Life & Health Insurance

Life & Health Insurance Exam Colorado Questions and Correct Answers 2025/2026 Traditional Whole Life - Answer --Ordinary (Straight) Life -Limited-Pay & Single-Premium Whole Life -Adjustable Whole Life Ordinary (Straight) Life - Answer --Until 100 or Death, whichever comes first -Permanent Protection -Rates & benefits based on law of large numbers (Mortality Rate) -Guaranteed, tax-deferred interest rate -Premium level, company's risk goes down as cash value goes up -Insurer keeps t...

Life & Health Insurance Exam Prep / Comprehensive Study Guide – Expert Strategies, Review of Key Quizzes, and Practice Questions for Guaranteed Success Complete exam for study Life & Health Insurance Exam Prep / Comprehensive Study Guide – Expert Strategies, Review of Key Quizzes, and Practice Questions for Guaranteed Success Complete exam for study Life & Health Insurance Exam Prep / Comprehensive Study Guide – Expert Strategies, Review of Key Quizzes, and Practice Quest...

Wisconsin Life Insurance Exam|Latest Update Graded A+ Mortality The rate people will die Morbidity The rate people will get sick Peril The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection The tendency for poorer than average risks to seek out insurance Annuity Annuities protect against the risk of living longer than expected. Annuities provide a guaranteed life income to protect agains...

Wisconsin Life Insurance Exam|Latest Update Graded A+ Cross Purchase Plans Agreements that provide that upon a business owner's death, surviving owners will purchase the deceased's interest, often with funds from life insurance policies owned by each principal on the lives of all other principals. Entity Plans Agreements in which a business assumes the obligation of purchasing a deceased owner's interest in the business, thereby proportionately increasing the interests of surviving ow...

Wisconsin Life Insurance Course Exam Questions With Answers Graded A+ Stock Companies -private organization focused to make profits for shareholders -Stock dividends are paid to stock holders -policyholders do not participate Mutual Companies -have no stock holders -owners are policy owners -policy holders can vote for members of the board -policy owners receive dividends Lloyd's of London -A syndicate of individuals who underwrite insurance Reinsurers -are a specialize...

Life & Health Insurance Exam With Complete Solutions Graded A+ Insurance - Is a contract that transfers the risk of financial loss from an individual or business to an insurer. In return, the insurer agrees to cover the individual or business for certain losses if they occur. - state run Peril What more so directly caused the loss, for example: fire, wind, theft, and water. Hazard Something that can increase the chance of a loss occurring. There remains three types of hazards: m...

Life & Health Insurance Exam With Complete Solutions Graded A+ Concept of insurance The transfer of risk from one party to another through a legal contract. Law of Large Numbers The larger the number of risks insured in the same risk pool; the more predictable losses become. Peril An immediate, specific event that causes a loss. Loss An unintended, unforeseen reduction, or destruction of financial or economic value. Hazard Creates an increased possibility that a peril (...

Life & Health Insurance Exam With Complete Solutions Graded A+ What year was the McCarren-Ferguson Act enacted? 1945 Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated? 1070 Fair Credit Reporting Act A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: fraternal benefit society What type of reinsurance contract involves two companie...

Life & Health Insurance Exam With Complete Solutions Graded A+ Actuarial Department calculates policy rates, reserves, and dividends Alien Insurer is an insurer whose principal office and domiciled location is outside US Admitted Insurer an admitted or authorized insurer is an insurer who has received a certification of authority from a state's department of insurance authorizing them to conduct insurance business in that state broker a broker represents themselves and the i...

Life & Health Insurance Exam With Complete Solutions Graded A+ Concealment The intentional failure to disclose known facts on an insurance application is called $94,800 Betty owns a universal life insurance policy that was issued with a $100,000 face amount and now has total death benefit protection of $110,000. Several months ago she borrowed $15,000 from the policy. The outstanding loan balance (Including Interest) is $15,200. If Betty dies today, what will be the amount of the death b...