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Examen
Exam FX Flashcards: Insurance Regulation/Laws, Rules and Regulations Common to All Lines
To whom may a certificate of authority be issued? To an insurer authorized to transact business in this state Who must be a member of insurance guaranty associations? Any authorized insurer within a state If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? Authorized or admitted What type of licensee represents the insured? broker An agent offers a client free tickets to a sporting event in excha...
muchirigathiru1
Examen
Exam FX Flashcards: Insurance Regulation/Laws, Rules and Regulations Common to All Lines
To whom may a certificate of authority be issued? To an insurer authorized to transact business in this state Who must be a member of insurance guaranty associations? Any authorized insurer within a state If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? Authorized or admitted What type of licensee represents the insured? broker An agent offers a client free tickets to a sporting event in excha...
muchirigathiru1
Examen
Exam FX Health Final Exam Questions and Answers Graded A
Basic Hospital Expense Coverage Surgeon's fees are NOT covered under... Hospital expense policies ... cover hospital room and board, and miscellaneous hospital expenses, such as lab and x-ray charges, medicines, use of operating room and supplies, while the insured is confined in a hospital. The insured is not required to pay a deductible. Which of the following best describes the "first-dollar coverage" principle in basic medical insurance? First-dollar coverage Insurance plans that co...
muchirigathiru1
Examen
Exam FX Health Final Exam Questions and Answers Graded A
Basic Hospital Expense Coverage Surgeon's fees are NOT covered under... Hospital expense policies ... cover hospital room and board, and miscellaneous hospital expenses, such as lab and x-ray charges, medicines, use of operating room and supplies, while the insured is confined in a hospital. The insured is not required to pay a deductible. Which of the following best describes the "first-dollar coverage" principle in basic medical insurance? First-dollar coverage Insurance plans that co...
muchirigathiru1
Examen
Exam FX Insurance Terms and Related Concepts Questions and Answers Rated A
Insurance Transfers risk of loss from an individual or business to a company Law Of Large Numbers States that the larger # of people with a similar exposure to loss, the more predictable the losses will be Insurable Interest The insured would become subject to financial loss if the insured property was damaged. 3 Elements Of Insurable Risk * Financial (monetary interest) *Blood (relative) *Business (business partner) Risk Uncertainty or chance of loss occurring. Pure Risk Situations that...
muchirigathiru1
Examen
Exam FX Insurance Terms and Related Concepts Questions and Answers Rated A
Insurance Transfers risk of loss from an individual or business to a company Law Of Large Numbers States that the larger # of people with a similar exposure to loss, the more predictable the losses will be Insurable Interest The insured would become subject to financial loss if the insured property was damaged. 3 Elements Of Insurable Risk * Financial (monetary interest) *Blood (relative) *Business (business partner) Risk Uncertainty or chance of loss occurring. Pure Risk Situations that...
muchirigathiru1
Examen
Exam FX Latest 2022 Already Passed
Insurance Terms Purpose of insurance To make whole again Transfer Basic principle of insurance which the financial loss is assigned to another party. Law of large numbers A principle stating that the larger number of similar exposure units considered, the more closely the losses reported will equal the underlying probability of loss. Premium What you pay a month. Speculative Risk The chance of a loss occurring that involves the opportunity for loss or gain. NOT INSURABLE Pure Risk Chanc...
muchirigathiru1
Examen
Exam FX Life Insurance Test Questions and Answers Already Passed
50/50 Ray has an individual major medical policy that requires a coinsurance payment. Ray rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arranngement would be best for Ray? Single payment or periodic payments Which two terms are associated directly with the way an annuity is funded? An insured borrows money from the bank and makes a collateal assignment of a part of the death benefit to secure the loan All of the following are examples of...
muchirigathiru1
Examen
Exam Fx-Property and Casualty Exam Questions and Answers 100% Pass
To be considered an insurable risk, a loss may NOT be catastrophic Which of the following persons would be required to hold a producer license? a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? the difference in the actual cash value as a pair and as a single Which of the following additional ...
