Webce Life and Health Insurance Exam Questions and Answers

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