LIFE AND HEALTH INSURANCE

PSI Life Insurance Test (solved) Questions and Answers 2024.

Life and Health Insurance Exam (Missouri) with Verified Solutions Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time gra...

Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - ANS - Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which the...

In a Life insurance contract, an insurance company's promise to pay stated benefits is called the: a) insuring clause b) consideration clause c) entire contract d) owner's rights ans insuring clause under which circumstance MUST a health insurer have an expedited grievance review procedure? ans when the enrollee's life or health is jeapordized The Consideration clause in a life insurance contract contains what pertinent information? ans amount of premium payments ...

Ohio life and Health Insurance Practice Final Exam Questions with accurate answers. Graded A. 2022/2023. Rated A Document Content and Description Below Ohio life and Health Insurance Practice Final Exam Questions with accurate answers. Graded A. 2022/2023. Rated A Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans? - Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - long-term...

Life and Health Insurance Final Test Questions and Answers Graded A+ A producer working for an insurance company may be personally liable for acts performed which are prohibited in the agency contract A health insurer MUST provide a proof of loss form within 15 days of receipt of the notice of loss Which of the following statements accurately describes the "time limit on certain defenses"? After a stated period of time, claims cannot be denied due to material misrepresentation on ...

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 ...

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...

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 confidential, accurate, relevant, and properly used....