muchirigathiru1
Examen
Exit Hesi Practice Questions and answers with rationale. 100+ questions. Graded A+
Exit Hesi Practice Questions and answers with rationale. 100+ questions. Graded A+ The practical nurse enters a male client's room to administer routine morning medications, and the client is on the phone. Which action is best for the PN to take? A. Ask another nurse to go back with the medication when the client's hung up the phone B. Wait for the client to excuse himself from the telephone conversation, and observe the client taking the medication C. Return the medication to the clie...
muchirigathiru1
Examen
FX Insurance Exam 2023 with 100% correct answers
What kind of policy does NOT typically require proof of insurability? - correct answer -Group insurance Individual life insurance is written on a single life. The rate and coverage is based upon the underwriting of that individual. Group life insurance is written as a master policy, issued to the sponsoring organization, covering the lives of more than one individual member of that group. In group insurance, individual participants typically do not need to provide proof of insurability. ...
YANCHY
Examen
FX exam 2023 with 100% correct answers
life income with period certain - correct answer -What annuity settlement option provides income payments to the annuitant for the duration of his or her life, and also guarantees payment for a specified number of years when if the annuitant dies, it will go to the beneficiary? disclosing publicly held personal info of persons who are now, or have ever been, customers of the financial institution - correct answer -In addition to the notice of info practices, an insurance institution or agent ...
YANCHY
Examen
FX exam 2023 with 100% correct answers
An insured pays a $100 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: an aleatory contract means unequal amounts are exchanged between payments and benefits What is the Federal Credit Reporting Act? - correct answer Establishes procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, ...
YANCHY
Examen
fx life and health exam 2023 with 100% correct answers
An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term? - correct answer The insured may renew the policy for another 10 years, but at a higher premium rate. Which of the following statements is TRUE concerning whole life insurance? - correct answer Lump-sum death benefits are not taxable. A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy b...
YANCHY
Examen
Fx Life Insurance Exam 2023 With 100% Correct Answers
If the insured dies during the grace period, what is the insurer obligated to pay? - correct answer -The face value of the policy , minus any owed premium.. Which type of life insurance policy generates immediate cash value? - correct answer -Single premium If an insurance company states that their policies are guaranteed by the existence of the insurance guaranty association, that would be considered what? - correct answer -An unfair trade practice In a survivorship life policy, when i...
YANCHY
Examen
FX Life Insurance Final Exam 2023 with 100% correct answers
A buyer's guide - correct answer -The entire contract includes all of the following EXCEPT... The death benefit is not increased - correct answer -All of the following statements about indexed whole life insurance EXCEPT... A Warranty - correct answer -What guarantees that the information explained in the insurance contract is true? (1) the policy, (2) a copy of the application, and (3) any riders or amendments. - correct answer -The entire contract includes: guaranteed - correct an...
YANCHY
Examen
fx texas life and health insurance exam 2023 with 100% correct answers
What law protects consumers from the circulation of inaccurate or obsolete information? - correct answer -The Fair Credit Reporting Act What do individuals use to transfer their risk of loss to a larger group? - correct answer -Insurance What term describes the fee a person pays an insurance company to start coverage? - correct answer -Premium When a change needs to be made on the application for insurance, which is the best method for correcting the information? - correct answer -compl...
YANCHY
Examen
FX #2 life insurance basics exam 2023 with 100% correct answers
Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. What type of insurance policy may be used to fund this agreement? term permanent whole life universal who life any whole life - correct answer -any form of life insurance The full premium was submitted with the application for life insurance, and the policy was issued two we...
YANCHY
Examen
FX exam 2023 with 100% correct answers
#1 What is another name for an Administrative-Services Only Arrangement - correct answer Third-Party Administrator #3 Which of the following statements is True concerning the Accidental Death Rider ? - correct answer It will pay double or triple the face amount # 4 On a disability income policy that contains the "Own Occupation" definition of total disability, the insured will be entailed to benefits if they cannot perform? - correct answer Their regular job # 5 At what age dose indiv...
YANCHY
Examen
EXAM FX- Simulated Test Questions
Which of the following policies does NOT contain an automatic reinstatement provision? a) Business automobile liability b) Personal automobile liability with split limits c) Homeowners d) General liability written with an aggregate limit - Answer- General Liability written with an aggregate limit The ABC Corporation has $100,000 of coverage on its building through insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance ...
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