LIFE AND HEALTH INSURANCE Study guides, Class notes & Summaries
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Life & Health Insurance Exam With Complete Solutions Graded A+
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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 (...
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Life & Health Insurance Exam With Complete Solutions Graded A+
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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...
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Life & Health Insurance Exam With Complete Solutions Graded A+
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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...
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Life & Health Insurance Exam With Complete Solutions Graded A+
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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...
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Life and Health Insurance Review Exam|Latest Update Graded A+
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Life and Health Insurance Review Exam|Latest Update Graded A+ 
#3. An insured misstated her age on an application for an individual health insurance policy. The insurance company found the mistake after the contestable period had expired. The insurance company will take which of the following actions regarding any claim that has been issued? 
 
a) Adjust the claim benefit to reflect the insured's true age 
b) Deny any claims and cancel the policy 
c) Deny paying a claim based on misrepresentati...
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Texas Life and Health Insurance Exam Questions And Answers Graded A+
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Texas Life and Health Insurance Exam Questions And Answers Graded A+ 
At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? 
Upon completion of the application 
 
 
Who elects the governing body of a mutual insurance company? 
policyholders 
 
 
An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the 
Fair Credit Reporting Act 
 
 
What type of reinsurance contract i...
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USAA P&C Insurance Adjuster Exam Questions With Verified Solutions
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USAA P&C Insurance Adjuster Exam Questions With Verified Solutions 
Perils 
Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) 
 
 
Hazard 
Condition that create or increases the chance or loss or contributes to the loss 
 
 
Physical Hazard 
Visible ( operational features of a risk) 
 
 
Moral Hazard 
Intentional dishonesty or illegal actions of a person (arson) 
 
 
Morale Hazard 
Carelessness or indifference ( attitude). Takes additional risk...
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LIFE AND HEALTH EXAM PACK WITH COMPLETE SOLUTIONS
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Life and Health Certification Exam with Complete Solutions

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Life and Health Exam Questions and Answers 100% Solved

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Life and Health Exam Questions and Answers 100% Solved

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Life and Health Exam Questions and Answers 100% Solved

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Life and Health Exam with Complete
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LIFE AND HEALTH INSURANCE PRACTICE TEST EXAM COLORADO 2023
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LIFE AND HEALTH INSURANCE PRACTICE TEST EXAM COLORADO 2023
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Life and Health Insurance Study Guide- ExamFX
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Life and Health Insurance Study Guide- 
ExamFX 
 
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? - Aleatory: an aleatory contract means unequal amounts are exchanged 
between payments and benefits 
 
What is the Federal Credit Reporting Act? - Establishes procedures that consumer-reporting 
agencies must follow in order to ensure that records are ...
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