
what are some miscellaneous provisions - ANSWER-
state mandatory
provisions, notice of cancellation, loss, nonrenewal, and
mortgagee clause
(mortgagee has right to be protected and must prove loss to
get paid back)
what purpose do deductibles have for insurers - ANSWER-
eliminate small
