Insurance Life and Health Exam FX questions with correct answers

An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an CORRECT ANSWER Authorized User 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, CORRECT ANSWER The beneficiary will receive the full death benefit if it is determined that the applicant qualified for the policy. If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? CORRECT ANSWER 5 Days An insured pays 100 dollars 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. CORRECT ANSWER Aleatory Insurance is a contract by which one seeks to protect another from CORRECT ANSWER Loss