Life and Health Insurance Exam Webce| 180 questions| with complete solutions

Risk CORRECT ANSWERS: Chance of loss Loss CORRECT ANSWERS: Unplanned reduction of economic value Peril CORRECT ANSWERS: cause of loss Hazard CORRECT ANSWERS: a condition that increases the chance of peril Risk Transfer CORRECT ANSWERS: buying insurance to shift the risk to insurance company Underwriting CORRECT ANSWERS: assessing applicant to determine insurability Adverse Selection CORRECT ANSWERS: people with greater risk of loss trying to buy insurance Mutual Companies CORRECT ANSWERS: owned by policyholders and issue participating polices dividends which aren't guaranteed or taxable Stock Companies CORRECT ANSWERS: Owned by stockholders whose stock can be publicly traded and pay dividends that are taxable Federal Insurance Programs CORRECT ANSWERS: Medicare and Social Security State Insurance Programs CORRECT ANSWERS: Medicaid and Workers' comp Producers Authority CORRECT ANSWERS: Expressed Implied Apparent Required Disclosures CORRECT ANSWERS: Buyer's guide and policy summary Offer CORRECT ANSWERS: signed application and initial premium Acceptance CORRECT ANSWERS: issuing of policy as applied for by insurer Contract of Adhesion CORRECT ANSWERS: ambiguities in the contract that are interpreted to the benefit of the policyowner Representations CORRECT ANSWERS: applicants truthful statements on application Ways to manage risk CORRECT ANSWERS: Transfer Avoid Retain